Finance Jobs Through Australian Recruitment Specialist
Australia is known as a country that has a strong economy on a global scale. However, when the COVID-19 pandemic hit the world in 2020, the economic conditions in Australia and almost the world were quite tense. COVID-19 made the economic cycle in Australia worse because, before COVID-19, Australia had a shortage of skilled workers in various industries including the financial industry. Finance jobs in Australia are increasingly needed because the Australian government is trying to create a strategy to improve economic conditions in the country.
However, after the COVID-19 period ends, the Australian government is trying to revive the country’s economy, one of which is by trying to attract skilled migrant workers to work in Australia. Access for foreign visitors has begun to be relaxed in Australia. The Australian government has even made a visa policy that made the transition from the Temporary Skill Shortage Visa to Permanent residency easier.
Global economic conditions are always dynamic. According to data from the Australian Bureau of Statistics, in trend terms 2023, in August 2023 full-time employment increased by 14.000 to 9.878.000 people and part-time employment increased by 14.300 to 4.218.100 people. Companies in Australia are currently looking for professional workers in various sectors, including the finance sector. Therefore, finance jobs in Australia will always be needed.
This article will inform various fields of work in the finance sector, what qualifications and skills are needed for jobs in the finance sector, and inform the challenges and opportunities in the Australian finance industry.
Looking at the Challenges and Opportunities in the Australian Finance Sector
Working certainly has its own challenges in various sectors, especially in 2023, when the world faces economic conditions hit by a recession. The World Bank, in its report entitled “Is a Global Recession Imminent?” once predicted a global economic recession in 2023. This prediction report becomes even more real when looking at the current economic conditions where there have been aggressive increases in benchmark interest rates carried out by central banks in various countries to reduce the inflation rate.
Even though the world is currently facing a recession, Australia is in the proper position to face many economic challenges. According to the “Budget 2023-24” report by the Australian Department of Finance, the unemployment rate in Australia is low, and prices for the commodities they sell worldwide are high. Wages provided by workers also experienced growth and became the most substantial wage growth in the last ten years.
The lift in wage growth has been supported by the Fair Work Commission’s determination on the minimum wage and will be assisted further by the Aged Care Work Value Case. The combination of faster wage growth and lower inflation is expected to see an earlier and more substantial return to real wage growth in early 2024.
In Current Australian Economic Conditions, Are Finance Jobs in Australia Still Needed?
In a recession, work in the finance sector is still needed because companies still need financial reports to manage taxation, monitor the company’s financial condition and develop the right strategy to ensure that the company’s finances are in a loss-free condition. According to LinkedIn Job on The Rise 2023, Finance Associates growing in demand in Australia.
Finance jobs are closely related to analysing, evaluating or reporting financial data. In several other fields, finance jobs can also recommend financial strategies for individuals and companies. As the industry digitises, cybersecurity threats are becoming more and more accurate. Protecting sensitive financial information is extremely important. Therefore, finance jobs are connected to basic human needs, and this digitalised industry always has opportunities for professionals in the financial sector.
What are the Demand Categories of Finance jobs in Australia?
1. Financial Analyst
A financial analyst is one of the finance jobs in Australia that plays an essential role in assessing a company’s financial health and providing insights to guide businesses in optimising company investments to maximise profits
Financial analysts generally perform the following functions:
- Evaluate historical and current financial data to understand the company’s financial condition
- Study industry-specific business trends and research data
- Write data-backed reports to support the management team in making strategic business decisions
- Develop economic models that estimate business results and profits
- Measuring the financial risks associated with investment decisions
- Prepare documentation to assist startups and small businesses in obtaining funding
2. Investment Bankers
An Investment Banker is one of the finance jobs in Australia that helps individuals and companies raise capital by buying and selling stocks, bonds and other securities. Some of the duties and responsibilities of an Investment Banker include:
- Create and analyse investment strategies for retail investors, banks, trust companies, and other financial institutions
- Create long-term relationships with investors to develop financial goals
- Research various financial publications, stock and bond reports, and other financial periodicals to identify investment trends and movements
- Respond to customer requests for stocks, bonds, treasury bills, mutual funds and other securities.
- Manage and monitor client portfolios and provide performance-based advice and guidance.
3. Financial Accountant
A financial accountant is one of the finance jobs in Australia that is responsible for managing an organisation’s accounting and financial activities. They analyse the company’s economic stability and provide financial information to other departments, allowing them to make budgeting and investment decisions. A financial accountant reports on business expenses, productivity, profit margins, and expenses.
4. Financial Planner
A Financial Planner is one of the finance jobs in Australia that is in charge of providing customers with skilled financial guidance to facilitate economic development and stability. Their responsibilities include creating financial predictions and suggesting pension schemes.
5. Risk Manager
A Risk Manager’s job is to convey an organisation’s risk policies and practices. A risk manager is also one of the finance jobs in Australia. This job provides hands-on construction of risk models encompassing market, credit, and operational risks, assurance that controls are functioning correctly and research and analytical support. Risk managers must have strong mathematical and analytical abilities and the ability to apply such skills across a wide range of business operations.
6. Finance Business Partner
Finance Businesses Partners are accountants who work with other departments to provide financial information and analysis to senior management, allowing them to make better decisions and drive company strategy. This job is one of the finance jobs in Australia which is also in demand.
7. Finance Consultant
A financial consultant is a finance job in Australia that is currently needed. Financial consultants provide financial advice and guidance to individuals to help them achieve their professional or personal goals and maintain financial stability. Financial consultant’s primary duties include developing financial strategies for clients, providing financial advice on taxes, investments and retirement plans, and monitoring changing economic and financial market conditions.
8. Financial Controller
A financial controller is a person whose managerial role oversees all functions of an organisation’s finance and accounting departments. A financial controller should have high-level analytical skills, excellent management abilities and at least five years of experience. This job is one of the finance jobs in Australia which has an important role.
Qualifications and Skills Required in Each Field of Work in the Australian Finance Sector
Do you want to focus on a career in the finance sector? That is the right desire because the income in the finance sector is quite good. In Australia, the government has set a minimum salary standard of AUD70,000 under the Temporary Skill Migration Income Threshold (TSMIT). If you work in the Australian finance sector, you may find a company that pays more. Finance jobs in Australia are also always currently needed. These jobs can be your future jobs in Australia.
If you are interested in a career in the Australian finance sector, you must have the following skills and qualifications:
1. Education
Having an educational background in finance is a good opportunity for those who want to pursue a career in the Australian finance sector. Because companies often set minimum requirements for workers in the finance sector to have a bachelor’s degree in finance. If you have an advanced degree such as a Masters in Business Administration (MBA) or a Masters in Finance, it can improve your career prospects in the international arena.
2. Certifications
Having professional certifications such as Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), and Certified Financial Planner (CFP) can be an added value for you and differentiate you from others in the competitive job market because these certifications are widely recognised in the market global.
3. Analytical Skills
Finance professionals must analyse complex data, make informed decisions, and interpret market trends. Strong analytical skills are essential for finance professionals to possess.
4. Communications
A professional in finance also needs to have effective communication as it is essential for presenting financial information, advising clients and collaborating with colleagues.
5. Attention to Details
Precision is critical when handling financial data, preparing reports, and ensuring transaction accuracy. So, the skills sensitive to details are needed in the finance sector.
6. Problem-Solving
Finance roles often involve solving complex financial challenges and developing innovative solutions. Financial professionals who have problem-solving skills are in high demand.
These are some of the skills and qualifications needed to work in finance. Every company in Australia certainly has different needs and requirements for recruiting employees in the finance sector.
Escalate your Finance Career Path in Australia With Neurone Recruitment Agency!
Neurone is a Perth-based Employment Agency with years of experience and expertise. Our services assist hundreds of local & international workers in securing jobs in Australia. Neurone offers a wide range of opportunities for job seekers to find the best options for their careers.
Neurone also partnered with one of the best and most reputable Migration Consultancy Agencies in Australia. Our programs are designed to ensure all legal paperwork and migration requirements are met and job seekers have the right visa classification for working in Australia.
Neurone is the best place for job seekers who are looking to kick-start their careers on the Australia soil. We are ready to assist you in achieving the goals you envisioned. Neurone consultants will cater to job seeker’s needs and will always be ready to assist job seekers through the journey.
Contact us through email at [email protected] or phone at 1300 045 809, or you can send the details here.
