How to Get Started in An Australian Financial Career

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Establishing a financial career in Australia is a dream many men and women have. Fortunately, there are plenty of openings in the business positions all over the country.

If you’re one of the many who want to kick-start their career in the financial sector, we have a bunch of areas where opportunities most arise in.

From 1 January 2019 new professional standards will come into effect as mandated by the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 (Cth), with transitional arrangement applying to existing advisers.

According to Elliot Watson, this is a significant change to the financial planning industry which will see advisers required to hold a bachelor or higher degree, pass an exam, undertake at least 1 year of work and training and meet requirements for continuing professional development.

Accounting

One of the most common financial positions is that in the field of accounting. The job of accountants is to offer different financial services like filing taxes for the clients.

Only if you take that into account, there are around 13 million taxpayers here, most of which require accountants to do the filing for them.

Furthermore, the number of job openings for accountants is expected to rise to 50,000 in the next two years with the average annual salary in Australia at around $40,000.

Tax Planning

Another favourite profession people opt for in the Australian financial industry is tax agents. Unlike accountants, their only job is to take care of the taxes.

Image courtesy, Elliot Watson.

The best part of choosing this profession is that you can dive in with an experience of only a year at hand. However, you will require a degree to become a qualified tax planner in Australia. As per the current market trends, the need for tax agents is also on the rise in Australia.

Banking

In finance, the core job opportunities arise in the banking sector. Five major banks in Australia keep expanding and continuously hunt for the right people to hire.

To work as a banker, you will need to be able to read and understand financial statistics and the market trends. Crunching numbers is a big part of the job.

The pay-scale starts from around $52,000 and goes higher with increasing experience. Courses related to investing and retirement plans come quite handy while rooting for the banking sector in Australia.

Financial Managers

The role of economic managers has seen a study growth over the years in this country.

There is a lot that it requires, for instance, you can expect interpreting business performance, implementing and monitoring budgetary, and overlooking financial systems, etc.

A bachelor’s degree is necessary for being a commercial manager. However, if you have a relevant experience of three to five years, you can make it without the degree. The average before-tax monthly income can be around $8,000.

Investment Advisers

Being an investment adviser is another profession men and women opt for to kick-start their career in finance. The job pays around $7,000 monthly before-tax income.

Although, a degree is essential. You will also be required to take additional certifications. Your role will include tasks like finding prospective clients, luring them by proposing investment options and developing investment strategies for them.

There is a lot more than you will be doing in your role as an investment adviser.

These five areas in the financial sector will undoubtedly be perfect to kick-start your career in finance.

Image: Pixabay CC0 License


General Advice (Tax) Warning (Australia)

This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.

Views and opinion disclaimer

“The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice’s position and are not to be attributed to RI Advice.



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