What is Finance?
From investing, managing, borrowing, transferring, and more, finance is all about money. Broadly speaking, the industry can be broken down into three major categories: Personal finance, Public finance, and Corporate finance. Whilst each of these sectors has niche options within them, such as personal financial planning, or applied finance, most careers will generally fit into one of these areas. There are also many types of financial institutions that offer many types of opportunities for you to specialise in, which can help you shape your career to suit your personal interests in the industry.
Careers in Finance
A career in finance is a wide and open road, with many opportunities to switch lanes into another stream of financial work. With many future positions available, the finance industry is a strong choice for a stable future. The Australian Government has forecasted almost 460,000 professionals to be working in the financial services industry all over the country in 2019.
There will always be a demand for expertise, from both individuals and organizations to advise how to build, manage, and maximise wealth. A finance career is not limited to Australia however, with many large organisations working across boundaries, meaning there’s plenty of scope to live and work overseas throughout your career.
Common finance jobs include:
- Equity Researcher
- Investment Banker
- Portfolio Manager
- Finance Manager
- Retirement Planning
Plenty of industries need finance professionals, some common ones are:
- Credit Unions
- Superannuation Providers
- Insurance Companies
- Securities Firms
- Reserve Bank of Australia
- Australian Finance Ministry
The finance industry is one of the most stable industries in Australia, due to its sought-after expertise. While this fast-paced industry continues to change with technological advances, it’s also creating a huge wealth of new careers that never used to exist! Most Australian banking jobs centre around the major cities of Sydney and Melbourne, with 83% of employees working full-time, and earning an average salary of $65,000 per year.
As one of the largest employers in the country with over 450,000 people and contributing approximately $140 billion to the economy; finance is one of the most important industries. The nation is recognised globally as one of the best places to be in the finance industry, and the big four banks are regarded the most profitable and safest banks in the world. With large amounts of investment funds throughout Asia and the Pacific region and an economy growing at a consistently quicker pace than the G7 countries (Germany, Canada, France, Italy, United States, Japan, and the UK); the Australian finance industry is a global player and an excellent career choice.
In such an in-demand industry, there are many courses available for you to choose from to ensure you make the most out of your career. Regardless of whether you’re wanting to learn how to become a Certified Financial Planner, or seeking more understanding of the industry; Australia has some of the best Degrees in Applied Finance, Corporate Finance, CPA courses and finance short courses. It’s a premier location for anyone looking for a world-class finance degree, with a finance course for everyone.
There’s plenty of Finance courses in Australia, including:
- Certification IV in Financial Planning
- Diploma of Financial Services
- Diploma of Financial Management
- Bachelor of Finance
- Bachelor of Financial Entrepreneurship
- Master of Finance
- Master of Financial Technologies
Often used to entry-level roles in small firms, or to upskill in a specific area; Certificates are a great option for those wanting to quickly learn the basics of finance. With options such as a Certificate IV in Financial Services, or even a Certificate IV in Finance and Mortgage Broking, there’re plenty of Certificate courses that can help you achieve your career aspirations. These are shorter courses, designed to teach you practical and transferable skills in 6-12 months.
Diplomas, such as the Diploma of Financial Planning, are the next step up from a Certificate, and a great option to get ahead before beginning your career, or to steer your career in a different direction. Taking between 12 months to 2 years to complete, Diplomas offer you a more in-depth exploration of the finance industry, with a mix of practical and theoretical study giving you a strong foundation to build your dream career.
Choosing a Bachelor degree such as a Bachelor of Finance is the highest level for anyone without any prior studies. These degrees take between 3-4 years to finish and offer a highly in-depth analysis of the financial industry, as well as more practical skills such as client relationship management, trend analysis, policy development, investment strategies and financial planning management. This level of education is often needed for positions such as financial management or jobs in large and high-paying companies such as banks and investment firms. If you are set on a career in finance, a Bachelor is a way to go. Alternatively, you can study a Bachelor in a field such as commerce, and choose to include a Finance major in your Degree.
Only available to those that have previously completed a Bachelor degree, or individuals with extensive working experience; a Master Degree such as the Master of Finance is a specialised and highly sought-after certification. Done through either coursework or research (or a combination of both), a Masters is for those who are seeking the highest levels of a finance career. Taking between 2-5 years to complete, you should seek to continue your study with a Masters only if you are truly serious about your finance career and establishing yourself as a true expert in the industry.
Necessary Skills and Responsibilities
Financial careers constantly work with money, so, you’ll need a good mind for numbers, mathematics, algorithms and trends. Working in such a fast-paced environment you will also need to be detail orientated, organised, hardworking, and able to communicate complicated theories and ideas to less knowledgeable clients.
Most of the work done in the financial sector is related to client relations and explaining where their money should go and how it should best be spent. There is a need in some positions for salesmanship, and you will need to be able to keep a calm mind in potentially million-dollar decisions.
Whether you’re looking to upskill or change careers, Finance is an area of challenge that boasts many success stories. Search courses today and start making your way towards this exciting career in Finance!