Do you love working with numbers, budgets and excel spreadsheets? A career in finance could be your perfect match. Australia has a thriving financial sector, with a wide range of job opportunities and pathways, making it a great career choice.
Whether you’re considering an entry-level position or side-stepping into finance from another industry, you might be wondering about the next steps to take. In this article, we explore a list of careers in finance, and dive into the pros and cons of the industry, to help you decide if finance is the right career move for you.
Generally speaking, roles within the finance sector are grouped into three categories:
It’s important to know what the differences are between front, middle and back office roles to work out which would best suit you.
You need a combination of soft skills and technical skills, as well as financial knowledge, for a career in finance. The exact mix of skills you need depends on which type of role you’re applying for: quantitative, client-facing or transaction focused. Whether you want to analyse data, create investment strategies or nurture client relationships, there’s a role in finance that matches your interests and abilities.
When you’re in a client-facing role, you’re at the frontline of the business. That means working with customers and clients, making sales, and answering questions. Some examples of front-office roles include financial planner and investment advisor. If you enjoy working with people, solving problems, and selling products and services, a client-facing role may be what you’re looking for.
Here are some essential skills required:
Quantitative roles are focused on manipulating numbers, like analysing data or creating risk-management strategies. Related careers include financial data analysis, portfolio management and financial software development. If you enjoy working with numbers, a quantitative role may be the perfect fit to let you flex your analytical mind. Some skills and experience you might need include:
Transactional roles within finance provide support to the front and middle office teams with duties like processing the day’s transactions, managing accounts administration, and making sure the business is compliant. Transactional roles include data entry, payroll, accounting, auditing – and any other internal function that keeps a business running. Some skills you might need include:
There is a wide range of opportunities across careers in business and finance. Whether you’re a people person, prefer analytical roles, or like the idea of financial planning and budgeting, you can enjoy a lucrative career in the private sector. Or if you want to work in government, there are also ministry of finance careers to consider.
Here’s a list of finance careers, what they involve, the qualifications you need to get the job, and how much you’re likely to earn per year.
i. Data scientist
Data scientists in finance spend their days searching for patterns in data to understand trends or solve problems for financial institutions. They create statistical models, so they need to have strong analytical and maths skills, and have experience using programming languages like R, Python, SQL and SAS.
Qualifications: a bachelor’s degree (or higher) in a relevant field such as mathematics, computer science, IT or statistics. Industry experience as a data analyst, business analyst or similar would be highly recommended.Estimated pay range: $110k–$130k per year
ii. Data analyst
Data analysts work closely with senior stakeholders to help companies find ways to reduce costs and grow revenue. This means collecting and analysing data, looking for patterns, then presenting their findings and recommendations to the company’s leadership team, explaining what these patterns mean for the business.
Qualifications: a bachelor’s degree in a relevant field such as mathematics, computer science, IT, statistics or business analytics. Industry experience (or internships) working with raw data and programming languages would also be highly regarded.Estimated pay range: $85k–$105k per year
iii. Research analyst
Research analysts collect, analyse and interpret data to create investigative reports detailing different investment options for a company. They help companies make informed decisions about investing in stocks, securities and other assets to grow the business.
Qualifications: a bachelor’s degree in a relevant field such as statistics, maths, marketing, business management or economics.Estimated pay range: $70k–$85k per year
iv. Risk analyst or manager
Risk analysts identify and assess potential threats to a company’s financial and operational well-being. They use statistics and sometimes advanced maths to identify and understand these risks before suggesting ways for the company to reduce them. They also study and analyse industry trends and laws to advise companies on compliance.
Qualifications: a minimum of a bachelor’s degree in commerce, finance, IT, maths or similar, and around five years of industry experience are needed for a job as a risk analyst.Estimated pay range: $100k–$120k (or $140k–$160k for a risk manager) per year
v. Forex currency traders
Foreign currency traders buy and sell international currency to make a profit, sometimes trading shares, stocks and shorts as well. Their job is to predict which currencies are likely to increase or decrease in value against the others, by analysing economic and political current events that may influence their value.
Qualifications: forex traders can come from a variety of backgrounds, however a bachelor’s degree in economics, business, maths, statistics, politics or finance is highly recommended.Estimated pay range: $90k–$110k per year
i. Financial analyst
Financial analysts are responsible for the financial planning of a company. They analyse how much money a company makes and spends, and use past and current financial data to estimate future expenditure and revenue. They also plan and forecast potential financial risks to a company.
Qualifications: a bachelor’s degree in finance, or a finance-related field of study such as accounting, economics, business administration or commerce.Estimated pay range: $100k–$120k per year
ii. Private wealth manager
Private wealth managers or investment managers provide personalised financial and investment advice, and invest and manage money on behalf of private clients. They have a strong background and previous experience in finance, investment management, or financial planning.
Qualifications: a minimum of a bachelor’s degree in business, accounting, economics or mathematics, and at least two to three years’ experience working in a financial investment role.Estimated pay range: $150k–$170k per year
iii. Investment consultant
Investment specialists or consultants advise clients on investment opportunities and help them build and manage their investment portfolios. Investment consultants can work in the private or public sector.
Qualifications: a bachelor’s degree in finance or a finance-related field of study such as accounting, economics, business administration or commerce.Estimated pay range: $115k–$135k per year
i. Investment banker
Investment bankers advise and help large corporations and government agencies sell or buy securities (like stocks, bonds, banknotes or other financial assets). They provide investment advice that complies with financial regulations, and make money through fees or commissions on the financial products their clients buy. They also support clients with mergers, acquisitions, risk and wealth management.
Qualifications: a minimum of a bachelor’s degree in a finance related field such as business, accounting, economics or mathematics.Estimated pay range: $155k–$175k per year
ii. Investment strategist
Investment strategists develop plans for how their clients’ investments are structured. This means looking at what mix of large-cap, mid-cap, international and domestic holdings is best to maximise returns, minimise risk and meet clients’ specific financial goals.
Qualifications: a bachelor’s degree in finance, or a finance related field of study such as accounting, economics, statistics, maths or commerce.Estimated pay range: $150k–$170k per year
iii. Stockbroker
Stockbrokers give advice to clients regarding what trades would suit their investment goals, and make approved trades on their behalf. Most stockbrokers start as trainees or interns, under the guidance of an experienced stockbroker, learning through on-the-job training for at least the first year.
Qualifications: a bachelor’s degree in finance, accounting or commerce, or a VET course in risk management and security trading, financial analysis and reporting, accounting or financial management.Estimated pay range: $95k–$115k per year
iv. Sales and trading
Salespeople and traders work together to find new clients for the investment company, such as major banks, insurance companies and big corporations. They prepare and present investment portfolios to prospective clients in order to sell the firm’s financial products.
Qualifications: a bachelor’s degree in a finance-related field of study such as accounting, economics, sales and marketing or commerce.Estimated pay range: $90k–$110k per year
v. Portfolio manager
A portfolio manager handles investments for clients and creates strategies that fit their needs and risk appetite. They meet with clients to:
Estimated pay range: $150k–$170k per year
vi. Private equity associate
A private equity associate helps manage investments in companies. They research potential investments, analyse data and work with senior team members to make investment decisions. They help monitor current investments, look for ways to improve them and prepare reports for investors.
Qualifications: a bachelor's degree in finance, business or a similar finance-related field, and two to four years of relevant experience in private equity, investment banking, private equity or management consulting.Estimated pay range: $85k–$144k per year
vii. Chief investment officer
At the top of the corporate ladder is the position of chief investment officer (CIO). At this level, they are responsible for overseeing the investment activities of an organisation, like a company or a fund. CIOs make the important decisions about where to invest money to achieve the organisation’s financial goals, and work closely with other leaders to:
Estimated pay range: $300k+ per year + bonuses
There are two sides to the finance industry: the buy-side and the sell-side (some firms do a little of both). Understanding the distinction between buy-side and sell-side careers can help you decide which path best suits your skills, interests and career goals.
The type of certifications you need depends on the career you want to pursue. Here’s a look at ones that you may want to consider.
The Certified Management Accountant (CMA) certification focuses on management accounting, strategic cost management, and strategic business analysis, covering topics such as:
To be accepted into the CMA program you need an MBA in accounting, finance or commerce, or a professional qualification in accounting and have completed the CMA preparatory program, along with five years’ relevant experience
This certification is best for: those in (or aspiring to be in) leadership roles in strategic finance such as accounting manager, chief financial officer, finance director, finance controller, financial analyst or financial risk manager.
Duration: delivered through either a Registered Provider Institution or via the ICMA’s online provider, the Global Business School, this intensive online course can be completed over seven days (56 hours).
Fees: $3,950 + 10% GST for Australian residents
The Chartered Financial Analyst (CFA) program provides a strong foundation in:
This certification is best for: those with backgrounds in finance, accounting, economics or business who are aspiring to roles such as as a research analyst, portfolio manager or private wealth manager.
Duration: the CFA program includes a series of three exams and is delivered by the CFA Institute. You study for the three increasingly complex exams according to an assigned curriculum, at your own pace. Generally over 300 hours of study is required in advance of successfully completing each level.
Fees: $2,000
There’s a range of financial adviser insurance certifications available including:
This certification is best for: anyone working within the finance and/or insurance industries or looking to do so.
Duration: varies by specific certification and provider.
Fees: varies by specific certification and provider.
You can enrol in a bachelor’s degree, honours degree or master’s degree in finance at virtually any university in Australia. Many careers in finance require at least a bachelor’s degree, with more senior positions requiring graduate degrees as well. There are plenty of options for finance degrees to suit your career goals.
This certification is best for: anyone looking to enter or progress their career in the finance industry.
Duration: a bachelor’s degree generally takes three years of full-time study.
Fees: varies by degree and provider.
There are several other certifications and courses that can be valuable for a career in finance, such as:
Duration and fees: varies by certification and provider.
When you’re looking to change careers, it’s important to weigh up a number of factors to get a better idea of your potential job’s suitability for you now and in the future. Below are a few points to consider before you make a decision.
Before embarking on a finance career, it’s important to ask yourself some questions:
If you answered yes to these questions, you may be well suited to a career in finance. However, whenever you’re considering a major career change, it's essential to consider all the demands, challenges, pros and cons before jumping in.
Careers in finance offer an exciting range of job opportunities if you have solid numeracy skills and an analytical mindset. Whatever your specialisation, with the right qualifications, you’ll find a wide array of roles in Australia with competitive salaries and promising career paths.
Most careers in finance involve:
Some common careers in finance include:
One of Australia’s highest-paid finance jobs in 2023 was the CFO role for Macquarie Bank, at a salary of $10.5 million. The highest-paying jobs in finance are usually CFO roles or those in investment banking and hedge fund management.
Yes, finance is in demand in Australia, particularly for roles such as financial analyst, accountant and investment banker. However, the demand can vary depending on economic conditions and industry trends.
With a finance degree, you can pursue a variety of careers in finance including:
Your career path will depend on your interests, skills, and career goals and what opportunities of interest arise throughout your career.