The Australian banking sector is well developed and competitive, falling under the Financial Services Sector, which is Australia’s fourth largest industry. Our resilient economy, world-leading regulatory system, compulsory superannuation savings, highly skilled workforce and strong business infrastructure have built a strong financial sector that has become the largest contributor to the national economy, and one of Australia’s leading employers. The banking sector in particular has seen strong growth thanks to the increasing globalisation of banks, the integration of banking activities, and the growth of emerging markets. As a result, there are many roles and opportunities for career progression.
Banking broadly refers to the following categories:
Internships are a good way to gain a pathway to a graduate job in banking as many banks offer summer intern programmes for current students. In such a competitive environment, these internships can provide graduates with an opportunity to make contacts with hiring managers and recruiters.
Graduate positions are coveted, with recruitment often beginning while students are still at university. This process is highly competitive, usually takes a long time and involves multiple interviews and tests. Graduate programmes generally take two to three years to complete and graduates are typically rotated around different divisions.
The main employers in the banking sector are:
The banking industry is very diverse and there are many career paths available to graduates. As a result, salaries in the sector can range from $52,000 to over $150,000, with the ‘big four’ banks (Commonwealth Bank, NAB, ANZ and Westpac) generally paying higher wages than other employers.