Updating Results

Australian Prudential Regulation Authority (APRA)

4.3
  • 500 - 1,000 employees

About Australian Prudential Regulation Authority (APRA)

  • Accounting & Advisory
  • Banking & Financial Services
  • Law

What it does: Regulates the financial services industry
Staff stats: Around 600
The good bits: Interesting work
The not so good bits: Lower salary than the private sector  
Hiring grads with degrees in:  Engineering, Maths, IT & Computer Sciences; Finance, Accounting, Economics & Business Administration; Humanities, Arts & Social Sciences; Law & Legal Studies 

The Australian Prudential Regulation story

Following the privatisation and deregulation binge of the 1980s and early 1990s, the Federal Government established the Financial System Inquiry in 1996. It was tasked with proposing a regulatory system that would ensure an “efficient, responsive, competitive and flexible financial system to underpin stronger economic performance, consistent with financial stability, prudence, integrity and fairness”. (Previously Australia’s financial services industry was regulated by the Australian Financial Institutions Commission, Insurance and Superannuation Commission and Reserve Bank.)

The Financial System Inquiry recommended a statutory authority of the Federal Government be set up to oversee banks, building societies, credit unions, friendly societies, insurance companies and the superannuation industry.

On July 1, the Australian Prudential Regulation Authority (commonly referred to as APRA) was established to do exactly this. Ever since, it has supervised institutions holding assets for Australian bank customers, insurance policyholders and super fund members. With considerable success across two decades, APRA has ensured those entities that make up the financial services industry remain financially sound and able to meet their obligations to their clients.   

The culture

APRA’s workplace diversity strategy “takes a pro-active and innovative approach in creating a flexible and inclusive employment environment that values and utilises the contribution of people of different backgrounds, experiences, perspectives and abilities”. APRA offers an extensive range of flexible work arrangements to allow staff to meet family and other commitments.

Social contribution

APRA staff play a vital role in protecting the financial wellbeing of almost every Australian citizen by overseeing around $6 trillion of bank deposits, super contributions and insurance premiums. APRA also has a workplace-giving scheme that allows donations to be taken directly from an employee’s salary.

The recruitment process

APRA recruits graduates who’ve achieved at least a minimum credit average in, but not limited to, the following disciplines: actuarial studies, banking, commerce, economics, econometrics, finance, financial modelling, law, mathematics, public policy and statistics. Those from other disciplines may be considered if they are high achievers with impressive research and analytical skills. The grad program is currently only available at APRA’s Sydney and Melbourne offices.

The recruitment process stretches over six months and starts with an online application. Applications are screened and those who make the shortlist are invited to undertake online testing and a video interview. Next, you’ll be invited to attend (at your own cost) an assessment centre in Sydney where you will be participating in practical and written assessments as well as a structured interview. The final hurdle is a ‘second-stage’ interview. If that goes well, you’ll be asked to complete a behavioural profile and reference checks will be conducted. If you are the preferred candidate, you will receive an offer.  

Those who get a spot take part in a 12-month training and development program focused on building their technical and professional skill sets. While it can’t (quite) match private-sector salaries and benefits, APRA offers “arguably the most rigorous training and development in the finance industry”. This involves project-based work, rotations, secondments, mentoring and support from a buddy. Grads also get “unmatched exposure to the Australian banking, insurance and superannuation industries”.  

Remuneration

APRA’s funding is provided by the industry it regulates rather than the taxpayer, and it offers unusually lavish benefits for a public-sector employer. Staff are provided with subsidised gym memberships and sporting activities. They can access wellbeing and financial seminars, as well as get flu vaccinations and health checks. There are also performance bonuses on offer for strong performers. Once you’ve completed the grad program, you can expect to be on around $75,000 with plenty of scopes to increase that figure if you perform well.  

Career prospects

After finishing the grad program, you’ll be promoted to the role of Analyst. APRA will promote strong performers to a higher rank even if there isn’t currently a job vacancy available for them to step into.

The vibe of the place

APRA combines most of the good aspects of the public and private sectors. Staff are well looked after but also get to enjoy a good work-life balance and enviable degree of job security. While a clear hierarchy exists, those at the top of it are approachable. There are lots of social events and staff often go out for social occasions at the end of the working day.

Star Rating: 4.3 stars

 

From the Employer:

"The Organisation

APRA offers unparalleled exposure to the world of banking, insurance & superannuation as we work with the executive boards and senior members of the industries we regulate.

Our vision is to be a world-class integrated prudential supervisor recognised for its leadership, professionalism and innovation.

Our core mission is to establish and enforce prudential standards and practices designed to ensure that, under all reasonable circumstances, financial promises made by institutions we supervise are met within a stable, efficient and competitive financial system.

Our values of collaboration, integrity, accountability, foresight and professionalism guide our work and everyday dealings.

APRA requires a range of skillsets from frontline supervisors across banking, insurance and superannuation, statistics/mathematics gurus, policy advisors, legal professionals, risk specialists in areas such as credit, operational, market and liquidity risk to help deliver our mission.

The Graduate Program

We offer opportunities to graduates who are passionate about the financial stability of Australia. As one of our graduates, APRA provides you with a structured 12-month training and development program that focuses on building your technical and professional skillset. You will also benefit from a mentoring program, as well as a ‘buddy’ system and the opportunity to rotate to another APRA division in your first year.

For more information and to apply please visit our graduate website."

 

Graduate Review

4.3
Overall score based on 5 reviews
8.8
Diversity
8.8
Office Work Environment
8.2
Work Hours
8.2
Satisfaction
8.8
Diversity
8.8
Office Work Environment
8.2
Work Hours
8.2
Satisfaction
  • Interesting work.
  • Exposure to all areas of the institutions we supervise. Good work life balance.
  • Work-Life balance.
  • Relatively low ceiling in terms of pay. Promotions are very much based on time, not performance, for the first 2-3 years.

Opportunities

  • Sydney, Melbourne, Brisbane, Adelaide, Canberra
B
Business & Management
E
Engineering & Mathematics
H
Humanities, Arts & Social Sciences
L
Law, Legal Studies & Justice

Graduate Job

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Graduate Success Stories


  • Graduate stories
The thing I love most about my job is the passionate people who work here, who really believe in our mission.

Jaymes Bonacci

  • Graduate stories
The thing I love most about my job is the passionate people who work here, who really believe in our mission.

Jaymes Bonacci

Read full story
  • Graduate stories
Through my time at APRA, I had the opportunities to work in different industries and positions.

Clement Peng

  • Graduate stories
Through my time at APRA, I had the opportunities to work in different industries and positions.

Clement Peng

Read full story
  • Graduate stories
The thing I love most about my job is the passionate people who work here, who really believe in our mission.

Jaymes Bonacci

  • Graduate stories
The thing I love most about my job is the passionate people who work here, who really believe in our mission.

Jaymes Bonacci

Read full story
  • Graduate stories
Through my time at APRA, I had the opportunities to work in different industries and positions.

Clement Peng

  • Graduate stories
Through my time at APRA, I had the opportunities to work in different industries and positions.

Clement Peng

Read full story

A Day In The Life Of


  • Day in the life

Valerie Wong

Valerie Wong studied Bachelor of Commerce (International Studies) at University of New South Wales and is now Graduate Analyst, Frontline Supervisor at Australian Prudential Regulation Authority (APRA)
  • Day in the life

Valerie Wong

Valerie Wong studied Bachelor of Commerce (International Studies) at University of New South Wales and is now Graduate Analyst, Frontline Supervisor at Australian Prudential Regulation Authority (APRA)
Read full story
  • Day in the life

Elpitha Stavropoulos

Elpitha Stavropoulos studied ​a Bachelor of Political, Economic and Social Sciences ​at the University of Sydney, and is now a Graduate Analyst at APRA.
  • Day in the life

Elpitha Stavropoulos

Elpitha Stavropoulos studied ​a Bachelor of Political, Economic and Social Sciences ​at the University of Sydney, and is now a Graduate Analyst at APRA.
Read full story