overview
Finance and accounting have always offered a number of rewarding career paths in areas such as banking, underwriting and corporate finance. In 2024, the industry is being rapidly transformed by digitisation. The shift is opening up more positions in technology-related roles. More people are also needed to protect against systems failure, cyberattacks and data breaches as more operations move online and new and unfamiliar technology come on stream.
But it’s not just digital skills that are in increasing demand in 2024. Financial services organisations want to rebuild trust and strengthen customer engagement. While more business is moving online, this actually increases the demand for people with innately human capabilities such as empathy and creativity, which can’t be replicated by machines.
When talking to employers about their talent demands, we’re therefore seeing a growing focus on people with emotional intelligence, as well as the ability to work in an agile and collaborative environment. As a potential applicant, your skills should also be transferable – show that you have the ability to work on a range of cross-functional projects.
Of course, some things never change and core qualities such as strong communication and presentation skills, a customer service focus, analytical and problem-solving skills, as well as project management experience will always be viewed favourably.
key facts
-
where people work
Although most roles are office-based, many people now work remotely at least part of the time.
-
education
Many accounting and financial services professions require degrees and professional certification, though on-the-job vocational routes to the qualification that take people straight from school or from other types of work are increasingly common.
-
impact of new technologies
Digital technologies are transforming engagement with customers and within organisations. As more business moves online, the risks of hacking and internet fraud are increasing.
-
impact of net zero
Financial services is expected to support the transition through both green finance and decisions over where organisations invest.
in-demand skills & qualifications for technology risk manager
-
tasks and duties
- Secure information
- Create and implement strategies to minimise the risk of systems failure, breakdown and misuse
- Monitor and manage IT systems to ensure that they are secure
-
skills
- Tech-savvy with both technical competencies and an understanding of the latest tech trends.
- Familiarity with relevant computer programming languages and applications.
- Effective communication skills to articulate complex technology risks in simple business terms.
-
qualifications
No specific qualification, though a degree or equivalent in information technology, computer science, or any related field can be useful.
in-demand skills & qualifications for regulatory compliance manager
-
tasks and duties
- Ensure compliance with state and federal regulations
- Prepare regulatory returns and liaise with regulators
- Work with business teams to help them understand, implement and meet new and existing requirements
- Create periodic reviews of business practices within the organisation to ensure they are in line with relevant regulations
- Meeting public expectations in areas such as environmental, social and governance (ESG)
-
skills
- Understanding of regulations and business developments
- Investigating, auditing, and interviewing skills
- Data analytics
- Examining and improving auditing processes to resolve compliance issues
- Collaboration and influencing skills
- Communication skills, motivating employees
-
qualifications
No specific qualifications, though most managers have degrees and have undertaken training within the business and through professional organisations. Many will have legal or accounting backgrounds.
want to connect with one of our consultants?
in-demand skills & qualifications for claims administration
-
tasks and duties
- Monitor claims trends
- Identify potential fraud
- Resolve customer issues.
Claims administrators also work with underwriting and actuarial teams to ensure that risk selection and pricing reflect claims losses and frequency.
-
skills
- Understanding of policies and claims process
- Attention to detail
- Data analytics
- Collaboration and influencing skills
- Communication skills
-
qualifications
While there are no formal entry requirements, many administrators have degrees or undertake professional training, especially if they want to move into a senior role or become a claims assessor.
in-demand skills & qualifications for customer services
-
tasks and duties
- Engage with customers either through face-to-face or virtual transactions
- Foster and rebuild loyalty among customers
- Assist customers with their challenges in online transactions
-
skills
- Digital skills
- Data analytics
- Empathy
- Collaboration and influencing skills
- Communication skills
- Ability to engage with a diverse customer base, both domestic and international
-
qualifications
While there are no formal entry requirements, banking qualifications can be useful especially if you want to move into a senior role or work in an international or product development team.
in-demand skills & qualifications for mortgage broker
-
skills
- Digital skills
- Good with numbers
- Empathy and communication
- Sales and marketing – you need to reach out rather than wait for business to come to you
- Organisation and eye for detail
- Ability to engage with a diverse customer base
-
qualifications
To work as a broker, the minimum requirement is a Certificate IV in finance and mortgage broking. To practice, you would also need an Australian Credit Licence (ACL), obtained through the Australian Securities and Investments Commission (ASIC).
When starting out it can be helpful to seek a mentor within your business or a professional body such as the Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA).
do you want to know more?
connect with one of our consultants.