Banking Jobs in Australia in 2024: Types, Salary, Eligibility

Why Pursue Banking Jobs in Australia?

• Australia is a hub of finance and banking sectors, with loads of economic opportunities. 

• High wages with generous entitlements and bonuses

• The banking, finance, and insurance industry is the 11th largest employer in Australia.

• Demand in diversified banking sectors is steadily increasing 

• Junior bankers are in high demand as well, so many jobs for freshers are available, too 

• Australia offers a lot of growth advancements

• Banks, building societies, and credit unions all have many job roles available. 

Let us dive into the world of banking jobs in Australia with this blog. Are you looking for banking jobs in Australia but do not know where to start? Finding a job in another country can be daunting and scary. However, the process can be heavily simplified if you find a curated guide that walks you through all the basics and important information regarding this job profile- this blog is exactly that! 

Australia is one of the top economies in the world. Immigration to Australia is one of the most popular global movement patterns because Australia has much to offer its people. There are many exciting opportunities you can explore in the employment sector. Banking in Australia is one of those sectors that has remained stable despite the international financial volatility, which has impacted many different industries and markets worldwide. 

With plenty of natural wonders making the country all the more desirable, Australia naturally comes out as one of the best places to live. It also has many internationally renowned universities, convincing people to study in Australia while they live there too! Hence, occupational growth, recreation, and personal growth are all fulfilled if you find a bank job in Australia for Indians. 

This blog is a comprehensive guide on all you need to know about banking jobs in Australia. 

Types of Banking Jobs in Australia 

As you may already be aware, many types of banking exist in the banking sector. They all have different job roles and designations. The salary is different as well. Below are the most popular sectors where you can find banking jobs in Australia. Of course, the type of job you are applying for also depends on your skills, past experiences, and preferences. 

1. Retail Banking

Retail banking is one of the most common types of banking in the global market. It is also known as consumer banking or personal banking. Retail banking ensures the provision of banking services to the general public instead of companies or corporations. Retail bankers manage customer accounts, offer products and services, and advise clients on achieving financial goals, investments, etc. They specialise in providing core financial services and solutions to their customers.

To be a retail banker, you must have good communication skills, attention to detail, interpersonal communication, numerous skills, active listening, customer service, and organisational abilities.

2. Commercial Banking

Commercial banking encompasses a more general sense of what institutionalised banking is. It encompasses all tasks related to depositing and withdrawing money for the general public. They give pig loans as well. One of their main jobs is to manage corporate, government and private accounts. 

Commercial bankers must have some very important skills embedded in them to succeed in this industry. Analytical thinking, negotiation and salesmanship, operating under pressure, communication and presentation are important skills for commercial bankers. 

3. Investment banking

Investment banking is a sector of banks or financial institutions that provides services to governments, corporations, and other institutions. Its main services include underwriting and mergers and acquisitions. Investment banking is one of the highest-paid banking sectors in the world. Investment bankers are very well paid, and there are many banking jobs in Australia that are available under investment banking.

Some top skills required to be an investment banker include time management, attention to detail, type sensitivity, customer service care, financial detailing, etc.

Also Read: Australia Work Permit from India: Latest Guide 2024

How to Get Banking Jobs in Australia? 

There are some important requirements you must fulfil if you wish to secure banking jobs in Australia. Some important requirements and criteria for the same are listed below. 

1. Educational Qualifications

You must have the academic qualifications to get a banking job in Australia. In a field like banking, it is important to have the educational credentials required to start your career. 

You must be a high school graduate- this is the minimum requirement for anyone wishing to apply for banking jobs in Australia. Additionally, including subjects like mathematics, finance, commerce and so on helps enrich your knowledge and build a foundation for banking.

You also need to have a degree that supports your career in banking. This could be a bachelor's or a master's in commerce, financial services, banking services, applied finance, economics, business, et cetera, with a specialisation in banking.

As you apply for a fresher job in banking in Australia, having an internship experience before your application is also advisable as it strengthens your job application.

2. Job Search Strategies 

If you are looking for bank jobs in Australia for Indians, some ways to find these jobs include applying at job portals. Some of the top job portals in Australia are:

• SEEK

• Adzuna

• LinkedIn 

• CareerOne

• CareerJet 

• Caretaker

• Indeed Australia 

• Arts hub

• Flex Careers

• Workfast

• Paddl 

Another pathway you can take is applying for jobs directly on the company's website. Many companies which offer bank jobs in Australia for Indians post their job openings on their website. You must watch for these postings so we can apply for jobs as and when they come out.

You can also use platforms like LinkedIn and Facebook to network and make connections in Australia. Build relationships with people in the banking industry who can help you get one of the banking jobs in Australia.

3. Visa and Permit Information 

To work at one of the bank jobs in Australia for Indians, you need to have the necessary visas to work in Australia. This does not apply only to banking but to all job applications. Here are the types of visas that you can take if you wish to work in Australia.

• Employer Nomination Scheme Visa: This visa allows employers in Australia to nominate certain skilled workers from foreign countries for power and residency in Australia. This visa pathway was created specifically to address the shortage of skilled workers in the Australian labour market. To get this visa, your Australian employer must nominate you for a job listed on the Consolidated Sponsored Occupations List. 

• Regional Sponsored Migration Scheme: This visa is for skilled workers nominated by employers in the regional areas of Australia. It promotes relocation and work in regional Australia so that you can address regional skill shortages.

• Skilled Independent Visa: This visa is a permanent residence visa for invited workers and eligible New Zealand citizens. If you wish to apply for this visa, you must submit an expression of interest, and then you will be invited to apply based on your skills and qualifications. With this visa, you can live and work anywhere in Australia permanently.

• Skilled Nominated Visa: This is a nominated visa for skilled workers nominated by a state or directory of Australia. This allows you to live in Australia and work from the state or territory that nominated you. You need to make an application for this visa, based on which you will be invited to apply for it if you qualify.

Also Read: Minimum PTE Score for Australia in 2024: Latest Guide

Banking Jobs in Australia for Indian Professionals 

As of today, there are many opportunities available for those who wish to pursue banking jobs in Australia. Indians have many bank jobs in Australia as well. Let’s look at some of the main opportunities and challenges for those who wish to pursue banking jobs in Australia from India:

1. Opportunities and Challenges

Due to the booming nature of banking in Australia, Indians have many opportunities in terms of bank jobs. As an Indian, you can apply for many bank jobs. You can fulfil many roles, from being a banker to a bank manager. So, in terms of opportunities, Australia is a gold mine.

As far as challenges are concerned, there are many cultural differences that you have to get used to. However, people in Australia are quite friendly, and there are many other Indians who reside in Australia for different types of jobs. Thus, you will never feel out of place, and adjustments to Australia will be made quickly.

2. Cultural Adaptation and Work Environment

So, how do you adapt to Australian work culture? Here are some tips to adapt to Australian work also quickly.

• The standard work schedule in Australia is 38 hours per week.

• Socialising after work hours is quite common, even on weekdays, so engage in socialisation to adjust quickly.

• Australian employees are expected to treat each other with courtesy and professionalism. However, everybody calls each other by their first name; you must get used to that. In India, calling a superior Sir or Madam is more common.

• Punctuality is looked down upon heavily.

• While talking to clients, be factual and friendly and keep things to the point. 

• Your colleagues are not just your colleagues, but they will also be your friends.

• Australia has an innovative culture, while Indian culture values tradition more. You will have to get used to this type of Australian culture.

Salary and Benefits in the Australian Banking Sector

Understanding the salary for bank jobs in Australia for Indians is crucial to deciding whether this is a career you want to pursue. Thus, what is your salary expectation, and will Australia be able to meet it?

The average annual salary for banking jobs in Australia ranges from 155,000 AUD to 175,000 AUD. 

The table below will do a better job of demonstrating what the average salary in Australia is like based on how experienced you are:

Eligibility Criteria for Banking Jobs in Australia

To pursue banking jobs in Australia, you need to have the following qualifications:

• A high school diploma

• Bachelor's degree, at the very least, from a recognised institution

• A master's degree is preferred

• Internship experience and previous work experiences

• Work experience of at least 3 to 5 years

• Fluency in English and a score of at least 6.5 in IELTS

• Necessary skills, both technical and soft, required

• A deep understanding of the Australian banking sector

How To Apply for Banking Jobs In Australia from India?

How can you apply for banking jobs in Australia from India? The process is quite easy to understand. Here are some very easy steps for you to follow to apply for banking jobs in Australia from India.

1. Start researching the job market in Australia and see what banking jobs are available.

2. Ensure that your language requirements are met – be fluent in English.

3. Ensure your resume and cover letter for banking jobs in Australia are tailored to the Australian market needs. 

4. Start applying for banking jobs in Australia. You can use many job websites like Adzuna, Indeed, LinkedIn, and so on.

5. Start preparing for interviews with Australian companies offering bank jobs in Australia for Indians. Research interview questions and prepare well in advance for them. It is important to be honest in interviews and not fake achievements or skills.

6. Once you get a job offer, apply for a visa to work in Australia.

Read More: How to Apply for Jobs in Australia from India? Latest Guide

Conclusion

Thus, there are many different opportunities for banking jobs in Australia. Indians have many bank jobs in Australia as well. Working in Australia will boost your career, so pursue jobs in Australia today! For any immigration-related help, TerraTern is here to assist you. We specialise in immigration-related services and can cover the A to Z of your process and post-immigration services.