'Four out of five' finance professionals unhappy

by Caroline Dann22 Aug 2012

Four out of five finance workers in Australia want to jump ship and change industries, according to new research.

Careers portal eFinancialCareers surveyed 472 finance professionals living in Australia, and found 78% were considering leaving the industry altogether.
Mining, oil and gas were the most popular alternative industries, with respondents citing better pay and job opportunities as key factors.
Interestingly, the vast majority - 76% - were not considering moving from Australia.
“This survey fires a large warning shot over the bows of Australia’s financial firms if they want to retain key staff. It comes at a time when Australia’s two-speed economy is attracting finance workers out of the slow lane and onto the superhighway – the booming resources sector," said eFinancialCareers managing director Asia Pacific, George McFerran.
"It means financial service firms need to immediately pay closer attention to their retention strategies of their key staff to avoid business risk and significant churn.” 


  • by Broker 22/08/2012 11:03:41 AM

    Seems that staff satisfaction levels are similar to the banks customer satisfaction, poor at best.

  • by John Whitten 22/08/2012 11:12:29 AM

    So what skills are finace brokers going to bring to the mining and resources industry that will get them a job. I live and work in the middle of these industries and see the hopefuls coming to town looking for employment and not getting employed because they don't have the required skills. Where I live they don't want office people, they want electricians, plumbers, buliders, construction workers, and engineers and these professions need specific skills. I see enough people in town sleeping in cars because they cant get a job. We dont need any more. However if you have the skills for the industry, you are wanted. Of course people in the finance industry are unhappy, because there has been a drop in volumes and therefore commissions, however these figures seem to fit into the 20/80 rule where 80% of the income comes from 20% of the brokers. The unhappy people in the industry need to figure out why they are unahappy and endeavour to rectify the problem.

  • by Will 22/08/2012 4:46:19 PM

    Well in the broking industry the prime reason it seems for the huge job dissatisfaction is not NCCP and ASIC, no we can thank the MFAA and its autocratic and unhelpful approach to us front liners. Their diploma idea was a disasterous move on their part.