Job market sees oversupply of financial advisers
There seems to be a slight oversupply of investment professionals including financial advisers and brokers, while the demand for accountants has more than doubled in the Australian jobs market.
This is according to the latest Clarius Skills Index, which measures the supply and demand of skilled labour representing 2.6 million Australian workers.
According to the index, the demand for investment advisers, financial brokers and dealers remained "balanced" in the June quarter, with a slight oversupply of 300 professionals.
On the other hand, the demand for accountants, auditors and company secretaires has hit a two-year high and has more than doubled since the March quarter.
The June quarter index showed demand for these professionals was "very high", with a shortage of 3,800 professionals - more than double the 1,500 shortage recorded in the March quarter.
Given the subdued economic climate, the demand for financial managers has been negative, and many investment and retail banks are reducing headcount to compensate for the lower demands, according to the executive general manager of accounting and finance specialists for Lloyd Morgan, Paul Barbaro.
"While the Australian banking sector has performed well, it's still heavily reliant on international trends and therefore subject to significant pressure," he said.
"For the Australian banking community to start hiring middle and back office professionals, or 'non-revenue' generating roles, there will need to be a significant upturn in economic conditions."
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