After 2008, the whole world dreads the “R” word and for all the right reasons. Almost no country has been spared by the wrath of the 2008 recession. While some countries had a close shave, many countries felt the hit a few months after its onset. However, most of the civilized world did feel the painful recession in one way or the other. It certainly was a hard blow for economies across the world, when investors turned away from the markets and invested only in safe financial instruments. Many financial institutions like the Lehmann brothers, were forced into bankruptcy and it resulted in widespread unemployment.
Among all this chaos, there’s a country that not only survived, it has thrived in this global economic uncertainty. It has been able to build on its stellar record with substantial growth. We are talking about Australia, a country that can proudly boast of being recession free for over 28 years now, .i.e. it has posted a growth in GDP for every quarter of the year for the last 28 years. Here’s Australia for you, holding the record for the longest run of uninterrupted GDP growth in the developed world.
Australia is the largest mixed market economy of the world, has a GDP of AUD$1.69 trillion, making it the 14th largest national economy with respect to nominal GDP. What’s even more praise worthy is that it has one of the highest rate of wealth per adult, only second to Switzerland.
A deeper dig at the country’s dynamics reveal that finance and insurance are main industries, making for more than 8% of the total contribution to the GDP, employing nearly 4,00,000 young professionals annually.
Over the past few years, finance has become one of the most sought after careers in the world, with major employers being financial institutions, international and national investment banks, asset and fund managers and regional banks. However, the options don’t end there. There are also opportunities in specialist divisions such as retail banking, financial markets, financial planning and many other financial solutions providers. The plethora of options in the banking and financial services industry and the size and complexity of many of its institutions means that there is an immensely diverse range of career paths available for fresh graduates entering this industry. The global nature of financial services also means there is significant potential for overseas work or secondment offshore.
If you’re a finance enthusiast, looking forward to pave a way up the ladder of a lucrative career in finance, here’s how Australia will be just the best option to start with.
- Australia is currently home to 56 banks including 12 domestic banks and 44 foreign subsidiary or branch banks.
- Australia holds one of the world’s largest pools of funds under management, currently valued at about $1.2 trillion.
- It also boasts of having the second-largest stock market in Asia (after Japan) and ranks eighth in the world.
- It is among the top ten Global destinations for Foreign Direct investment, attracting an annual average of $ 47 billion.
- It is one of the earliest adopters of disruptive technologies and thus is largely driven by innovation.
- One of the most globally integrated economy, which is also a part of and plays an integral role in Asia’s dynamic economy.
- Australia comprises of young multicultural workforce, with enterprising mindsets.
- In an uncertain world, Australia’s stable institutions and good governance make it one of the safest places in the world.
- All the other industries such as resources and energy, agribusiness, education and tourism, have also been booming in the country.
Australia’s economic resilience and growth prospects are unsurpassed among major advanced economies. It also enjoys the advantages of having a strategic business location and being politically stable, making it one of the most attractive destinations for investors and for people considering to pursue a career in finance.
Things couldn’t get any better for Indian students with BSE Institute Limited offering an MBA jointly with one of the most reputed Australian University, The Western Sydney University. The course trains students to be qualified as global Financial Analysts, Credit Risk Management Analysts, and M&A Analysts and Financial Managers. Most freshers are placed with annual salaries of over $50,000.
Kick start your career in finance with all the right choices and never worry about placements and growth.