By My CPE Pty Ltd | September 2026
The financial services sector is undergoing significant change, driven by advances in technology, evolving regulatory requirements and changing workforce needs. Current industry insights highlight a clear direction: the financial services workforce is not disappearing; it is, however, becoming more specialised, digitally enabled and increasingly focused on risk, compliance and professional judgement.
For accounting, bookkeeping, payroll and financial services professionals, one message is particularly important: the skills required to remain effective, relevant and professionally current are evolving.
Financial services jobs are changing
The financial services workforce is expected to become increasingly specialised through to 2030. Future roles are likely to combine traditional financial knowledge with capabilities in:
- Digital technology and systems
- Data analysis and interpretation
- Regulatory compliance
- Risk management
- Cybersecurity and scam awareness
- Financial reporting
- Responsible use of artificial intelligence (AI)
- Privacy and responsible data management
- Customer advisory skills
- Communication and professional judgement.
At the same time, routine and highly repeatable activities are increasingly under pressure from automation and digital delivery. These include manual data entry, routine transaction processing, basic reconciliations, standardised reporting and basic customer enquiries. This does not necessarily mean fewer opportunities. Rather, it signals a shift in where people add value.
The financial professional of the future will increasingly need to understand the technology performing a task, interpret its outputs, identify risks and errors, apply professional judgement and communicate effectively with clients and stakeholders.
A substantial Australian workforce
Jobs and Skills Australia data presented at a recent forum indicated that financial and insurance services employ approximately 546,000 people, representing around 3.7% of the Australian workforce. Women represent approximately 52% of the workforce, the median age is 41, and median weekly earnings were reported as $2,163. Importantly, employment has grown substantially over the longer term, from approximately 380,000 workers in the mid-2000s to more than 540,000 by 2026.
The composition of the workforce is also revealing. Major occupations extend beyond traditional finance roles to include software and application programmers, demonstrating just how closely financial services are now connected with digital platforms, automation, data systems and fintech.
Where are the emerging opportunities?
Some of the fastest growing and emerging areas identified for financial services include:
- Digital banking and payments
- Fintech
- Data analytics
- Financial modelling and reporting
- Cybersecurity
- Fraud and financial crime prevention
- AI-enabled analysis and customer service
- Regulatory technology
- Superannuation, wealth and retirement services.
For professionals already working in accounting, bookkeeping, payroll and financial services, this highlights the importance of continuous professional development.
Technical knowledge remains fundamental but maintaining that knowledge alone may no longer be enough. Professionals increasingly need the ability to work confidently with digital systems, understand regulatory risk and adapt as technology changes established processes.
Digital capability is becoming core capability
One of the strongest themes from the forum was that digital capability is no longer a separate or specialist skill set. It is becoming embedded across financial services. Examples of increasingly important digital capabilities include spreadsheets and financial calculations, data interpretation, online research, digital communication, privacy, secure information handling, identity verification and anti-money laundering processes. Emerging technologies include generative AI, blockchain and distributed ledgers, smart contracts, fintech and mobile payments, biometric identity verification, automated know-your-customer processes, and cloud-based accounting and collaboration platforms.
AI does not remove the need for professional judgement
The increasing use of AI deserves particular attention. AI-enabled systems can assist with analysis, automate processes and support customer service. However, greater automation also increases the importance of human oversight. Professionals need to understand appropriate AI use, recognise limitations, protect confidential information, verify outputs and maintain ethical and professional standards.
The skills discussion at the forum reinforces an important distinction: being able to use technology is not the same as being able to use technology responsibly. Digital literacy must operate alongside privacy, ethics, regulatory compliance, responsible data management and professional judgement.
Regulation and technology are increasingly interconnected
Technology is also changing the nature of regulatory and operational risk. Recent discussions have focused on an ASIC review of mortgage offset account practices across eight banks, which identified weaknesses in account setup, monitoring and management. More than $55 million in compensation was reported for failures occurring between September 2023 and August 2025, with further remediation expected. The findings provide a useful reminder for the wider financial services sector.
- Automation does not eliminate the need for controls
- Digital systems still depend on accurate data, appropriate configuration, effective monitoring, skilled employees and clear communication with customers
- As financial systems become more automated, capability in operational risk, compliance, data management and cybersecurity becomes increasingly important.
Traineeships are not only for school leavers
Recent data also provides an interesting snapshot of financial services traineeships in New South Wales. As at 17 August 2026, there were 470 active training contracts in the Financial Services Training Package in NSW. Certificate III qualifications represented the strongest uptake, with 274 training contracts, while Certificate IV qualifications also accounted for a significant proportion. Perhaps most importantly, the trainee demographics demonstrate that vocational education is not simply an entry pathway for young workers. The largest age group was 26–45 years, representing 206 trainees, followed by 20–25 years with 167 trainees.
This highlights the important role that vocational education and training can play in upskilling, reskilling and career transition, as well as supporting people entering the financial services workforce for the first time.
Sustainable finance is entering vocational education
Another significant development is the Future Skills Organisation’s work on Sustainable Finance Disclosures Reporting. The project responds to Australia’s climate-related financial disclosure legislation and is examining the skills required to support sustainability reporting across the workforce.
The proposed training package work includes approximately 15 new units of competency and three skill sets across AQF levels 4–6, with units proposed across qualifications including:
- Certificate IV in Accounting and Bookkeeping
- Diploma of Accounting
- Advanced Diploma of Accounting
- Diploma of Quality Auditing.
Consultation identified strong support for sustainability reporting capability and flexible upskilling pathways, while also raising important considerations around AQF alignment, assessment, implementation resources and trainer and assessor capability. Significantly, these skills are not expected to remain confined to financial services. Sustainability reporting capability may be relevant across industries including mining, health and agriculture.
Mortgage broking qualifications are also under review
The Future Skills Organisation is also reviewing the Certificate IV in Finance and Mortgage Broking and the Diploma of Finance and Mortgage Broking Management, together with associated skill sets and units. The objective is to better reflect contemporary industry practice and improve graduate work readiness. Digital technology, cybersecurity and AI have featured prominently during the project’s scoping work, further demonstrating how technology is influencing not only day-to-day financial services work but also the qualifications preparing people for that work.
What does this mean for financial services professionals?
The direction of change is becoming increasingly clear. The future financial services professional is unlikely to succeed through technical knowledge alone. Strong technical foundations will need to be supported by digital capability, regulatory awareness, data literacy, risk management, ethical judgement and the ability to continually learn. For bookkeeping, accounting and payroll professionals in particular, this means looking beyond simply learning how to complete today’s processes. The more valuable question is: What skills will I need when today’s process becomes automated? The answer is likely to include the ability to review, analyse, interpret, advise, identify risk, communicate and exercise professional judgement.
Continuous learning is becoming part of the job
Financial services have always operated in an environment of regulatory change. What is different now is the pace at which regulatory, technological and workforce changes are converging. AI, automation, cybersecurity, financial crime, digital identity, sustainability reporting and data-driven services are increasingly intersecting with traditional accounting and financial services responsibilities. For professionals, this makes continuing professional education more than a compliance requirement.
It is an important part of remaining capable, current and confident in a changing profession.
At My CPE Pty Ltd, our focus is on providing practical education that helps accounting, bookkeeping, payroll and financial services professionals maintain current knowledge while developing the skills required for emerging industry practice. As the profession changes, continuing to learn is not about competing with technology. It is about developing the knowledge, judgement and capability to use technology effectively — while continuing to provide the human expertise that clients, employers and the community rely upon.
Stay current. Keep developing. Be ready for what comes next.