Career Opportunities in Banking and Education Industries

This paper discusses the career opportunities and challenges in the banking and education industries in Australia. It provides insights into job seeking strategies and intercultural challenges. Recommendations are given to improve employability.

RUNNING HEAD: International Workplace Practice
International Workplace Practice
[Type the document subtitle]
Laptop04011
[Pick the date]

International Workplace Practice 1
Executive Summary
It is crucial for the student present in their master courses to look for the prospective industry and
job in which they are interested so that they do not faces difficulty in choosing the right option
when the time comes. The below mentioned paper evaluate details about two prospective
industries and professions for a student studying MPA. Banking sector and education sector are
the two areas chosen whose market potential is analysed in the paper. On the basis of this job
seeking strategies are implemented. Intercultural threats and opportunities are also identified
along to with recommendations to improve the performance and rightly increase the
employability skills as well.

International Workplace Practice 2
Contents
Executive Summary.........................................................................................................................1
Introduction......................................................................................................................................3
Career Opportunities and Threats in Banking Industry...................................................................3
Career Opportunities and Threats in the Education Industry..........................................................4
Creative job seeking strategies........................................................................................................5
Intercultural challenges....................................................................................................................7
Recommendations............................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10

International Workplace Practice 3
Introduction
The aim of the paper is to enlighten the reader about the information about the career
opportunities in the Australian Labour Market for the students enrolled under Master of
Professional Accouting course in the country. The paper is going to explain the labour and career
opportunities in a company. Further, it also talks about the opportunities in the industries along
with strategies for job seeking and intercultural challenges.
Career Opportunities and Threats in Banking Industry
Being studying a professional accounting course, I assumed that the best suited job according to
my qualification would be one that helps me to work practically. There is no better industry than
the banking industry which a MPA graduate can work. During the course learning of MPA, all
the practical subjects are learned considering that we will graduate and use that theoretical
information in actual world scenarios. This industry is chosen because the Australian banking
sector is increasing day by day and providing profitability to people who are in it (Borland, and
Coelli 2016). Further, considering the Australian labour market rules in the banking sector, it
should be noted that banking sector employs more than 448,800 people that accounts 3.5% of the
total workforce. The fact should be noted that there are many people employed in the industry
with optimum satisfaction rate the shows favourableness for the industry to enter (Australia
Government 2019).
From the past five years, the employment rate in the market has risen by 7.9 %. The optimum
age for the workers in this industry is 39 years and optimum income is $1,434 per week. Among
the ratio of total number of employees working the organization, maximum numbers of them are
hired as bank worker. So, it can be clearly seen that there is high degree of requirement as
bankers in the financial industry (Bishop, and Cassidy 2017). In the banking industry, there is
still prevalence of fixed working hours in Australia as more than 82.3 % of people work as a full
time employee in the organization. However, the overall Australian industry is shifting towards
flexible working hours but the banking sector follows a strict decorum of fixed working hours
and good infrastructural workplace for the employees. There is subsequent increase in the
number of females working in the industry by 48.6%. The industry is not good in terms of

International Workplace Practice 4
growth and competition among employees as there is presence of high degree of competition
among employees in a banking organization (Childe 2016).
Also from the above information it can be seen that employment rate is increasing with the
increasing number of females in the industry but the presence of glass ceiling is making the
growth of female section stagnate (Weller 2017). There is high degree of gender inequality in the
labour market of country Australia that is making the growth of the female section stagnate in the
society. This industry is chosen by most of the people because of the comfortable job role as the
employees various bank holidays along with an average of 39 working hours in a week (Reserve
Bank of Australia 2019).
Career Opportunities and Threats in the Education Industry
I have chosen education and training industry because of my keen interest in training people and
educating them. Also, the education and training industry of Australia is highly successful and
profound in the work that they do. The industry works with more than 1,035,400 people which
constitutes of 8.1% of the total workforce present in Australia. As Australia is known for
providing efficient teaching services due to its famous and highly efficient universities that
gathers the interest of students from worldwide (Meagher, and Goodwin 2015). Resulting in
which, the education industry is in constant need of good professors and tutors as well. Over the
past five years, the employment rate of the country has been increased by 15.8% that shows
remarkable progress. The average age of worker in this industry is 42 years and average income
is $1,150. Contradicting to above industry, the female share in this industry constitutes of 72%.
The teaching industry also has flexible working hours for people as 40% of the people present in
this industry work in part time. However, increasing inflation rate in the country is reducing the
number of students enrolling with the universities of Australia. Due to which, the universities are
focusing on reducing the salaries given to the professors (Bonoli 2017).
Also, due to enough flexibility in this industry people take this industry leniently as it is made for
part time working job only. Among this industry, the maximum number of people are employed
are primary school teacher and least number of people are employed are vocational educational
teachers (Enright, and Petty 2016). Further, it should be noted that the fact is true that the
industry might be increasing in numbers but it is lacking efficient quality teachers. Specifically

International Workplace Practice 5
university lecturers and tutors are accounted with a number of 50,600 people in the country
Australia that states a fair number (Healy 2015). People in Australia prefer the education and
training industry as their side-line goal or objective as they believe that if their primary goal will
not get completed then this surely will. This industry is good for people to earn money but it is
devalued in terms of its job role as people working in other industries find this teaching and
training job less critical due to which they do not give enough importance and respect to the
professors and tutors. So, it can be said that rest all the aspects are optimum in this industry and
for the profession only the considerate pay is less due to which people take this occupation
lightly (Australia Government 2019).
Creative job seeking strategies
 For Banker
Goals Tasks Estimated Time to
complete
Goal 1: Update
Resume
Create a proper resume 1.5 hours
Analyse other resumes online and
look for changes
1.5 hours
Make changes accordingly. 1.5 hours
Tailor resume according to
companies interested
1.5 hours
Goal 2:
Apply to 5-7 jobs
in
the field
Search online for banks in market. 2-3 hours
Analyse the job description, person
description and company values
1.5 hours
Short list top 5-10 banks according to
preference and their person requirement.
1.5 hours

International Workplace Practice 6
Finalize the best suited bank and post to apply
for that.
1 hour
Read about the bank profile and
employment policies.
1 Hour
Tailor cover letter. 1 hour
Present review of cover letter in
both hard and soft copy
1 hour
Look for resumes and cover letter
for response
5-6 days
Log information in job search log
and follow up as appropriate
30 minutes – 1 hour
Goal 3:
Build and maintain
network
Update LinkedIn Account 1 hour
Contact LinkedIn alumni groups 1.5 hours
List current useful connections 2.5 hours
Contact Career services websites
and site supervisors
30 minutes
E-mail important people to set up
meetings
1 hour
Reach out new contact in the
industry
1.5 hours
 For Professor
Goals Description Time
Analysis of Personality for
suitable job role
Evaluation of personality through
personality tests to gain information
about the personality that I hold for the
particular job role.
2-4 hours

International Workplace Practice 7
After performing the test, outline the
skills and competencies that I possess
and which are differential from others
4 Hours
Formation of Resume Create a resume to outline the
educational qualification that I possess.
Along with this also explain the
differential skills that can help me to
effectively grow in the job.
2 Hours
Evaluation of prospective
Universities
Being with finding out prospective
universities that have job vacancy in
the accounting department
4 Hours
Then go on analysis the job
requirement, pay scale and university
profile.
3 Hours
Contact HR an send a resume 2 Hours
Then look of for other job search sites
where jobs are posted by agencies.
Also contact agencies for further
recruitment.
2 Hours
Selection & Interview Find a date and finalize the job
interview.
1 Hour
Prepare thoroughly and learn concepts
for interview and then ace the
interview confidently.
5 Hours
Intercultural challenges
Nobody has ever said that jobs are easy to perform and comfortable to deal with, people face
problems and they do realize that it is difficult to sustain in differential working environment.
One of the most important issue due to which people face problems is intercultural issues.
Intercultural challenges are the challenges that a person face when they are exposed to different

International Workplace Practice 8
working environment. For instance, a person living in China will face intercultural challenges
while working in US because of the difference in both the cultures. It is can also be said that
cultural diversity at workplace does wonders for the organization if aligned properly with the
human resource strategy (Rees, Smith, and Hall 2016). Different perspectives and background
can provide brainstorming ideas to the company to grow (Blackmore, Gribble, and Rahimi
2017). However, the intercultural challenges that I might face while recruitment at workplace are
discussed below:
 Threat of Cultural Shock: Cultural shock occurs when a person belonging to a diverse
culture is recruited in different environment. Surviving in an environment different from
their background makes the employee question on their background. Overlapping of one
culture over culture over can also create various problems in the environment. Thus, I can
face the problem of cultural shock if I get a job in a different country where my
immediate boss follows and practice different cultural activities (Dustmann 2015). This
can give rise of conflicts and difference in opinion. Cultural shock ultimately leads to
quitting the job and unwillingness to work as well.
 Difference in Understanding: Communication issue is one of the biggest intercultural
challenges present in the environment. It is not important to circulate the regulations at
workplace, but it is important to communicate at workplace and listen to the opinions of
employees. If the higher level management will not try to involve the employees of the
company in their decision making process then I might face difficulty to survive in
diverse environment (Delaporte, and Pirach 2018).
 Opportunity of Attractive Creative Ideas in Business: Lastly, one of the biggest
opportunities that I might face in intercultural environment is that, this type of
environment will provide me the opportunity to present my brainstorming ideas and make
the organization work in an innovative manner. People coming from different cultural
background possess differential features that can provide creative ideas to the company to
function (Hawthorne 2016).

International Workplace Practice 9
Recommendations
Based on the research conducted in above mentioned analysis, below mentioned
recommendations are present that can help me to increase my employability and prepare me to
enter the Australian job market. It should be noted that the recommendations are provided on the
basis on my selection of ‘banker profession’ in financial industry.
 Thorough market research: I believe that it is important for me to gather complete
information about the external environment in order to succeed in the prospective job and
market. Analysing market information will help me to cater the needs of the company.
Research will help me to know the degree of competition present in the market and what
pay skills I should expect from the company (Li, et. al., 2016). I will get the information
about the best and worst in the business along with dos and don’ts as well.
 Analysis of potential skills: performing certain tests related to my personality will help
me to better understand about my qualities and areas where are need to work hard. It will
also help me to analyse the qualities that I would require as a banker. Big 5 personality
test, Myers and Brigg etc. are some of the personality test that I can use to identify my
personality
 Using flexible approach while working: flexibility is the best key to dissolve in any
difficult environment and rise up successfully. So, I should key the fact in mind that
flexibility in my working habits will successfully help me to eliminate intercultural issues
and grow effectively (Preston 2018).
Conclusion
Thus, in the limelight of above mentioned events, the fact should be noted that the paper
represented information about the labour market trends of Australia in banking as well as
education and training industry. The paper represented the trends along with the creative plan to
capture the job. Intercultural challenges and recommendations are provided attract the right type
of job and survive in it as well.

International Workplace Practice 10
References
Australia Government., 2019. Labour Market Information Portal [online]. Available from <
http://lmip.gov.au/default.aspx?LMIP/GainInsights/IndustryInformation/EducationandTraining>
[Accessed on 29 Mar. 19].
Australia Government., 2019. Labour Market Information Portal [online]. Available from <
http://lmip.gov.au/default.aspx?LMIP/GainInsights/IndustryInformation/
FinancialandInsuranceServices> [Accessed on 29 Mar. 19].
Bishop, J. and Cassidy, N., 2017. Insights into low wage growth in Australia. RBA Bulletin,
March, pp.13-20.
Blackmore, J., Gribble, C. and Rahimi, M., 2017. International education, the formation of
capital and graduate employment: Chinese accounting graduates’ experiences of the Australian
labour market. Critical Studies in Education, 58(1), pp.69-88.
Bonoli, G., 2017. Labour market and social protection reforms in international perspective:
parallel or converging tracks?. Taylor & Francis.
Borland, J. and Coelli, M., 2016. Labour market inequality in Australia. Economic
Record, 92(299), pp.517-547.
Childe, V.G., 2016. How labour governs: a study of workers' representation in Australia.
Melbourne Univ. Publishing.
Delaporte, I. and Piracha, M., 2018. Integration of humanitarian migrants into the host country
labour market: evidence from Australia. Journal of Ethnic and Migration Studies, pp.1-26.
Dustmann, C. ed., 2015. Migration: Economic Change, Social Challenge. Oxford University
Press, USA.
Enright, M.J. and Petty, R., 2016. Australia's competitiveness: from lucky country to competitive
country. US: John Wiley & Sons.

International Workplace Practice 11
Hawthorne, L., 2016. Labour market outcomes for migrant professionals: Canada and Australia
compared. Available at SSRN 2808943.
Healy, J., 2015. The Australian labour market in 2014: Still ill?. Journal of Industrial
Relations, 57(3), pp.348-365.
Li, I.W., Mahuteau, S., Dockery, A.M., Junankar, P.N. and Mavromaras, K., 2016. Labour
market outcomes of Australian university graduates from equity groups. Report submitted to the
National Centre for Student Equity in Higher Education (NCSEHE), Curtin University: Perth.
Meagher, G. and Goodwin, S., 2015. Introduction: capturing marketisation in Australian social
policy. Sydney University Press.
Preston, A., 2018. The structure and determinants of wage relativities: evidence from Australia.
UK: Routledge.
Rees, D.M., Smith, P. and Hall, J., 2016. A Multi‐sector Model of the Australian
Economy. Economic Record, 92(298), pp.374-408.
Reserve Bank of Australia., 2019. The Evolving Australian Labour Market [online].
<https://www.rba.gov.au/speeches/2018/sp-so-2018-10-05.html> [Accessed on 29 Mar. 19].
Weller, S.A., 2017. Accounting for skill shortages? Migration and the Australian labour
market. Population, Space and Place, 23(2), p.e1997.