Settlements Officer
Settlements officers make sure the shares and cash behind a trade reach the right accounts on the day the trade is due to settle.
- Median salary*
- $83,200
3.9%vs last year, before tax
- People employed
- 1,000
0.0%vs last year
- Projected growth
- +7.6%
to 2035
- AI exposure*
- Moderate
- automation risk
- Average hours
- 40/wk
matches all-jobs average
- Shortage status
- Not in shortage
national
Most settlements officers work in the back office of a bank, broker, custodian or fund manager, picking up trades after the dealing desk has agreed them and carrying them through to settlement. The work sits close to accounts and operations roles, but it centres on the trade itself: confirming the details, instructing the payment, and fixing anything that fails to settle. Teams are small and deadline-driven, because a settlement that misses its window costs the firm money.
How much do settlements officers earn?
The median full-time salary for a settlements officer is $83,200 per annum, before tax, up $17,300 since 2018.
What you are paid depends on the employer, the market you cover and how much system experience you bring, since custodian and funds management teams sit in different pay structures from retail banking operations. Shift or on-call arrangements covering overseas market hours can add loadings, and the usual step up comes with a supervisory or controls role rather than with time served. Experience with a particular settlement system or market is often what decides the offer.
What does a settlements officer do day to day?
The list below is what fills most weeks; the exact mix shifts with seniority and whatever stage the current work is at.
- Confirming trade details with brokers, custodians and counterparties so both sides agree on what was bought, sold and for how much
- Preparing and releasing settlement instructions through systems such as CHESS, SWIFT and RITS
- Reconciling cash and security positions across settlement accounts and tracking down the differences
- Managing failed or unmatched trades, including recalls, buy-ins and the follow-up paperwork
- Keeping transaction records and settlement status up to date for the dealing desk, auditors and clients
What skills do settlements officers need?
Employers look for regulatory compliance, risk and internal controls, operations management, backed by SWIFT fluency and strong attention to detail.
Specialist skills
- Regulatory compliance
- Risk and internal controls
- Operations management
Software and tools
- SWIFT
- CHESS
- RITS
- Bloomberg
- Microsoft Excel
General skills
- Attention to detail
- Time and deadline management
- Written communication
- Problem solving
Is the job growing?
About 1,000 people work as settlements officers in Australia, and employment is projected to grow 7.6% over the decade to 2035. That's modest growth: demand is steady rather than booming.
How do you become a settlements officer?
Here's the path most settlements officers take, step by step.
- 1Finish Year 12, ideally with business subjects
Accounting, economics and maths are useful preparation, though settlements officers come from a range of school backgrounds and a fair number entered straight from school. The subject that matters most is the one that teaches you to work accurately under time pressure.
- 2Take a business or finance qualification
A diploma or bachelor degree in finance, commerce, business or accounting is the usual qualification, and about 41% of people currently in the role hold a bachelor degree. It is not a formal requirement, but it keeps your options open for later moves into accounting or financial advice.
- 3Get a start in operations or accounts
Investment administration, accounts officer and bank teller roles are common entry points, and they are paid work that builds the reconciliation and product knowledge settlements teams look for. Many settlements officers learn the trade cycle after joining rather than before.
- 4Learn the settlement systems on the job
CHESS handles ASX trades, SWIFT carries payment messages and RITS settles high-value payments, and most employers train new staff on the ones they use. Short courses in financial markets operations exist and can help you land a first interview, but day-to-day system experience is what builds your value to an employer.
Ready to apply as a settlements officer?
Whether you're working toward becoming a settlements officer or already are one and want a hand with the next step (sharpening your resume for ATS screening, tightening your cover letter, or knowing what you'll actually be asked at interview), here are examples grounded in this specific role, not generic templates.
What jobs can a settlements officer move to?
Moving into Stockbroker typically comes with the biggest pay rise, worth $54,700 a year more on average.
| Move to | Typical pay change | Overlap | Retraining |
|---|---|---|---|
| Stockbroker Settlements officers with securities processing experience can move into stockbroking after completing the required degree and licensing.Known move | +$54,700 | 21% | requalify |
| Financial Planner Settlements officers can move into financial planning by adding client advice and registration to their financial product knowledge.Known move | +$51,100 | 19% | requalify |
| Accountant Settlements officers bring transaction reconciliation and reporting discipline to accounting, though a degree is required to move into the field.Known move | +$21,000 | 24% | requalify |
| Office Manager Settlements officers bring financial accuracy and process management to office management, with a short course covering administrative coordination.Known move | +$6,800 | 59% | short course |
| Personal Banker Settlements officers move into personal banking by adding customer sales and advisory skills to their banking product knowledge.Known move | +$500 | 33% | reskill |
Moves are chosen from Jobs and Skills Australia's Data on Occupation Mobility, which follows income tax records between 2011-12 and 2020-21, together with entry requirements and skill overlap. A known move is one people were seen making in that data. Pay change compares median full-time pay for the two roles.
Who works as a settlements officer?
The typical settlements officer is 38 years old; 64% are women, 79% work full-time, and full-timers average 40 hours a week.
- 38
- Median age
- 64%
- Female share
- 79%
- Full-time
- +0h
- vs all-jobs avg
What's it like being a settlements officer?
The day runs on cut-offs. Settlement cycles have fixed times, so work arrives in a burst around each market's close and settles once confirmations are in. The role suits someone who likes a defined process, notices when a number does not match, and is comfortable chasing other people for an answer before a deadline passes.
What people like
- A clear finish line each day. Trades either settle or they do not, so you know by the end of the cycle whether the work in front of you is done.
- A close view of how markets work. You see the plumbing behind share and bond trades, which is useful grounding if you later move into funds, advice or accounting.
- Small team, direct answers. You deal with dealers, custodians and clients rather than a long chain of approvals, so problems tend to get resolved quickly.
- System knowledge that travels. Once you know CHESS, SWIFT or a particular market's cycle, that experience is portable between banks, brokers and custodians.
What people find hard
- Deadlines you cannot move. Cut-off times are set by the market rather than the team, so a late confirmation has to be chased the moment it appears.
- Repetition in the peak. Much of the work is the same task repeated at the same time each day, which some people find steady and others find monotonous.
- Chasing people for information. A good share of the role is following up counterparties and internal teams who have their own priorities that day.
- Errors are visible and costly. A missed payment or a failed settlement affects the firm's position and draws attention from management and, in some cases, regulators.
Based on our synthesis of professional-body surveys and public accounts of the role, not first-person verified reviews.
Which industries employ settlements officers?
Financial and Insurance Services employs the largest share of settlements officers.
Top employing industries
- 1Financial and Insurance Services
Ranked by employment share; the source doesn't publish an exact percentage per industry.
| Bachelor degree | 41.1% | |
|---|---|---|
| Year 12 or below | 20% | |
| Postgraduate | 15.8% | |
| Diploma / Advanced Diploma | 12.8% | |
| Certificate III/IV | 7% |
Will AI replace settlements officers?
Settlements work sits in the middle of the range. Trade matching, confirmation and reconciliation are already heavily automated in the systems banks, brokers and custodians run, and that trend continues, so routine trades need fewer people to process. What stays with people is the exception handling: working out why a trade failed, correcting a payment, and dealing with a counterparty when the numbers do not line up.
Share of typical working time by exposure level
- Confirming trades and matching details with counterpartiesMatching engines compare trade details automatically, so people mostly step in when a field or a reference does not match.30%high
- Preparing and releasing settlement instructionsStraight-through processing releases most instructions through CHESS, SWIFT or RITS, and staff handle the ones the systems hold back.25%moderate
- Reconciling positions and investigating breaksReconciliation tools flag the differences, but tracing a break back to a missed corporate action or a wrong account still takes a person.25%moderate
- Sorting out failed trades, recalls and client queriesWorking out how to fix a failed settlement, who bears the cost, and what to tell the client involves judgement and a phone call.20%low
Moves least exposed to AI
These career moves from settlements officer work are rated low for AI exposure:
- Financial Planner
Some skill overlap (19%), requalify to get there, and a low automation-risk profile.
Common questions about becoming a settlements officer
Straight answers to the questions people ask most.
How much do settlements officers earn?
Settlements officers earn $83,200 per year before tax on a full-time basis. What you are paid depends on the employer, the market you cover and how much system experience you bring, and shift arrangements covering overseas markets can add loadings.
How do you become a settlements officer?
Most people enter through a back-office or accounts role, such as investment administration or accounts officer, and learn settlement systems on the job rather than before it. A diploma or bachelor degree in finance, commerce or business helps, and around 41% of people in the role hold a bachelor degree.
Are settlements officers in demand?
Settlements officers are currently not in shortage, and employment is projected to grow 7.6% over the decade to 2035. Because the work is concentrated in banks, brokers and custodians, it pays to watch those employers directly and to build the reconciliation and systems experience their ads ask for.
Will AI replace settlements officers?
AI is changing the work rather than removing the role. Matching, confirmation and reconciliation are increasingly automated, so fewer people are needed to key in and check standard trades, but failed settlements, payment recalls and unusual corporate actions still need someone to investigate and decide what to do.
Where can settlements officers move next?
Office management is a close step, paying $6,800 more and using the same accuracy and process skills, with a short course in administrative coordination. Personal banking pays $500 more and adds customer sales and advisory work to your product knowledge, while accounting pays $21,000 more but usually requires a degree.
What hours do settlements officers work?
Full-time settlements officers work about 40 hours a week, with 79% working full time, and the schedule follows market cut-offs rather than a neat nine to five. Roles covering overseas markets can start early or run late, and month-end and quarter-end are the busiest points.
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