Financial services and insurance is one of the best-paid, most highly educated and diverse sectors of the economy, according to a report from the Financial Services Council (FSC) and financial services group UBS.

About 42% of employees hold a bachelor degree or higher, compared with a quarter across all industries.

Some 32% of financial services and insurance workers hold no post-school qualifications.

The sector employs 400,000 people, and the State of the Industry report says women hold 53% of positions.

The average salary is more than $87,000, compared with the national average of $58,380.

People working in risk management on average earn $124,303, compliance $113,481 and client services $60,411.

FSC CEO John Brogden says financial services and insurance has grown at a much faster rate than the overall economy.