Is Sydney a good city for a long term career in investment banking?
Granted it’s not a NYC or London, is Sydney still a prosperous enough place for a successful career in finance?
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Are you Australian?
Did you go to school in Australia? University? Which one?
it’s a very clubby market controlled by Australians who went to like 10 schools
Thats right- born and educated (a top school) in Australia. Just thinking about whether moving somewhere bigger is better
Bump also curious
I mean what are your other options in Australia
ex-Australian banker here
People think that working in Australia by the beach is a bit of an easy gig, but if you're at the top firms (UBS, Macquarie, Barrenjoey) etc. you will get worked harder than the U.S.
Deal teams are leaner and client expectations are generally higher. Clients don't have their own in-house M&A resources so bankers handle everything. Sponsors will hire bankers for buy-side advisory in a strategic stand point vs. only for financing in the U.S. The bankers will hold the buy-side model for the sponsors as they are too lean to do it themselves.
Quality of individuals generally higher but obviously varies. The reason is it is a much more competitive market with less jobs, so only the true hardos get a role (again a broad brush statement).
However, despite longer hours at the top firms, outside of the Tier 1 and 2's you will have a better life. Culture is better as people are friendlier and more laid back (less anal MD's screaming or getting angry over nothing, more autonomy etc). Buy side recruiting isn't as big a focus, and people move to PE later on (as associates or even as VP) given there is no structure on-cycle / off-cycle hiring. Sponsors just hire when they need someone. No real HF out there, but large pension funds dominate the asset management market.
Comp is lower, but you will feel richer
Great place for a long-term career
do you see many (if any, at all) people who were born in Au, went to hs+uni in Au, analyst in Au -> transferred to nyc (banking/some stepping stone or otherwise) -> are now in a reputable PE fund in nyc
*excl HF; excl PE in like london, where I presume more favourable visa standards for Au; excl BBEB MDs, which I think i saw a non-zero amount of in nyc; excl fringe groups like PE infra/RE
Yes if you move early enough. There are people at MFs and UMMs etc who are all Australian from school upwards. But best bet is to move as an analyst so you don't miss the boat.
I'd say the buy side PE modelling prepares Australian analysts to crush the interviews and place pretty well
Any insight into if your above comment holds true for research / markets roles? At a "MM" bank thinking about whether my next step should be to try recruit for BB research here in Aus or look overseas.
bump
It's meh, not just IB but entire high finance scene in Australia is meh. Not too bad though, but lackluster compared to major hubs as Aussie finance caps out earlier.
Lots of Aussie do Macquarie/BB then lateral to London. Or go to buyside in Australia first (mostly mid market growth equity) then move to London MM PE.
Quants, even worse lol.
The only avenue where Australia shines is commodity trading desk.
Make sure you wear your RM Williams boots and aussie rugby union top to work everyday
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