Making the move to Sydney IB
Hi, just looking for some advice. I work for a BB in M&A in London, currently a third year up for promotion to Associate next spring. I have recently been offered the chance to move to the Sydney office within the same sector coverage. I am thinking very seriously about it so was wondering if anyone who works in Sydney can talk a bit about the working hours, compensation vs. London/Europe and in general about culture vs working in Europe/US? I have been told the working hours are significantly lower compared to London and frankly that's quite an important consideration for me as I'm getting married next year and would like to start a family and devote some more time to that aspect of life.
Thanks in advance.
Sydney M&A hours are generally lower than those in Europe (disclaimer: never worked in Europe but some friends have moved there), however there are always exceptions depending on the bank/industry. However, as an associate, you are looking at less hours (my associate probably does about (60-80 hours but also glued to blackberry or whatever byo device).
Generally compared the Europe/US, Sydney is more and more about work life balance these days. Especially as associate, quite a few have stake relationships, etc
Having worked in Australia and London, it is highly dependant on team and bank of your hours will be better. Overall, you should not assume a huge improvement in hours from the move.
However, your lifestyle will probably improve given cost of living and ability to live somewhere on the beach and still commute into work etc.
Overall Comp is lower in Australia, but not markedly and cost of living relative to London is better. With what you are paying in rent for a flat in London would get you a house in Sydney.
Thanks guys. I think I've more or less made up my mind to go through with it. Even if there's a slightly better chance of work life balance it'll make sense to me! The comp being slightly better or worse off doesn't matter much tbh unless its a stark difference which I doubt.
Anyone working in Australia in IB? (Originally Posted: 02/29/2016)
Just wanted to hear perspectives and thoughts from current Investment Bankers in Australia (Sydney and Melbourne) and how you guys prepared for interviews?
Cheers Guys!
x
As above, very similar to US recruiting with the main difference being Australia doesn't have on campus recruiting the same way American schools do and networking isn't as important (technically speaking - in the sense that when applying online in Australia your resume isn't going into a 'cyber black hole' like it supposedly is in the US). Mostly everything else, including the existence of target schools vs. non-target schools etc. rings true.
IB in Australia - Double degrees? (Originally Posted: 06/08/2013)
Hello, long time lurker first time poster.
With the exception of a M&I article and the whirlpool forums there doesn't appear to be a lot of online literature about IB in Australia. I'm a penultimate year student about to start apply for SA positions in Sydney and was curious about the scene in Aus. Does anyone have any firsthand experience on how recruiting and on the job differs here, and what to expect? Are double degrees required? My impression is networking and EC's are less common here, what is expected?
Hi YoungHoe, Back in myrecruiting days when I was an undergrad, most IB's generally took in students from the G8 universities. Having a double degree like BCom combined with Engineering, Law or Finance honours was also very common. Most importantly, internships in penultimate year was also another theme combined with good grades and some EC. I don't think networking is such a huge deal, however I did land my analyst gig through that way however, still did the usual round of itnerviews. Recruitment is usually a first round telephone interview, followed by multiple one-on-one interviews and then maybe a cocktail dinner / drinks (just to suss out candidates in a social setting). Analyst hiring generally takes place in Sydney more so than Melbourne, however Perth also has a few IB's dedicated to the mining sector. I'm guessing the hours and pressure is less intense than the major hubs like New York, Hong Kong, London. I'd imagine there would be more cross-border work within the Asia Pacific region as well but obviouslly depending on industry / product group.
I think it really depends on the shop. From my experience networking is more to have an idea about the industry and start to learn a bit of "professionalism". I don't think it will give you a job. For the double degrees I think it's better to have 2 than one only if they add value. From my experience (international student, master in Quant finance at USYD, got an offer from a BB) they look for well rounded individuals, eager to learn. You need to show them you are extremely passionate and that you know a bit of how things work in the industry. If the second degree doesn't add value to your major goal (i guess IB) don't waste your time .
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