What Australian degree should I choose for a career in investment banking?
Hi everyone,
Thanks to a solid ATAR, I’ve recently received offers for a variety of courses and am evaluating the pros and cons of the following 2:
- USYD Law + Commerce (Accounting)
This is a 5yr degree which I noticed many successful IB applicants possess. I plan to intend in Accounting as this is where my strengths and interests lie. However, as the course is a combined undergraduate degree, I am slightly less inclined to select it. I would prefer to get into IB with a 3 year degree in Commerce if I can. I am also not sure about my abilities in law, so I would prefer not to take too much of a risk. It is also a burden for me to move to NSW and would take me time to adjust to the new environment.
- ANU Commerce (Accounting) + UniMelb Juris Doctor (if required)
ANU Commerce is a 3yr degree which I am aware is less competitive for IB applicants. It definitely does not have the same reputation in finance and the number of Commerce alumni working in the field is somewhat scarce. However, I believe in this course I will be able to score a very competitive 90+ WAM. I am confident in my abilities to perform well in accounting as I am very passionate about the subject. Furthermore, as ANU is located in my home state I will not have to relocate to study and will save time if I am able to secure an IB spot upon graduation.
I am also considering undertaking a Juris Doctor @ UniMelb as a supplementary measure for if I do not secure an IB spot after my 3y degree. While entry into the JD is not guaranteed and will be dependent on my university results, I am confident in my abilities to achieve a high WAM and gain entry. If I do not get into IB after graduation, I would undertake the JD to further build my resume and secure more internships to enhance my prospects. Please advise about the viability of this plan. Would also like to know if applicants with the combination of a commerce and JD degree @ UniMelb is looked upon favourably or not specifically in finance.
Look forward to all your responses.
Ahoy there!
Based on the most helpful WSO content, let's swing through the branches of your options and find the ripest fruit for your investment banking career in Australia. Here's a breakdown of your choices:
USYD Law + Commerce (Accounting):
ANU Commerce (Accounting) + UniMelb Juris Doctor (if required):
Juris Doctor (JD) at UniMelb as a backup: - Pros: - A JD can enhance your resume and may provide additional internship opportunities. - It's a prestigious postgraduate option that can be beneficial if you don't secure an IB role immediately after your undergraduate degree. - Cons: - Entry into the JD program is competitive and contingent on your undergraduate performance. - It's an additional time and financial investment.
Regarding the combination of a Commerce degree and a JD from UniMelb, it's generally seen as a strong educational background. However, it's not just the degree but also your performance, internships, and networking that play a significant role in landing a role in finance.
Ultimately, the decision should align with where you see yourself excelling and what fits your personal circumstances. Both paths have their merits, and with hard work and a bit of that monkey magic, either could lead to a successful career in investment banking.
Keep in mind, the Group of Eight (Go8) universities are typically targeted by investment banks in Australia, so attending one of these institutions can be beneficial. Swing high, and good luck with your decision!
Sources: Q&A: 2nd yr IB Analyst - Australia, https://www.wallstreetoasis.com/forum/investment-banking/qa-australian-ib-life-etc?customgpt=1, Intro to Investment Banking, What's the best school for investment banking?, Investment Banking Australia
Congrats on the ATAR! The first thing I want to say is there's no need to rush - careers are long and 3 v 5 years is largely inconsequential in the grand scheme of things. That being said, my 5 years did feel long but in the end it was necessary. However, you may not need 5 years if you already have a good understanding of what you want to do and why, and have access to the resources necessary to prepare for investment banking interviews.
USYD law and commerce is Australia's tried and tested pathway into investment banking. The 5 years are beneficial as it gives you more time to accumulate experience (both professional and personal) - I interviewed in both my 3rd year and 4th years and the 2nd time around I felt much more comfortable, I can't imagine having to interview in my 2nd year. While law can be hard, with time and effort (and strategising) I'm sure you'll be able to do just fine - I also believe at USYD you also stack your law subjects at the end of your degree so you'll mainly be applying for internships with your commerce grades, worth double checking that on the uni website.
ANU is also a good uni, and many students break into investment banking from there. I stayed in my home state for university as well and being with friends and family was definitely a positive but it did hurt to see the number of opportunities available to Sydney/Melbourne students that aren't available in other states. If you do decide to stay in Canberra I would still encourage you to explore a double degree option, whether that be law or something else.
I can't really comment on the unimelb JD option, but it would be 6 years. I also don't think the JD is looked at any more or less favourably than an undergraduate law degree and I honestly don't think the actual degree is really looked at at all. Grades, experience and interest will always be more important. It's also worth noting that from what I've seen it's mainly unimelb students breaking in from a 3 year degree since they don't offer undergraduate law and even then some don't intern until the end of their 3rd year rather than the typical 2nd year.
Long story short USYD is more common and there are more opportunities available to those students. ANU allows you to have friend's and family's support while at uni. Neither choice is wrong and both are harder in different ways. ANU now does have FMAA which is handy.
If investment banking is the goal, I'd also encourage you to consider a finance major rather than accounting - not saying accounting is bad but finance is more typical and relevant in my opinion. I would have liked to do both tbh.
I'm sure most of what I've said you already know but hopefully it provides some colour. Feel free to ask any further questions. There are also a range of other discussions on similar questions that you should be able to find by googling 'Australian university WSO' or by looking at the other discussions I've commented on, there were lots of good perspectives given by others. Also, keep up the resourcefulness, it'll take you far.
Hey mate, thanks so much for the detailed reply. I have been thinking about my choices a lot and to have someone experienced explain everything in a detailed manner helps a ton.
For me, the main drawback of USYD Law/Commerce is that I would have to move. I have not lived alone ever, and to be honest, I don't know if I can juggle moving and studying such an intense degree. While I will be able to juggle the move financially, it is finding accomodation, making connections and adapting to Sydney that I find quite daunting. I also feel like there is a risk in studying law, in that if I am not able to be close to the top of my cohort, I will feel like I made the wrong choice. However, I acknowledge that the degree is a great opportunity and is one of the best pathways to IB that a large percentage of the population cannot access. Also, as the course is held in very high regard by employers and has a very high ATAR requirement, I almost feel like I would be wasting my ATAR.
If I am unsuccessful in gaining IB internships and do not secure a graduate position, do you think a JD at either USYD or UMELB is a solid approach or a waste of time and money? You mentioned that employers see the JD in a similar light. Thus, would having Commerce @ ANU + JD @ USYD/UMELB be seen in a similar regard to LLB/BCom students at USYD?
Admittedly, the whole idea of pursuing a JD is slightly risky as while I am confident in my abilities to secure a high WAM, it is still not a guarantee that I will gain entry, unlike the LLB. Still, I feel like I will have a good chance as I know my capabilities and possess the necessary discipline to try hard. Taking this avenue, I think it would be beneficial by giving me more time to stack my resume and gain more experience. Also, I feel that waiting to move to Sydney or Melbourne when I am older will make the transition and adapting to the new environment easier. Furthermore, if it is seen in a similar regard to applicants with a USYD LLB/BCom degree, then I feel the additional years would be worth it.
Thanks again mate and I would love to hear from you again.
I agree with what's been said below. My further thoughts below:
Excellent advice. Planning for the JD seems like a waste of time given your goals, it wouldn't add anything to your profile for IB.
If you do decide to go to ANU two things to consider:
1. Definitely do a double degree and major in Finance in the Commerce degree (alongside Accounting if you wish), the choice of second degree doesn't matter so much but the additional year will give you more of an opportunity to do internships, prepare for recruiting and also an exchange overseas if you wish. Commerce + Law is tried and tested but also makes you look exactly like every other applicant (including those from the Sydney / Melbourne unis which have stronger programs) - if you have another interest (science, engineering, languages) it may help to set you apart and give you a broader perspective on the world.
2. Be prepared to do summer / winter internships in Sydney. I can't stress this enough. Luckily you can get the bus up there pretty easily but accommodation would need to be worked out. With the lack of opportunities in Canberra itself your best chance will be the internships in Sydney, in this sense you can have the best of both worlds, not having to move cities until after uni but still having access to the best internship opportunities.
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