Q&A: High Finance Australia

Hey mate, thanks for the question

Breaking in was definitely tough, I came from a non Go8/non-target uni and didn’t go for IB out of undergrad, which is still the most common path into PE.

Private credit is more open, they’ll take people from Big 4 banks or Big 4 accounting firms, especially from a debt, transactions, or modelling team. That’s the most common path.

For me, the transition was more natural as I got in at the private investments team at a super fund, joining at the intern and grad level and working across both PE and credit. Regardless of where you are, the most important skill is demonstrated excel/modelling skills and PowerPoint skills, either through experience or completing courses like WSO’s ones. Secondly, interviewing well was important, culturally, Aussie finance tends to be a bit more grounded and less prestige based (albeit still there). Make sure to comes across pleasant, respectful, and show a desire to learn, as opposed to showing off.

Among my peers, most came from Big 4 transactions teams (valuations, modelling, corporate finance, M&A, and infra), big 4 banking analyst teams, and ex-IB analysts too.

In terms of long-term prospects, both private equity and private credit are strong careers in Australia. Credit especially is booming, non-bank lenders and property investment firms are growing fast. The industry super funds are Australia’s unique point, the way it’s structured, they get continuous source of capital to invest and their private investments teams are growing a lot. This is quite under-appreciated by grads and people early into their career imo.

I never took the overseas path since I love being near friends and family (this helps a lot during long nights and rough days too lol)

Hi mate, thanks for the question.

Maximising time at uni:
• Focus on getting strong grades, top firms still need this.
• In Australia, extra-curriculars matter. Join and lead uni clubs, play sport, be a part of the community, show personality beyond studies.
• Prioritise finding internships in IB, Big 4 transaction teams (valuations, modelling, M&A, infra advisory), or super fund investment teams. These will build the technical skills that’s needed for high finance roles after uni.
• Complete modelling courses like WSO’s. You’ll have more free time at uni to do this. Use it to your advantage and then interview with those skills already built and shown on the resume.

Breaking in as a fresh grad:
It’s very uncommon to go straight into corporate development, since teams are lean and expect you to already have the core skillset. Most people enter through the other roles I’ve mentioned.

PE case studies (high-level):
They’ll test your ability to break down and understand the business, its drivers, modelling the drivers, and your judgement.
Lets break down a PE case study for an infra investment as an example:
• A typical case study will ask whether the fund should invest in a toll road or airport. You’ll be given simplified assumptions — construction cost, concession length, expected traffic, revenue growth, opex, and inflation. The key is showing you understand the business model, economics, and can build a logical revenue and cost build-up schedule that drives the model and ultimately your valuation as you do a simple FCF, NPV, IRR calc (basically doing a P&L table down to FCF and the valuation metrics).

You’d then assess viability based on returns vs hurdle rates, and the case’s qualitative factors - either in a discussion or a few slides.
• For non-infra PE, it’ll be similar but focus is more on business performance and deciding whether to invest, hold, or pass.

Keep your model simple, clean, and make sure your story about why the deal works or doesn’t, aligns with your model. If your modelling is strong, talking to it and having everything aligned in presentation becomes the last thing to nail down.

Hope that helps.

Hey mate, thanks for sharing, I know how tough that can feel, we’ve all been rejected at final rounds.

Honestly, getting to multiple final rounds means you’re doing most things right. Try not to take it too personally and always remember there’s plenty of opportunities, either direct or a different route to your goal.

What helped me was to self-reflect after each one, think about how you came across and what you could sharpen. Without knowing your specific interviews, the key things I’d focus on are:
• Coming across pleasant, curious, and explain things logically and speak well (do some reading on how BCG consultants explain and solve problems with structured thinking and try applying it when interviewers ask you questions)
• Listening well and asking thoughtful follow-up questions
• Keeping answers concise, confident and humble
• And continuously improving your technical base, keep practising your modelling and valuation work (WSO’s courses help).

If IB’s your main goal, keep at it, but also consider Big 4 transaction teams (valuations, modelling, M&A, infra) as an alternative entry path. Plenty of people move from there into IB later on with no issues.

And remember, there are great roles in super fund investment teams, asset management, or even corporate/commercial banking that still give strong fulfilment, pay, and progression.

You’re clearly on the right track, don’t let a few rejections make you forget that. Feel free to reach out if you need!

Hey mate, thanks for the question

Without knowing exactly what you’re doing, FICC/DCM roles definitely give you good exposure to corporates and markets.

It’s definitely possible to get the more traditional IB-style exits, but it’ll take some targeted effort and likely an extra step as opposed to directly from your current role. The obvious shortcoming is the modelling , valuations, and relevant transactional experience. Showing initiative and doing courses to develop that will really help (WSO’s courses are great for this), and networking with other parts of your bank if there are teams you’d want to work in, and networking in general.

Given FICC style experience, if you wanted IB style exits, a practical path to consider would be aiming for DCM roles at a Big 4 firm, other advisory roles or an analyst role within commercial/corporate banking. That’s typically the easiest bridge from your current background, and from there, the IB exits into private credit, or fixed-income/debt funds become more realistic. You could try to go for credit/debt funds from your current spot too, although it would be more competitive without the above experience imo.

If moving now is the priority - if you’re specialising in a specific commodity, equity and credit research firms for that sector could be a great fit as they value people who have that direct working experience. From an equity or credit research position, you get the IB style exits a lot easier. Definitely give this path a consideration.

So yeah, it’s definitely doable, just focus on sharpening the technical side, getting more transactional and relevant transferable experience, you’re in a great place to get what you’re aiming for.

Yes their beauty is unspeakable 

Second only to Pat Cummins

Thanks mate, great background and question.

Coming from consulting, it’s tougher to jump straight into a PE or IB deal team since they expect more modelling and transaction experience, but there are still solid paths in.

Corporate Strategy & Development roles would be a natural fit. In Australia, we see companies often blend strategy and M&A in the “corporate development” team, so your consulting background is highly relevant and in demand. You’d 100% get exposure the entire process along with pure strategy work.

Similarly, super funds and asset managers are growing and need consultants, especially across post-merger or portfolio improvement work (very common and high activity in Australia as industry superannuation firms are huge). Likewise PE side, however probably not as big as the super funds.

To bridge the gap, I’d build the technical skills (WSO’s courses), and networking. It’s definitely possible to get what you’re want.

Hey, for people who can’t (or are finding it hard to) get into IB directly, the Big 4 transactions teams are just one of the most reliable and proven paths, especially in Australia. They give you the deal exposure, modelling reps, and network that can later open doors to IB, PE, corp dev, etc. Lots of big 4 alumni are in the roles we all are interested in so it’s looked at very well along with your usual IB grads/analysts.

That said, I’ve also mentioned plenty of other great options - superannuation fund investment teams, funds management, corporate/commercial banking, non-bank credit lenders/funds, equity and credit research.

I’ll probably be getting fired as a big 4 marketer now since I’m promoting the entire finance industry here

Can you even call UTS a "semi"-target? Don't like only 2 people from that uni every year break into banking. There are only the go8s, anything below that is just like good luck

Let me give you some game as a more experienced dude, albeit not in the IB / PE world, although adjacent (Strategy consulting). A couple actionable things for you.

1) From the POV of the guys you're reaching out to, 95% of you may as well be the same person, and mostly are not memorable. Don't just reach out to people at your school like all the other nerds. Find people with other more personal stuff in common if you can...similar sports...from the same area...same high school...mutuals...cultural background...etc. It's probably easier said than done as an undergrad, as you just haven't had all the time to build some of that out yet. But if possible, it can be a great way to connect. During my MBA, I basically "missed the boat" on recruiting at a prestigious consulting firm. Missed the first couple of invite only events etc. I met a guy at the firm who was half Japanese like me, and we connected in a genuine way and he basically pulled strings to make sure I got an interview. I bombed it but it was a genuine connection and we're still in touch.

2) Kids in Australia are not doing this (to my knowledge) - but try to intern with a search fund. It would show hustle but also likely differentiate you in the Aussie market. These days a lot of undergrads who are gunning for IB/ PE do search fund internships in their first couple of years. 

After you "hit the bar" on stuff like social skills, grades, it's about differentiation. Good luck youngblood 

Happens to us all, just take up kickboxing and square up. Russians wrestle bears, Aussies box kangaroos.
As for the barbie, bring a couple of VBs, she’ll be right

Hey mate, yes, it’s definitely possible to break into IB from an economics degree, and no need to do a full accounting degree. You will however start with a bit of a gap compared to finance or accounting students. IB roles will need a decent level of accounting, corporate finance, valuation, and modelling, which aren’t usually covered in an econ program.

The key is to bridge that gap early:
• Take a minor or electives in accounting or finance if you can.
• Join finance or investing clubs, they’ll help you learn, network, and show recruiters genuine interest.
• Do some online modelling and valuation courses (WSO is great) to build technical ability.
• Target relevant internships in areas I’ve mentioned here

I actually majored in Economics (alongside Finance) and did exactly those things with success.

Also lean into your advantages as an economics grad: strong analytical thinking, mathematically strong, advanced with data interpretation, plus a deeper understanding of markets, incentives, and macro trends. Those are great differentiators if you position them well in interviews.

And remember, economics is an awesome and intellectually stimulating field, many will say arguably more so than IB if you genuinely love it, so keep that in mind as you go through your degree.

P.S, not too long for the Ashes now, get pumped!

After Big 4 I went into a front-office analyst role at a large bank then moved into corporate development & M&A.

As for experience, it was great, you really get thrown into the deep end with the modelling, valuation, analysis and PowerPoint work. Biggest advice is that valuation and modelling roles are very technical, so really ask yourself if you’re passionate about it beyond just wanting the prestige and exit opportunities, else you will struggle and get found out.

Most common exit opportunities are IB, equity research, corporate finance, corporate development, M&A, investment analyst at various funds and the big Aussie retail banks corporate/commercial divisions. Pretty much all of my colleagues went into these roles. Almost any finance role will look at you very positively.

Compensation is a bit higher than audit/tax for sure and yes hours are IB like on most days so that’s a big consideration as it may or may not meet your lifestyle and values.

I don’t regret leaving. I got to build the skills I wanted and then moved to a role using them on deals and investments. Most people use it as a stepping stone/proving ground for other roles and everyone there knows it and will help you achieve it. Only a select few become/want to become partner.

Hey mate, that’s some great experience you have already.

I’ll preface by saying I’m not an expert on overseas candidates but can still offer my experience from what I’ve seen and know

Australian PE funds do hire overseas professionals, but teams here are much smaller than say the UK or US. Because of that, visa sponsorship isn’t very common, most mid-market and local funds prefer local candidates with full work rights.

The groups that are more open are the global funds and super funds with international and Australian presence. I’ve seen them support sponsorship for a few people in my time so it definitely happens.

Another safer route could be to target IB/ER/PE firms in your home country that have presence in Australia. They often do support secondments and permanent moves overseas. I’ve seen this happen many times too.

Big decisions to make, all the best!

FWIW I'm at a fund manager at ~100 staff and we just started sponsoring in last 6 months to get better talent. I understand it's expensive/administratively burdensome to register, so only bigger firms might be in a position to sponsor, best to check directly with HR at firms.

To be honest, most internal messages and emails do indeed start with a “hi mate” and every morning in the office starts with multiple “good morning mates” as you wonder in.

Anecdotally, Australia has one to two international cities (sorry Melbourne) and less local seats (smaller local market).

Overseas stints help build brand/skills/differentiation for those fewer seats, and Aussies generally like travelling. HK and SGP are the largest financial hubs under 10 hours flight from Sydney, and are within 3 hours timezone to east coast. 

Big Aussie pipeline to other international financial hub cities too.

Commercial banking was great, it offered that intellectual stimulation, financial analysis and modelling work, in an environment where you have to be highly skilled - the risk teams at banks critique your analysis heavily, so you really develop sharp skills.

DCM or LevFin are great options and look favourably on your experience. You likely will have to bridge the gap from a financial modelling basis however. Also consider that WLB likely won’t be as good as you currently have it.

I left CB as the main way to progress there is in more of a relationship management role, whereas I preferred the analytical heavy style work. If you enjoy the relationship management aspect, from a compensation and WLB perspective, there’s honestly not many better careers than CB.

Hey mate, thanks for your comment.

Very common and not an issue at all here in the Australian market. Stacking up internships and building your story about your “why” and “experiences” will be seen quite well and very common.

I can’t speak to WSP’s courses but in general, online modelling and valuation courses greatly boost your skills and resume for recruitment time. The best candidates are applying with these kind of courses completed as well. It not only gives you the skills and confidence, it also shows companies you’re committed and have the skillset to hit the ground running with the key skill of modelling and valuations. I highly recommend and rate the ones here on WSO, they’re absolutely brilliant.

On your networking strategy, yes that’s great. Focus on targeted networking where you reach out to people strategically and with the lens of wanting to learn as opposed to being naggy and seeking for a job and favours.

If you want to stay BB, I suggest office transfer via your bank is the lowest risk. FWIW Aussies always want to go NYC/LON/etc so there is potential you get lucky. 

Otherwise you will have to identify which firms sponsor (large/international are more likely to already be registered for this).

Not some Aussie boutiques have partnerships with US banks (particularly in MM space).

Sponsorship takes longer and there are less opportunities, but it's still viable, particularly with planning. Local recruiters may help advise which firms have sponsored their candidates in the past.

Add big 4 cadetships to your list if they're still going around these days.

Any part time corporate role is great, whether they call it an internship or not (ex: 2-3 days a week).

If the firm doesn't have a 'structured' internship program, means you'll have to find these roles (hidden jobs) via direct outreach.

I would start with your end goal (ex: IB), then work back on overlap as you run out of firms (IB > corporate advisory > private wealth, accounting, CIB, etc. as you've identified).