AUSTRALIA?
Hey guys, I'm an international student from India, but I'm in high school in the US. I'm looking to apply to schools in other countries because the immigration system in the US is just really discouraging. Obviously, I'll apply all over the US as well because I grew up here and want to grow old here. At the same time, I have to keep my options open. I have a couple of questions about Australia and I'd really appreciate it if you guys could help me get some answers.
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What are some of the target schools and semi target schools in Australia?
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What exactly is the immigration system like for internationals to gain work authorization --> permanent residence --> citizenship? I've heard the US is one of the worst countries for an Indian to try and go through that system, but how is it in Australia? What about in comparison to the UK and Canada?
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What exactly is the IB scene like in Australia? How is the deal flow at most BBs (are all the BBs there)? Are they compensated well? How is the ladder up to MD at BBs and EBs? What are the exits like?
This forum is an incredibly useful tool that has helped so many students like me and the culture of helping others and giving back is just beautiful. Thank you so much in advance for any ideas/advice/answers/suggestions that you can offer me!
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bump #3 no one seems to know much about Australia
Not an Australian, but I'll give it a shot based on what former colleagues have indicated:
1) Target schools would generally be the Group of 8 - oldest and generally highest ranked universities in Australia. Assuming you want to live in Sydney, Melbourne, Brisbane, reduces the number to 6 of 8 (1 in Perth and 1 in Adelaide). Most of the IB jobs are in Sydney, which may be a further consideration.
2) For students who have gone to university in Australia, I think you are eligible for a two year work visa afterwards. Not 100% sure after that, but I think you would need employer sponsorship or via the normal points based system. If you are young, a professional and have studied in Australia, I think you would have a strong chance of qualifying. Probably pretty similar to Canada, not sure about the UK.
3) Can't speak in a lot of detail about this. Probably pretty small scene given the size of the Australian economy. BBs are probably largely there to chase some of the bigger mining and oil & gas deals. I would think that Macquarie and the four Australian banks would handle a lot of the domestic deal flow. As for comp, would think it is lower than the US, but probably generally a bit better lifestyle.
Australian here. Will be starting at a BB next year.
1) Go8 universities are targets. Most students are from USYD/UNSW/UMelb but you will not be disadvantaged coming from the others. Note, however, that there are much fewer opportunities available outside of Sydney and Melbourne so you may struggle to get internships as an international student (see below).
2) Australia is one of the hardest countries for international students. All banks (and a big majority of finance roles) require you to be a permanent resident or an AU/NZ citizen. Otherwise, you will be rejected at the application stage. Period. Therefore, the two year visa that was mentioned above will not be useful. You will require sponsorship when it expires and the bank will not sponsor.
I would recommend applying for universities in the UK.
3) The scene is very small. The top banks by M&A deal flow have historically been UBS/Mac/GS (in that order). All BBs recruit interns (except Barclays which has no juniors afaik). The domestic big four banks are relevant only in DCM.
Compensation is better than UK but far less than US. However, hours and lifestyle are comparably better.
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