Investment Banking Australia

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Gday,

Just a little bit of a reality check, most successful applicants to the big banks in Aus have at least a double degree or honours from one of the top eight sandstones (or both in the case of UBS) with a 75%+ average. You would have to be an outstanding candidate with great EC's to even get an interview. I'm not trying to be a downer or anything, but that is the system.

So knowing that, I would say your best bet might be to transfer either to UWA or to an east coast school (UNSW, USyd or UMelb). You have an average that would allow you to transfer for your final year, maintain the average and get offered honours. Get a first class honours, and you will be in with a great chance.

With respect to the LLB, the law degree is held in high esteem by some banks. Yet, it is more a signal of quality. If you can show the banks you are smart, committed etc in another way, it saves you 3 years. You definitely do not need an LLB, but a double degree of some sort will stand you apart. UMelb runs a 2 year JD program that will be heavily recruited, so if you are really keen on law, I would say that would be the best option.

Also, just remember that most analysts start a bit later here than they do in the US etc. Most have spent the extra few years doing work experience either at the big 4 accounting firms or some boutique regionals. A good track record is very important.

Agree with beaker, although I do not think there is any point transferring for the final year of the undergraduate degree.

I would say try and get into 4th year honours program at a target institution on the East coast (UNSW, Melb, maybe even Monash) or UWA at very least, because from my experience only one of the BB bothered to come over to UWA to give a recruitment presentation back in '05. So recruitment options from W.A. are very limited, even for UWA.

Get in, and then proceed with grad recruitment from there.

I suppose you could always try applying to Argonaut Limited (a small boutique running out of W.A.) as well.

Most, if not all, the banks recruit from UWA. I know at least 4 recruited from there in 2002. My bank recruited there this year, so did Macquarie, JPM, GSJBW, CS - that I know. One guy that I interviewed at one stage is headed to Morgan Stanley, or so I heard.

UBS recruited there as well i think...

UBS recruited over at UWA as well i think...

I am of the opinion that going over to the Eastern states will give you a much better chance of Ibanking recruitment though. There is a whole heap of UMelb, UNSW, USyd people at my bank...

Personally think that UMelb and USyd are the only east coast places you want to look at. UNSW / Monash could be your fall backs. Keep in mind that your average is usually assessed on a relative basis depending on your Uni. 70% at UMelb/USyd will hold a premium to 70% at UNSW/Monash. They won't tell you this, but I've spoken to HR and I know they do it. Make sure you exceed 75% in your honours year. I think an honour years will a more practical way to go rather than investing another 2-3 years into law (100% agree on Breaker's view on this). You have to get your average up, and given that there will be superstars with 80% averages also applying, you need an angle. You should be able to demonstrate knowledge of DCFs / valuation techniques / current deals / what is IB and clearly articulate why you want IB and why you are suited for it.

Goodluck!

This post reminds me of another post on a different forum.

Would I be right?

I ask because posted a very similar question here:

http://forums.whirlpool.net.au/forum-replies.cfm?t=2544801

Also, this is a US-centric forum so the likelihood of a response is somewhat low. I don't know enough about IBD to provide anything definitive on what the banks are looking for.

first time seeing that post, and I don't frequent whirlpool. yep however I saw a pretty big AUS IB thread in here with a fair few contributions so i thought there must be some Australians on here, will have to wait and see.

For IB, study Commerce (Finance & Accounting).

Double degree with law is most traditional and best for getting a job, but any double degree will give you an opportunity

If you do bachelor of commerce then you really need to do honours to get a job straight from university

certainly grades are most important, but how would that explain the emphasis on combining study with law? since ive read multiple times that banks like it, im guessing for the 'prestige' factor? i know the extra length of study helps with work experience and resume building but thats also possible in an economics and finance double degree for example, which is 4 years and can be extended to 5 with an honours year. i dont mind doing it, but combining econ/finance/accounting seems to be more useful.

or is the bottom line in fact grades and that a D or HD average regardless if its commerce or law or engineering gives you an equal opportunity? (as long as other criteria are satisfied)

Law allows students to study a whole load of foundational concepts in depth which are important in banking eg contract law, trust law, corporations law, tax law. Not only the subject matter, but the discipline required (eg reading and digesting huge amounts of readings) is a good signal of competence for banking. The fact that the student has done a dual degree and so has some flexibility and diversity of thinking and ability is also a good sign.

Law school classes (at least in my day) were far more Socratic, which generally makes a candidate far better thinking, thinking on the spot and able to deal well in interviews. Law also provides opportunities for activities (eg mooting) which do the same.

Law students tends to have far more diverse career objectives and law students get more exposed to diversity of thinking than commerce students, who tend to be more sheltered.

Law students have a 5 year degree, so generally have 1 - 2 more years of maturity by the time they are interviewing, which makes a critical difference in your early 20s.

Law students are generally smarter and more competent.

Those are just a handful of the reasons.

~

Thanks for the responses everyone, although the extra time Law gives is irrelevant (since econ/commerce double is 4 years + optional honors year) it seems it carries a level of prestige and is the more common degree and 'harder' degree it seems like. What I would like to know is am I at any real level of disadvantage if I make an application for a BB IB, and I've done econ/finance or commerce (accounting finance), have strong EC's, strong grades, good work experience and show an overall interest in the industry and company as opposed to someone who has the same but did a LAW double degree? Would the recruiter at all favor the law student, possibly because they also have that degree, or if they believe it to be more 'difficult', or simply for the prestige factor or whatever other reasons?

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I think this is a great idea, especially as a lot of the talk on the site is USA-centric. May wish to update the link, though.

Thanks renitent.precept. Link is updated!

Might be good to get some tractions on an Australian WSO Drinks.