Macquarie Capital

Rank: Senior Monkey | 96

Hello,
Could anyone offers some insights into Macquarie Capital, some pros about the company, some company specific things (i.e. corporate culture) that perhaps it does differently than its competitors. I know that Macquarie is a MM firm, and is big on restructuring. Tried doing some research, but can't really coming up with anything concrete.

Any input would be greatly appreciated.

Thanks fellow monkeys!!

Working at Macquarie Capital

Macquire Capital is mostly considered a middle market. The banks reputation has shifted somewhat through the years. Here are some thoughts form some certified users on the firms reputation both locally in the US and abroad.

from certified user @snakeplissken

in the US it's still a perfectly good name. i've never worked there, but i had a couple friends that have, and for some reason i kept hearing how "cheap" Macquarie is. i think they mean in relation to their bonuses vs. other bonuses on the street, as well as their budgets for taking clients out, but im not 100% sure. still a perfectly good name and you'll get good experience.

from certified user @kalga

Great in Australia/Asia. Not bad in the USA. Terrible to work with/for in Canada. No clue about the other regions.

from certified user @RonaldBacon

don't know much about them, but I would probably say on the lower end of the middle market firms in the US. but Macquarie is still a solid shop with a brand name that will open doors for you.

Looking to break into the industry? The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. This guide will help you learn how to answer these questions and many, many more.

Investment Banking Interview Prep

Comments (82)

 
Sep 30,2010

Huge company... what division you interested in?

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

 
Sep 30,2010

yo theres a lot of info about macquarie on the web..what are you talking about

 
Sep 30,2010

Not "big" on restructuring; they do have a pretty decent Restructuring group, does some creditor-side work.

They are BIG in Infrastructure: they advise, they invest, they co-invest, etc. That is their bread-and-butter business, no matter how hard they're trying to branch out. Industrials has good deal flow too, with a lot of the companies they bank being infra-related and thus have prior dealings with/see future cross-selling potential.

I interned there this past summer. Culture was pretty good - no real douches, people didn't take themselves tooo toooo seriously, and bankers there were generally sociable and fun. That being said, morale was sort of low due to low bonuses the last couple of years, and many people are unhappy. However, if it can turn a new leaf, re-group, figure out some issues, it has all the resources to become a prime player in the ultra-competitive MM.

I know they are also huge in Asia (recently were on the AgBank IPO) and London. Australia they are BB-status, but have lost out on some big mandates recently.

 
Sep 30,2010

Joke bonuses and moving operations from Sydney to New York.

If you can get a job at MacCap, you can probably get one at another bank, and I'd almost always take the other bank.

 
Sep 30,2010

Thanks analyst for hire!!! Appreciate the input. Am planning on applying there for SA, so just wanted to see if I can get some scoop on them.

 
Oct 31,2010

Macquarie has had a hard time keeping good employees and an even harder time hiring qualified analysts and associates. Getting a job there shouldn't be a problem for anyone with average or above qualifications. Just don't expect pay at the same level of its competitors but you should expect to work the 70-100+ hour weeks.


"Whatever you do, don't be a victim. If you're in a bad situation, try to fix it. If you can't fix it, move on. Don't whine." --Jack Welch
 
Oct 31,2010

In Sydney they call Macquarie "Millionaire's Bank" because of the large bonuses they use to pay out (before the financial crisis) but i am sure that these numbers would be still be very mute compared to the bonuses that were paid out by wall street BB's.

If you want to work in Sydney, the Macquarie office in Martin Place is the place to be.

 
Oct 31,2010
dec-jun-jun:

In Sydney they call Macquarie "Millionaire's Bank" because of the large bonuses they use to pay out (before the financial crisis) but i am sure that these numbers would be still be very mute compared to the bonuses that were paid out by wall street BB's.

If you want to work in Sydney, the Macquarie office in Martin Place is the place to be.

Maybe 5 years ago but definitely not today, and most of their cachet was underpinned by their infrastructure business which has become redundant following the demise of cheap debt and unfavourable press. They've also lost out on a string of high profile deals and are losing staff left, right and centre. I think it simply comes down to the fact that Nick Moore has nothing on his predecessor Allan Moss and the market is clearly factoring this into the share price. If you want the top dogs in APAC then it is GS and JPM. GS's defence mandate on the Healthscope bid has done wonders for their reputation with them securing similar defence roles on the BHP / Potash deal, and more recently, KKR's bid for Perpetual.

 
Oct 31,2010

Did SA there and signed for FT. Not Infra. In NYC.

The last 2 years, bonuses have been low (think low teens for 1st year analysts) and thus many people have left. Was there this past summer when 5-7 people left the NY office alone. However, it was not a mass exodus, and they replaced those people almost immediately.

The culture is very flat and entrepreneurial, and depending on group, hours/people aren't too bad. Industrials and TMT probably worked the longest hours, ranging from 80-100. Also, Sponsors worked a ton because 3 people left the group and the others had to pick up the slack for ~ summertime as spots were filled. Word is have already re-hired. Product groups worked 65-80, depending on deal flow.

Also, analyst program isn't typical 2-year stint, and promotions can be pretty quick (analyst to assoc after 2-2.5 years on the regular). Only MD in my group had MBA; rest were there through analyst years.

Advisory has been a bumpy transition given the firm's quasi-PE roots, although deal flow - especially in infra and FIG - is pretty jammed. Hopefully fees will follow. Expansion of DCM/LevFin has been noteworthy over the last 6-12 mos. with addition of Steve Mehos from Lehman/BarCap and Kevin Smith from CS.

Bottom line, there have been growing pains for sure, but the mood is upbeat, and with the LevFin platform expanding pretty rapidly, it should be an interesting next few months/years. Agree that staff retention, and bonuses, will be key, so we will see what happens.

 
Oct 31,2010

Was known as the 'millionaire's factory', not the 'millionaire's bank'. Advisory business piggy-backed off infrastructure fund business, and also made money managing its own funds (after hiving them out and charging management fees). House of cards.

See http://www.smh.com.au/business/golden-age-is-over-...

From the ghetto....

 
Oct 31,2010

Can someone please shed light on the various groups in Macquarie? Which ones are good? Specifically information about the PTG (principal transactions group) and PEG (private equity group). Thanks!

 
Oct 31,2010

Recent news out on half year performance, bonuses gonna be dismal again this year and next as Macquarie insists on expanding.

 
Nov 30,2010

What is starting salary for incoming analysts at Macquarie? Any idea on how bad bonuses have been relative to Street numbers?

 
Nov 30,2010
JohnnyFeet:

What is starting salary for incoming analysts at Macquarie? Any idea on how bad bonuses have been relative to Street numbers?

Upper 4 digits to lower teens. It's actually dismal.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

 
May 31,2011

any news out on bonuses for this year?

 
May 31,2011

Have a friend who works there. Apparently numbers are pretty bad - enough so that they caused him to look and find a job elsewhere. How do they retain talent over there?

Regardless, to the OP's question. I've met some people there through my buddy. They all seemed pretty cool and down to earth. My friend did mention that there have been some "turf wars" that have spawned some internal politics/conflict, but that can be said for any place.

Also, from what I know, they're best known as infrastructure investors and everything else has grown out of that.

 
 
May 31,2011

Shoot me a pm, I might be able to put you on to someone.

 
 
May 31,2011

u can go to other side and trade those loans ... thats about it - maybe some Nat Rez / Ernrgy PE / VCs

 
May 31,2011

Ok, thanks for the comments. Would someone take an analyst position in this group out of undergrad over a traditional IBD position? Any comments on this?

 
May 31,2011

i would except big MAC doesn't pay that well

 
May 31,2011

^they definitely pay their SAs well though...2k + 70 prorated + overtime

 
May 31,2011
Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

 
 
May 31,2011

Get out, Dizzee Rascal? I loved your work with Calvin on Dance Wiv Me! Surely this is a fake account?

 
May 31,2011

Private Capital Markets is focused on doing private placements.

 
May 31,2011

Interested in specifics like sector focus, deal flow, culture, etc

 
May 31,2011

Think deal flow is OK. A lot recently has been Oil & Gas and Energy stuff I'm pretty sure.

 
 
May 31,2011

if location is Australia that's really good stuff.

 
May 31,2011

in the US it's still a perfectly good name. i've never worked there, but i had a couple friends that have, and for some reason i kept hearing how "cheap" Macquarie is. i think they mean in relation to their bonuses vs. other bonuses on the street, as well as their budgets for taking clients out, but im not 100% sure. still a perfectly good name and you'll get good experience.
off the top of my head, if you were to rank them, it'd be below JPM, probably below CS, and maybe on par with Deutsche Bank. i dont know - other people on WSO are much more invested in ranking banks.

Remember, once you're inside you're on your own.
Oh, you mean I can't count on you?
No.
Good!

 
May 31,2011

I had a buddy who worked there and left after his first year because he didn't like the culture and senior people there.If I remember pay for junior guys was below street, as well. Generally speaking, Macquarie has a good reputation in Australia and is trying to build out the US but would rank much lower than any of the bulge brackets in the US...Much more of a MM shop. There US operations are still not all that developed and could see them pulling out of the states all together if things got bad.

 
May 31,2011

Based on things I've heard from a few people:

Great in Australia/Asia. Not bad in the USA. Terrible to work with/for in Canada. No clue about the other regions.

 
May 31,2011

don't know much about them, but I would probably say on the lower end of the middle market firms in the US. but Macquarie is still a solid shop with a brand name that will open doors for you. don't discount an opportunity just because it isn't JPM or Deutsche Bank

 
 
May 31,2011

Wow, that's nuts. I couldn't imagine working IB hours for just street base. Unless they have an inflated base...

 
May 31,2011

absolutely insane...

Get it!

 
May 31,2011

Are you fucking serious? screw that. You saved me from applying for IBD there. Hah. Will look into something else now.

 
May 31,2011

yeah but their lifestyle is better...

 
May 31,2011

Wait is this actually true?

 
May 31,2011

err no that's the dumbest thing i've heard. My friend there got street bonus

 
May 31,2011

there is no way Macquarie didn't pay their analysts bonuses since 07. Where did you hear this from?

 
May 31,2011

the shit i read on here sometimes...

 
May 31,2011

Lifestyle is terrible. Bonus ~60k.

 
May 31,2011

My buddy worked there and left cuz he got no bonus

 
May 31,2011

friend of mine got street bonus last year.

 
 
May 31,2011

I was a summer intern at Maccap in IBD a few years ago. Generally seems like the culture is much less "toxic" than BBs in that you won't get printers thrown at you etc. However, there's still the same amount of work to be done (if not more at the lowest level because they didn't have a graphics team to format presentations) so analysts get worked just as hard. Analysts are definitely in late at night and at the weekend, but perhaps not as much as you'd expect at a BB.

The interesting thing about Macquarie is that in IBD, industry coverage groups do execution too. So there's no "M&A" group, but you could end up with some good deal experience within your industry sector.

Look at Macquarie's Funds business if you're interested in working for them. Good way to get into Infrastructure PE straight out of undergrad.

 
Oct 31,2016

What is distinctive about Macquarie Investment Banking? I have an interview for NYC office in a week! Thank you so much for reading this.

 
Jul 31,2017

Probably a late one on this but could some one give me some more insight on Mac Capital's London Infrastructure Team? I have a phone interview with them next week.
I would be nice to get some info on the team's culture, work hours, pay, bonuses etc.

Are they as big in infra as they used to be? Also what are the exit prospect in trying to join a big infra PE from here?

Thanks

 
 
May 31,2011

Not a big player but comps are good. Lots of VIP interns. You leave around 9 most of the time.

 
May 31,2011

Thanks henryxub for sharing!

 
 
May 31,2011

Macquarie Capital does pay a signing bonus. The bonuses don't really vary across the teams from what I know because you get bucketed according to your performance relative to other first years in your analyst class. According to previous analysts, Macquarie paid pro-rated street-level bonuses to analysts this past year.

 
May 31,2011

signing bonus $10k. First Year Base $70K + bonus $50K. Second Year Base $80K + bonus $70-80K.

 
May 31,2011

signing bonus $10k. First Year Base $70K + bonus $50K. Second Year Base $80K + bonus $70-80K.

 
May 31,2011

Not sure where you've heard of first years getting paid $50k bonus. They got paid $20k last year and $10k the year before that.

 
May 31,2011

Not sure where you've heard of first years getting paid $50k bonus. They got paid $20k last year and $10k the year before that.

 
 
May 31,2011
 
May 31,2011

barbariansatthegate - What country, US/UK/Down Under?

 
May 31,2011

Sorry for the late reply -- was looking for information on the teams in NY. Thanks.

 
Oct 31,2016

Yes! I have an interview for Macquarie Capital IB NYC office. What specific info can you give on Macquarie IB? Thank you!

 
 
 
Jul 31,2017

Right now I'm thinking of either Infrastructure or TMET. The way it works is I indicate my preference at the end of training, and from what the people that interviewed me (plus a few other analysts) have told me, 90% of people get their first choice.

Any advice would be very appreciated, thanks.

 
Jul 31,2017

Industrials is where you wanna be. Infrastructure is strong abroad but no longer in Sydney where not many more infrastructure deals are to be had.

All recent high profile deals - Qantas/Coles/Boart/Dyno - were run out of the industrial team. Head of industrials, Tim Bishop, is a rising star and seen by many as possibly the next head of IB

 
Jul 31,2017

I have the same question as Zandranius but for the London office...does anyone have any thoughts? I was thinking about utilities or airports..

 
Jul 31,2017

agree with industrials in sydney - friends working there say industrials is one with most activity.

 
Apr 30,2018

Anyone got updated info on Macquarie, specifically in Canada? One previous comment mentioned the Canadian ops is definitely not up to par with Aus/Asia and the USA from an employment standpoint ... any reason why? And to add some variety any info on the airfinance division?

 
Funniest
Aug 31,2018

Here's my $0.02:

REPUTATION: If you can get in at the infrastructure and energy group, it's best-in-class. Macquarie basically invented modern infrastructure investing and their models are beyond anything I've ever seen. They've done some super high-profile and innovative investments recently, especially in the clean energy and infrastructure technology spaces. Internal marketing makes it very clear they want to be top adviser / investor in the world for clean energy (and may already hold that spot).

GO BUYSIDE: As an additional plus, instead of doing grunt advisory work, about 75% of the work is principal investing. For a 22 year old to be able to go straight into buyside is reason enough to go. Comp is above street at the associate level; middle of the road of analysts.

IF I HAD TO NAME A DOWNSIDE: It seems basically impossible to rise above MD unless you spend time in Sydney HQ. Also, their vest-game is weak - some older guys have patagonia vests but all of the new vests are some offbrand crap that feels flimsy.

 
Sep 30,2018

Offering some updated info as a recent former IB Analyst as MacCap (only speaking for NYC):

BUSINESS: Overall, the business has been killing it. The LevFin business has been doing well and generating a good amount of fees, especially in coordination with the TMT group. Reputation in the FIG space is also very good and rising, especially given the Specialty Finance team is best in class. Aerospace & Defense team also had a huge win this year with the General Dynamics / CSRA deal which is a huge outcome given they are a relatively new group. Additionally, Sam Shah and the business services group are arguably the best on the street at what they do.

One area that I think has really shifted from public perception is the IB Infra group. Traditionally, this is the area that Macquarie is known for (and still is through MIRA), but the IB business, in my opinion, has really fallen. A lot of the good senior guys have left to various infra funds ( Will Demas -> CIP, Mike Allison -> Stonepeak) leaving a hole where people who are left don't really have the proper relationships or right mindset to succeed. There has also been a shift away from the advisory business in Infra to focusing on principal investments, especially in the renewables space. Note MacCap acquired the Green Investment Bank a year or two back and have been trying to push into green energy using that brand. With that, MacCap infra is almost trying to act like a PE fund, but with the mentality and cost of capital of a bank, making it hard for them to compete. Overall, there has been a shift away from advisory (you'll see that they've done very few infra M&A deals in the past 2 years) into a space where they aren't equipped to compete.

LIFESTYLE: Great compared to street average. I would probably get home at 11 on average as a first year and second year 9-10. Obviously have had the 2-3am nights, but only a couple times a month. Worked a couple hours on Sundays maybe every other week.

COMPENSATION: I would say at this point its middle of the street. Obviously not competing with the boutiques, but for other MM and the BBs, comp is competitive for analysts (some would argue trending to lower middle, but better than historically). That may or may not be the case bonus wise for associate, I'm not too sure, but associate base is higher than street.

CULTURE: Relatively laid back with little face time, but overall very group dependent on the level of intensity. What I mean by that is, overall, the culture is laid back compared to the street, no one rings you out for making small mistakes or being 5 minutes late to a meeting. However, some groups will give juniors more responsibility and ownership over deals, creating stronger morale amongst the juniors and motivation. This is most apparent on the non-infra side of things where deal flow is strong and senior guys need the juniors to step-up. On the infra side, all the senior guys are scrambling to get something done because deal flow has not been strong and everyone is trying to be a principal investor when they are supposed to be bankers. This leads to a lot of inefficiencies that fall on the juniors and often feels like they are working towards nothing. Retention has been an issue in the group with a lot of leavers before analyst years are up.

EXITS: Pretty decent. Have seen guys go to well-known PE funds or lateral to better banks. If you're in infra, the infra funds soak up junior talent like sponges (although infra isn't doing deals, legacy expertise is great in terms of modeling training). If you find you don't like finance, lots of tech companies are also starting to soak up IB talent. Also, if you like it at MacCap, there's no capped 2-year analyst program like at other banks, you basically just keep on going for the most part until VP - then its up to your ability to bring in business.

 
Sep 30,2018

MacCap is amazing in Sydney. The only downside I could think of without giving too much away is that there has been a history of high staff turnover.

 
Feb 28,2019