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sloutch

By sloutch,
in Victoria

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TUFF_350 Proficient

TUFF_350

Posted
Posted

Don't listen to him, he invests in ATMs :P

Hahaha jerk :P

Seriously though, if its regarding study etc id start here: http://www.kaplanprofessional.edu.au/Financial_Services

Doing some courses from that particular company will allow you to skip the whole desk jockey teller role

and having to move your way up through the company.

sloutch Mentor

sloutch

Posted
  • Author
Posted

Don't listen to him, he invests in ATMs :P

LOL, no i don't invest in ATMs.

I work in finance for a private company so may be able to assist.

What exactly did you want to know...what to study etc?

Thanks for the reply. I have already graduated from a double degree in Commerce (Finance and Economics) and Business Information Systems (Hons) from Monash in December last year :).

Basically, i'm wondering how will the firms screen their candidates and what sort of results would be 'decent' enough to even send my application in and not waste their time and mine. I'm referring to the firms which i mentioned at the start :).

Also, what sort of wages are the norm for IBs at the start? One of my friends was saying he is getting a starting pay of $140,000 a year + bonuses up to 18 mths.

TUFF_350 Proficient

TUFF_350

Posted
Posted

LOL, no i don't invest in ATMs.

Thanks for the reply. I have already graduated from a double degree in Commerce (Finance and Economics) and Business Information Systems (Hons) from Monash in December last year :).

Basically, i'm wondering how will the firms screen their candidates and what sort of results would be 'decent' enough to even send my application in and not waste their time and mine. I'm referring to the firms which i mentioned at the start :).

Also, what sort of wages are the norm for IBs at the start? One of my friends was saying he is getting a starting pay of $140,000 a year + bonuses up to 18 mths.

We are directly connected with NAB,

from what our Business Development Manager said they hire more on how you perform during the interview process as opposed to whether or not you just scraped through Uni or graduated as dux. They throw all sorts of questions at you regarding investing, economic markets, what interests you have in life, work experience you have undertaken within the industry etc and the more detailed your answers minus all the "ums' "errs" and other conversation fillers determines if they will consider you or not.

Wow what a salary to start on, thats insane! I would have thought itd be of the $60k base nature, hit a target and then be rewarded accordingly with commissions :O

sloutch Mentor

sloutch

Posted
  • Author
Posted

We are directly connected with NAB,

from what our Business Development Manager said they hire more on how you perform during the interview process as opposed to whether or not you just scraped through Uni or graduated as dux. They throw all sorts of questions at you regarding investing, economic markets, what interests you have in life, work experience you have undertaken within the industry etc and the more detailed your answers minus all the "ums' "errs" and other conversation fillers determines if they will consider you or not.

Wow what a salary to start on, thats insane! I would have thought itd be of the $60k base nature, hit a target and then be rewarded accordingly with commissions :O

So they don't really look at your results? I know Goldman actually ask you finance questions during the multiple interviews an applicant has to go thru and they require 80% avg to even consider you for interviews.

Yes, it is that much money but you work until 1am at night and sometimes he burns his weekends. Their bonuses is what i am actually attracted to. If the firm does well, 18 mths bonus is great. :)

Birds Grand Master

Birds

Posted
Posted

Yes 140k straight up with no industry experience = lie, working 24/7, a soon to be unsuccessful firm, or a good explanation for the deterioration of my super during the GFC...

TUFF_350 Proficient

TUFF_350

Posted
Posted (edited)

LOL 140k first year.

I know some investment bankers @ the NAB - that figure has got to be a lie as they are nowhere near that.

Thats why i thought it was unusually high. Then again, i know a legal secretary who earns $100k for filing, making coffee and answering phones.

May be boringly repetitive etc but f**k me dead thats crazy money!

Edited by TUFF_350
sloutch Mentor

sloutch

Posted
  • Author
Posted

LOL 140k first year.

I know some investment bankers @ the NAB - that figure has got to be a lie as they are nowhere near that.

LOL! That's what he said...doubt it's a lie as i don't think he needs to lie to me about his wages :)

I do believe there's a difference to working in NAB and working in Goldman Sachs, UBS, Barclays. Just for your reference, an INTERN who works as an IB Goldman Sachs in Singapore earns $9,000 a month. That's just an INTERN. So go figure.

NAB is nowhere near those top firms in regards to investment banking and wealth management. It's like comparing R33 GTST to an R35 GTR if you want me to put it in car terms.

Another reference to people who have no idea how much an IB earns.

http://www.careers-in-finance.com/ibsal.htm

:)

sloutch Mentor

sloutch

Posted
  • Author
Posted

Yes 140k straight up with no industry experience = lie, working 24/7, a soon to be unsuccessful firm, or a good explanation for the deterioration of my super during the GFC...

You probably have no idea >_<

Thats why i thought it was unusually high. Then again, i know a legal secretary who earns $100k for filing, making coffee and answering phones.

May be boringly repetitive etc but f**k me dead thats crazy money!

Now you know where the good money in the financial sector is. :) Maybe it's time to change jobs.

Back to the topic, any advice from any current IBs would be appreciated.

Birds Grand Master

Birds

Posted
Posted

Well, according to your website, it's 100k-130k after bonus, for a BD in their starting year. Website then goes on to talk about variance amongst firms - I just don't think the firms you listed are going to put someone on that kind of salary in their first year, unless they are an absolute prodigy or have some very good contacts and experience to go off (i.e. that interview better go bloody well). But prove me wrong - you'll not only have the glory of doing that, but a 140k salary to boot :P

Still, anything 6 figure is nothing to sneeze at even if it takes a year or two to get there.

TUFF_350 Proficient

TUFF_350

Posted
Posted

Its not a lie. I've got a mate working at deutsche and he earns that easily. Weigh up the amount of hours he does and it's the same pay as most. Good to start in but most don't last for 5 years an move on.

True that,

spoke to someone yesterday and they work 6-7 days per week from 8.30am to 12am at the very least. No thanks, id rather my health and a social life!

Birds Grand Master

Birds

Posted
Posted

Wtf? You'd want the work to be satisfying...you could work two supermarket middle management jobs for the same 6 figure income, and atleast you can f*** around half the time with that job.

sloutch Mentor

sloutch

Posted
  • Author
Posted

Now people start believing the wages are actually that high huh?

Yes, i have to agree, the hours are crazy and you can probably work 2 jobs for that. I doubt you can earn as much in the long run. After 2 or 3 years in this job, you will be hitting $200k easy. Can being a Safeway manager and a pimp at night earn that much? Employee benefits are very attractive too. You will probably work up to 15 hours a day for projects during the 'peak' period but during the 'off peak' period, you get to lead a normal life. You get transportation allowances and medical benefits at Goldman too.

Anyway.....

Birds Grand Master

Birds

Posted
Posted

Anything's believable when you're working an 80 hour week!

Well, to be a smart ass, that depends how far you go and how much you want to work at the supermarket. I used to know store managers at Coles on 120-130k with two company cars - that's only an 8am-6pm job too (with the associated AH stresses, of course). Throw in some night time prostitution, or chase the regional / head office career path, and sure, you could get to 200k. But most would settle for less anyway...given the average wage falls far far short of that. Give me a 1 bedroom and a nice car, I'll be happy :)

Do heed warning about jobs with demanding hours though...I have friends who work those sorts of hours and not only do these people turn into depressed jerk offs (who never take work off, thank you Kanye West), they lose their friends / social life and become a bacterial part of the company...without realising the transition they've made :(

sloutch Mentor

sloutch

Posted
  • Author
Posted

Anything's believable when you're working an 80 hour week!

Well, to be a smart ass, that depends how far you go and how much you want to work at the supermarket. I used to know store managers at Coles on 120-130k with two company cars - that's only an 8am-6pm job too (with the associated AH stresses, of course). Throw in some night time prostitution, or chase the regional / head office career path, and sure, you could get to 200k. But most would settle for less anyway...given the average wage falls far far short of that. Give me a 1 bedroom and a nice car, I'll be happy :)

Do heed warning about jobs with demanding hours though...I have friends who work those sorts of hours and not only do these people turn into depressed jerk offs (who never take work off, thank you Kanye West), they lose their friends / social life and become a bacterial part of the company...without realising the transition they've made :(

Are store managers at Coles earning that much?? It's about time i start applying for that job then. When i do my shopping in my local Safeway, i hardly see the store manager around! Where do i start applying for a store manager job? :)

I have to totally agree with you regarding losing one's social life. With that huge amount of time dedicated to work, you can hardly have any time left to spend with your family and friends or even surf on SAU Forums! :) I guess it's a trade off.

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