• Welcome to our newest affiliate vendor, Passus Shoes. We are very happy to welcome our newest affiliate vendor, Passus Shoes. Passus shoes was founded by long term members of the forum and veterans of the shoes business. and is dedicated to crafting fine shoes in Budapest in a time honored tradition. Please help me give them a warm welcome in their new affiliate vendor thread.
  • STYLE. COMMUNITY. GREAT CLOTHING.

    Bored of counting likes on social networks? At Styleforum, you’ll find rousing discussions that go beyond strings of emojis.

    Click Here to join Styleforum's thousands of style enthusiasts today!

Paths into investment banking for Australian student

jiratic

Senior Member
Joined
Aug 29, 2009
Messages
126
Reaction score
0
Ok firstly I did use the search button, but did not find anything pertinent to down under.
Yes i am a money grubbing social climber aspiring from a lower socioeconomic background. I blame stylefvrum.

background

I am currently a first year actuarial studies student at Australian National Univerisity (ranked 16th or thereabouts worldwide) . I graduated from high school with a 99th percentile mark, which although is nothing special, I did it with no school in my last 2 years as I was very ill.

While I am happy with actuarial studies, and the work/life balance + challenges of being an actuary, I have sadly acquired a taste for expensive things.

question
1) Should I take up a double degree option to enhance hirability. My options are Law, Science, Economics, Finance, Commerce, Statistics
2) Do i have a realistic chance considering I have no family ties, and I don't like pure (theoretical) maths much
3) Apart from an internship with Nomura or other investment banks, how should I build the requisite experience, networking, resume and stuff.
4) Would postgraduate studies, i.e. honors (I am on track but it's early days)
or an MBA be worth it?
 

randallr

Distinguished Member
Joined
Jun 13, 2008
Messages
4,049
Reaction score
5
Australias can't become investment bankers....unless you're asian.
 

jiratic

Senior Member
Joined
Aug 29, 2009
Messages
126
Reaction score
0
Originally Posted by randallr
Australias can't become investment bankers....unless you're asian.
I am asian, although I am not sure what that is supposed to mean? an inside joke?
 

MetroStyles

Stylish Dinosaur
Joined
May 4, 2006
Messages
15,828
Reaction score
32
a) Actuarial science sounds boring as dick.
b) Your best bet is Nomura.
c) Why exactly do you want to work at an ib?
 

Journeyman

Distinguished Member
Joined
Mar 29, 2005
Messages
7,482
Reaction score
2,591
It's a bit difficult to say, really.

Whilst I am not sure if you are on the best path with actuarial studies, certainly a commerce/accounting degree is good, and perhaps look at pairing it with an economics degree.

There are plenty of IBs out there - Macquarie is the big Australian one, popularly known locall as the "millionaires factory".

I have a few friends who studied Commerce/Arts or Commerce/IT and who now work for Morgan Stanley and Goldman Sachs in Japan, London and Singapore. They took different paths - one of them went to work for a Japanese trading company first, then went to Citibank, then went to GS. Another worked for the Australian govt first, before going to MS.

To be frank, one of them really loves it, but the other two are looking to move on. Certainly, it is lucrative work but it involves long hours and a great deal of stress. I suppose that it's a good career to have whilst you are relatively young and if you make a big pile of cash you can then look at moving to a less stressful job.
 

jfclarky

Senior Member
Joined
Oct 8, 2010
Messages
265
Reaction score
102
Originally Posted by jiratic
Ok firstly I did use the search button, but did not find anything pertinent to down under.
Yes i am a money grubbing social climber aspiring from a lower socioeconomic background. I blame stylefvrum.

background

I am currently a first year actuarial studies student at Australian National Univerisity (ranked 16th or thereabouts worldwide) . I graduated from high school with a 99th percentile mark, which although is nothing special, I did it with no school in my last 2 years as I was very ill.

While I am happy with actuarial studies, and the work/life balance + challenges of being an actuary, I have sadly acquired a taste for expensive things.

question
1) Should I take up a double degree option to enhance hirability. My options are Law, Science, Economics, Finance, Commerce, Statistics
2) Do i have a realistic chance considering I have no family ties, and I don't like pure (theoretical) maths much
3) Apart from an internship with Nomura or other investment banks, how should I build the requisite experience, networking, resume and stuff.
4) Would postgraduate studies, i.e. honors (I am on track but it's early days)
or an MBA be worth it?


I work for a small Investment Banking firm on the buy-side of the industry primarily in sourcing deals. It isn't all fun and games just to let you know. I work 60 hours a week sometimes and it is awful.

Few pointers:

Degree(s): I have an Accounting, Economics, and Finance degrees. Working on my master from a really awesome school, I have been out of University for 6 years. I would suggest you get one of those.

Work: You need an internship because you are young, work hard at it learn from everyone and become friends with the top guys or girls. I cannot emphasize this enough, connections are everything. Make friends don't go fucking anyone but make as many friends and connections as you can. This is your ticket to a job. If you are a good talker, smart, and charismatic, you are most likely in.

MBA: Forget the MBA you need to get experience first then you can get your MBA. If you aren't going to IVY league schools or whatever the top 10 b-schools are where you are then I wouldn't bother.

Languages: I know you speak english do you also speak Mandarin? If you do you are golden. If you can learn German then do that.

You have to sell yourself to these people, talk the talk but know what the talk means and prove you do. This job has a high burnout rate if you aren't ready to screw someone over then you aren't going to make it.

After working on the buy side of the business, i don't get or want to be involved with the sell side, you have a lot of work ahead of you.
 

rockket

Senior Member
Joined
Aug 8, 2006
Messages
186
Reaction score
7
Network like crazy. Go to every recruiting event (if your school has them, go to other schools if you don't). Leverage anything you have to get in touch with someone at Macquarie/Nomura/Insert Ibank, either who works directly there, or who works in HR. Email them about your aspirations under the cover of wanting advice about getting into the industry (dont ask for a job), and come resume drop time, hopefully they'll remember you and give you an interview.

Taking a step back, banking sucks. I only know it from a US perspective (worked at a BB over the summer), but 60 hours/week is incredibly low volume. I averaged 90 hrs, and that paled in comparison to some friends who worked in busier groups who averaged 100-110 hrs/week. The work is hard, mindless for the most part (in other words, advanced math is absolutely not necessary). But you get paid well and it opens a lot of doors. Just don't do it unless you know you want a career in finance/pe/banking.
 

Styleforum is proudly sponsored by

Featured Sponsor

How do you feel about spending money on non-essential goods during the Covid-19 crisis?

  • I don't want to spend money at a time of economic uncertainty, even if I could afford it.

  • I feel compelled to spend to help small businesses that are struggling.

  • I reduced my budget for non-essential goods and I'm not spending at the moment.

  • Not much has changed for me and I'm still buying stuff I can't afford.


Results are only viewable after voting.

Related Threads

Forum statistics

Threads
438,518
Messages
9,451,087
Members
198,084
Latest member
gedraafde
Top