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I’m an Aussie get me out of here

Most would-be bankers in Australia plan to work overseas if they can.

This is the finding of a recent survey by graduate research company Universum, who asked Australia’s finance graduates what they wanted from a career. They found 47% of women and 51% of men plan to make a swift exit and work overseas.

They’re also keen on having a life outside work – not something banks are traditionally strong on. 60% of women specified work/life balance as their number one career goal three years into a job.

Caan Krsztew-Ivanow, a consultant at recruitment firm Graeme Jones, confirms that most junior bankers are keen to quit Sydney or Melbourne for alternative global financial centres. He also says the youth of today are willing to work very long hours – as long as the pay is proportionate.

Unfortunately, their aspirations may be a little unrealistic: “Gen Y want the baby-boomers’ jobs now, without going through Gen X jobs to get them. I seek a fund manager with 20 years experience, and get fresh graduates applying. They are impatient, and do not know any market but a bull market,” says Caan.

Comments (4)

  1. Fairly true, I am in London and while most Aussies i know have have come here to pursue career opportunities and earnings potential, they are also here to travel and visit Europe on their weekends and holidays. I know this is generalising to a certain degree but predominantly the majority of Aussie bankers i know always intend to return home at some point – a positive for Australia – whereas bankers from many countries that i have met here seem to settle permanently.

  2. Well, if you are someone who is going to dedicate your life to doing spreadsheets and not seeing the light of day, you may as well do it for the biggest bucks you can. Then after a few years you might wake up and wonder what you did with your twenties and look back fondly on those crazy days and nights working on excel, when the unthinkable alternative would be actually having a life. No wonder the dollars are so important!

  3. It is important to recognise that it is very difficult to get into banks in Australia if you have no contact within the banks. Unlike other countries like the US and UK who are offer a much equal opportunity for all. I have seen most of my highly educated friends who were smart leave for opportunities somewhere else cause the market here was pretty much blocked for them (note most of them are now in investment banking in other parts of the world). Hopefully the culture will one day change giving everyone a level playing ground.

  4. here’s a problem that i noticed while i was in OZ. i graduate with great marks, and felt i was well qualified for the banking position, and more importantly i WANTED TO WORK IN AUSTRALIA, but due to the immigration issues, i wasn’t even allowed to submit my CV to HR. Thus post graduation i left, went to NY got a job with of all people Macquarie. still today i feel every one there complian’s and cry’s that young talent wants to go overseas well let them, what they don’t see past there nose is that some of us want to stay and work, but aren’t even given an opportunity to interview.

    this is the seed they bore, enjoy your fruit.

    Shodhan G. Patel

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