With many global i-banks freezing their hiring or cutting staff, Sydney's gateway-to-the-world status isn't looking quite so appealing to job seekers. Is it time to move your career to Melbourne?
As investment banks bear the brunt of the credit crunch, Melbourne's market is staying comparatively immune to the meltdown.
Melbourne-based recruiters reckon their city's job market has recently become more buoyant than Sydney's because it is dominated by asset management firms, superannuation funds and domestic banks, rather than the struggling global banking giants.
One recruiter comments: "A lot of the boutique asset management and private equity firms in Melbourne are looking to hire investment bankers. Sectors such as compliance and risk are in demand, as is contracting work."
The majority of Australia-bound British bankers are now choosing Melbourne over Sydney, adds the recruiter. "It's a lifestyle choice too. Melbourne property prices are still below those in Sydney and the transport system is much better here."
But some still say a jobs-for-the-boys culture prevails in Melbourne. One headhunter remarks: "To get ahead here, especially in fund management, it's about who you know, what school you went to."
So does the jobs market in Melbourne now have more meat to it? Give Sydney the cold shoulder below.