Banks chasing students

Competition for graduates is prompting banks to chase students earlier and harder than ever - which should make it easier to get in.

UBS, for example, has introduced a 'cadetship' programme, which allows students to work for the bank even while they're studying. Spokesman Stuart Barton says the bank currently has the grand sum of two cadets who are in their second year at university: "We do this to maintain a relationship with the student and to let them discover whether the work and culture of the bank suit them."

While banks have lifted total staffing levels by 10-15% in the past 12 months, the Australian graduate population is static. There are signs of concern - a graduate recruiter at a leading local bank tells us enrolments in IT and risk management subjects have actually fallen in the past year. The pressure is on.

What are banks doing about it? A recent Bloomberg article said they're doing their best to compete with the likes of extended leave for people interested in work/life balance. Predictably, recruiters are unwilling to say whether bigger money is being put on the table. One merely said the cash on offer is "not silly." Standard graduate starting packages for investment banks in Australia are AU$70k-AU$80k.