Guest Comment: do you share my Australian frustrations?

9 November 2009

3 minute read

Guest Comment: do you share my Australian frustrations?

This time two years ago I was working as an institutional sales trader in one of the world's top financial hubs. I was in the thick of it, trading on behalf of some of the most respected names in finance.

I also had experience with two top-tier investment banks on my CV and had dealt with complex derivatives and structured products at a time when this area of finance was at its peak. I also have a CF and a Masters in Applied Finance. Yet in Australia I am struggling even to get interviews.

It seems that in the Australian sales and trading world there are only two paths to a successful career. One is to be taken on by a bank as a promising grad straight from uni and work your way up (which I can accept). The other (which is much harder to accept), is to use mum and dad's connections, get a job as a retail broker and shmooze your way across to the institutional desk.

The frustrating thing about this is that many of the people in the later category are of questionable talent, some barely passing an undergraduate degree, and knowing very little about how to actually value a security (let alone a derivative instrument).

One could be excused for thinking that many insto desks in Australia simply don't place as much value on technical expertise and a true value-added service. What's more surprising is that institutional clients accept this. Some of these dealers might as well be selling oranges for all they know about the underlying security or instrument.

In Europe and the UK there are two intake programs: the grad program (similar to Australia) and the associate program. The associate scheme takes people with finance masters and MBAs and place a strong emphasis on technical financial knowledge and relevant experience.

But in Australia associate programs largely do not exist. The frustrating part is that even the international banks that operate these programs overseas don't have them here. So at the moment I am now having to contemplate leaving my institutional career behind me and entering the retail world.

My formal qualifications and strong technical understanding, while mildly helpful, is largely becoming a waste of time and money in hindsight. At least I will be a master of my own destiny. Oranges anyone?

If you would like to get in touch with the author directly, please email frustratedinoz@gmail.com

If you'd like to write an article for eFinancialCareers and share your job-searching experiences, please email apac.editor@efinancialcareers.com

AUTHORAnonymous

Insider Comment

we
weirluo
24 November 2009
I am on the third job after graduating with a PhD. Of my three jobs, none was helped by a recruiter. I have found it a totally waste of time with most of them. Building the right relationships is the key.
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Ba
Bam
19 November 2009
I completely agree with frustratedinoz. I have extensive experience working in Hsbc and JP Morgan Chase. I completed my MBA and Master in Accounting here in Oz. but still could'nt find a job related to my field. It's very sad how all Institutional Banks has Associate Programs for MBA Graduates in places such as HK, Singapore, London..but nothing at all here in Australia. It' s frustrating how these banks prioritize locals who does not even have a bachelor degree, let alone a diploma. If you dont get in the Graduate Program...thats it...you have to wait and wait and wait. We value our technical expertise and spend a lot of money in investing in Masters but is it really worth it here in Australia? They say Australia is the next place to be...maybe for Locals and not People who is gifted with technical expertise.
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Ro
Rolling
18 November 2009
After 10 yrs as a Corporate Relationship Manager in HK, Tokyo and Sydney I returned to Brisbane. Interviews were basically "Why do you want to work for us, again?" and no call back. Ended up starting my own translation business and am now on the commercial side doing M&A. The money doesn't match banking, but at least there's none of that institutional paranoia.
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Re
Recruiter
18 November 2009
This is a situation that has existed locally for some time unfortunately. Because Sydney is a small market, particularly across insto sales and trading, relationships are key, and for guys or girls coming out of London, NY or HK and into this market, the possible strength of an international perspective is outweighed ultimately by local experience and possibly existing relationships. I totally agree that its unfortunate that the post MBA Associate style programmes do not really exist here across the front office, as this would provide a good route into the larger organisations for many skilled candidates, possibly without a couple of years local experience. We as recruiters (the better ones) continue to try to push and stretch these parochial opinions and can sometimes find ways to overcome them, but essentially we have to provide a service to meet and exceed expectations, so it can be extremely difficult to change the mind of a determined HR manager to meet with someone who has no local experience. Still, we live in hope!
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To
Toby Farrow
18 November 2009
To G.
You can get AFMA accreditation directly through AFMA. It will cost you some cash (1-2k), but if that is what you feel will propel you into the jobs market, it may be worth it. Check out the AFMA website. In particular:
http://www.afma.com.au/afma...
Good luck. Toby
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