Guest Comment: Returning to Australia can be a rough ride if you don't manage your expectations
Australian financial services professionals have always been mobile.
From finishing university, doing a European Contiki tour, running out of money, getting a starter job, and finally transferring to an international firm, Aussies are found in many roles in almost every financial institution around the world.
Can you think of an office you've worked in overseas that wasn't full of Aussies (and Kiwis for that matter)? I remember about 15 years ago when the entire middle-office functions of some investment banks in London were Antipodeans, although ironically the one that stands out in my memory is Barings.
Although some stay away permanently, most of these increasingly well qualified people will one day face the dilemma: "is it time to go home?"
It is often at AVP and VP-level that even the Contiki tour legend, who graduated from tour guide to risk manger, decides to settle down. Wedding bells, children or ailing parents might ignite the fuse. And at this point the reality hits: "what am I going to do when I get back?"
The job market in Australia can be limited. Limited in the numbers of prospective employers, further limited in types of functions, and possibly in suitably challenging roles. So can bringing back experience from larger markets like London - where deal volumes are higher and products more complex - actually limit you career prospects when you return?
Career culture clash
There are many differences between roles in international banking centres and those in Australia. Many of these relate to scale - the simple notion that bigger teams have room for more specialist individuals. In smaller teams, people do a greater range of duties, and job responsibilities are broader. This mismatch is often where the tension starts for returnees.
Take, for example, a weather derivatives analyst moving back to Australia. In larger markets, several banks have whole teams doing this type of work. In Sydney, three institutions may have fledgling teams, with fewer than five people in each - so 15 jobs in the entire city.
By the time you exclude positions that are too senior or too junior, and the probability of a remaining spot being vacant when you happen to be looking, your chances of finding a role are fairly slim. This is an extreme example but the dynamics apply at a whole range of levels and functions.
Your expectations need to be realistic and you must recognise the differences between the market you left and the one you are returning to. But you can make these differences work for you. Your career path doesn't need to stall.
The route to MD may just be achieved slightly differently than how it is in larger markets. Potential advantages of Australia include breadth of responsibilities, proximity to the businesses and the opportunity to work across ranges of products.
Trying to exactly replicate the role that you were in overseas can be impossible but opportunities where you utilise your skills in a slightly different way will keep your career developing.
Simon Boulton, director, Aequalis Consulting
