If you do it early enough, moving into infrastructure could be an eminently sensible career choice
Infrastructure-related roles on both the buy side and sell side are one of the few bright spots in an otherwise muted recruitment market. And the sector looks set to provide steady, sustainable opportunities in the future, too.
“The need for significant development in private and public projects is well documented and will continue to underpin Australia’s competitiveness for the next decade and beyond. Across transportation, social infrastructure, utilities, and conventional and renewable energy, openings for advisers and investors are relatively healthy,” says Alastair Chell, partner, East Partnership.
He adds that investment banks and independent advisers are “licking their lips” at the prospect of further public asset sales, to be followed by new government-led investment initiatives. “In the private sector, domestic and global infrastructure funds are active, and corporate infrastructure is on an upwards trajectory.”
What does this mean for job seekers? Well, traditionally infrastructure has never been viewed as a glamorous part of financial services, but that is changing, according to Chell. “I would advise junior candidates who are unclear on their longer-term career path to consider orienting themselves towards infrastructure.”
The large investment banks tend to pool together their analysts in their first two years, giving them the chance to focus on a particular sector after that. “Strong modelling skills are a prerequisite, but equally important is a genuine longer-term interest in the space and its utility to society.”
As a general rule, the more experienced you become, the more difficult it is to make a career change into infrastructure. “Clearly the earlier people can get to know the nuances of the sector, the better, but at the mid level at least, high-performing bankers and investors may be able to move across. This is particularly true of those working in sectors that have exposure to real assets.”
Chell says that given the lack of vacancies in traditional private equity in Australia, opportunities for advisers to move into sector-specific investing, including infrastructure (and also natural resources), will remain relatively strong.
“The corporate development area within infrastructure and utilities is another direction candidates at all levels can take, although competition for places remains tight. Given its esoteric nature, employers will look for sector experience and for evidence that infrastructure is part of a longer-term career plan.”
