AU
The young guns of investment banking
26 October 2006
Surprise, surprise - graduates going into investment banking are a lot better off than those going into other industries.
Salaries for bankers in their early twenties are in the region of $70,000-$100,000 a year, according to a recent article in the Australian Financial Review, and young investment bankers are earning bonuses of around 50%-100%.
The paper said Macquarie and UBS are the best payers, with graduate base salaries of $85,000. Students landing summer internships can command a pro rata salary of $75,000.
Brandon Thompson, from Graduate Programs Australia, tells us demand is strong for graduates with the right drive and ambition. He says essential skills include relevant finance, business, and or law qualifications, as well as good organizational and cultural fit.
Figures from the Australian Association of Graduate Employers (AAGE) suggest graduates who land investment banking jobs are 30% better off in terms of starting salary (ie. before bonuses are even taken into account) than mining engineers, their closest rivals.
