eFinancialCareers

Australia’s rising dollar has the potential to attract overseas finance professionals. The Aussie reached a 23-year high of US$0.90 last month – up a whopping 86% since 2001. Since the start of 2007 it’s also up around 9% against sterling and 5% against the euro. With the rising dollar making Australian jobs increasingly lucrative for international bankers, anyone would think Sydney might see an influx of people from the City of London,... Read more

It’s already stolen some telemarketing jobs, and now there are fears that Asia will pinch Australia’s banking ops (operations) jobs too. However it’s not exactly doomsday for Australian back-office staff as one City-based headhunter suggests most banks will retain ops jobs in Australia, even if it isn’t their primary operational hub. Anthony Ayers, principal consultant at Chandler Heath Executive Search, says, “Some roles are going to Singapore, HK and India, which are... Read more

Commodities traders look set to be hotly pursued in 2008. It doesn’t help that there aren’t many of them. “If you're a commodities trader, you're likely to get hunted,” says one retail bank’s coy head of commodities trading, who asked to remain anonymous. Demand is ferocious but the talent pool shallow, confirms Mark Pervan, senior commodity strategist at ANZ. What’s making commodity traders so popular? There’s the little issue of oil... Read more

It’s created grim consequences for many bankers, but ironically the credit squeeze is proving a boon for quality credit analysts, says a Sydney-based recruiter. Patrick Everest, partner at Jon Michel Executive Search, says credit risk professionals are now in higher demand than at any time over the last 12 to 18 months. “Both the institutional teams at the domestic banks as well as the global investment banks are looking for talent,”... Read more

It’s left the finances of some of Australia’s biggest local governments in poor shape, but Lehman Brothers is adamant the Grange Securities fiasco and the credit squeeze won’t force an early exit from the domestic market. The global i-bank has grown its Australian staff by 50-60 over the past 12 months, according to Michelle Sprod, head of marketing at Lehmans. “We will continue to grow as the market dictates and... Read more

Bank of Ireland has opened a project finance office in Sydney and is looking to create more jobs in the city, according to Tom Hayes, chief executive of the firm’s corporate banking division. “Over the next 12 to 18 months, we see significant opportunities in a number of key market areas, including the electricity market (particularly generation), oil and gas plus infrastructure/PPP,” says Hayes. “We have a solid pipeline of... Read more

Will 40-year-old Cameron Clyne’s appointment as NAB’s new chief executive lead to more youngsters heading up Aussie finance firms? (The Australian) “Age is really irrelevant to the choice of who does what job. It’s about ability and skills for the job,” says David Miles, COO at JP Morgan. “Employers want people with fire in the belly, young and hungry and willing to go the extra mile. They’ve got the energy... Read more

The experience bean-counters gain from working for a Big Four accounting firm is proving invaluable when cashed up i-banks and asset managers come calling for their services. Cameron Heaney, managing director, Imagine Accounting and Finance Resourcing, says chartered accountants offer an appealing skill set. “The Big Four firms lead in controls and compliance. Today, more so than five to 10 years ago, controls and compliance are much higher on... Read more

Get ready for a rocky 2009 – KPMG reckons banks in Australia will slash 10,000 jobs over the next year. The accountancy firm’s recently released annual banking statistics survey states that more consolidation will lead to fewer, larger banks. The scale, scope and speed of the financial crisis will also help to send headcount tumbling. Westpac's AU$17bn takeover of St George is likely to result in redundancies for 10% of... Read more

A dearth of mid-level professionals amid a general candidate crunch has made Australia even more attractive for northern hemisphere finance professionals seeking more sun, surf and sports. But recruiters say there are some critical factors to consider before you move Down Under. A global candidate shortage has driven the growth of cross-border traffic, with Australia’s talent pool being drained by opportunities offshore in Asia, London and New York. This, combined with... Read more

The local job market is reasonably tight at present, especially for merger and acquisition analysts but more players means more opportunities. The corporate advisory arena in Australia has grown over the past few years – thanks to the emergence of more and more boutique corporate finance players. They are not just winning as many corporate deals as their colossal counterparts but are also becoming ‘preferred employers’. Barry Harte from recruiter Pentire... Read more

Merrill Lynch is building up its new Australian prime brokerage businesses, and has drafted in a honcho from New York to make it happen. Finance Asia says John Laws will run a 40-strong team as the head of Merrill’s business division offering its global debt and equities financing platform in Sydney and Melbourne. The business has an equity and fixed income prime brokerage, stock loan, margin lending, structured financing, financial futures and... Read more

Recruiters say the Australian Government needs to put more money into white-collar training to address the chronic shortage in the financial services sector. Australia’s Government has set aside A$837m to spend on additional training measures for unskilled Australians. Recruiters say it's focusing on the wrong area. “Australia does not have a jobs problem, it has a skilled workers problem,” says Grahame Doyle, a senior regional director for recruitment firm Hays. “There needs... Read more

“It’s a black art," says a banker who doesn’t want to be named. “Propeller heads," says a recruiter. Quants really know how to frighten people. It’s no wonder when you see the job specs: “Strong mathematical/modelling skills, theoretical mathematical concepts, excellence in numerical techniques, derivatives modelling, discriminant analysis." And these jobs are breeding. “We’ve got heaps of quant jobs," says Emma Cassidy at recruiter Bluefin. "They’re mostly for risk management in investment... Read more

Algorithmic trading is supposed to be the next big thing. Not in Australia. Billed as the biggest revolution in equities trading since markets moved off trading floors and onto computer screens, algorithmic trading jobs are a hot topic in the northern hemisphere, but have yet to gain traction down under. The tiny Australian market and the esoteric skill set required in algorithmic trading conspire to make it a realistic opportunity for only... Read more

When analysts and associates don't get on... From: Associate Sent: Wednesday, May 30, 2007 6:04 PM To: Analyst Subject: wgl Can you put together a working group list in next hour using template I've previously sent you (vcards attached)? Contacts are MF, SF, C and me From: Analyst Sent: Wednesday, May 30, 2007 6:35 PM To: Associate Subject: RE: wgl There is really no reason to get testy. I was here all night, you know that, and I am... Read more

Private equity is the new black in investment markets, and it's proving to be the new black for ambitious young finance professionals too. Despite high-profile failures, such as Airline Partners Australia's AU$11bn bid for Qantas, Australian private equity is flying high. Australia has experienced a wave of private equity deals in the past 18 months, with a series of bids worth more than AU$10bn and many others worth more than AU$1bn.... Read more

There's a new species of beast about to prowl the Australian financial scene and no one really knows how to recognise them. They are called corporate brokers, and like Australia's first coin-carrying migrants, they come from England. "I think they're like relationship managers,'' says a slightly bewildered banker. "All I know is they're nothing like relationship managers,'' says a recruiter, running out the door. But Oliver Darkes at recruiter Carmichael Fisher is a travelled... Read more

Where do you go to earn most in Australian finance? Not Sydney, not Melbourne, but Perth. The latest Hays recruitment salary survey shows there has been a significant salary spike in Perth, reflecting the local mining boom and buoyant economy of Western Australia. According to the survey, the average salary for a senior manager in treasury operations in Perth is AU$130k, equal to Sydney and ahead of Brisbane (AU$125k) and Melbourne (AU$110k).... Read more

Thinking of finding a new job? Have a little something to take your mind off it. Australia's financial services skills shortage is encouraging banks to offer tasty 'buyback' packages to keep stellar performers who threaten to defect. Anthony Ayers, principal consultant at Sydney-based Chandler, says the most common buybacks (AKA 'counter-offer') involve matching money – but adds they may also encompass anything from offering additional education, an offshore secondment, a promotion... Read more