AU
Graduate Programmes
The importance of an elite education
1 October 2007COMMENTS
Image is everything, and the 'other' Universities don’t have the pedigree of such Universities as USYD & UNSW. The best Universities have higher entry standards, students typically come from the top private schools, and, therefore, have the connections to succeed. Read all comments »Banks' recruiters say the old school tie doesn't have the tug it did. But it still has a pull.
So where should you go to university if you want to get into banking? Off the record, recruiters point to the likes of Sydney University, Melbourne University, the University of Western Australia, and the University of New South Wales. Macquarie Uni, the University of Technology Sydney (UTS), Curtin, and Bond University are also favoured, although they're not perhaps in the premier league.
On the record, they're a lot more circumspect. Cleo Higgins, HR manager at Rothschild, says grades and course content take precedence over the name of the institution: "We want top degrees – firsts – rather than a particular place. The university is only part of the process.''
Some confess to favouritism, however. Jonathan Barratt, MD of Sydney-based commodities brokerage Commodity Broking, says he prefers hiring graduates from New England and Sydney universities because their collegial structures develop good team skills.
If you do go to the right institution, it will also help if you study the right course. "Certain universities have courses that work for banks," says Oliver Darkes at Carmichael Fisher, specifying the maths and economics degrees offered by Sydney and New South Wales.
COMMENTS
Amused, Student, Sat 06 Oct 07
‘Premier' League? What a joke! Anyone who hires people on the basis of their university alone is a twit. Quite frankly, the best uni's (according to this blog) can produce the most hopeless grads, even those who are objectively ranked at the top of their peer group.
I'm at one of the ‘non-premier’ uni’s listed above - landed a gig in i-banking (IBG) next year. All my competitors were from USyd, UNSW, UMelb and UWA, so I can attest to the abovementioned bias. However, I completely agree that top degrees and top grades are far more important than the ‘brand’ stamped on your CV.
Graduate recruitment programs can be quite funny. I have had my jaw drop at someone who land a job - personally, I would be embarrassed to be in front of a client with them. Sometimes the most talented in the group (in my books that means the most socially apt person with outstanding communication skills – you can learn everything else, but not that) can fail for want of a finance degree. That's insane!
My main advice to students wanting to get into IB is keep your grades up (regardless of where you are), but also make sure you can hold a conversation…Remember, Top grades + nothing to say = no job.
Chris, Student, Sat 06 Oct 07
Hallo !
I would like to ask if a have any chances to get some internship in one of the largest bank if I didn't graduate australian university ? and my secend question is : how looks a process of hiring internships if I don't live in Australia... Have I any chances to achieve my goal ?
thanks for help and explanation , i hope so ;)
N, Investment Banking / M & A, Sun 07 Oct 07
I have a B.Com, and working towards an M.Com, at one of the Premier League Universities. Amused -- do I sense some animosity towards your Grad Programme contemporaries? Personally, I would hire the top. Image is everything, and the 'other' Universities don’t have the pedigree of such Universities as USYD & UNSW. The best Universities have higher entry standards, students typically come from the top private schools, and, therefore, have the connections to succeed. Top grades, in my humble opinion, aren’t the only pre-requisite for recruitment. The demonstrable benefit of a top-notch University, University Colleges, and the bond formed in these Institutes are invaluable.
Add your comment »Raj, Student, Mon 08 Oct 07
Hello,
How does Macquarie University's Bachelor of Applied Finance compare to University of New South Wales Finance Degree??
---------------------------Thanks in advance
M, Investment Banking / M & A, Mon 08 Oct 07
Raj, if you want to get into Investment Banking you will most likely need a double degree or hons. This is the first cut off criteria. Macquaries BAppFin has a good rep but you should consider a double with either law or BCom Accounting.
To N, spoken like a true silver spoon. Did your daddy get you your job?
Amused, Student, Mon 08 Oct 07
N...no animosity towards my contemporaries - they were a smart, funny bunch. I'm not saying your uni is irrelevant, but if banks are culling students from '2nd-tier' uni's at the top of their class, it would be a bit narrow sighted, wouldn't you agree?
Image unfortunately is not 'everything'. I had a choice and went with practicality/enjoyment and a very good rep. We all learn the same thing at uni anyway mate!
Never said top grades were the only pre-req N...BUT...they are a pre-req! You simply will not get a look at a top-tier international i-bank in their IBG if you aren't a star student and that is an absolute, indisputable fact - there are simply too many app's and that is the only efficient way to make a first cull. If you are implying that you can get in without the grades through contacts (esp out of uni with no experience) then that is pure nepotism in action.
Just out of interest - are you really in i-banking? If so, why are you on a student blog of efin careers or, more to the point, where do you get time to post a comment working and doing an M.Com at the same time?
I do take your point N, but you simply can't close the door on someone because of their uni.
Macq Student, Student, Mon 08 Oct 07
Hey Raj,
BAppFin is an awesome degree. It's specialised, unlike the other uni's which mostly have finance as a major under a B.Com - beyond that, I can't really comment about their programs though, but I have to admit that the banks really do love the UNSW BCom (Accg/Fin) degree.
My advice if you are at Macq is to do a double degree - only takes an extra year and has alot more clout in the job market.
Best of luck.
Macq Student, Student, Mon 08 Oct 07
Chris,
I gather English is not your first language? If you are planning on getting an internship at a top-tier bank then I you will need to have outstanding written communication skills - especially written communication skills.
My advice would be to aim for an internship in your home country office(if they have one).
Best of luck!
Raj, Student, Mon 08 Oct 07
Thanks for your feedback guys, really appreciate your comments.
I have been considering a double degree at Maquarie - Bachelor of Commerce Accounting with Bachelor of Applied Finance.
Does anyone know whether the Bachelor of Applied Finance units are recognized when doing CPA, or do they only consider straight out accounting degrees.
Oh and 'N', isn't it the marks not the university that one attends that really matters. As the HR manager at Rothschild, says:
'grades and course content take precedence over the name of the institution'.
And M,
''To N, spoken like a true silver spoon. Did your daddy get you your job?''
I couldn't have said it any better...
Macq Student, Student, Tue 09 Oct 07
Raj,
BAppFin units are not really recognised for CPA, but BCom-Accg units are recognised for both the CA and CPA, so a double degree would be the way to go (you may also want to check the BAppFin's recognition with FINSIA).
I would also recommend you have a look at BAppFinBEcon or BAppFinBCom-AcstStud, but the latter double degree is bloody hard because of actuarial (I started doing ActStud and thought it was a nightmare!)- depends where your interests and strengths lie.
I personally did a double with law. I always think the combination with law is the safest bet, but if that is not your thing then don't do law for the sake of it.
Yes...N...you will find that if you got into the door through daddy's contacts and you aren't that smart (not necessarily 'booksmart')that you may have some trouble holding your job. I'm gathering you are doing your MCom because you didn't make a grad program as you had weak grades - and you believe this will be your entry ticket? I-bankers don't do MCom's- no time OR they just do an MBA
Finish you MCom - I'm sure you can go really crap cus' it doesn't matter hey? Just as long as you have contacts, you can be content with academic impotence
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