2020 CAREERS IN FINANCE
UNIVERSITY NETWORK FOR INVESTING AND TRADING
EDITORS IN CHIEF: Angela Gao, Winnie Zhang AUTHORS: Alick Song Anas Ur Rasheed Khan Boyang Jiang Sam Pham Tom Barry
2020 UPDATES DONE BY: Neve Glowacki Jerry Li Catherine Ge
2020 GUIDE DESIGN BY: Angela Gao Angela Zha Kyana Chan
2019 UPDATES DONE BY: Joshua Rizk Julie Zhu Sam Pham
Software: Canva Special Thanks To: Sharon Ho, Kevin Lu, Rebecca Zhang, Adon Ewing, Andrew Zhang and the Careers and Employability Office. This guide was printed with funding from the University of Sydney Business School. © University Network of Investing & Trading 2020
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SECTION 1 INDUSTRY Overview Investment Banking Investment Management Global Markets (Sales and Trading) Stockbroking Proprietary Trading Professional Services Retail Banking & Fintech Finance Consulting Finance Support Roles
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5 6 9 13
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16 18 19 21 23 24
Tech Disruption Finance Technology in Australia MiFID II Rise of passive investing Women in Finance
| 67 | 69 | 71 | 72 | 73
Job search tips Cover letter Interview Resume Test/Assessment Centres Networking Qualifications The University of Sydney Careers and Employability Office
| | | | |
26 27 28 29 30
| 31 | 32 | 34
SECTION 5 SUBJECT SELECTION GUIDE The University of Sydney Subject Selection UNSW Subject Selection UniMelb Subject Selection Monash Subject Selection Macquarie Subject Selection The University of Queensland Subject Selection STEM Subjects in Finance
| 76 | 77 | 78 | 79 | 80 | 81
SECTION 3 SPONSORS | 38 | 40 | 42 | 44 | 46 | 48 | 50 | 52 | 54 | 56 | 58 | 60 | 62 |Â 64
Aberdeen Standard Bain & Company BCG CFA Institute Commonwealth Citi Deutsche Flow Traders Future IM/Pact Macquarie Morgan Stanley Nomura SIG Westpac
SECTION 4 STATE OF FINANCE
SECTION 2 APPLICATIONS
SECTION 1: THE INDUSTRY
OVERVIEW OF THE FINANCE INDUSTRY
What is finance? At its core, finance is the practice of allocating monetary resources under conditions of uncertainty (risk). As a subject or major, finance can be split into three distinct catergories; public finance, personal finance, and corporate finance. This guide will be mainly focusing on career opportunities arising from corporate finance, where you will learn about the financial markets: equity, debt, derivatives, commodities and more. Corporate finance teaches you how a company makes choices about major investment decisions, how it finances its activities, and how it delivers value to all its shareholders. You will also learn about the international nature of financial flows, how to manage risks, and how to invest and trade yourself.
What are financial services? Financial services refer to the services provided by the financial industry and organisations involved in the management of capital. Such organisations encompass banks, investment banks, insurance companies, credit card companies and stock brokerages. Its clients include individuals, businesses, non-profit organisations, and government agencies. The financial services field offers a broad range of career opportunities which cater to different skills and interests. As such, employers will have different expectations in regards to your personal and professional qualities as they assess your compatibility for the role.
INVESTMENT BANKING & CORPORATE ADVISORY Overview: Investments banks are the institutions driving the growth of public and private companies. They are the intermediaries which fuel these companies with capital - the monetary means of growth. This is achieved not simply by handing out loans, but by finding investors and facilitating a transaction, whether it be in debt, equity, or another hybrid form. Investment banks are behind all the headline IPOs, billion dollar mergers, and cross-border investment deals - financing companies large and small. In facilitating transactions, these banks are described as being on the sell-side of corporate finance.
What they do:
Raise capital for clients
Investment bankers generally hold the role of corporate financial advisors. In this capacity, they help their clients raise money in the capital markets, provide various financial advisory services, and facilitate mergers and acquisition activity. Should a large company want to increase their number of warehouses and is looking to issue bond financing to pay for its expansion, it may seek the help of an investment banker. Or suppose a private company requires more money to grow and decides to raise funds through equity financing, an investment banker could help them find private placements (investors), or go public through an initial public offering (IPO). If a company is looking to purchase a smaller company or merge with a competitor to gain market share, an investment banker can assist in finding such a target company and facilitate the transaction. Transactions involving the sales of entire companies can easily be in the millions, making for highly lucrative commissions, and hugely profitable businesses.
Benefits of working in investment banking:
Practical transferable skillset
Invaluable business network
As an investment banker, you will learn the nuances of selling, whether that be selling a million dollar company, persuading a boss, or enticing a client. Through discipline and hard work, you will develop an acute level of attention to detail, a vast network of business connections, and an adaptable skillset that opens up opportunities for you should you decide to transfer industries or start up your own business. To top that off, investment bankers are compensated handsomely for the hard work they put in.
Investment banks can be generally separated into three sectors; front office, middle office, and back office. Each office can be further divided into divisions, and within those departments are specialised teams.
Anatomy of an investment bank: Front Office (public) • Research Division • Sales & Trading Division ‘Chinese Wall’ separates the corporate-advisory area from the brokering department • Investment Banking Division (private)
Middle Office • Risk Management • Financial Control • Treasury • Strategy • Compliance Back Office • Operations • Technology • Support
Investment Banking Division (private) Mergers & Acquisitions Typically, investment banks will be involved in large, complicated financial transactions. If a client is considering a merger, acquisition or sale, the investment bank may provide advice as to how much the company is worth and how to best structure a deal.
Equity Capital Markets ECM roles are focused on raising equity through the capital markets. This division may be involved in initial public offerings (IPOs) and public equity deals (PIPE deals). ECM roles will involve research on equity deals (IPOs and follow-on offerings) and compiling this information into pitch-books. ECM teams will also be involved in pricing the issue and putting together the term sheet for the deal which contains information regarding the price range, options and number of shares.
Debt Capital Markets DCM teams provide advice on raising debt for acquisitions, refinancing of existing debt, or restructuring of existing debt. DCM roles are typically more client focused as they work with clients to organise borrowing and access a global pool of investors looking for opportunities. Generally, there is more focus on using different debt sizes, refunding and assumptions.
What it takes to be an investment banker: Investment bankers come from a diverse range of academic backgrounds, varying from accounting and finance majors to mathematics, computer science and physics majors. However, before starting internship or graduate positions, they all generally have a firm understanding of the principles in accounting, risk, markets, financial statement analysis, and financial modelling. Investment bankers also have strong negotiation, communication and presentation skills, which will be further honed during their time in the industry.
Overview: Investment management refers to the selection, monitoring and allocation of a clientâ&#x20AC;&#x2122;s assets in order to meet specific mandated investment objectives. Investment managers are entrusted with a clientâ&#x20AC;&#x2122;s cash and have a fiduciary duty to invest that cash according to a pre-determined investment philosophy and process. Investable assets may lie in both the public (shares, debt, derivatives, commodities and currencies) and private markets (venture capital, infrastructure and real estate). In investing large sums of cash, firms in the field of investment management are described as being on the buy-side of corporate finance. The assets in which a fund may invest is tied to the risk and return expectations of clients who themselves can range from institutions such as insurance companies, corporations, charities and university endowment funds to private high net worth individuals.
What they do:
Investment due diligence
Investment due diligence refers to the research, identification and assessment of potential investment opportunities. The typical tasks required for this include: analysing financial reports, keeping up to date with macroeconomic news including regulatory and political changes, and meeting with management of companies, their competitors, suppliers and clients. An investment manager’s performance is often compared to an index benchmark such as the ASX200, and thus any deviations in the constituents and weighting of their portfolio is expected to generate abovebenchmark returns (i.e. alpha). Client interaction becomes especially important during periods of market downturns and underperformance, when risk of fund redemption (withdrawal) is highest.
Benefits of working in investment management: • Become an investment expert • Develop high profile relationships • High earning potential Working in investment management revolves around evaluating investments for your clients. Hence, it is a job where you will learn valuations, strategy analysis, economic trend identification, and other highly valued skills. Additionally, the role may involve speaking with the companies that are being considered as investments, and other financial professionals to form an opinion. This allows you to build fantastic business relationships for the future. Finally, the compensation you can be potentially offered is very attractive.
SUB SECTIONS Hedge funds and other managed funds serve largely the same function of generating return on investorsâ&#x20AC;&#x2122; wealth through a managed portfolio, but there are large differences in methodologies and investment approaches. Hedge funds are not restricted by many of the regulatory requirements enforced on super and mutual funds, nor are they required to disclose strategies and abide by mandates. Moreover, hedge funds mostly only allow participation from a select group of wealthy investors. Therefore, due to such flexibility, a hedge fund career is ideal for someone who is skilled at adapting to emerging, unexpected situations, and at identifying unique investment opportunities. They should also possess higher risk tolerance, and be able to rationalise both the risks and returns of such investments in a flexible, dynamic environment.
Members may contribute to a super fund when they are saving or earning income prior to retirement, which are paid out once they have retired. The money provided through these super contributions does not sit idly â&#x20AC;&#x201C; the fund invests them in a variety of asset classes depending on the superannuation product you have chosen. A super fund is generally more conservative due to the nature of their client base, opting for diversification across a range of asset classes to offset idiosyncratic risk. A career in a super or pension fund may be ideal for someone who possesses patience, and a rational, long-term outlook. Furthermore, due to the more community oriented nature of such investment, they should also possess a proactive stance towards sustainable and ethical investing.
SUB SECTIONS Unlike hedge funds, private equity (PE) funds invest in the private markets and provide financing to unlisted businesses. The majority of PE funds pursue growth and seek to invest in businesses where there is an opportunity to eventually sell at a higher multiple. The holding period is often 3-5 years and usually involves private equity owners taking an active management approach. The key skill required to work in private equity is the ability to source opportunities and investigate their viability. This often requires an extensive professional network and well-developed financial analysis ability. Overall, private equity would be attractive for those interested in not just investing in businesses, but also playing an active ownership role in devising and executing a growth strategy.
Similar to private equity funds, venture capital provides financing to unlisted businesses. However, venture capital tends to focus on start-ups and early-stage businesses which they believe have high long-term growth potential. Venture capital generally provides financing in exchange for equity and this allows venture capitalists to have a say in management decisions. Many funds also provide strategic advice, access to existing customer networks and industry expertise in addition to financing. Deal-sourcing is the key skill required to work in venture capital and the majority of time will be spent meeting with entrepreneurs and networking. Unlike private equity, valuation and financial modelling play a more limited role given the pre-revenue status of many potential investments.
What it takes to be an investment manager: Given the broad investable universe, no specific degree is required to work within the investment management industry. Instead, analysts are valued for their expertise in a certain field. For example, a person with previous experience in a biotech firm would fit well as an analyst covering the healthcare sector. Nonetheless, some financial and accounting training is required to competently analyse financial statements and value investments. To be successful in the investment management industry, the key personal quality is passion and a keen interest for the financial markets. Those who are passionate often manage their own share accounts and read the financial news daily.
GLOBAL MARKETS (SALES & TRADING) Overview: The world’s global markets run 24 hours a day with markets operating across time zones in different areas of the globe. They involve everything financial from equities, fixed income, derivatives, currencies, and anything you could imagine in between. ‘Sales’ and ‘trading’ are two distinct but complementary operations. The function of a sales and trading division within an organisation is to ensure both the accurate structuring and orderly sale of financial products to institutional investors and other clients. Note that agency trading is client focused, and should not to be confused with proprietary trading which focuses on investing the company’s own money.
What they do:
Execute large trade orders
Develop trade strategies
The sales team effectively works as any other sales team in an organisation – they sell things (in this case financial products). The clients they’re selling to are generally financial institutions and high-net-worth individuals looking to buy equities, fixed income products, or any other financial instruments to meet their specific needs. Once the sales team has confirmed an order with a client the traders are responsible for completing the order in the market.
Benefits of working: • Wide breadth of knowledge • Top tier client relations • Work life balance Working in global markets gives you the training to understand financial markets and the underlying fundamentals of multiple financial instruments. Additionally, as you’re constantly engaging with top-tier clients, from banks to hedge funds, you’re able to build an exceptional business network. The compensation in global markets is equally attractive.
Who would suit sales and trading: Evidently, sales and trading requires constant client communication. Clients’ needs change constantly and they require rapid responses to their requests. Being able to multitask effectively and quickly is evidently a vital skill in sales and trading. Mental maths skills are also needed, particularly for the traders.
On the trading floor: Unlike the riotous ‘trading pits’ depicted in old Wall Street movies, trading floors in large investment banks today operate in a much more orderly manner. On a trading floor today, you will find a large open room with no cubicles, with conference rooms and director’s offices on the outskirts of the floor. On the floor itself, long desks with multiple monitors are sectioned off per person, and grouped according to the fields of trade. Swathes of data will light up the screens as traders keep up to speed with the latest consumer spending numbers, blue chip price swings, and other headline variables. As a trader, you are multi-tasking all the time, constantly assessing risk, calculating the best timing to execute trades, and keeping up to date with the client’s requests. Bloomberg is a key financial information service that all banks and traders have access to - it is more or less the portal to all relevant news and public financial data. If you are interested in sales and trading, it is recommended that you get acquainted with navigating its terminals.
To trade, industry experts generally use in-house trading platforms to execute their orders. Popular platforms include FlexTrade, Fidessa, and Goldman’s REDIPlus platform. There are various tradable asset markets, all with their own valuation techniques - equities have their multiples and DCFs, options have binomial and Black Scholes models, and bonds have their yield curves. Learning these valuation techniques would be beneficial to your quest in gaining an internship or graduate position at a sales or trading desk. That said, agency traders generally do not engage with large amounts of valuation activities, but it helps to understand where such pricing figures stem from and what they may be anchored to.
Typically, a firm which offers sales and trading will have other divisions that complement this function. Sales and trading is inextricably linked to the work of financial analysts, who design and formulate bespoke financial products catered to the requirements of particular clients. These financial products may be as obscure as collateralised mortgage obligations and asset-backed securities or as simple as futures contracts. Additionally, the research division, which produces reports on financial markets, works with sales and trading to push that research out to clients in the hope of being mandated to execute their trades.
What it takes to be an global markets trader: Given the client-driven nature of the role, particularly sales, excellent inter-personal and communication skills are highly desirable. However, having said that, both sales and trading roles entail significantly different types of work. For a trader, numerical problem-solving skills and an ability to work under pressure are more imperative.
Overview: Stockbroking is one of the first professions to have taken root in the finance industry; as long as there have been markets, there have been stock brokers. Simply put, a stockbroker is an entity or individual that trades (buys and sells stock) on someone elseâ&#x20AC;&#x2122;s behalf and charges a commission for it. Historically, the functions of investment advice and order execution were deemed as inseparable facets of stockbroking, but nowadays discount brokersâ&#x20AC;&#x2122;, who charge moderate commissions and provide no investment advice, have turned the industry on its head.
What they do: Stockbrokers, whether they are actual brokerage firms or individual broker dealers, are often registered investment advisors and have the necessary certification by the regulators of an exchange to execute trades â&#x20AC;&#x201C; something which ordinary retail investors are not allowed to do. In other words, if you need to buy a stock at a certain price, you tell your stockbroker and they do it for you, taking a slice of the pie along the way of course.
Benefits of working in stockbroking: One of the major benefits of working in stockbroking, as compared to many other finance jobs, is that once the stock market closes (around 4pm) your responsibilities wind down, since you’re not able to buy or sell stocks after that time. As such, your work-life balance could be outstanding. You’re also given the opportunity to build a strong client network which, if you’re a social person, can be very fun and rewarding. A client meeting could mean taking them to an exquisite lunch, sporting match, or arts event (and it counts as work!). Additionally, you’re put in a position of advising your clients on how they should invest their money. This is both rewarding and potentially frightening - if you make the wrong call you may lose your clients’ trust. However, if you’re able to give good investment advice you can form long-term client relationships.
Work life balance
What it takes to be a stockbroker: If you have ever come across a live price chart feed on a trading terminal or have simply looked at live tickers on the market floor, you can deduce immediately that numbers have a huge role to play in trading and stockbroking. Therefore, a natural affinity for numbers, percentages and ratios is highly desirable; you can demonstrate your aptitude for numbers by boasting great results in mathematics or undertaking STEM courses at university. Aside from grades, boosting your presentation and soft skills can provide you with an edge over other applicants in this client focused industry.
PROPRIETARY TRADING What it takes to be a proprietary trader: The type of skills you will need depend on the type of proprietary trading firm. Quantitative proprietary trading firms will usually require extensive mathematical, statistical, or computer science knowledge over a finance background. However, other discretionary trading firms may not require any specific skills as they’ll have training programs to teach you the technical trading methods. Finally, other prop trading firms may require fundamental valuation knowledge which is most suited to the typical finance skillset.
Implement & monitor trading algorithms
Overview: Proprietary trading can be best viewed as an additional or peripheral function in an organisation. What it entails is simply utilising a portion of the company’s capital to trade in order to generate extra profits, boosting the overall financial position of the company instead of earning commissions by trading on behalf of its clients. It constitutes an additional stream of income separate from the company’s primary business. Proprietary trading is popular, particularly amongst brokerages, as they feel that they have a competitive advantage over other players in the markets.
What they do: Proprietary trading is very similar to managing endowments at elite charitable institutions and universities around the world, whereby a professional investment team makes use of dormant money to generate surplus income. An ideal example would be that of a proprietary trading desk at a brokerage firm, where the broker is making profit in two ways: one, by earning commission by trading on behalf of other people, and, secondly, by directly trading in the markets.
Formulate trade ideas
Benefits of working in proprietary trading: Proprietary traders enjoy a lot of freedom. You have the freedom to choose the securities you trade, the decisions you make, and ultimately how you want each day to go. Since you are trading with the firm’s capital, the potential profits and compensation you can receive are significantly higher. With such flexibility, and no clients but yourself, some proprietary trading firms offer the possibility of trading from home - or on the fly. Proprietary trading firms generally provide extensive training for their graduates, nurturing a highly specialised skillset which these graduates can use to independently earn an income (though it may not be as much because of less starting capital).
PROFESSIONAL SERVICES Overview: Professional services encompass a broad range of occupations, but ultimately a career in professional services involves providing support and specialist advice to clients. These clients are also diverse and can include small-medium enterprises, multinational corporations, governments and not-for-profit organisations. The assistance professional services firms provide include things such as tax advice, accounting services, restructuring advice and strategy consulting. By providing this expert knowledge, clients are able to carry on with the everyday running of their organisations.
What they do:
Audit client accounts
Develop business strategies
A typical professional services firm will operate in four main spaces: Auditing/Assurance, Tax, Consulting/Advisory and Transactions/Corporate Finance, and the work you do will differ depending on your chosen business line. Despite these differences, much of the work will be project-style and clientbased rather than performing a set daily routine.
Benefits of working in professional services: Professional services firstly offer a diverse working experience; every situation differs in some way from the last, and provides an exciting opportunity for existing skills to be applied in a different manner. Just as the work itself does not become repetitive, the people working with you will be diverse in both experience and personality. Finally, as you work on each â&#x20AC;&#x2DC;projectâ&#x20AC;&#x2122;, you will be constantly liaising with the client, developing fruitful relationships which may prove invaluable in the future.
Who suits professional services: Professional services would be an ideal field for someone interested in applying their skills and challenging themselves within a variety of different situations. Adaptability and confidence is thus required. Teamwork is similarly vital; projects require input from people working in various fields, and someone who is able to consider, synthesise and subsequently apply the talent available in their team will prove invaluable to professional services.
DIVISIONS Auditing/Assurance In Auditing/Assurance, you will be responsible for assessing the legitimacy of financial reports and providing confidence for the external stakeholders of businesses like investors, suppliers and regulators. This may involve helping clients adjust to new accounting standards and liaising with clients to obtain information.
Transactions/ Corporate Finance
Tax A typical day in Tax may involve identifying and implementing strategies to minimise tax liabilities, maximise tax incentives and researching and evaluating the impact of upcoming tax issues.
As part of a Transactions/Corporate Finance team, your role is to advise clients on how to best allocate and acquire capital. This may involve developing financial models, identifying M&A opportunities, compiling data on past transactions and preparing due diligence presentation materials.
Advisory/consulting offers the most varied work experience and you can expect to spend time researching current regulatory developments, constructing financial models, reviewing client business practices and contributing to strategy recommendations.
What it takes to work in professional services: A successful career in professional services requires the following personality traits: Business acumen: Being aware of changes in the commercial world, and understanding how businesses operate and adapt is key to advising clients competently. Teamwork: The project-based nature of work will require you to work closely with colleagues from diverse backgrounds and this also requires having high emotional intelligence, patience and empathy. Communication: Client communication lies at the core of professional services - whether that be recommending a new tax strategy or a divestment, working in this industry requires you to communicate often complex issues succinctly and confidently.
RETAIL BANKING Overview: Retail banking, or consumer banking, refers to the massmarket banking in which individual customers use local branches of larger commercial banks. Generally, this service aims to encompass all the financial services that may be required by an individual retail client. Retail banks' representatives cater for individuals and small businesses by providing an entire suite of services including; savings, checking accounts, mortgages, personal loans, internet finance, and certificates of deposits.
Advise on personal finances
Assess debt/credit profiles
What they do: As a one-stop shop for all retail financial services, retail banks have a diverse range of services in which employees can specialise and transfer between. The main roles of a retail banker are generally managing client relations, advising on personal finances and assessing loan grants to individuals or small businesses. Thanks to the systems and processes in place, the work is relatively straight forward, meaning there is more client face-time.
Benefits of working in retail banking: Working in retail banks gives you the training to develop client relations and become an expert at personal finance. Given the amount of services provided by retail banks, internal mobility across departments may provide you with a diverse range of work experience, and the opportunity to foster an invaluable skillset.
Develop financing plans
Who would suit retail banking: Retail banking is ideal for someone with strong communication skills due to the large amount of client face-time required within the role. Similarly, high emotional intelligence and a problem-solving mentality are also necessary to understanding each clientâ&#x20AC;&#x2122;s individual needs and devising a solution. Furthermore, as a result of the high transferability of skills within retail banking, a career here would be ideal for someone seeking broad experience prior to, or instead of, a specialised role.
Currently one of the hottest sectors, fintech encompasses a broad range of businesses and roles. But as the name suggests, fintech refers to the intersection between finance and technology and a career in this industry involves devising technology-based solutions to collaborate with or disrupt the financial services industry. Despite its association with startups, there are plenty of established organisations engaged in fintech, notably the big banks. Nonetheless, investment in financial technology has grown at an exponential rate, providing numerous career opportunities.
What they do: What they look for in hires:
Given the diverse range of objectives of different fintech companies, there is naturally a wide range of career possibilities. Nonetheless, the demand is strongest for IT staff including app and site developers, especially iOS, Android, SRE and fullstack developers. This group forms the crux of fintech companies and is responsible for translating business ideas into tangible innovations. However, UX/UI roles are also being increasingly coveted as banks and fintech companies seek to make their applications user-friendly and intuitive. This may involve simplifying the design interface, increasing the functionality and the overall ‘look’ of the app. However, for the less technology-focused individual, a more suitable role may be the product manager. Their responsibility is to communicate with and understand the needs of the client and subsequently develop an innovative solution. This ensures that the product remains disruptive and continually responds to the market’s desires. Like product managers in other industries, they work with various departments throughout the entire product life cycle to conceptualise the product and bring it to market. However, there is a particular focus on regulatory compliance and security in the fintech industry which product managers may also be responsible for.
Real Estate Solutions
Given that the scope of fintech is constantly being redefined by new systems and tech, the desired skillset for a career in fintech is quite different to that seen in ‘traditional’ financial services. Fintech hires generally have ‘dynamic range’ - that is, they have a breadth of knowledge skills that range from finance and media, to software and hardware expertise. However, ultimately the thread that ties all potential hires together is a shared vision for financial innovation and a passion for growth
Payments & Remittances
Blockchain & Bitcoin
Robo-advisers & personal finance
Alternative Finance Insurance Tech
Overview: Consulting is a broad industry focused on helping executives maximise shareholder value by devising strategies and solving problems for the company. As such, the role of a financial consultant is very broad – it can involve aiding a company’s organisational effectiveness, how a company manages its working capital, M&A strategy and finance, how the company performs its budgeting, or how technology can be more effectively implemented. As the specific role of the consultant is dependent on the needs of the client, the work is quite varied.
What they do: Financial consulting has a variety of goals, but the overarching idea is to find solutions to issues that the company cannot solve, or what the company does not have the resources to solve. An example of this could be the company would like to engage in M&A, but isn’t too sure what sectors it should be targeting. A company may then employ a financial consultant to understand the current company, and to explore other markets to see what would work best. This might involve analysing markets that are likely to expand in the future, and finding which companies would have the best synergies with the current company. However, to suggest this is the only work a financial consultant could do would be disingenuous, as their work can range from operations to strategy to risk management and more.
Benefits of working in consulting: As consulting work is diverse, you will often have different tasks and assignments that vary in their requirements and responsibilities, so the work is unlikely to be boring. Furthermore, because of the diversity of work you can do – from strategy analysis, to marketing, to valuations, to economics – a consultant gains a very large skill set that they can use to move laterally later in their career. Due to this, consultants often have very high earnings potential, especially if they choose to specialise in a particular area.
Advise on finances
Who would suit finance consulting? As a consultant, the main job is to convince your client that your idea is the solution – so communication and persuasive skills are a must. Furthermore, enjoying travel and engaging in a wide array of different markets and ideas is important to enjoying the work.
Who would suit finance support roles? The types of skills required for finance support roles depend on exactly the type of role, but in general, a firm grasp of finance would be useful for just about any position. However, it is possible to specialise in areas that don’t have the typical finance skillset - for example, a graphic designer or a marketer would need to be creative and independent, and less reliant on excel and modelling skills.
Benefits of working in finance support roles: The benefits to these roles depend on exactly what you want to get out of your career. However, as these roles aren’t ‘front’ office, they have considerably less pressure and a stronger work-life balance. These roles have decent upside potential without some of the stereotypical stress or pressure you may hear investment bankers or fund managers go through. Furthermore, working in the middle or back office will allow the individual to specialise in a particular area of expertise, such as accounting, IT, or strategic management. This is more suited to an individual who wants a linear career path in a specialised area, as opposed to the diverse work a consultant may have.
FINANCE SUPPORT ROLES
Overview: Financial support roles comprise mostly of middle & back office roles – which include risk, investor relations, compliance, accounting, IT and many more. While these roles tend to be non-revenue producing, they are nonetheless an essential part of financial services – ensuring that the front-office is able to run smoothly, that operations and accounts are all in check, and risk is being effectively managed.
What they do: Given the wide-ranging nature of financial support roles, it is difficult to pinpoint exactly what a 'day in the life' would comprise – for example, working in IT would be vastly different from working in human resources. If you are working in risk-management, a lot of the work is evaluating the riskiness of front office activities and ensuring that deals are being effectively processed. Working in treasury involves managing the firm’s liquidity and its financial risks, which could involve hedging against currency movements. Working as a custodian involves holding the securities (I.E. stocks) for safekeeping for other firms – offering services such as account administration, transaction settlements, and tax support. In general, the work in financial support roles tend to be less pressured as they are non-revenue generating, and they aren’t communicating with clients as often.
Capacity to specialise
SECTION 2: THE APPLICATION
JOB SEARCH TIPS Get Organised First, develop a system, a checklist of processes to make your time hunting for a job shorter, and less anxiety inducing. This system should include identifying your target industry and universe of organisations, allocating a realistic amount of time a week to research employers and setting attainable, quantifiable goals. E.g. number of job applications/coffee chats/ interviews a week.
Tap into a range of avenues A commonly touted, yet undeniably valuable piece of advice is that you should go beyond just advertised jobs in your search. Like any venture in finance, diversification is key and this means you should try your hand at cold-emailing, reaching out to contacts and university alumni in the industry and leveraging university careers centres and job boards. It should be noted that when sending out emails to organisations you are interested in, make sure to conduct background research and tailor your communication. It is ill-advised to adopt a ‘machine-gun’ approach as your emails will lack passion and interest.
Active LinkedIn Presence Despite popular belief, having a Linkedin itself is not enough! Rather, you should consider your profile from a prospective employer’s perspective and use your social media presence as a selling point. This means showcasing your projects like case competitions, blog articles and university society events, as well as following and liking posts from prominent organisations in your target industry.
Be self-aware Knowing yourself is key to communicating with prospective employers and this means being able to identify your: Goals Strengths Weaknesses Communication style Key experiences Ultimately you want to be able to confidently sell yourself as a potential employee and clearly articulate what sets you apart from everyone else. The best way to do this is develop a succinct, interesting and memorable ‘Elevator Pitch’.
Most importantly... remain persistent! Even when incorporating all of the above into your job search, the market will always be competitive for students and it is imperative that you keep your chin up despite discouraging results.
Make it personal with your story
Relate relevant experience to the role This is probably the most cliché tip you’re ever going to get, but it an essential one nonetheless. Always relate your prior experiences, whether it is in volunteer work, an internship, or even a part-time role that you’ve had, to the actual role that you’re applying for. Be sure to clearly and concisely outline why having those past experiences make you a desirable applicant for the particular role that you’re applying for.
COVER LETTER TIPS
This is the hallmark of a memorable cover letter. Not only does it differentiate you from other applicants, but it also gives your application a tinge of authenticity and some persona. How? Craft a story into your letter detailing the why and the how, stepping the reader through how you have come down your path, what makes you the person you are, and why you have decided on them as an employer.
Keep it short and simple
First impressions matter! There is no going past this reality. So keep your cover letter visually appealing and easy on the eye. Now, by ‘visually appealing’ we don’t mean colour coding the document - you could if you like - but just make sure that you divide the points that you’re making into individual paragraphs. For instance, in the first paragraph start off with introducing yourself, in the second paragraph highlight your prior experiences, the third could be on why you’re applying for the role, and in the last one you can convey how much you really want it. All in all, keep it nice, tidy and visually simple.
Show you've done your research This is extremely important. We can’t stress it enough. Do some research about the company and the role that you’re applying for. Look for unique characteristics and be sure to mention them in the cover letter to demonstrate that you’re genuinely interested in working in the company. For instance, a particular company might have generous study leave programs for employees. Mentioning things like these not only demonstrate your passion but also set you apart from the crowd in under a page.
INTERVIEW TIPS Do your research
Strike a balance
It's ok to be nervous
Take your time
Smile and laugh
Perhaps one of the most important tips for interviews: make sure you know the nature of the company and what you are signing up for! For certain interviews, a degree of technical knowledge will be required. Ensure that you have read up on some of the skills that the job requires, and that you are up to date with current affairs and business news and trends. That being said, you will not be expected to know the answers to every single question. It is okay to say “I don’t know,” but it is always advisable to show your interviewer that you are willing to learn and even speculate as to what the correct answer may be. Remember, you are always selling yourself in an interview! Make it a point to tell and show your interviewer why it is they should be hiring you. Do you think you have great communication skills and the ability to perform in team situations? Make that obvious by providing anecdotal examples of where you have excelled in such situations. Better yet, show your interviewer evidence of your skills! Whilst it is important to sell your good qualities, it is important not to give off an arrogant, overconfident image either. Moreover, employers want to see you recognise your own weaknesses, as well as develop a plan of action to improve upon them. No one is perfect, and a degree of humility and honest self-reflection is an important demonstrator of someone who is willing to accept their shortcomings and constantly seek growth and development. Being nervous is normal! Anyone would be if placed in such a high-stress situation, with so much at stake. However, try not to let it get in the way of the interview. Fidgeting and constantly shifting eyes are a dead giveaway of someone who is both extremely nervous, and lacking in confidence. Plant your hands somewhere firmly, and ensure you maintain eye contact throughout (though excessive eye contact can come off as a little strange!). In tandem with tip number 4, make sure to take your time during the interview. This can help with the nervousness and reduce the amount of stuttering and ‘um’-ing. If you are asked a question which you are unable to answer off the bat, it is perfectly fine to ask for the interviewers to give you a moment to think. Again, moderation is key! You shouldn’t be doing this after every single question, nor should you remain silent while pondering. Awkward silences are not fun for either party! Smiling and laughing is a great way to dispel the often exaggerated aura of formality in an interview. Your interviewers are human too, and a light-hearted comment may lead you to a lengthy conversation. This is also a great opportunity to show off your sense of humour, personality, and ability to communicate with others. Finally, make sure you remain engaged throughout the interview. Wandering eyes and asking interviewers to repeat questions are all signs that you are not interested in the job you have applied for, and is understandably a huge red flag against you! A great way to show your engagement is to flip the interview – that is, ask the interviewers questions about the job you have applied for. What other technical skills will you need? Where does your division fit into the greater company structure? Asking questions shows a keenness to learn, and genuine interest in the firm.
RESUME TIPS RESUME TIPS Avoid using unprofessional sounding personal email addresses Be professional and discreet Avoid using your current work email address or phone number Avoid cluttered and complicated layouts and tables
CLARITY Use simple text in one modern, standard font that is easy to read, and that everyone can understand As everything in your resume is about your experiences, avoid writing in first or third person Avoid using unnecessary jargon and verbosity
BREVITY Remove clutter and work experiences unrelated to the role you want to pursue. Give more space to detail your current or recent jobs and less about the past Keep it under two pages Make sure you include specific skills that are relevant to the job you’re applying for, even if that means adjusting your resumé
SPECIFICITY Focus on what you did in the job, NOT what your job was Avoid using the generic descriptions of the jobs you originally applied for or held Quantify your accomplishments Cater your resume to the industry
FORMAT Use a logical format and wide margins, clean type and clear headings Selectively apply bold and italic typeface that help guide the reader’s eye Use bullets to call attention to important points (i.e. accomplishments)
TESTS / ASSESSMENT CENTRES Congratulations! Firstly, making it to the assessment centre is a huge achievement! You have made it through resume screening, numerous psychometric tests and phone or video interviews to be invited to the assessment centre. You’ve arguably made it through the hardest part of recruiting where you’re evaluated as another set of skills and numbers on a page. This is a testament to your achievements and all round capacity to succeed in the position you have applied for. Keep in mind, you’ve been invited to the assessment centre because they want you. All that’s left for you to do is to confirm that choice.
Company & Role Research
Industry & Technical Knowledge
The assessment centre stage is used by companies to gain a personal insight into who you really are, and your teamwork and interpersonal skills. In order to succeed at the assessment centre, it is vital that you cover at least three key areas: Researching the company and the role you have applied for is arguably the most important thing to do. Being unprepared shows a lack of dedication and interest in the role. Furthermore, it benefits you as well - how do you know you’re interested in the job if you don’t know anything about it? Every assessment centre is different, however, most will combine a few key ingredients. To start with, you’ll likely receive some background presentations from the company and an overview of how the day will run. Keep in mind that you will be joined by 10-30 other candidates on the day so most activities will revolve around group activities. These may be: case studies, role plays, and problem solving games. In addition, you may have some solo activities, including tests (yes, written exams at a job interview!), interviews, and brainteasers. Knowledge of the industry, economic news, or other technical skills (such as DCF modelling) are not always necessary for every role - but general awareness of the financial landscape is always appreciated.
When in Rome, do as the Romans do Though diverse, the industry of finance has its own culture, norms, and formalities that are important for you to acknowledge and respect if you wish explore its opportunities down the road. Simple things like understanding lingo and practicing etiquette may take you a long way.
Dress Code Clean, well-fitted clothing, and a hygienic presentation signals discipline and professionalism. It’s easier to trust a smile, suit and tie, than a dead pan hoodie and a pair of shorts. It may take some extra time and money, but you’ll be better off for the investment. Long lesson short, be easy on the eyes.
Quick fix to nervousness Directors and executives may be immortals in your eyes, but they are humans. Being natural can be a fluid concept, but to break it down in this context, it means to remain calm and composed. A simple, ‘How are you going’ is all it takes to start a conversation, then let your curiosity drive it. Nervousness comes from focusing too much on yourself, so placing all your focus on the other person can get you out of your head, and out of your own way.
Engage, manners maketh man Be humble, let them figure out what makes you brilliant rather than spewing your fiercely digested facts about recent market conditions. If you are truly interested about the industry, then you will no doubt have questions about it. Company representatives will feel appreciated when they can enlighten you, so don’t be afraid to ask. Equally as important as asking is sharing, whether that be an appropriately funny story or some concern for the state of finance, open up to them, and they might just open their doors for you.
Follow up If you made one good connection out of the hundred you spoke to at an event, try and follow up with them! Ask them to catch up for a coffee in the future, connect with them on LinkedIn if it’s appropriate, and if you’re applying for a job at their firm ask them for some more information on the position. A one-on-one personal connection is worth a lot more than vaguely knowing ten people you met once. Plus, it gives you the opportunity to ask questions that you might not be able to ask at a large event. If someone does meet with you for coffee, make sure to send them a thank you email afterwards (or it might be the last time they do meet with you).
The Chartered Financial Analysts Program is a 3-staged education curriculum which incorporates investment and portfolio management theory, ethical and professional standards.
PROCESS To earn the full Charter, you must first become a CFA candidate and enrol in the program. To be eligible for candidacy you must: Have a bachelorâ&#x20AC;&#x2122;s degree or be in the final year of a bachelorâ&#x20AC;&#x2122;s degree or have four years of professional work experience or have a combination of professional work and university experience that totals at least four years Be prepared to take the exam in English Have a valid international passport Meet the professional conduct admission criteria Secondly, you must pass all three exams (Level I, Level II and Level III) which generally take place in June and December. This stage is the most arduous, with candidates spending an average 320 hours studying per exam and a historic pass rate of 40-55%. And thirdly, to become a regular Charterholder, you must acquire four years of professional work experience in investment decision making before, during or after completion of the Program. Enrolment entails a one-off fee of US$450 and exam registration also entails a fee of US$650-US$1380 per attempt depending on lateness of registration. This exam fee covers the costs of curriculum materials and mock exams.
BENEFITS Advanced Knowledge: The Programâ&#x20AC;&#x2122;s curriculum covers a wide range of financial theory and skills such as valuation of equity, fixed-income and derivative instruments, financial report analysis and ethical standards which are applicable at all stages of your career as well as in your personal finance management. Employer Recognition: Given the notorious difficulty of the CFA exams and with employment in the financial industry becoming increasingly competitive, becoming a Charterholder provides an opportunity to gain credibility amongst peers, employers and clients. Global Network: Becoming a Charterholder means joining an international community and a network of over 135,000 global charterholders with whom you can develop relationships, find mentors and discover career opportunities. Career Paths: The majority of CFA Charterholders enter the investing community, becoming either research analysts or portfolio managers. However, the breadth of knowledge acquired upon completion of the Program opens up a vast range of career opportunities including financial adviser, consultant, corporate finance analyst, risk manager and chief-level executive.
The Chartered Accountant Program is overseen by Chartered Accountants ANZ and is a five-module course encompassing taxation, audit and assurance, financial reporting, management accounting capped with three years of mentored practical experience.
First, enrol. This requires satisfaction of the following eligibility requirements: A Chartered Accountants ANZ accredited degree which covers the prerequisite subjects or a nonaccredited degree which has been assessed to be equivalent to at least an AU or NZ Bachelor degree. If you have not completed the prerequisite subjects, the CA Foundations program provides bridging courses Second, you must pass all four technical learning modules and the fifth capstone module. Modules can be carried out online and there are three studying terms per year. The third and last requirement is three years of accounting employment with an Approved/Recognised Employer, where you worked at least 17.5 hrs per week for 3 months or longer and under the guidance of a recognised mentor.
Deep technical skill set: The rigorous academic training, coupled with extensive practical experience, means that upon completion of the CA Program, you will be equipped with a skillset that will be highly valued and demanded by employers. Global Mobility: The Chartered Accountant Organisation is a Global Accounting Alliance-recognised professional body and so you can be assured that a CA designation will be highly regarded in whatever location your career takes you. Expansive Network: As a Chartered Accountant, you join a 117,000-strong association through which you can stay aware of new industry insights and develop relationships with industry leaders.
The Careers and Employability Office (CEO) is the University of Sydney’s Business School’s tailored careers service for those students seeking advice on careers paths, job applications and general employability. The Careers and Student Experience Lounge is located in the basement of the Abercrombie Business School Building and is open to all business students. The CEO has both student careers leaders who can offer you advice on your resume and the job application process, as well as experienced career consultants who can help you plan your career and make the best of your university experience.
The Lounge is open every teaching weekday from 1pm to 4pm for you to drop in for a chat, and gain access to free career resources including graduate guides and employer information. If you’re after more guidance and advice, you can also book a private appointment with one of CEO’s career consultants. Booking a private appointment may be particularly useful if you are struggling with something specific, like discovering which area you’d like to work in or learning more about different career prospects. Furthermore, students are also able to undertake online resume reviews (after week 5) and interviews (throughout semester) where they can receive feedback from the Careers team. In addition to the lounge, the CEO provides a series of workshops and activities on employability skills, mock interviews and mock assessment centres, as well as employer networking events, giving you the opportunity to meet with key corporates. Make sure to keep an eye out on your university email for the CEO Newsletter and event updates to ensure you don’t miss any of these events! For first years, look out for events specific to first years and pre-penultimate years in the events calendar, which often outline how to ensure you are prepared for internship and graduate applications in the future. This year, the CEO will also be introducing a new series of Pop-Up Sessions down in the Lounge to help you practise and build your skills for your future career. If any finance specific events are run, it would be beneficial to go and network with the industry!
Read more about the CEO's services on Canvas, where you can: Book an appointment with a Careers Consultant Get job application tips, including resume and cover letter templates Browse job opportunities Kick start your career today with the CEO!
UNIVERSITY OF SYDNEY CAREERS & EMPLOYABILITY OFFICE
SECTION 3: OUR SPONSORS
N.B. These sponsors are not representative of all of UNIT's sponsors, only those in this guide.
Aberdeen Standard Investments Offices
Asset Management Firm
L10, 255 George Street Sydney NSW 2000 Australia
Departments We will accept interns into the following teams during 2020: Investments – Fixed Income, Equities Distribution – Business Development, Product Application Process The internship application is made up of four easy to follow stages. CV & online application - If you’re serious about a role with us, it’s worth taking the time at this stage to get your CV and application right.
At Standard Life Aberdeen (the parent company of Aberdeen Standard Investments), our purpose is to invest for a better future. We do it to make a difference – to the lives of our clients and customers, our employees and our shareholders. Headquartered in Scotland and listed in the UK, Standard Life Aberdeen employs over 6,000 people in 52 locations worldwide. Our aim is to build a world-class investment company, and create long-term meaningful relationships with all our stakeholders. We develop innovative products and services to meet the evolving needs of investors and savers. All of this is supported by our talented people across the globe. Our company is a combination of three component parts: Global Asset Management (Aberdeen Standard Investments) Savings in the UK Strategic Investments As well as delivering for clients and customers, we continuously strive to have a long-term positive impact on everything we do which means creating an inclusive culture for our people and contributing to wider society. We operate ethically, encouraging good practices among the companies we invest in and support our local communities. The values of Standard Life Aberdeen represent what we stand for, and guide how the business operates.
Why Choose Aberdeen Standard Investments?
Online tests - When doing the tests, it is always best to choose a quiet location where you won’t be disturbed.
Invest in your career with us if you want to be part of an exciting global journey to become a worldclass investment company and are motivated by where we are going.
Telephone interview - This is your chance to have a conversation with us and to reaffirm your motivation for applying and interest in the stream you have applied to.
The Australian office offers a small, team-focused and friendly environment. We foster a collaborative culture focused on creating connections, stretching ourselves and delivering what matters. These attributes offer Aberdeen Standard Investments interns and graduates a unique opportunity to work with and learn from key thought leaders in their fields and be immersed in and contribute to the teams daily work.
In-Person interview (and possible case study) - This is the final stage in the process, where we get to meet you face to face and you have the chance to really make an impression. Please refer to our website for updated information at www.standardlifeaberdeen.com
Our people are our most important asset. We are social and encourage our people to be involved in regular events including ‘lunch and learns’, the social, charity and diversity committees and innovation initiatives. Other benefits include casual dress, regular social gatherings, and healthy lifestyle options such as fresh fruit in the kitchen and a weekly group personal training session.
Skills Required Are you an undergraduate or graduate in your penultimate or final year of study? Are you curious, bright, articulate and hard working? We are looking for motivated candidates like you, who:
Have strong communication skills: Can clearly and effectively communicate both written and verbally. Work effectively in teams: Encourages team work, collaboration and breaking down boundaries when working with others. Demonstrate trust & integrity: Demonstrates the organisations’ values to deliver work with integrity and to high ethical standards.
Plan and prioritise: Organises and prioritises to efficiently accomplish tasks and meet objectives based on relative value, importance, and urgency. Have strong attention to detail: Demonstrates attention to detail, accuracy and organisation in work. We value diversity in the workforce and welcome enquiries from everyone.
Career Progression You will gain valuable skills, insights and experience through participating in a structured development programme in a highly supportive team environment. This will assist to expand your network and gain a broader understanding of the business which we believe is paramount for a successful career in business.
Intern Program Summary At Standard Life Aberdeen, we look to develop our colleagues from the beginning of their career. During the internship program you will build knowledge within your assigned department as well as having the opportunity to build a network with other interns and the wider office. In addition to on the job learning, interns have access to a wide range of e-learning courses, complete a learning program designed to educate new staff on the operations of the business, networking, and gain exposure to senior stakeholders across the business. On completion of the internship, outstanding interns will be considered for the 2-year graduate program within the business stream of their initial placement. This program gives graduates the chance to start their career in a highly supportive team environment - gaining skills and experience through daily work, and support to complete further qualifications (e.g. CFA).
Bain & Company Offices Sydney: Level 45, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW 2000 Melbourne: Level 37, 120 Collins St, Melbourne VIC 3000 Perth: Level 40, Exchange Tower, 2 The Esplanade, Perth, WA 6000 Key Application Dates Associate Consultant (graduate) roles: 09:00 AEDT, Friday 28 February 2020 True North Scholarship for Women: early July 2020
Management Consulting Firm About Us Bain & Company is one of the world's leading global business consulting firms, serving clients across six continents on issues of strategy, operations, technology, organisation and mergers and acquisitions. We've worked with the majority of the Global 500, thousands of major regional and local organisations, hundreds of nonprofits, and private equity funds representing 75% of global equity capital. We are proud of our clients' track record, like the fact that our public clients have historically outperformed the stock market 4 to 1.
Work Perks As an AC, you’ll personally be a part of driving world-changing impact – developing creative solutions to real-world problems and working closely with senior leaders to achieve change across their organisations.
Application Process Include the following information with your online application before 09:00 AEDT on Friday 28 February:
The training and support you’ll receive will be second to none, and you'll embark on a global career path that will help you to maximise your potential with skills that are applicable to all career trajectories in any industry.
Cover letter (1 page), addressed to Ms Madeline Massara (Senior Coordinator, Recruiting) CV (1-2 pages), including your ATAR and current GPA / WAM All current and previous tertiary academic ranscripts Please select your current university even if you are on exchange at the time of applying
We’re looking for Bachelors, Masters (non-MBA) and PhD students who want to work with the brightest, most curious minds and we’ll review your academic achievements, professional experience (in your field) and extracurricular activities for evidence of the following:
Please submit all documents in PDF format (not Microsoft Word) and ensure that your documents are not password protected, especially academic transcripts.
Management consulting is all about helping clients overcome their most complex business challenges. We look for candidates with the ability to analyse a situation and formulate an effective solution.
First round interviews will take place on the week commencing 9th March 2020 Sydney, Melbourne, Perth and Auckland.
Do you have proven leadership experience? Whether through work, university or extracurricular activities, being a leader frames your application in a favourable light.
Final round interviews will take place on the week commencing 23rd March 2020 in Sydney, Melbourne and Perth.
We look for candidates who show an enthusiasm for solving problems and delivering meaningful results. Strong applicants are focused on succeeding both as individuals and as part of a team.
Career Progression Associate Consultants (ACs) are at the heart of Bain’s core strength – providing clients with powerful facts and analyses that outline solutions and drive change. ACs are generalists who work as members of case teams in roles that vary according to the team’s objective. Bain helps each AC build the fundamentals of a business career – cracking tough business problems, communicating solutions with clients and teams, and collaborating with senior Consultants, Managers and Partners. The AC role at Bain attracts a diverse group of highly-qualified people and provides the opportunity to gain unparalleled business exposure in a challenging environment where learning is the primary reward. Bain invests heavily in the training and professional development of each AC. In addition to on-the-job training, ACs attend formal training programs including an extensive two-week onboarding program, followed by a ten-day program at a global location, along with new ACs from other Bain offices around the world and continued through bimonthly local sessions for the entire Bain Australia AC class.
CFA Institute CFA Exam Centres: CFA program exams are offered in over 170 cities inÂ June and over 70 cities in December. Register here: www.cfainstitute.org
Global Association of Investment Professionals About Us CFA Institute is a global association of investment professionals that sets the standard for excellence in the industry. CFA Society Sydney is a member society of CFA Institute. CFAS is a member-focused organisation, run by a group of dedicated volunteers elected by the members. The society is an association of local investment professionals across different industries.
What We Do CFA Society Sydney is ultimately the conduit between local investment industry and CFA Institute. We manage the relationships between different stakeholders such as universities and regulatory bodies. We promote continuing education by organising educational seminar. We are in charge of prep course that assist candidates in study for the CFA exam. Last but not least, we endeavour to strengthen relationship within the investment management community by holding social events.
Research Challenge The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Each Research Challenge season leverages the efforts of over 140 CFA member societies, 3,500 member volunteers, and more than 5,000 students from over 1,000 universities. Local competitions (organised by societies) lead up to regional finals; regional champions then convene for the global final.
CFA Scholarships ProgramÂ scholarships contribute to our mission of promoting the highest standards of ethics, education, and professional excellence. The CFA Program Access Scholarship is a needs-based opportunity for those unable to afford the full price of the enrollment and registration fees. The online application is available from 1 March - 15 September, for exams offered the following calendar year.
On-Campus Seminars CFA Society Sydney works in conjunction with various student societies (e.g. UNIT) to provide a glance to the investment management industry.
CFA Sydney Careers Day The CFA Society Sydney Careers Day is an annual event which provides an unique opportunity for students to hear from professionals in the finance and investment industry to learn how to break into this competitive field, understand key functions in this eco-system and know what prospective employers are looking for.
Commonwealth Bank Offices Tower 1, 201 Sussex St, Sydney NSW 2000 Departments Institutional Banking & Markets Enterprise Services (Tech) Retail Banking Services Business & Private Banking Key Application Dates Graduate Opportunities Applications open: 24/02/2020 Applications close: 16/03/2020 Internship Opportunities Applications open: Mid-year Exact dates TBA Application Process All applications to be submitted via our careers site: https://www.commbank.com. au/graduate Our process will include a short series of online assessments, digital interview and attending an assessment centre in our Sydney office.
Financial Institution About Us We are Australia’s leading provider of integrated financial services and one of the most recognised brands in the Australian financial industry. Being a large and diverse organisation, we have a vast range of pathways for you to choose from, no matter what your degree discipline!
Work Perks Participate in market-leading training to develop your technical and soft skills. This will help with the transition to full-time work from university and ensure you excel in your immediate and future roles. You will enjoy being part of a flexible, inclusive and collaborative environment with lots of support and social opportunities too.
Skills Required CommBank is looking for Graduates and Summer Interns from a wide range of disciplines who are passionate about developing their skills, taking hold of opportunities and meeting the needs of our customers. We are looking for people that can embrace our values and vision.
Career Progression Our Graduate program is a challenging and rewarding way to kick-start a long-term career with us. You’ll start with us in February, but the length of your Program varies based on which business area you choose. You have lots of flexibility in your rotations to drive your own career pathway and we’ll offer the support to help you get there. Internship Program Our 10-week full time program gives you an intensive hands-on experience in a business area of interest to you. You will be an integral member of the team with the opportunity to be involved in a wide range of projects and deliverables. This will give you a taste of what it’s like to work with Australia’s largest bank. You’ll be supported with training to help you decide if CommBank is the right fit for you. Graduate Program You’ll begin your CommBank career with a orientation conference in Sydney, then spend time settling into your business area and meeting the business leaders and sponsors who’ll support you throughout your program. Throughout your program we provide loads of support to help you to maximize your experience and provide you with tailored development sessions.
How to Best Prepare for the Role Do your research to really understand the type of opportunities on offer across our different business areas and apply for the one that excites you most! We provide the required training and support, so we don’t expect you to undertake any specific pre-work, but we encourage you to stay up to date with what’s happening in the industry and business.
Citi Offices Citigroup Centre, 2 Park Street, Sydney NSW 2000 120 Collins Street, Melbourne, VIC 3000 Departments Investment Banking (Sydney & Melbourne) Markets & Securities Services Corporate Banking Global Consumer Banking Treasury & Trade Solutions Capital Markets Origination Key Application Dates Graduate Program Graduate Application Deadline (Sydney and Melbourne): 31st March 12:00pm Summer Internship Program Internship Application Deadline: Melbourne: 14th July 12:00pm Sydney: 28th July 12:00pm Virtual Online Internships (InsideSherpa) Are you interested in exploring a career within a global bank? Do you want to solve challenging financial problems within a top tier team? Citi is committed to giving you every opportunity to learn and develop. As a part of that we have designed this Virtual Internship to help you build the skills and confidence to pursue a career with us! This program will give you a taste for some of the challenging problems that Citi tackle each day in our institutional and consumer business lines. Global Consumer Banking https://www.insidesherpa.com/ virtualinternships/prototype/Jcwtkvh NLfY57fPFA/Citi-GlobalConsumer-Banking-VirtualProgram Investment Banking & Markets https://www.insidesherpa.com/ virtualinternships/prototype/icdo6cFX mnQtb8WLK/Virtual-BankingProgram
Financial Services About Us Citi is more than a global financial services company. It’s an engine for enabling economic growth and progress. Joining Citi means you’ll have the chance to get involved in all its shapes and forms, right across the world. From the micro to the macro, from Australia to New York, our influence continues to grow, with over 200,000 employees doing business in over 160 countries. Our employees work across every time zone and frontier of an ever-changing, and ever-challenging, global financial landscape with the goal of helping our clients meet the world’s toughest challenges and embrace its greatest opportunities.
Work Perks Junior talent is the future of our business. We believe that training and development is pivotal to your career development. As a Citi employee, you will have access to some of the world’s leading training programmes that are offered within the financial services industry. As a Citi Intern, you will receive a full week of class-room training to provide you with the tools and resources to kick-start your internship. As a Citi Graduate, you will be offered the opportunity to take your training global. Within your first year, Markets Graduates will go to London for training in July, Investment Banking and Capital Market Origination will go to NYC in June and Trades and Treasury Solutions will visit London in September.
Skills Required We don’t just look at backgrounds in Accounting, Finance and Economics, we look for individuals from a wide variety of educational backgrounds who demonstrate passion towards working for Citi and have an ambitious nature to want to succeed in the banking and finance industry. We value all kinds of past work experience, regardless of relevance, whether you are an Arts student with retail experience or an Accounting student with hospitality experience. Diverse backgrounds are highly valuable to us and we want you to showcase that!
Eligibility To be eligible for a summer internship or graduate analyst position at Citi, you will need to be a permanent resident or citizen of Australia or New Zealand.
Career Progression Summer Internships Program: One of the primary ways in which we identify the very best talent is through our 11 week internships. These are paid programs aimed at penultimate-year students (although we still encourage you to apply if you’re in a different year). Our Summer program extends across 6 different lines of business and includes: 11-week intensive program over the summer Experience different teams through rotations or placements pending on your business line Extensive training and mentorship from current Analysts, Associates and Senior Managers Direct senior management exposure - you will work on real, tangible work that is meaningful to the Citi business Formal and Informal Networking Opportunities including: Community Day, Lunch & Learns and various social events throughout the business Christmas period End of program project presentations In addition, our Summer Internships are not just an 11 week program. At the end of the internship, we offer the best and brightest a full-time Analyst role, starting after graduation. Graduate Analyst Program: Our Analysts are bright, accomplished and highly motivated people with outstanding communication skills and a true passion for business. If you are in your last year of undergraduate or Master’s degree study, consider our Full-Time Analyst Program. This two-year rotational program combines in-depth local and global training, mentorship opportunities and interaction with clients and senior management, to help launch you on your career path as an Analyst.
Deutsche Bank Offices 126 Phillip St, Sydney NSW 2000, Australia 23/333 Collins St, Melbourne VIC 3000, Australia Departments Investment Bank Key Application Dates Melbourne summer intern closing date: 14 July 2020 Sydney summer intern closing date: 28 July 2020
Financial Services About Us At Deutsche Bank, we’re changing what it means to be a bank. It’s about making a positive difference and cultivating new perspectives. That’s why with us, your ideas have impact. We’re always looking for creative thinkers who are ready to make a difference from day one. If you want the opportunity to shape your own career as well as the future of the financial industry, then we will give you the platform and foundation to do so. No matter which part of our business you join, our structured training programmes will support your continuous development and give you the chance to work on live, global projects alongside colleagues and senior leaders across the globe. If you have the drive to succeed in the fast-paced financial services industry, Deutsche Bank is an exciting, supportive place for you to begin your career.
Application Process Apply now at db.com/careers.
Deutsche Bank invested a total of €69 million in training for its employees in 2018. Staff accesses 170,000 learning items on Connect2Learn. Learning is available across several behavioural and management topics and comprises over 90 learning paths and 40 topic areas.
Skills Required We recruit people from a broad range of backgrounds for a wide variety of roles. You won’t necessarily need a financial or mathematical background to work here – although obviously there are some roles where you’ll need to have strong numerical skills. We’re looking for people of outstanding academic achievement, but we take a range of factors into consideration, not only a GPA or equivalent. More importantly than pure academic grades, we’re looking for people with the brightest minds, a genuine passion for working in global banking, and a real interest in Deutsche Bank as a place to develop their career. You should not only be passionate about the world of finance, but also show a keen interest in your chosen field. You already have a record of outstanding academic achievement and you’re eager to go on learning at the same intensive rate.
At Deutsche Bank, we’re changing what it means to be a bank. It’s about making a positive difference and cultivating new perspectives. That’s why with us, your ideas have impact. We’re always looking for creative thinkers who are ready to make a difference from day one. An internship at Deutsche Bank is your stepping stone to success and your first look into what life is like on our Graduate Programme. You’ll become part of a collaborative and inclusive workplace as you build on your technical and interpersonal skills, take on real responsibilities, hear from senior leadership through our speaker series, work on live projects, grow your network and learn first-hand how we deliver for our clients. If you want the opportunity to shape your own career as well as the future of the financial industry, then we will give you the platform and foundation to do so. Expand on your knowledge and learn everything you need to build a career you can be excited about.
Flow Traders Hong Kong Quantitative Trader: Xun Chun Tee Duties, Functions & Responsibilities As a Quantitative Trader, my role focuses on the end-to-end trading process, which starts with research and extends all the way to trade execution. Every strategy starts with a hypothesis that is generated based on sources such as experience, market microstructure or market anomalies, to name a few. A Trader needs to review terabytes of historical data retrieved from our in-house database that currently houses decadesâ&#x20AC;&#x2122; worth of information. We then conduct quantitative analysis using statistics, machine learning and various other techniques to verify the hypothesis. One check is never enough! To further test the hypothesis, we need to conduct a simulation and ensure that there are no false positive signals. Once the hypothesis is substantiated, we put the strategy into production to further optimize on latency with efficient algorithms that we code ourselves. Constant monitoring of our strategies and their performance in the market is a key responsibility of a Trader. This feedback is used to further refine the strategy while also developing new hypotheses. Less than 10% of hypotheses are moved into production and hence creativity and constant idea generation is what sets a successful trader apart from a good trader.
Work Culture & Environment At Flow, we foster a unique â&#x20AC;?one teamâ&#x20AC;? culture that has provided us with a competitive advantage. Knowledge sharing and constant encouragement of idea generation is at the heart of our trading floor. All traders work in teams and this helps us to develop ideas and strategies that eventually generate profits! It also helps facilitate positive conversations between traders that encourage us to look at ideas from different perspectives. The speed at which we work is definitely fast paced and ideas can be put into production within hours!
Early Career/Studies I graduated from Australian National University with a Bachelors in Actuarial Science. I was instantly attracted to trading due to its result-oriented environment where I could see my actions directly become results. A non-hierarchal and competitive environment is what attracted me most to Flow as I constantly wanted to better my skills and stay ahead of the competition. Basic concepts learnt in Mathematics, Statistics, Probability and Coding definitely helped me develop further within this role. Furthermore, the in-house training program at Flow is uniquely designed to bring out your strongest qualities and help you succeed as a Trader.
Advice for Prospective Traders The key is to understand Flow Traders core business and the role of a Graduate Trader within such a firm. Motivation and passion is essential for any trader and we like to see this through the recruitment process in various areas such as the field of study you undertook, what extracurricular activities you took on and even self-initiated projects that you may have taken on in your own time. Practice is key for the math test and finding different sources or even making your own math test to randomly spit out numbers will help prepare you for this test. Everyone can ace it if they practice! Take time to really understand the difference between working in a bank versus a proprietary trading firm, ask yourself what you would like to get out of a long-term career and see if Flow can provide you with the right platform to achieve your goals.
Most Interesting/Challenging Aspect As previously mentioned, less than 10% of hypotheses actually go into production and hence creativity and constant idea generation are key requirements in my day-to-day job. This constantly keeps me on my toes and encourages me to improve every day. Constant failure can be demotivating, but in this case I see failure as an opportunity to learn!
Future IM/Pact Website: www.future-impact.com.au Partners: QIC Macquarie Securities Challenger Limited Magellan Asset Management Cbus Super Yarra Capital Management Pendal AustralianSuper WaveStone Capital Nikko Asset Management Mercer Fidelity HESTA MLC Asset Management Vinva Investment Management Cooper Investors Schroders Perpetual
Investment Management Industry Initiative About Us Future IM/Pact is an industry initiative aimed at attracting more diverse talent into investment teams of Australia’s leading super funds and fund managers. With 17 industry partners, Future IM/Pact allows students to explore a career in investment management and join the next generation of problem solvers making an impact on the most important areas of society.
About Investment Management Investment management is the process of allocating capital (ie money) into different assets that deliver a financial return for end-investors while funding the activity that fuels our economic prosperity. In Australia, the majority of end-investors are ordinary working Australians whose superannuation contributions are pooled and then invested into assets such as shares, property, bonds, infrastructure (like roads or renewable energy power stations), cash or directly into businesses. The majority of investing is done by: Super funds (industry and retail) Fund managers (boutique, local, global) Endowments, not-for-profits and family offices
Opportunities With a large number of industry partners on board, Future IM/Pact offers students a range of events, competitions and opportunities throughout the year to introduce students to a career in investment management and allow students to interact directly with investors and analysts from our partner organisations. Roundtables Our roundtables are female and invite-only events hosted by a Future IM/Pact partner that provide student-led discussion with professionals, followed by general roundtable discussion and networking opportunities. Virtual intern program Launching in February 2020, our virtual intern program, hosted by InsideSherpa provides students with the opportunity to learn more about the key industry players in investment management, as well as information around the kinds of roles available and modules on a day in the life of an investment analyst and how to construct and investment thesis. The program will provide students with an excellent entry-point for the industry, with those who complete the program provided with opportunities to apply for graduate or intern positions with some of Australia’s top investment and fund managers.
Investment Management Case Competition The Future IM/Pact investment competition is a student challenge where gender-balanced teams of four compete to solve one of a range of investment problems that showcase the breadth of the investment industry and its impact on society. Developed by Future IM/Pact in partnership with UNIT, the competition aims to inspire diverse talent pools to consider a career in investment management by showcasing the breadth of the industry and its impact on the economy, business and society. Internships and Graduate Opportunities Subscribers to Future IM/Pact are first in line to receive information on opportunities available with our partners. Graduate and internship opportunities are promoted via our newsletter to Future IM/Pact subscribers, providing subscribers with a central place to discover information about highly converted positions in our partner firms.
Testimonials “Although I originally thought investment management wouldn’t be for me because I don’t major in finance, I am now excited about this industry and its opportunities.” Emma Tibballs, Monash University “Future IM/Pact has impacted me profoundly… I have discovered a strength and a passion I never knew I had. I am seriously considering a career in investment management and feel ecstatic about working to see what investment management holds for me!” Louisa Lin, Monash University “The Future IM/Pact roundtable was an excellent way to hear from investors and analysts from all sorts of career paths. We were all inspired by the successes of the panel and the discussion was relevant and informative, from topics on investment management versus investment banking, work-life balance and gender inequality in finance!” Sophia Croker, Sydney University
AU/NZ Offices Locations Sydney Melbourne Brisbane Perth Auckland Departments Banking and Financial Services Commodities and Global Markets Corporate Operations Group Financial Management Group Macquarie Asset Management Macquarie Capital Risk Management Group Technology Key Application Dates: Winter Development Program Opens: February Close: March Summer Internship Program Opens: May Close: July Graduate Program Opens: February Close: March Application Process Application opening and closing dates are listed on our websites at www.macquarie.com/graduat es. Apply by submitting your resume, cover letter and academic transcripts during these dates.
Asset management and finance, banking, advisory, risk and capital solutions About Us Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. As a graduate or intern at Macquarie, you’ll be part of a talented global team. Instinctively entrepreneurial. Ambitious in nature. Determined to succeed. Our programs can help you reach your potential and together we can create success for our clients, colleagues and communities. You’ll build your own future as you contribute to ours. We’re looking for students who bring something different; who can push boundaries, challenge processes and examine a problem from all angles.
Work Perks Macquarie opens up a wealth of opportunities and offers a wide range of benefits to employees ranging from a vast health and wellness package, retail benefits and offers and financial and insurance advice. With offices in 27 countries, Macquarie’s global footprint means there are also opportunities for staff to support our businesses around the world. Our employees have access to Macquarie Plus, our holistic wellbeing program, designed to empower you to become your best possible self – both at work and at home. Macquarie Plus provides access to a range of benefits and initiatives designed to support you in optimising your physical, psychological and financial wellbeing, and encourage you to make the most of the rich culture and sense of community you’ll find here at Macquarie.
The Macquarie Group Foundation The Macquarie Group Foundation is the philanthropic arm of Macquarie Group. It helps to strengthen the communities Macquarie staff live and work in by facilitating thousands of hours of staff volunteering and pro bono programs each year with community organisations around the world.
Graduate Program Join the Macquarie graduate program and become an integral member of the team from day one. Your career development starts with a tailored orientation and business group specific workshops. You will then embark on a structured 12 to 24 month program with on-the-job training, access to a comprehensive range of external and internal courses and the opportunity to build your business network. You’ll sit side-by-side with business leaders and have the opportunity to work on projects from day one.
Internship Program We offer summer internships to students in their penultimate year of study. The program runs for 10 to 12 weeks from November. A summer internship offers you invaluable hands-on experience and can set you up for a successful career once you complete your studies. Working alongside leading industry professionals, you will receive a structured induction, on-the-job training and networking opportunities. We also offer a three-week winter development program in Macquarie Capital for science, technology, engineering and maths students in their penultimate year of study.
Skills Required The Macquarie Group Foundation have donated more than $A360 million to over 1,600 organisations globally since 1985.
At Macquarie, we value the diversity of thought from people with different backgrounds. We’re always looking for people who share our drive for innovation, ideas and excellence, no matter what their university degree is.
Morgan Stanley Australia Campus Hiring Locations Summer analysts: Sydney Melbourne Winter analysts: Singapore Hong Kong Morgan Stanley is also present in 10+ locations across Asia Pacific and 40+ locations across the globe. Please refer to www.morganstanley.com/campus for our latest vacancies and openings. Key Application Dates Applications for our internship program open on February 24, 2020. Visit our website for program deadlines. Application Process Attend an on-campus event and meet with us. Check with your school career center for more information about these events. Check our website for more information about each of our programs. Remember to think about what you learned at the event and also where your skills and interest are. Apply online on our website. At the application stage you will be requested to submit your cover letter and CV. For some divisions, candidates may also be required to complete online assessments. Interview with us. If your application is successful, you will be invited to an interview at one of our offices.
Investment Bank About Us Morgan Stanley is a global financial services firm and a market leader in investment banking, securities, investment management and wealth management services. With offices in more than 41 countries, Morgan Stanley is dedicated to providing our clients the finest thinking, products and services to help them achieve even the most challenging goals.
What's in it for you? Ongoing intellectual challenge Opportunities to grow and develop Experience diversity of people and cultures Working with extremely talented individuals and teams “Best-in-class” clients and high profile transactions Dynamic and stimulating environment Meritocracy and team-oriented culture
What are we looking for? We’re looking for motivated individuals with intellectual curiosity, maturity and a genuine interest in the financial services industry. If you have excellent communication and interpersonal skills, enjoy problem solving and tackling new challenges in a collaborative environment, we want to hear from you.
Summer/Winter Analyst Program Our Summer Analysts and Full-time Analysts will receive training throughout the program period, including structured learning sessions run by senior executives. The Programs offer many opportunities to integrate with peers and senior staff through a series of networking, social, charity and mentoring events. Our upcoming graduate programs will commence in February 2021 while the duration of our internship programs is from November 2020 to February 2021.
How to best prepare for the role You should research the Firm and the industry, listen to and read our quarterly earnings releases, and attend our on campus activities to meet our team. Ask questions, be honest, and think about your strengths and weaknesses for the role. Most importantly, be yourself! The career-related pages of our website can provide you with useful hints and tips on our assessment process.
People & Culture Women in Banking Scholarship We believe that capital can create positive change in the world and we want everyone at Morgan Stanley to be part of that. We offer a comprehensive training and development program to help you realize your full potential. Our greatest asset is our people—we take pride in investing in them. Find out more at https://www.morganstanley.com/peopleopportunities/students-graduates/culture
Follow Us Instagram: @morgan.stanley LinkedIn: www.linkedin.com/company/morganstanley Youtube: www.youtube.com/user/mgnstnly Twitter: @MorganStanley
At Morgan Stanley we recognise the importance of a truly diverse workforce. The Women in Banking Scholarship Program aims to encourage, promote and support female students who are interested in pursuing a career in the banking industry. The scholarship will include a 2020/2021 Summer Internship position at Morgan Stanley and a monetary award of AUD 5,000. Applicants must be in their penultimate year of study (earning their degree by the end of 2021) and must have the right to remain in Australia to work and study. Discover our diversity programs at www.morganstanley.com/campus.
Nomura Office locations Local: Sydney, Australia Global: Hong Kong & Singapore Departments Global Markets Investment Banking Key Application Dates Graduate Applications close 12pm 31st March 2020 Internship Applications 12pm 28th July 2020 Application Process You will need to register online, visit our Students & Graduates website www.nomura.com/asia/careers hit apply now to search open roles. Once registered you will need to upload your CV and answer some questions. We encourage you to apply sooner rather than later. Applications are viewed on a rolling basis, so don’t wait until the deadline. Note we will only accept one application per candidate, so chose your division wisely.
Investment Bank About Us Nomura is an Asia-headquartered financial services group with an integrated global network spanning over 30 countries. By ‘Connecting Markets East & West’, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking) and Merchant Banking.
Work Perks Working for our Australia office gives you the best of both worlds – global business exposure with the opportunity to work on both domestic and cross border transactions. Our flat organisational structure gives you high personal visibility and exposure to senior management. You get to work with highly experienced and supportive teams. You are given hands on experience from the get go and have the platform to assume significant responsibility early in one’s career. You have the opportunity to make a difference and drive change.
Skills Required Throughout the recruitment process, we are looking for you to communicate examples of what you have done in academia, work or volunteering opportunities. You will need to: Demonstrate strong communication skills, a positive attitude and self confidence Show hunger to succeed and work towards achieving goals Show a highly analytical approach, quantitative ability and commercial intuition Focus on delivering high quality work in an efficient way Demonstrate that you can work effectively with individuals and teams, contributing actively and recognising when you can learn from others
Career Progression Successfully completing a Summer Internship will see you return as a full time Graduate Analyst. At Nomura we take your career seriously and we are committed to helping you develop your personal and professional skills. Past graduates have moved into senior positions (Vice President and beyond) as well as global opportunities working in our New York, Hong Kong, Japan and London offices. You truly can establish a long term career with Nomura. Internship Programs We aim to provide you with the same level of exposure as full-time Analysts. You are expected to form effective working relationships and demonstrate your commitment to Nomura’s goals and values. We also ensure you gain exposure with Nomura professionals at all levels through training, seminars and informal networking events. Our Internship Programs are a key talent pipeline for our full-time graduate hires, and you will have the opportunity to be considered for our Graduate Programs. Graduate Programs We are looking for impressive graduates who we can support and develop within our fast moving market environment and are ready to take on responsibility and take control of their future. Our training program is designed to provide you with the technical proficiency and professional skills to help you thrive and build a successful career. Whether your interests lie in Investment Banking or Global Markets, our world-class graduate programs will give you all the challenges, opportunities and support for you to succeed.
How to Best Prepare for the Role First impressions are everything. Ensure you meet with representatives prior to applying so you get to know the team and what we look for. During the application and interview process, make sure your motivations for joining Nomura and your passion for the investment banking industry shines through. Take this opportunity to show us your entrepreneurial spirit and your appetite for personal and professional development.
SIG Trading Office locations Barangaroo, Sydney
Trading Firm About Us
Departments Trading Technology Buy-side Research Quant Research (PhD only) Key Application Dates Jobs open for application from 1st Feb 2020 and close mid–April. We recruit on a rolling basis and if we fill our roles before then we will close early so we recommend you get your applications in sooner rather than later. Application Process Visit sig.com/campus to find out more and visit our career pages. To apply submit your resume. Trading and buy-side research roles have an online test,
SIG brings together the brightest minds, the best technology, and an expansive library of data to make positive expectancy trades. With our strong capital position, proprietary education programs, and “built-in-house” technology, we are world leaders in global financial trading.
Work Perks We pride ourselves on a good-work life balance, competitive pay, breakfast and lunch (provided daily), onsite gym & the best office view in Sydney (seriously, you can see 360 degrees of Sydney and the harbour). The most important assets of SIG are the people who work here – you’ll find smart people and a collaborative working environment. We play a lot of games and teach you poker to become better decision makers. Most of our graduates and interns will have the opportunity to complete part of their program and education in one of our US, European or APAC offices.
Skills Required We like problem solvers & multitaskers! Good traders need to be numerically talented – we use maths to solve problems and predict how the stock market will behave. Our best technologists collaborate and solve problems as a team, whilst keeping up to date with the latest tech.
Career Progression Internship Programs Summer Trading Internships offer a unique opportunity to get a taste of our graduate program, which includes 4 weeks at our HQ in Philadelphia, all expenses paid! Like the grads, interns have classes and shadow a team on one of our trading desks. Graduate Programs When you join SIG as a grad, we don’t teach you what to think, we teach you how to think. With our proven best-in-class education program, you’ll get a framework for problem solving in complex environments, hands-on training in game theory and decision science. You’ll play poker and other strategy games to practice making optimal decisions under conditions of uncertainty. Visit sig.com/campus to learn more!
Westpac Group Offices Most of our graduate and intern positions are located in Sydney, however select programs have graduate positions available interstate and we have opportunities in NSW, VIC, QLD, SA and WA. Departments Institutional Bank (Global Transaction Services, Financial Markets & Treasury, Corporate & Institutional Banking). Other departments include Technology, Financial Services, Risk, Transformation and Digital services. Key Application Dates Applications for the 2021 Graduate Program will open in March 2020. Applications for the 2020 Summer Internship Program will open mid-2020. Application Process: There are four key steps to the application journey: Your Application – this is completed online and will take 10 minutes to submit. Online Assessments – after screening, you may be invited to complete a series of online assessments, comprised of a culture fit assessment and cognitive ability testing – to help us determine your alignment to our values and suitability for the role. Video Interview – a pre-recorded series of questions allowing us to learn a little more about you and your motivation for wanting to work at Westpac and in your chosen business area. Assessment Centre – this is a halfday assessment centre comprised of several different activities, and an opportunity to meet with our business representatives and current graduates.
About Us Westpac’s Institutional Bank brand of innovation is deeply rooted in solving customer problems, and being a genuine partner in change for them, helping them thrive today and redefine tomorrow. This means delivering market leading platforms, insights and solutions, and leveraging our insights in areas such as data and payments innovation. We pride ourselves on the strength and longevity of our client relationships and understand that our success is a direct result of our commitment to the service ideal. Whether you’re working as part of our Financial Markets team, or you relationship manage some of the largest companies in Australia, when you work with Westpac Institutional Bank you’ll be using your experience and unique skill set to help our customers. Our Financial Markets business is a leading provider of financial solutions across foreign exchange, interest rates, credit and commodities markets. Our Corporate & Institutional Banking portfolio focuses on understanding our institutional and government clients and their industry to provide our customers with solutions that meet their business needs.
Work Perks The Graduate Program offers you more than just an ordinary job. The program offers a unique and rewarding experience to accelerate your development, provide you with a platform to fulfill your goals and build your talent for the future. You could be helping make money available 24/7, embracing technology, helping customers and businesses prosper, trading, managing property and so much more. It's a fun, rewarding experience that will accelerate your personal and professional development, providing you a platform to fulfill your goals. We want to challenge you - you can expect to contribute from day one and make an impact to our business. You’ll be part of an inclusive workplace where everyone can bring their whole selves to work. In addition, you’ll experience opportunities to get involved in great community, volunteering and sustainability initiatives.
Graduate Program As a graduate in the Financial Markets and Treasury team, you will gain experience across a range of businesses including sales, trading, eCommerce, product & structuring and market strategy. You will gain hands-on experience across four rotations, where you are an integral part of a team to help deliver solutions for our customers. We also support your development with a structured programme that includes regular product knowledge sessions, specialist trading and risk management simulations, and assist you complete your industry accreditation.
Skills Required At Westpac Group, we embrace diversity of thought and we want thinkers and innovators from all fields of study. Students from all disciplines are welcome to apply, but you will need to have a strong interest in financial services with a solid analytical ability. Graduates with analytical, proactive and forwardthinking ideas will fit well within our program and team culture.
Internship Program Our paid Summer Internship Program is a great way to explore a career with Westpac Group and give you a taste of what it is like to work for us. It is designed to ensure that our interns get an insight into the diverse opportunities at Westpac Group – allowing you to make an informed career decision. The Financial Markets; Treasury Internship Program provides exposure to Trading, Sales, Research, Structuring and E-Commerce roles across the Financial Markets and Group Treasury divisions. You will receive on-the-job training, including regular lunch and learn sessions from our product specialists, while contributing to business unit projects and assisting the team in managing client transactions or risk positions.
Career Progression Our Financial Markets business is a leading provider of financial solutions across foreign exchange, interest rates, credit and commodities markets. While we live and breathe Australian and New Zealand markets, we do so within a global framework and, as a graduate, you will get exposure to our multinational teams based in London, New York and Asia. Post Graduate Program, former graduates are now performing roles in the business, including Quantitative Portfolio Managers, Financial Markets Strategists and Treasury Liquid Asset Portfolio Managers, to name a few.
How to Prepare for the Role Do your research! Make sure you find out more about our Programs before you fill in your application form, as you need to select which Graduate Program you wish to apply to, and which location is best suited for you. Our Graduate Website is a hub of useful information relating to the programs we offer and what to expect in the application process.
SECTION 4: STATE OF FINANCE
Innovation & Finance Of all the prospects that come with pioneering technology, artificial intelligence is without a doubt one of the most appealing. There is huge potential for financial institutions to cut costs and drive efficiency, with UBS’ strategists seeing a 3.4% revenue uplift coupled with cost savings of 3.9% over the next three years courtesy of incorporating artificial intelligence into operations.
Innovation & Finance We live in an era where change is at the forefront of almost every facet of our lives; whether it is the way we live, the way we interact or the way we work. Technology is at forefront of this change. It is allowing us to reimagine how we do things in manner that drives efficiency and optimum performance. Technology has been influencing the realm of finance for a considerable period of time. Long gone are the days where the brokerage houses and stock exchanges were full of telephone operators- placing a trade today is merely a matter of a click. But much more profound things are happening in finance where tools such as artificial intelligence, big data and algorithms are pushing boundaries and redefining how certain operations are conducted.
Big Data They say ‘knowledge is power’, we can modify this adage in the context of machines by saying that ‘data is power’. With increasing automation, more and more data is being produced than ever before. Every google search, every click on facebook is being recorded and stored away. Access to data enables analysis of it, and derivation of valuable insights. This has huge potential in finance. Institutions are increasingly looking to formulate algorithms that have the ability to filter through large amounts of data. We have seen this take off in the realm of algorithmic trading where algorithms are fed with live streams of data to make optimal trading decisions. Another reason why machine analysis is preferred is because it eliminates the human vulnerability of incorporating emotions into decision-making. Pure, objective decisions based entirely on facts, enabled by machines are much more desirable. An example of how big data is being leveraged in finance to attain a competitive edge is that of the ‘Ant Financial’, Ali Baba’s digital payments arm. It is estimated that Ant Financial has a client base of more than 500 million , which is almost 10 times the level of the world’s biggest banks. This enables Ant to make better credit decisions using ‘huge amounts’ of data.
Algorithms Algorithms are not, by any means, alien to finance. Today they are being utilized in almost every type of financial institution from brokerages to investment banks to power decision making and cut costs. Algorithmic trading has is credited for eliminating arbitrage opportunities in financial markets, thereby making them more efficient than ever before. The ability of algorithms to process and filter large amounts of data live make them an incredible tool to be used in forecasting financial markets. Algorithms are used in valuation, forecasting (predictive models), trading and other generic types of decision making in finance. Recently we have seen algorithms move into areas such as compliance, regulation and even fraud prevention. The applications are seemingly endless. These are just a handful of examples of how technology and finance are intermingling to power innovation - a brief glimpse into the next steps of finance.
Effects One of areas of finance most affected by artificial intelligence is investment advisory. We have seen the advent of amazing applications such as ‘Cleo’, which is an intelligent assistant that helps everyday users manage their finances and provides them with prudent investment advice according to their requirements. Similar applications include UBS’s ‘RoboAdvisor’, which is tailored towards a more sophisticated user base. Artificial intelligence is also taking its toll on money management, where self-learning machines are starting to take the front seat in investment decision-making. BI suggests that by 2020 around $1 trillion will be managed by ‘roboadvisors’ globally. JP Morgan’s latest LOXM platform is a pioneering example of this. Whether it is investment advice or money management, the trend, however, is clear. More and more institutions are starting to recognise the potential of artificial intelligence and have started pouring money into its development; UBS has spent in excess of $11 billion on artificial intelligence since 2010. Artificial intelligence certainly seems to be an exciting prospect in Fintech at this stage.
FINANCIAL TECHNOLOGY IN AUSTRALIA Australia has been home to a range of fintech companies, ranging from payments platforms such as Tyro and Afterpay, to local challenger banks such as Judo Bank and 86400 that compete directly with the long established “Big 4” banks. From a private capital raising perspective, challenger banks and payments companies have attracted the highest level of venture and growth equity capital out of all local fintech sectors. This is likely attributable to the unrivalled product market fit and competitive advantage of these companies in comparison to traditional consumer finance companies and platforms.
Payment Platforms and APIs The emergence of payment platforms have significantly benefited Australian consumers and businesses engaging in consumer retail. In particular, the transparency, convenience and security features had evolved rapidly across the B2B, B2C and C2C sub-segments through the innovation and development of advanced API platform integration technology, as well as the seismic shift in Australia’s position as an open data economy with the implementation of the Consumer Data Right (CDR) legislation that furthered the widespread effects of open banking.
On the international plane, countries are increasingly focused on incentivising the progression of fintech, in response to the everchanging financial services landscape due to technological disruption. As such, corporate entities are fiercely competing to remain at the forefront of this industries, deploying a multitude of growth strategies varying in scale, technology, products and geography. A prime example that comes to mind is the recent Visa US$5.3billion acquisition of Plaid, a leading provider of infrastructure APIs that focuses on account aggregation. The strategic acquisition, although with a hefty price tag (double of Plaid’s private valuation), empowers Visa with one of the most effective and widely used financial data sharing platform provider, creating an avenue to boost Plaid’s international expansion, while reinforcing Visa’s position in the payments ecosystem. Payments continue to remain as one of the largest fintech segments, functioning as a hive of new technologies for the global financial services industry. Homegrown powerhouses shall continue to thrive in both public and private markets, with the likes of Afterpay, Tyro and Airwallex leading the pack in fintech advancement.
Challenger Banks Challenger banks such as Judo Bank, Volt Bank, 86400 and Athena Home Loans have significantly accelerated growth in both personal and business lending. These companies are slicing an increasing portion of market share from well-established entities, including the â&#x20AC;&#x153;Big 4â&#x20AC;? Australian banks, partly due to the buoyant capital raising and M&A landscape in this segment. More importantly, the ability for challenger banks to provide highly competitive lending structure and the convenience of online processing will continue to fortify their positions within the banking market. Growth of this segment is propelled by significant levels of private and public capital. As it embarks on a steep growth trajectory, consumers and businesses will benefit from the increasing accessibility of funding, contributing to further spending and growth of the local Australian economy.
MiFID II What is MiFID II Taking effect on January 3rd, MFID II is a law which was designed to protect investors and restore the trust in the financial system that was lost during the GFC. Despite only currently affecting the EU, the global presence of many of the investment banks and fund managers makes it likely that these regulatory changes will have an impact on the local Australian market. What is MiFID II?
Impact on Equity Research The area which MiFID is expected to have the largest impact is equity research and to understand why it is useful to understand the traditional broking model. Previously, investment banks and brokers provided equity research to fund managers essentially free of charge with the expectation that by providing these investment ideas, brokers would be compensated by the commission on the execution of the fund managerâ&#x20AC;&#x2122;s trades Under this model, commissions flowed to banks that had the top analysts rather than those with the most competitive prices. Following MiFID II, investment banks will need to charge separately for research and brokerage services Now what does that mean to you as an aspiring research analyst? Well, it is widely expected that fund managers will need to be more selective with the research they are willing to pay for. And as a result, MiFID II should benefit top-rated equity research analysts whose access banks can charge a premium on.
Impact on Sales & Trading: Despite the global markets divisions of investment banks having already been subjected to strict regulation following the GFC, primarily Basel III, MiFID II places a further compliance burden on these segments. Measures enacted include: Traders must now report and timestamp trades almost immediately Bond traders must now report deals within 15min of the transaction Brokers and investment managers must record conversations relating to a transaction. This complicated mess of new regulation means that aspiring traders must have an intimate understanding of the new requirements and structures and be able to communicate and educate buy-side managers. The most desirable traders will be those that can provide advisory services as well as liquidity. On the downside, there is a chance that the increased compliance expense associated with operating trading desk makes them uneconomical and thus further consolidation is expected in the sector should be expected.
On the other hand, the industry is likely to shrink as analysts with a poor record are let go. In fact, McKinsey & Co. expects investment research to cut $1.2b in research spending. However, surveys conducted by Bloomberg indicate that headhunters expect banks to give their analysts one to two quarters to prove their ability to bring in revenue. Moreover, profitable research teams may decide to leave the investment bank structure and set up their own independent research shops, increasing the fragmentation of this industry. Despite the uncertain future of the equity research departments of investment banks, there is some potential upside as investment managers are expected to beef up their internal research departments. For example, Vanguard, one of the worldâ&#x20AC;&#x2122;s largest asset managers, has indicated an increased reliance on internal analysis.
RISE OF PASSIVE INVESTING The active vs passive investing story is not a new nor is it unknown; as these days it is unusual to go a few days without seeing a hedge fund manager vehemently warning of the dangers of ‘index-tracking’ or ‘lazy investing’ in the local papers. But it is hard to ignore the numbers with Bloomberg finding that more than a third of US assets now live in passive funds, up from a fifth a decade ago.
Reasons for change:
Develop business strategies
Audit client accounts
Impact on employment prospects Now why does this matter for you, a student about to enter the financial services industry? Naturally, the active management industry has been forced to become more efficient and cost effective in order to survive the ongoing assault on management fees and this could make finding employment in the sector increasingly challenging. On the other hand, the asset management industry as a whole faces significant tailwinds which could boost your employment prospects.
2 Firstly, Australia’s savings pool continues to grow at a blistering pace with superannuation assets now at a record high of $2.5 trillion. However, the Australian population also continues to age, and so the distribution phase of their pension/super funds becomes increasingly important. The management of this pension payout process is expected to be an ongoing struggle for the industry and presents strong employment prospects for those willing to tackle the issue.
Quant Funds also represents a significant growth opportunity, with Morgan Stanley finding that although they currently only represent 7% of the market’s assets under management, this is growing at a 17% CAGR. These active funds use mathematical models to pick stocks and with huge data sets becoming more available than ever, demand for roles like quantitative analysts can only grow.
WOMEN IN FINANCE A change in environment Recently, the finance industry has been swept with tides of change, as businesses and financial institutions recognise the importance of gender diversity. Impressive statistics paint images of progress, with 83% of BFGEI (Bloomberg Fixed Gender-Equality Index) firms now sponsoring financial education programs for women, and female representation on financial boards growing to 26.2% in 2018.
A drop in the ocean However, the reality is not so rosy. The great financial sea of opportunity remains dominated by men. Only 5% of ASX200 companies have female CEOs, and nine ASX200 boards remain all-male. Men are still promoted at materially higher rates, fuelling perceptions of a “glass ceiling” for women. Companies are plagued by poor female retention rates and a drought of talented women.
Turning ripple into a splash In Australia and around the world, firms are rising to the occasion, introducing flexible hours, parental leave measures and mentorship schemes to support female employees. Resistance to reforms is evaporating in the face of Key Performance Indicators (KPIs) and other financial incentives introduced to increase diversity. The Australian Council of Superannuation Investors has also vowed to vote against the reelection of incumbent directors on all male boards, while advocacy organisations such as Women in Finance and Banking, and Male Champions of Change have committed to the “significant and sustainable increase in the representation of women in leadership”.
Making waves Improving female representation is crucial to broadening cognitive and experiential diversity, widely acknowledged to enhance decision making within firms. Female empowerment in financial services therefore has the potential to make waves in financial services by driving diversity of thought, which ultimately breeds innovation.
Very often as a little girl, then as a young woman, I have suffered my lot of discrimination. I was brought up with brothers; I grew up in a boys’ world. You have to elbow your way in. Every day, you have to prove yourself and convince - move forward and challenge yourself. And doubt all the time. It’s a question of not so much pushing the boys out of the picture, but making the whole frame bigger so that both men and women access the labor market, contribute to the economy, generate growth, have jobs, and so on. - Christine Lagarde, Managing Director of the IMF
1 Women bring unique skills, which have tangible effects: Neuroscience research has found] that women are more likely to possess traits such as empathy, trust-building and listening to others -- essential skills in the finance industry.
2 Female representation is improving: Women now make up 26% of ASX200 directors, up from 8% a decade ago, and the Australian Institute of Company Directors has set a target for 30% female directors by the end of this year.
3 Financial institutions have thrived under the guidance of women: Under Shemara Wikramanayake’s leadership, Macquarie Asset Management has become Macquarie’s fastest growing and most successful operation. In a male-dominated environment, Wikramanayake’s “willingness to develop, grow and challenge herself” has ultimately triumphed over any underlying discrimination, cementing her reputation as one of the most successful executives in Australia. As one story among many Wikramanayake’s narrative serves as a reminder that ambition, determination and passion will eventually prevail, illuminating the path for other women to follow.
SECTION 5: SUBJECT SELECTION
The University of Sydney Subject Selection Guide
At the University of Sydney, the finance major falls under a bachelor of commerce degree. After completing the requisite and core 2000 level units, students are allowed to begin studying finance elective subjects. Certain finance electives are geared towards specific financial services. To the right are financial sectors and the electives that will best prepare you for those sectors.
Investment Management: FINC3020 Financial Risk Management FINC3021 Finance Theory FINC3024 Personal Finance and Supperannuation FINC3301 Applied Portfolio Management A FINC3302 Applied Portfolio Management B
Finance is a broad discipline, and its best to try a bit of everything to see what you are interested in. Note, you may choose to do more than 2 electives
Requisites: BUSS1020 Quantitative Business Analysis BUSS1040 Microeconomics Core 2000level units: FINC2011 Corporate Finance 1 FINC2012 Corporate Finance 2 Core 3000 level units: FINC3017 Investments & Portfolio Management FINC3600 Finance in Practice
Investment Banking & Advisory: FINC3015 Valuations: Case Study Approach FINC3013 Mergers and Acquisitions FINC3022 Alternative Investments
Markets: FINC3014 Trading and Dealing FINC3019 Fixed Income Securities FINC3012 Derivatives FINC3023 Behavioural Finance
Commercial Banking: BANK3011 Bank Financial Management FINC3011 International Financial Management FINC3025 Real Estate Finance
UNSW Subject Selection Guide
At UNSW, students studying a Bachelor of Commerce degree can opt to major in Finance which consists of 48 units of credit. Meanwhile, a minor in Finance consists of 30 units of credits. There are four compulsory courses and various elective courses focused on various topics including Banking, Corporate Finance, Funds Management and International Finance. These guide explores some of the most popular courses
Compulsory FINS1612 Capital Markets and Institutions provides an overview of the functions of financial institutions and financial markets as well as provide an understanding about key financial terminology. FINS1613 Business Finance Introduction to quantitative areas in finance such as financial mathematics, investment valuations, capital budgeting and costs of capital. FINS2624 Portfolio Mgmt Introduction to into investment theories and will teach students how to price different assets. FINS3616 International Business Finance Focuses on adopting a global mindset while managing risk and exploiting exchange rates
Wealth Management FINS2643 Wealth Management delves into the investment and financial issues arising from personal wealth management activities FINS3637 Wealth Management Advice focuses on developing key planning financial and skills required to become a financial planner FINS3640 Investment Management Modeling covers essential analytical and quantiative tools applied in the investment management industry FINS3639 Estate Plan and Asset Protection addresses the importance of estate planning issues when providing financial planning advice and covers key estate planning knowledge and skills. FINS3633 Real Estate Finance Covers commercial and residential real estate
Investment Banking & Advisory FINS3625 Applied Corporate Finance builds on FINS1613 and provides a more in-depth understanding of corporate finance FINS3630 Banking Financial Management focuses on the theory of banking from a financial management perspective
Markets FINS3635 Options, Futures & Risk Mgmt: Overview of derivatives pricing and covers areas of exchange traded options, futures contracts and fundamental pricing principles and hedging techniques in derivative markets FINS3641 Security Analysis & Evaluation: Primarily focuses on analysing the value of security and evaluating their potential performance FINS3636 Interest Rate Risk Mgmt Explores interest rate risk and risk management techniques with an emphasis on problem solving
Financial Technology FIFINS3647 Bitcoin and Decentralised Finance Provides students an introduction to Bitcoin and cryptocurrency Â FINS3646 Toolkit for Finance FINS3645 Financial Market Data Design and Analysis Both courses deal with implications of technological advances on current and future state of financial industry. It introduces computational finance and banking technology using the open source programming language of python in the context of finance theory and applications
FINS3623 Venture Capital introduces the characteristics of venture capital and private equity investments
Basics Unimelb only offers ~8 different degrees so most people (interested in investing/trading) will do BCom, but you could also do the other degrees and take some Commerce breadth subjects. They’re all three years long, four subjects per sem, so 24 subjects total. You can do Honours at the end of your degree as well.
Finance In third year, students must take Investments and Derivative Securities. They also have the choice of one finance elective. General recommendations have been for: Entrepreneurial Finance - really in depth valuation experience, exposure to CFA Equity Research Challenge.
UniMelb Subject Selection Guide
Algorithmic Trading - great for those people inclined towards trading or quantitative analysis.
International Finance - learn forex trading, currency options, swaps and international portfolio management. Particularly valuable if you are interested in a career in investment management.
Economics You get to pick all three of your third year subjects now (and there are a lot to pick from). There is no general consensus or strong recommendations in Economics aside from Economics of Financial Markets. For those looking to get into quantitative trading, Econometrics 2 is recommended.
Bachelor of Commerce Structure Commerce has a range of compulsory subjects plus you choose up to two majors (if you’re doing Actuarial you can only do one). Major options: Actuarial Science, Management, Marketing, Economics, Finance, Accounting. Most people would choose Finance + one other (unless you’re doing Actuarial in which case you can only do that). Accounting/Economics seem similarly popular as second majors (I wouldn’t recommend Management/Marketing to anyone interested in investing/trading). Subjects in the third year are widely considered the most practical, but it is important to lay a strong foundation in your first and second years to excel in your third year subjects. But, for each major you have to do three third year subjects to complete it so you don’t get much choice.
Monash Subject Selection Guide Basics A finance major at Monash involves 4 compulsory units and 4 elective units: Compulsory units BFC2140 Corporate Finance 1 Evaluate investment options and value of equity and debt instruments Analyse cost of capital, asset pricing and issues of risk and return BFC2751 Derivatives 1 Discuss derivatives markets Pricing options, futures and other derivatives Implement trading strategies BFC3241 Equities and investment analysis Manage asset classes and returns Analyse and select equities Fund management skills ETC2410 Introductory econometrics Understand regression modelling Understand issues around data modelling
Elective units ACX3150 Financial analysis and valuation Extract information from financial reports Calculation and use of financial ratios Apply different valuation methods BFC2340 Debt markets and fixed income securities Overview of debt markets and different debt instruments Factors affecting bond prices, yields and volatility Apply quantitative skills for pricing and risk management
BTC3200 Finance law Understand legal and regulatory requirements of the banking and finance sector Understand legal rights and obligations of those involved in banking and finance BFC3140 Corporate finance 2 Extension of BFC2140 including equity financing and asset pricing Evaluate investment and financing decisions including risk management Critical evaluation of finance theories, concepts and arguments BFC3170 Management of financial intermediaries Understand various risks to banking and regulation intended to manage these risks Evaluate mathematical models and techniques available to manage risk Distinguish sources of retail and commercial debt BFC3240 International finance Analyse exchange rate systems Examine theories of exchange rate determination Management of foreign exchange rate risk BFC3340 Derivatives 2 Understand concepts underpinning options pricing Analyse interest rate derivatives Quantifying risk and risk management using options BFC3440 Pension and financial planning Overview of financial planning and superannuation Financial planning regulations Understand investment environments
BFC3540 Modelling in finance Development and application of financial spreadsheets Implementation of robust financial models including asset allocation and portfolio analysis BFX3355 Property investment Analyse property valuations and investment characteristics Evaluate property investment vehicles and property management and development BFX3871 International study program in banking and finance Overseas visitation program Compare structure of international banking and finance markets Understand financial techniques used by multinationals ETC3460 Financial econometrics Application of asset pricing models Describe statistical characteristics of financial data
A finance structure at Macquarie University involves 8 core level 100 units followed by, 2 level 200 units, and 4 level 300 units.:
Compulsory units 1st year core Commerce subjects: Accounting in Society - ACCG100 Finance 1A - ACST101 Principles of Management - BBA102 Microeconomic Principles - ECON111 Marketing Fundamentals - MKTG101 Business Statistics - STAT150 1st year core Applied Finance subjects: Accounting in Society - ACCG100 Finance 1A - ACST101 Finance 1B - AFIN102 Macroeconomic Principles - ECON110 Microeconomic Principles - ECON111 Business Statistics - STAT150
Core Subjects required for completion of Finance major in standalone Commerce degree: Finance 1A - ACST101 Finance 1B - AFIN102 Financial Modelling - ACST201 Investments - AFIN250 Issues in Corporate Finance - AFIN312 Financial Statement Analysis ACCG350 Applied Portfolio Management AFIN352 Advanced Corporate Finance - AFIN353 Subjects that best suit sub-industries in finance: Financial analyst: Financial Risk Management - AFIN328 Investment banking: Derivative Instruments - AFIN329, Finance and Financial Reporting ACST252
Macquarie Subject Selection Guide
The University of Queensland Subject Selection Guide Core Subjects - First Three Years of BAFE ACCT2111Â Principles of Financial Accounting ACCT2111 Applied Management Accounting and Control ECON1050 Tools of Economic Analysis ECON1310 Quantitative Economic & Business Analysis A ECON2011 Principles of Microeconomics ECON2021 Principles of Macroeconomics ECON2030 Microeconomic Policy ECON2040 Macroeconomic Policy ECON2050 Mathematical Economics ECON2300 Introductory Econometrics ECON3010 Advanced Microeconomics ECON3020 Advanced Macroeconomics ECON3210 Financial Markets & Institutions ECON3350 Applied Econometrics for Macroeconomics and Finance FINM2411 Principles of Financial Management FINM3403 International Financial Management FINM3405 Derivatives and Risk Management FINM3411 Applied Corporate Finance FINM3412 Advanced Investments and Portfolio Management FINM3414 Financial Institutions Management FINM3421 Fixed Income Analytics and Treasury Management FINM3422 Financial Modelling
Economics Major - Final Year ECON6010 Microeconomics A ECON6020 Macroeconomics A ECON6300 Advanced Microeconometrics ECON6910 Honours Thesis ECON6030 Microeconomics B or ECON6040 Macroeconomics B
Finance Major - Final Year RBUS6923 Scientific Methods in Commerce RBUS6996 Honours Thesis A FINM6401 Corporate Finance Honours or FINM6402 Empirical Finance Honours FINM6403 Critical Issues in Finance FINM6401 Corporate Finance Honours or FINM6402 Empirical Finance Honours
General Pathway (No Major) Final Year + 7 Electives ECON4411 Team Project in Economics or FINM4411 Team Project in Finance
Electives - Max. 7 subjects, min. 3 ECON3050 Game Theory & Strategy ECON3200 Monetary Economics ECON3220 Benefit-Cost Analysis for Business ECON3360 Causal Inference for Microeconometrics ECON3440 Competition Policy and Regulation ECON3520 Economics of International Finance ECON4390 Financial Econometrics FINM3400 International Study Tour FINM4412 Financial Statement Analysis FINM4413 Advanced Corporate Finance FINM4999 Professional Practicum
External Electives - For Careers in Trading - Max. 4 ECON3320 Statistical Theory for Economists ECON3330 Econometric Theory MATH3090 Financial Mathematics MATH3202 Operations Research & Mathematical Planning MATH4090 Computation in Financial Mathematics MATH4091 Financial Calculus STAT3004 Probability Models & Stochastic Processes
External Electives - For Careers in M&A, PE & IB - Max. 4 ACCT2110 Intermediate Financial Accounting ACCT3101 Auditing & Public Practice ACCT3103 Advanced Financial Accounting ACCT3104 Management Accounting ACCT3106 Analysis of Financial Statements BISM2206 Accounting Information and Software Applications LAWS3100 Corporations Law LAWS3101 Income Tax Law
STEM Subjects in Finance
You’ve probably heard the media condemn the lack of STEM skills in recent graduates, and there’s certainly good reason for it. The hard skills accrued in STEM are demanded by employers, and can be a differentiator when entering intership of graduate applications. Some of the advantages of learning STEM include:
Coding The capacity to code would be helpful for any financial job – for example, you may know VBA and how to automate mundane daily tasks. Furthermore, understanding coding languages such as R & Python may be used by investment managers for analysing data, as these coding languages are more efficient at handling large data-sets.
Mathematical skills Finance often involves analysing the relationships between variables, such as mining stocks and iron ore prices, or how the US stock market influences Australia’s returns. Studying STEM gives you the skills, beyond basic regressions, to adequately analyse these relationships. Understanding time-series modelling, nonlinear modelling and how to handle large data sets leads to insights that individuals with less quantitative skills may miss.
Analytical skills While relevant to many financial jobs, understanding probability, calculus & optimisation is needed for many quantitative financial and risk jobs. For example, many hedge-funds will have complicated strategies, such as those focused on arbitrage and volatility that require the knowledge gathered in a maths major. Another example would be of a quant researcher in the sales and trading division who would build a model to assist a trader understand the price or risk associated with a new financial product.
With the rise of big data, STEM skills aren’t only demanded by quant traders and in risk divisions. Knowing STEM skills gives you a framework to derive insights other graduates may miss, or simply not know how to do. Understanding coding languages may allow an investment analyst to more accurately visualise and collect data to derive alpha-generating insights or allow an analyst to sort data in minutes that might take hours.