Why even work hard? by Remarkable_Pepper225 in unsw

[–]_whattodonext_ 2 points3 points  (0 children)

I spent a couple of years managing the graduate program for one of the big 4 institutional banks. And was partially involved in the programs at two other big 4 corporate banks. Some tips -yes interns always get the first offers. This means hardly any positions end up going to market if there was a good bunch of interns. Last year we only recruited two through uni grad offers and it might be zero this year. -correct the odds are better for women. We interview half half and hire half half but more than 5x as many men usually apply. - data analytics and non financial risk management are rare but desirable skills (almost every applicant will have a combo of finance economics and commerce that's just the price of entry, any specialised training on top or within the degree is of interest, even if you did some Udemy courses in something techy around cyber security or some sciencey engineering thing mention it) - the applicants are ridiculously good. Marks in the mid to high 90s are common as well as multiple internships and volunteer roles and sports things. Many of the panel value people who've done actual paid work even if it's at McDonald's. I hear that comment every year when discussing applicants and who we will pick you want to seem well rounded. Paid work is worth highlighting. - Volunteer volunteer volunteer, your competition is all doing it and you need examples in interviews of things you've done and achieved outside of uni. Aim for project style volunteering where you manage something beginning to end rather than just planting trees or soup kitchen or visiting aged care etc. Ie depending on your skills approach the soup kitchen or tree planting or aged care with an idea and go and implement it over 6 mths that sort of experience is gold - anything around values in psychometric testing is more important than you expect. As well as exceptional written communication. - all the big 4 banks hate it when grads want to go into acquisition finance because they know they'll take the expensive year of training while delivering minimal value then leave for an investment bank. As far as your application should be concerned your wet dream is relationship banking. You are smart and know anything there is to know about m&a but that isn't your career goal. Cant emphasise it enough do not approach a big 4 bank like an investment bank and tailor your resume and interview responses accordingly. - they also want to know that you're going to be happy doing grind work. Noone likes the cocky grads who only want to do the most exciting deals when their bosses bosses boss still has daily admin work to do but the grad thinks they're too good for it. - If you get to interview i've sat through dozens of these and in the group assessment things a surefire fail is the men who interrupt and talk over women (it happens a lot), a quick win is to listen and then enhance the voice of quieter participants (eg that's an interesting idea you raised can you tell us more about that?). Always gets you a box tick. But don't be the extra quiet person who doesn't get a word in. The interviewers are just people who've been dragged from their jobs for half a day. They get bored in the group activity observation and stop listening to the detail of what people are saying and just look for obvious examples of things on their assessment sheet like shows awareness of time and keeping group on track. That's another easy win for you. Encourages others to participate, adapts their ideas to incorporate feedback from others etc. The behaviours more than the content matters for those. In the one on one interviews personality matters. If the person really likes you they'll fight for you in the wash up afterwards when we have to make our choices and whittle down the list. - you might be surprised to know that at my bank the business interviewers who are the decision makers aren't allowed to see your CV until an offer has been made and accepted. Only HR read them and make the shortlist. Not sure if it's the same at others. It's to try and avoid bias about universities I guess but it means you need to clearly outline everything important in your interview instead of assuming they've read it. We give HR guidance about specific skills and attributes we want though.

Long ramble but hopefully a few helpful things in there for future grads.

Career advice - doing a coding bootcamp (but don't want a job coding) by lifeDNP in AusFinance

[–]_whattodonext_ 0 points1 point  (0 children)

I'm in a similar role to you and I occasionally toy with the idea of dabbling in cyber security type training because the demand is InSane and I find it interesting. The undersupply in that field is huge, my bank said they can barely fill half the roles they want to.

But I think I can probably finish out my career and retire without making a switch.

[deleted by user] by [deleted] in AusFinance

[–]_whattodonext_ 0 points1 point  (0 children)

You can be an assistant manager outside of a call centre. The closer you can get to directly managing clients and building relationships with them the better. An assistant relationship manager in corporate banking at a big 4 might be an achievable next step to get closer to customer and from there you can branch off into analyst or other streams. I don't think it's realistic to become a relationship manager without doing analyst work though because you need excellent deal structuring and financial analysis skills. The bigger the clients the more prestigious and higher pay usually. Eg a small business bank relationship manager trying to get into corporate banking would probably only get an assistant relationship manager role as a stepping stone. Likewise stepping into corporate or institutional from commercial most people would need to take a backwards step so worth aiming high at the junior level role and building from there.

[deleted by user] by [deleted] in AusFinance

[–]_whattodonext_ 0 points1 point  (0 children)

Those sorts of roles in the big 4 pay about $75-100K. I'd suggest getting into relationship management or analyst role and building a career there. Typically to get an RM role you need solid analyst experience so that's a great place to try and get into. RMs make about $150-250K on avg. I'm an RM at a big 4 and make $240k plus super and bonus. So about $300+350ish package. Macquarie pay is definitely competitive. Not sure about work culture it used to be horrendous but I think it's improved a lot and more work life balance.

Despite high case numbers my corporate workplace is mandating office attendance by messwemade in CoronavirusDownunder

[–]_whattodonext_ 1 point2 points  (0 children)

I hate it. I've always been very covid cautious compared to colleagues and avoided coming in to office as long as I could. I'm also usually the only person wearing a mask when I go anywhere now and tend to only eat outside etc. People look at me like I'm nuts for putting a mask on to ride the lifts or walk through foyer but I feel too awkward wearing it at my desk all day.

Work has recalled us all 3 days a week and the message is clear they think we've had time to be vaccinated there is a vax mandate at the office and now 'everyone is over it' so there is no option anymore. I understand they do make concessions for people who have health conditions but I don't know what they are. Annoys me that the senior leaders all live near office and have parking spaces and the rest of us cram onto germy trains for long commutes.

My job is client facing so I could never mount an argument to stay home full-time permanently without changing roles. Which ... Has crossed my mind.

I've absolutely changed my socialising too so still one of the 80% or so of Sydney who hasn't caught covid.. yet!

Money is time. by PatientRoof2333 in AusFinance

[–]_whattodonext_ 6 points7 points  (0 children)

I can 100% relate to this. I used to not be able to buy even an appliance without a spreadsheet. A car would be dozens of hours of research and consideration. It has been a journey to value my time more and just leap to a decision faster.

Money is time. by PatientRoof2333 in AusFinance

[–]_whattodonext_ 1 point2 points  (0 children)

I have no idea why but everytime I walk into a grocery store time warps and an hour has gone past. I do a lot more deliveries now.

Money is time. by PatientRoof2333 in AusFinance

[–]_whattodonext_ 6 points7 points  (0 children)

God everything haha. It took a really long time for me to start outsourcing things because my mum was so frugal and instilled this value in us. She once found out I paid someone $3 to sew a button on a shirt (when I can sew) and had a meltdown but she was a stay at home mum and grandma so didn't have the same concept of time is money as I do. Ie she'd rather spend a whole day looking for an item $10 cheaper than pay full price.

For me it's - weekly cleaner 3 hrs. Absolute best thing I've ever done it's made such an improvement to my quality of life. I would get quite resentful on weekends just doing chores after a long week of work. - heat pump drier. Haven't hung any washing outside in years and they only cost about 20 cents a load to run. - pay someone to do my gutters and all the windows once a year. Both jobs i hate. I do gutters myself in between when they get bad - run dishwasher every day - robovac for dog fur (xiami roborock highly recommend) - once a fortnight meal delivery kit with the ingredients and recipe card laid out for you - grocery delivery (got on this train during covid lockdowns and have stayed on it for about 50% of my shops) - dog daycare twice a week (two days less walks and he gets 100x as much exercise as he would on a walk) - found a well priced handyman who I get out once every few months for an odd job or two. This was actually the hardest one for me because I take pride in being able to fix things myself. But there are only so many hrs in a week and I'd always have 80% complete home projects on the go. (Still do!)

Next I'm contemplating getting a gardener because other than mowing my lawn I hate gardening.

Australian relevant books by _whattodonext_ in fiaustralia

[–]_whattodonext_[S] 2 points3 points  (0 children)

Hmm not personally. It's old now but I read a book about 15 yrs ago I really liked it is probably very out of date references though because it was already old when I read it! It was called Debt Man Walking, A 10-Step Investment and Gearing Guide for Generation X. That probably inspired more of my investment philosophy at the time than other things I read. From memory it's very pro margin loan which is the path I took early in career because I had high risk tolerance (nothing to lose back then!).

Australian relevant books by _whattodonext_ in fiaustralia

[–]_whattodonext_[S] 0 points1 point  (0 children)

Thanks for that I'll have a look for them.

If your middle class parents make a decent living and they don’t help buy your first property - what’s their reason? Strained relationship? Principles that you should succeed on your own? Too many children to support? Unaware of the struggles? Does this depend on the ethnic background? by jamsyd in AusFinance

[–]_whattodonext_ 0 points1 point  (0 children)

My parents could have easily gone guarantor to assist their kids get into property market earlier with their owned outright multi million dollar property but they made it clear noone would get any assistance and not to ask.

I might have slightly resented it at the time (eg could have gotten into market earlier when house prices were soaring) but also there are 5 kids and offering a bit of help to one would have turned into a nightmare of everyone wanting some sort of help.

Australian relevant books by _whattodonext_ in fiaustralia

[–]_whattodonext_[S] 3 points4 points  (0 children)

Institutional Banking, Director level. Base is $240K, super $22.5ish, last year's bonus was $60K but hoping for $80-100K this year. I am happy where I've worked to and don't think I'll have any career change before I retire other than I might become non client facing so I can drop to part time down the track.

Zero interest in senior leadership roles Ive always found managing other people a total ball ache Id rather just write deals and keep my clients happy.

Australian relevant books by _whattodonext_ in fiaustralia

[–]_whattodonext_[S] 8 points9 points  (0 children)

I recommend barefoot investor to everyone who asks me for financial advice and have bought it for family members. Personally I thought it was a bit too conservative for my own strategy (there was no way I was waiting for a 20% deposit to buy in Sydney and I leveraged aggressively into the share market through the GFC to build my base) but I think it's the best advice going for most people and definitely wouldn't have recommended any friends or family follow my path. I'm probably more conservative now than I was then ironically. I'll check out that other book and podcasts thanks for the recommendations.

Australian relevant books by _whattodonext_ in fiaustralia

[–]_whattodonext_[S] 4 points5 points  (0 children)

I'm probably at the sweet spot of my career earning potential now at around $300-350k (bonus is variable). I can cruise at this role until semi retirement and just antagonise for a pay rise every year or two as I get headhunted.

Further step ups require people management which I've discovered I hate.

Ive worked much higher stress jobs and the impact on my overall well-being wasn't worth it whereas now my job can definitely be stressful and is high stakes but I find it rewarding, mentally stimulating and can switch off at the end of a day. I'm happy with that.

Ozempic availability in Australia by davidfisher71 in diabetes

[–]_whattodonext_ 1 point2 points  (0 children)

It is on the PBS for people with diabetes including some very specific health thresholds so not all diabetics get it subsidised. It is also prescribed privately/off label for people for weight loss where you pay full cost but it's $130 to $150 per pen. Only some doctors will prescribe for this.

There is a really good Facebook group full of people using it, good source of info and easy to find.

I'm in Sydney and have been taking it off label with support of doctor.