2 year contracts (1 Viewer)

[turtleface]

In Australia, is it true that IB Analysts are offered 2 year contracts, after which vast majority are kicked out and a few good ones are asked to stay on as Associates?

I know this happens in the U.S., but the Australian culture of IBs seems a bit different.

I heard Mac does that, (rumour only), does anyone know the general practice for the industry?

 

[velox]

Did you know that in some places there are multiple grads per desk, and after probabtion, the shit ones are kicked out?

 

[turtleface]

yeah that sucks, I hope crap like that doesn't happen at accounting firms

 

[blue_chameleon]

yeah that sucks, I hope crap like that doesn't happen at accounting firms

Are you meaning to say that if you were a partner at an accounting firm, you'd allow incompetent graduates from uni (sometimes with no experience) to continue working in the firm? Its nothing personal, its business.

 

[withoutaface]

If you're good, it shouldn't matter, if you're shit you'll get fired anyway, contract or no contract.

 

[seremify007]

Did you know that in some places there are multiple grads per desk, and after probabtion, the shit ones are kicked out?

Uh... what did you think the point of probation was?

 

[turtleface]

I don't think its as simple as if you're crap you're out of there

Nobody really knows what type of criteria they use, and often the juniors are lured in with the promise of a fufilling long term career but just exploited for cheap labour.

 

[velox]

Uh... what did you think the point of probation was?

Err accounting firms don't overhire. IBs do. Accounting firms take nearly everyone. IBs can afford not to, because grads are so money hungry.

 

[turtleface]

shite IBs make a lot. Just read that 35 million or so from the T3 float is going to 3 top tiers (UBS, Amro and something else can't remember). Considering that this is one deal, and only a handful of people from each IB is involved, they make a killing. No wonder they can pay so high.

Of course, I'm not suggesting that they are overpaid. The hours suggest every Ibanker does the work of two or three professionals, hence its reasonable they get double and triple the salary of other people like lawyers and accountants.

 

[lizbon]

They sure make a killing.

Carnegie and Wylie i think was the 3rd adviser turtleface was referring to on the T3 float. They have a great reputation as "the" independent IB in Australia.

 

[ND]

It was Goldman, UBS and ABN AMRO that got the mandate.

 

[ishq]

Carnegie were manager of all the advisors. They weren't doing any of the dirty work. Mostly admin. They're boutique..

 

[velox]

Boutiques have a nice 'culture' compared to BBs. But I guess all the directors were BB layboys (oh and laywomen, but the glass ceiling in banking does seem to exist, unless you're Gail Kelly) when they started their careers.

 

[Rorix]

After their analyst stint many US I-bankers go to get their MBAs. Including ones that aim to be assosciates.

 

[seremify007]

Err accounting firms don't overhire. IBs do. Accounting firms take nearly everyone. IBs can afford not to, because grads are so money hungry.

Isn't the point of probation to have an easy way out for employers if the person is found to be "unsuitable"?... not just if they overhired.