pca cadetship (1 Viewer)

[chaux2]

hi! i was just wondering if there are any macquarie group cadets/pca cadets in general who would be able to provide some insight into what it’s like? or how ubs cadets are?

also, does anyone know how many people pca take each other (+how many each company take)?

and if anyone is willing to help with application questions + advice in general

 

[fuzi]

Hi! First year cadet here.

The number each company takes every year can vary, but generally, UBS takes the largest cohorts each year, like 15+ a year. Keep in mind these are businesses, and while cadets aren't nearly as expensive as their other employees, these businesses are still influenced by the current economic conditions, so because of that, we can never say for certain how many each company will take. I'm not even sure how many cadets Macquarie has at the moment, don't know of their cadets.

Being a cadet will also really depend on which company you end up at. UBS seems to expect a lot more work-wise from their cadets. In my experience at my firm, it's been pretty awesome. That being said, I haven't had as much of the 'typical' uni experience, but that's partly because I live a bit further away than most, so the trade-off for attending society events can be pretty big.

In terms of applying, it really depends on which company you want to try and focus on, so I would definitely recommend taking some time to learn about their people, culture, management style/focus, etc. Also, it might seem like the way to go for when they ask questions like 'why do you want to work in finance/this industry?' to respond with 'I've always wanted to work in this field' and the like, but you know its not true, they've heard it a million times already so they know it's not true, and you're not showing them who you really are.

Hope that helps!

 

[chaux2]

Hi! First year cadet here.

The number each company takes every year can vary, but generally, UBS takes the largest cohorts each year, like 15+ a year. Keep in mind these are businesses, and while cadets aren't nearly as expensive as their other employees, these businesses are still influenced by the current economic conditions, so because of that, we can never say for certain how many each company will take. I'm not even sure how many cadets Macquarie has at the moment, don't know of their cadets.

Being a cadet will also really depend on which company you end up at. UBS seems to expect a lot more work-wise from their cadets. In my experience at my firm, it's been pretty awesome. That being said, I haven't had as much of the 'typical' uni experience, but that's partly because I live a bit further away than most, so the trade-off for attending society events can be pretty big.

In terms of applying, it really depends on which company you want to try and focus on, so I would definitely recommend taking some time to learn about their people, culture, management style/focus, etc. Also, it might seem like the way to go for when they ask questions like 'why do you want to work in finance/this industry?' to respond with 'I've always wanted to work in this field' and the like, but you know its not true, they've heard it a million times already so they know it's not true, and you're not showing them who you really are.

Hope that helps!

Hey! tysm for your response )

I'm most interested in working with UBS and Macq since they have such a large global influence and I'm looking to go into global markets and currencies.

I've heard from a mutual who's currently a cadet at Macq that they only took 2 that year, so chances seem pretty low. Since UBS takes the largest amount of people, would it be worth it to try and get a spot with UBS instead? even considering how their cadets are required to work a lot harder/more hours.

Also, any ideas on how to answer the question "where have you acquired skills relevant to banking/finance"? I don't have a huge amount of extra curriculars since I just transferred schools recently, and I've worked a few part time jobs in retail, just not sure how to link these activities to skills in banking/finance.

Thank you again!!!!

 

[fuzi]

Hey! tysm for your response )

I'm most interested in working with UBS and Macq since they have such a large global influence and I'm looking to go into global markets and currencies.

I've heard from a mutual who's currently a cadet at Macq that they only took 2 that year, so chances seem pretty low. Since UBS takes the largest amount of people, would it be worth it to try and get a spot with UBS instead? even considering how their cadets are required to work a lot harder/more hours.

Also, any ideas on how to answer the question "where have you acquired skills relevant to banking/finance"? I don't have a huge amount of extra curriculars since I just transferred schools recently, and I've worked a few part time jobs in retail, just not sure how to link these activities to skills in banking/finance.

Thank you again!!!!

Hi again! All good, happy to help

If you want a shot at global markets then UBS is probably the best bet, I have friend who works as a cadet at UBS in global markets, and I'm not entirely sure how Macq even runs their cadetship program. Keep in mind though that working for these massive global businesses does have some downsides, and either way in finance, they're practically always a global business on the sell side.

On which one you decide to put your name forward for (if any at all), it really depends, cause it's not just a numbers game. They look for a particular type of person, and it's best to put yourself forward for the one you think most aligns with you. That was a major part of my decision for which company I put myself forward for and I do not regret it one bit.

In terms of skills relevant to banking/finance, I know the temptation is to try to make it things explicitly linked to finance, but just to be clear, they have not expected us to be out of the gate financial experts (at least at my firm). Rather, it's more about the other skills you develop, like communication. It is a vital part of what these businesses need and your experience in retail is a huge asset, being exposed to different people all the time and learning how to communicate with them. It's not just about the experience you have, but how you frame it. Yes a lot of people will have skills in retail, but when it comes to the interview, you need to tell the interviewer why that matters at all and how everything connects. It may seem like an obvious thing to do, but you'd be surprised how many people just info dump their experiences like a LinkedIn profile.

Also, I think your retail experience gives you another edge when you get to interviews in that you probably can communicate a bit more naturally, in that you don't need to have a practiced response to every question they could ask, which is really important. A lot of people go into these interviews with a perfectly practiced response for all the typical questions, and they sound super robotic and dead, and the second the interviewer asks them a curveball question, the facade falls away. They aren't looking at you as just an employee, but a person they're gonna be working with. They don't want robots. So be yourself, be genuine, and you'll do great!

 

[seremify007]

Just out of interest, what attracts you to "global markets and currencies", and what kind of work do you think you'd actually be doing on a day to day basis as a cadet (or even longer term assuming you stay in that same path/area)?

 

[chaux2]

Just out of interest, what attracts you to "global markets and currencies", and what kind of work do you think you'd actually be doing on a day to day basis as a cadet (or even longer term assuming you stay in that same path/area)?

i’m really into economics! i find exchange rates really interesting and how monetary and fiscal policy are linked to foreign currency reserves

i’m not really sure what a day to day would look like as a global markets cadet/intern yet but i want to be involved in global investments
for eg i looked into macquarie groups p/e alpha fx global fund and that seemed to link my interest in eco with banking/finance really well so i’m looking to be able to be apart of those types of projects!

hoping to find out more of what’s involved with global markets investment, currencies, exchange rates etc by talking to people in that field

 

[seremify007]

i’m really into economics! i find exchange rates really interesting and how monetary and fiscal policy are linked to foreign currency reserves

i’m not really sure what a day to day would look like as a global markets cadet/intern yet but i want to be involved in global investments
for eg i looked into macquarie groups p/e alpha fx global fund and that seemed to link my interest in eco with banking/finance really well so i’m looking to be able to be apart of those types of projects!

hoping to find out more of what’s involved with global markets investment, currencies, exchange rates etc by talking to people in that field

I think it'd be worth trying to research what the actual roles are and then working out if it's aligned with what you're describing as your interest. For example, there's fundamental differences between say a trader, and a researcher/economist, and all the other various front and back office roles in those broad areas. You also need to critically self assess where your strengths are too (eg if you're really strong at pure mathematics vs better at verbal/legal type skills).

Not trying to discourage you but I've seen plenty of young people over the years scream out for a certain role/field/area within banking and finance only to be greatly disappointed when they realise it's not what they were expecting (thanks to pop culture).

 

[chaux2]

I think it'd be worth trying to research what the actual roles are and then working out if it's aligned with what you're describing as your interest. For example, there's fundamental differences between say a trader, and a researcher/economist, and all the other various front and back office roles in those broad areas. You also need to critically self assess where your strengths are too (eg if you're really strong at pure mathematics vs better at verbal/legal type skills).

Not trying to discourage you but I've seen plenty of young people over the years scream out for a certain role/field/area within banking and finance only to be greatly disappointed when they realise it's not what they were expecting (thanks to pop culture).

thank you for the advice! my end goal is definitely to work as an economist or somewhere in the field of economics. I think applying for this cadetship is just a great way for me explore my interest in banking/finance as well. Since global markets is most interlinked with economics, that seemed like the best way to go but i’m 100% still open to alternative roles in finance.

 

[fuzi]

thank you for the advice! my end goal is definitely to work as an economist or somewhere in the field of economics. I think applying for this cadetship is just a great way for me explore my interest in banking/finance as well. Since global markets is most interlinked with economics, that seemed like the best way to go but i’m 100% still open to alternative roles in finance.

I love your attitude! So long as you aren't working in back office doing tech or something, I think you'll get plenty of exposure to econ. If you want more direct exposure to economists and economics research, they're usually with the research team, and I'm sure UBS will have a global economics team or economists. I have a friend who's in global markets in UBS and part of what they do is also keeping up with global economics news and keeping people up to date, so you definitely get some great exposure to global economics that way. In my opinion, joining research would be best, mostly cause your job is it do objective analysis and providing a point of view, not necessarily trying to get a sale.
And look, no matter how much you research what a particular role is like, you'll never be able to find out what it's really like until you do it. I tried researching what my role was going to be like once I found out which team I was being put into, and i was terrified. Like data and quant?? Bruh. But, honestly, it's been pretty amazing. Seeing the work my team (I say team, before I joined it was one person) does and working so closely with the trade desks and clients is really cool and exciting!
What happens in banking/finance can be really broad, and people do often get fixated on trying to get into one particular area, usually investment banking/corporate finance. But seeing how eager and open you are to any area really, I think you'll do great, good luck!

 

[chaux2]

I love your attitude! So long as you aren't working in back office doing tech or something, I think you'll get plenty of exposure to econ. If you want more direct exposure to economists and economics research, they're usually with the research team, and I'm sure UBS will have a global economics team or economists. I have a friend who's in global markets in UBS and part of what they do is also keeping up with global economics news and keeping people up to date, so you definitely get some great exposure to global economics that way. In my opinion, joining research would be best, mostly cause your job is it do objective analysis and providing a point of view, not necessarily trying to get a sale.
And look, no matter how much you research what a particular role is like, you'll never be able to find out what it's really like until you do it. I tried researching what my role was going to be like once I found out which team I was being put into, and i was terrified. Like data and quant?? Bruh. But, honestly, it's been pretty amazing. Seeing the work my team (I say team, before I joined it was one person) does and working so closely with the trade desks and clients is really cool and exciting!
What happens in banking/finance can be really broad, and people do often get fixated on trying to get into one particular area, usually investment banking/corporate finance. But seeing how eager and open you are to any area really, I think you'll do great, good luck!

Thank you!! i just submitted my application today
with what you said in your reply, would it be a red flag if i told the interviewers that i was more interested in going into an economics research team since this is meant to be more of a banking/finance cadetship?

also, I have a couple of questions about the nezt few stages (sorry for the endless questions )
is everyone asked to sit the competency/psychometric test? or does it depend on your application and grades?
if you sat the competency exam, was it difficult and is it similar to practice questions on the shl website?
also you mentioned before that pitching yourself to the different companies isn’t just a numbers game and that they look for certain people. do you know what type of people ubs are looking for?
and do you know what the work culture is like at ubs? i think you mentioned before that cadets there are required to take on a heavier work load but is it still manageable? i’ve heard of a lot of ubs cadets quitting after the first one or two years because it became too stressful and hard to work and study together

nws if you’re not able to answers all my question but thank you so so much for all your help and advice so far!!

 

[nsw..wollongong]

I would say the culture at Macquarie is worse from what I’ve experienced, but others may have differing opinions

UBS has a decent work culture

can u elaborate on why u think that way abt Macquarie? some other ppl have said the sm thing, i just wanna learn more abt it

 

[fuzi]

Thank you!! i just submitted my application today
with what you said in your reply, would it be a red flag if i told the interviewers that i was more interested in going into an economics research team since this is meant to be more of a banking/finance cadetship?

also, I have a couple of questions about the nezt few stages (sorry for the endless questions )
is everyone asked to sit the competency/psychometric test? or does it depend on your application and grades?
if you sat the competency exam, was it difficult and is it similar to practice questions on the shl website?
also you mentioned before that pitching yourself to the different companies isn’t just a numbers game and that they look for certain people. do you know what type of people ubs are looking for?
and do you know what the work culture is like at ubs? i think you mentioned before that cadets there are required to take on a heavier work load but is it still manageable? i’ve heard of a lot of ubs cadets quitting after the first one or two years because it became too stressful and hard to work and study together

nws if you’re not able to answers all my question but thank you so so much for all your help and advice so far!!

No need to apologise!

For the competency test, as far as I am aware, everyone had to do it. I'm not sure what the practice questions are like cause i feel like PCA can get them to put together a customised questions pack but it really isn't all that difficult.

I can't 100% speak to what sort of person UBS looks for, I think it's best to try to learn more about the company and the sort of people and culture they have. In my experience, they sort of run more along the lines of your traditional investment firm/bank.

For work culture, look, it's finance and investments, and these people do work like crazy. UBS cadets do have a lot more in terms of work hour expectations compared to my cadetship, but it'll also depend partly on who your manager is, some are definitely more inclined for you to do uni stuff than others, but overall I think UBS cadets do have to hit a certain number of hours. Part of how manageable it is will also depend on what you expect to achieve in uni. If you're trying to get 90s in all your subjects and do great in everything in uni, then it'll probably be a bit more difficult to balance. But with UBS, they will also probably reward you more for your sort of loyalty down the track even if you're getting credits in uni, if climbing the UBS ladder is what you want to do.

 

[fuzi]

Thank you!! i just submitted my application today
with what you said in your reply, would it be a red flag if i told the interviewers that i was more interested in going into an economics research team since this is meant to be more of a banking/finance cadetship?

also, I have a couple of questions about the nezt few stages (sorry for the endless questions )
is everyone asked to sit the competency/psychometric test? or does it depend on your application and grades?
if you sat the competency exam, was it difficult and is it similar to practice questions on the shl website?
also you mentioned before that pitching yourself to the different companies isn’t just a numbers game and that they look for certain people. do you know what type of people ubs are looking for?
and do you know what the work culture is like at ubs? i think you mentioned before that cadets there are required to take on a heavier work load but is it still manageable? i’ve heard of a lot of ubs cadets quitting after the first one or two years because it became too stressful and hard to work and study together

nws if you’re not able to answers all my question but thank you so so much for all your help and advice so far!!

Also with the red flag thing, I don't think it'll really be a massive red flag, it shows that you have your areas of interest and your passions, plus UBS puts cadets in so many different devisions. That being said, make sure you still come across as open to working in any team/open-minded about what team you end up with

 

[chaux2]

No need to apologise!

For the competency test, as far as I am aware, everyone had to do it. I'm not sure what the practice questions are like cause i feel like PCA can get them to put together a customised questions pack but it really isn't all that difficult.

I can't 100% speak to what sort of person UBS looks for, I think it's best to try to learn more about the company and the sort of people and culture they have. In my experience, they sort of run more along the lines of your traditional investment firm/bank.

For work culture, look, it's finance and investments, and these people do work like crazy. UBS cadets do have a lot more in terms of work hour expectations compared to my cadetship, but it'll also depend partly on who your manager is, some are definitely more inclined for you to do uni stuff than others, but overall I think UBS cadets do have to hit a certain number of hours. Part of how manageable it is will also depend on what you expect to achieve in uni. If you're trying to get 90s in all your subjects and do great in everything in uni, then it'll probably be a bit more difficult to balance. But with UBS, they will also probably reward you more for your sort of loyalty down the track even if you're getting credits in uni, if climbing the UBS ladder is what you want to do.

Hi!
With the competency test, what sections/types are being tested?

 

[fuzi]

Hi!
With the competency test, what sections/types are being tested?

hmmmm, honestly i cannot remember, but just some basic maths/thinking/logic sort of stuff? I'm not 100% sure sorry

 

[seremify007]

I would say the culture at Macquarie is worse from what I’ve experienced, but others may have differing opinions

out of interest which team were u in? i'd imagine things can vary quite a bit between the business units/areas.

 

[syedmahd]

how was everyone's competency test?

 

[chaux2]

how was everyone's competency test?

I found it quite difficult. hbu?

 

[syedmahd]

I found it quite difficult. hbu?

I had to guess 1 or 2 but besides that it made sense, hopefully we get in tho

 

[qwerty1234_A.]

Has anyone heard back from PCA regarding the competency test results?