• Congratulations to the Class of 2024 on your results!
    Let us know how you went here
    Got a question about your uni preferences? Ask us here

Internships 2008/09 (1 Viewer)

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

Mac bank is the only australian owned investment bank, it's big in australia, but internationally it is pretty small compared to goldman sachs, JP morgan etc....and DB.
 
Last edited:

Rorix

Active Member
Joined
Jun 29, 2003
Messages
1,818
Gender
Male
HSC
2005
Re: internships 07

Everyone pays a bill for grads in banking, stas.
You marketing guys are missing out.
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

Rorix said:
Everyone pays a bill for grads in banking, stas.
You marketing guys are missing out.
I wonder wat is it like for retail bank (ie CBA, westpac) investment departments?
 

Newbie

is a roflcopter
Joined
May 17, 2003
Messages
3,670
Gender
Male
HSC
2003
Re: internships 07

i think the people realised they didnt stand a shot at db so they took their chances with macq.

i know 2 of the db interns this year they are pretty good/hardcore
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

Mac bank offered 100 positions to undergrads this yr is that true?
And do the big 4 retail banks actually recruit undergrads for their investment departments?
 

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

Rorix said:
Everyone pays a bill for grads in banking, stas.
You marketing guys are missing out.
but then the working hours are nuts :( i can't recall the exact figures, so I'll estimate, but: someone was saying that they earn over $60k at mac bank as a grad, but they have to come in on weekends at least once a month due to the heavy workload. Also they said that they are in the office until around 8 a few times a week.
 

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

furthermore, a few of the high boys tend to be going quite well in terms of graduate and internship recruitment
 

velox

Retired
Joined
Mar 19, 2004
Messages
5,521
Location
Where the citi never sleeps.
Gender
Male
HSC
N/A
Re: internships 07

stazi said:
but then the working hours are nuts :( i can't recall the exact figures, so I'll estimate, but: someone was saying that they earn over $60k at mac bank as a grad, but they have to come in on weekends at least once a month due to the heavy workload. Also they said that they are in the office until around 8 a few times a week.
More like $80k + 50-120% bonus, and going in most weekends.

Unless you're in markets which is much better in the 'hours' department. 50-60 hours a week.

Btw, congrats Staz :) Knew you would get it.
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

I wonder wats the hr for a non IB department @ mac bank
 
Last edited:

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

whoa :s that's nuts. Even though that money is great I don't think I could handle that many hours at work. That really leaves no 'you' time.

Thanks dude for the congrats :)
 

velox

Retired
Joined
Mar 19, 2004
Messages
5,521
Location
Where the citi never sleeps.
Gender
Male
HSC
N/A
Re: internships 07

True, each to their own, no point working if you don't enjoy it. But a friend who works with some ibankers, says most of the ones he has met, really get off on deals.

Probably because of their pay cheque, who knows. :p
 

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

Yeah I guess it could be quite exciting, but still, I guess it would inconvenience my life too much. I like seeing my girlfriend every day after she finishes work at 8, then having free time to play xbox or whatever. Then having the weekends free to go out (a.k.a. study at the moment), etc. I just can't imagine having such a huge chunk of my life 'stolen' from me. Not even for 100k+ annually.
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

I made up this equation here:

annual salary = weekly work hours * 1000

so if u work 9-5 then expect to earn around 40k-ish
and IBers gets 80-100k for working 80-100hrs a wk (bonus not taken into consideration because it depends on how WELL you work instead of how long you work?)
 

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

do IBers get much more later in their life, or is the cap close to the 100k mark?
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

i think they get $hitload$ more...like million$ and million$ of $$$$
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

$100k is just the start.... it just grows and grows....the long hours will always be there (except for very senior positions, maybe they can set their own hours), but they can retire at 35 or 40.
 

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

oh wow. that's quite impressive. well i'll be happy making my 100k at 30. then again ill prob be poached by some company and earn more. although i think i will want to stay at P&G for a while
 

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

hopefully I can get 100k per yr b4 you do...with acceptable working hrs (whoever knows how long that is).

I think as a marketer, alot of rewards comes from non monetary sources, ie. from this P&G internship you probably receive more non cash benefits compared to your actual wage.

you probably dont need to worry too much about when will you get 100k...maybe P&G will provide you a product launching helicopter instead of 100k salary, i reckon that 'll be much more fun.:rofl:
 
Last edited:

stazi

Nightman
Joined
Feb 23, 2003
Messages
14,093
Location
Sydney
Gender
Male
HSC
2004
Re: internships 07

yeah there is heaps of international travel involved, as well as share ownership options, the potential to have them buy a car for you, etc. plus you get a lot of free products, although p&g products suck for that - I'd rather they had food :p

edit: youre going for accounting right? ive heard the hours early on suck, with heaps of people staying until 7 or so. a guy i know doing a cadetship at e&y comes in at 7am and leaves at around 6 :s
 
Last edited:

havy

Member
Joined
Feb 19, 2004
Messages
345
Gender
Male
HSC
2004
Re: internships 07

well i'm doing accounting + finance, I've done most of my accounting subjects, but still need to do quite a few more finance units....I'm sorta in a dilemma of whether move into finance or stay in accounting, it has been very difficult for me to choose at this stage, especially after I got the auditing internship.
 

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Top