Internships 2008/09 (1 Viewer)

[havy]

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.

 

[Rorix]

Re: internships 07

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

 

[havy]

Re: internships 07

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]

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]

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]

Re: internships 07

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]

Re: internships 07

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

 

[velox]

Re: internships 07

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]

Re: internships 07

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

 

[stazi]

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]

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.

 

[stazi]

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]

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]

Re: internships 07

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

 

[havy]

Re: internships 07

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

 

[havy]

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]

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]

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:

 

[stazi]

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

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

 

[havy]

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.