Graduate Careers

Stockbroker

Main tasks
A stockbroker manages the buying and selling of securities (stocks and bonds) on behalf of clients, which may be individuals or corporations. They may perform the following tasks:

• research securities, market conditions and government regulations
• analyse clients’ financial circumstances
• deal in the stock market on behalf of clients
• provide advice on investments and securities, market conditions etc.
• keep up to date with share prices and market developments
• analyse information in securities reports and financial periodicals.

Key skills

• ability to work under pressure
• strong mathematical and analytical skills
• strong communication skills
• ability to make decisions and calculations quickly
• attention to detail.

Salary
According to leading recruitment specialists, stockbrokers typically start on around $40,000. Salaries in this profession tend to quickly advance and after even a couple of years’ experience stockbrokers can earn around $60,000, and progress to salaries in excess of $180,000 (plus bonuses).

Employment prospects
According to the Department of Education, Employment and Workplace Relations' Australian jobs 2008, job prospects for the category to which this occupation belongs (financial dealers and brokers) are currently good, and unemployment is below average. Future jobs growth to 2012–13 is expected to be moderate.

Main employers
Stockbrokers may work within corporations or for private clients. They commonly work for financial institutions, stockbroking firms, and for investment and merchant banks.

Find out more
Financial Services Institute of Australasia, (finsia), www.finsia.com
Financial Planning Association of Australia Limited (FPA), www.fpa.asn.au
Australian Securities and Investments Commission (ASIC), www.asic.gov.au

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Financial planner

Main tasks
Financial planners devise and implement financial plans for clients. They may perform the following tasks:

• advise on retirement planning, superannuation, debt management, tax, insurance, and investments
• analyse financial data (income, debts, loan repayment, investments etc.)
• identify clients’ financial goals and how these relate to their financial status
• review and revise financial plans in response to changes in client needs or financial markets.

Key skills

• strong interpersonal and communication skills
• good analytical skills and attention to detail
• ability to work under pressure
• drive to continually update knowledge of the economy, financial markets, and relevant legislation.

Salary
According to leading recruitment specialists, para planners typically start on around $35,000; associate financial planners earn around $65,000; and fully certified financial planners earn around $85,000. Very experienced financial planners can earn up to around $170,000.

Employment prospects
According to DEEWR's Australian jobs 2008, job prospects for the category to which financial planners belong (finance advisers) are currently good, and unemployment is average. Future jobs growth to 2012–13 is expected to be slight.

Main employers
Financial planners may work in their own licensed financial planning practice, or for banks, credit unions, life insurance companies, stockbrokers, building societies, or accounting or law firms.

Find out more
Financial Planning Association of Australia Limited (FPA), www.fpa.asn.au
Financial Services Institute of Australasia, (finsia), www.finsia.com

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Graduate profile: investment banker

Thomas Wu, 26

Qualifications: Bachelor of Commerce (Hons) and Law, University of Melbourne

Position: Analyst — Merrill Lynch

I am an investment banking analyst in the Multi Industry Group, covering a broad range of sectors including healthcare, gaming, steel and agribusiness. My primary roles include preparing pitch books and being part of deal teams executing transactions such as mergers and acquisitions, capital raisings (initial public offerings and secondary raisings) and capital management initiatives.

Tasks that are typically undertaken by an analyst include:

• Financial modelling — discounted cash flow analysis, leveraged buyout modelling, comparables valuation, merger modelling, structuring analysis, credit metrics etc.
• Industry/company research — reviewing company reports, broker research, industry information, legislation etc.
• Due diligence — helping companies review company documents as support to financial analysis and transaction documentation
• Preparation of transaction documentation — information memorandum, prospectuses, bidder’s statements and target’s statements.

I like the diversity of my work, the ability to work across different industries and working alongside colleagues of the highest calibre. Transactions are typically run on a tight time frame, so the hours can be quite challenging at times. Given that most investment banks and advisory firms recruit only a handful of graduates each year, the graduate recruitment process can be very competitive. A solid academic record coupled with a passion for financial markets are essential.

Coming from a law and commerce background, I wanted a job that could appeal to both my quantitative and qualitative strengths. Investment banking was a perfect fit and a choice I have not regretted.

Longer term, I would like to see myself progress through the Merrill Lynch ranks. Being a global franchise, many opportunities exist within our global network so a stint in one of our overseas offices would be highly appealing.

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