Banking On Big Rate Of Returns

The Age

Saturday November 15, 2008

Kate Harrison

FAT pay packets and a sense of adventure have long lured bright young accountants and bankers overseas. But that career move is being tested as the world's financial centres struggle with the slowdown.

Some finance professionals are coming home because the labour market here, though far from buoyant, is somewhat insulated from the downturn.

The chief executive of the Australian Bankers Association, David Bell, says our banking system is in pretty good shape. "Banks are a bellwether for the general economy and the general economy in Australia is doing well relative to a lot of other countries," Mr Bell says. "Credit is slowing, retail is soft and building approvals are down but unemployment is still only at around 4%, the resource boom is continuing and if you had to be anywhere, Australia would be it."

The banks have yet to see a big influx of people returning but recruitment firms are reporting a marked increase in inquiries from Australians and otherslooking for work.

"For at least the last six months we've seen a pick-up in returnees and also those from offshore expressing an interest in coming out here," says Jon Michel of specialist financial recruiter Jon Michel Executive Search.

"It may be an appropriate time in terms of career opportunities or they're doing it purely on the basis of economic offshore conditions. Sometimes it's a combination of different factors."

Mr Michel warns those considering returning may not find it that easy to secure work, with vacancies filling fast.

"For the first six months of this year, people were going back where they wanted to and there were a number of investment banking opportunities," he says. "But now it's becoming harder - particularly for those at the more senior levels where the number of roles drop off."

Simon Tobin of recruiter Michael Page agrees.

"It's not straightforward for some heavyweight investment banker to parachute into an equivalent position in the Australian market," he says. "The jobs just aren't there."

But Mr Tobin says Australians are unlikely to abandon the well-trodden path of overseas travel to gain experience. "The Australian financial services market is a significant sector but the size and scale is certainly not a match for New York or London or Hong Kong."

-- KATE HARRISON

© 2008 The Age

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