Thanks for adding that. I saw different numbers for the WAM conversion online, so you could be right about 75% being closer to a 4.0. It’s hard to say because in the U.S. system, different universities use wildly different grading curves and standards. So a fixed percentage of people do not necessarily earn a 4.0, 3.5., etc. But I’ve updated the article with a note about this.

Given the small size of the market in Australia, I think it is plausible that banks would only want to accept the top 10-15% of each class as IB Analysts, so the cutoff may be more like 75%.

Thanks for adding all that. Regarding compensation, I don’t know, but nothing I’ve found for the 2010 – 2022 period seems to match what you’re saying about salaries/bonuses being that much lower. Another comment here also lists salaries/bonuses from the most recent cycle, which are higher than the ones in the article. So I am assuming this is an issue of weird/random bonuses at different banks, FX rate effects, compensation data taken from different years, or a combination of all of these.

I don’t doubt that you earned more by moving to the U.S., but quadrupling your compensation seems like a very unlikely outcome unless you were also promoted, joined in an exceptional year for deals in the U.S. vs. a terrible one in Australia, etc. Just trying to set expectations for anyone else reading this: don’t expect to earn $100K as an Analyst in Australia and then move to the U.S. and instantly earn $400K.

With all the cultural/lifestyle/hour points, yes, in all those ways, you could argue AU is better for a long-term career, especially if you have other priorities past a certain age.

There will be an updated IB in Dubai article later this year.

A few extra thoughts:
– Comp is decently lower than what you’ve outlined. Even if those figures were in AUD, they look high (not sure how much has changed since Covid)
– EB comp between banks can literally vary in multiples, or be affected by weird factors such as favoritism and how secure the MD is feeling that year
– I used to work 70-80 weeks sometimes in Aus, but they were the “busy” weeks. Even then, a 70-80 hour week in Aus feels completely different to a 70-80 hour week in US IB in terms of overall pressure/expectations, pace etc.
– I actually thought it was easier to break into IB in Australia since it’s such a small market and less competitive, the thought of being a college student in the US looking to IB makes me very anxious. It was really nice to leverage the IB experience and take it to the US where I managed to literally quadruple my comp
– “Tall poppy syndrome” is deeply embedded in Australian culture, and it shows in the workplace. Lots of weird angry small dog vibes/”big fish in small pond”. The US is really great for that “good for you” attitude and entrepreneurial spirit, I never felt I had that space to grow back home
– Cultural differences really stand out when it comes to working hours and PTO. In Aus, I would never send an email starting with, “Hope you’re having a nice weekend…” for fear of upsetting my client. Email flow is generally quiet after 6pm, so when you’re working more than 40 hours, it feels like there’s a decent amount of downtime to “catch up” on everything, and less pressure to turn everything within 24 hours. Also, there’s never really a question of whether you need to work on a holiday because 100% of the time without needing to say anything, safe to assume your client is also observing that holiday/going to the beach/fishing
– All being said, my experience in the US has been life changing, but I’m definitely looking forward to moving back home one day. Likely close to a beach…

No, not at all. It can be difficult to get a visa and sponsorship for a job in the U.S., but it is possible (most of the large banks sponsor international students; smaller firms do not or rarely do it). Your chances of winning sponsorship and an eventual job offer are higher than in Australia, especially if you do something that qualifies as STEM gets you the OPT extension to work in the country.

Thanks for adding all that! Guess my Analyst numbers were on the low side (although Analyst 3’s are increasingly rare in the U.S.; maybe not as rare in Australia).

Current exchange rate is ~1.40

Bonuses this year were 50-60%, 2021 were 70-80%

Having worked in both Syd and NYC as an analyst, Aus hours are very consistent at around 70-80 hours. Whereas in the US you get a bigger swing, some firms / groups you’d hit 110-120, some groups (especially in downturns like now) are sitting at 60, even 55 sometimes.

Culture is chiller and people are nicer, but very nasty towards exiting to buy side / other banks.

Best place to go international / New York is Goldman Sachs, they sent half of their analyst class this year to NYC after completing 2.5 years in syd (but again have to stay)

Industry tends to be very generalist outside of specialty groups (NR / FIG / RE). “General Industrials” often encompasses indus, consumer, HC, sponsors, TMT.