Are you interested in a career in investment banking or consulting? Did you know that Investment Banks and Consulting Firms target Law graduates (whether or not they have a second degree in a related field or not)?
Interested? The process of applying and interviewing for Investment Banks and Consulting Firms can be daunting. Email us at careers@aulss.org.au if you want more information or to be put in contact with other students who are practising for the case interview.
Extract from the University of Sydney Consultancy Guide 2011:
What is Consulting?
Consultants address a wide range of challenges related to managing business operations in both the commercial and government sectors. They provide expertise in a range of services including: strategy and business case development; benefits tracking and process improvement; change management; technology consulting; HR; planning; surverying; engineering; scientific; business advisory and project responsible environmental practices. Consultancy roles can be found within specialist consultancy firms or large organisations with a dedicated consulting practice.
We asked Port Jackson Partners, a leading Australian management consulting firm, for an insight into their field.
MANAGEMENT CONSULTING
Management consultants provide corporate or government clients with honest, objective, and experienced advice to help set their agendas and to find solutions to the critical business issues facing their organisations.
Management consulting as practiced by the top firms applies rigorous fact-based problem solving, using often deep analysis to generate insights into critical business issues.
Management consultants aim to add sustainable value and improve the performance of their
clients. They can have impact in many ways, from uncovering new business opportunities to navigating tricky political situations for senior clients.
The types of projects led by management consultants are varied and include:
– Setting the corporate direction of their clients;
– Defining and executing business strategies – short or long term;
– Exploring growth opportunities;
– Advising on mergers or acquisitions;
– Identifying and solving specific business problems;
– Managing organisational change;
– Implementing new processes (e.g., IT systems);
– Conducting operational improvement/cost reduction studies.
CAREER OPPORTUNITIES WITHIN CONSULTING
Management consultants recruit outstanding graduates from all disciplines. A business background is not necessary – consultants are from many diverse fields, including Science, Engineering, Commerce and Law – however, an interest in business is essential.
Management consulting skills are developed by solving complex and varied business issues by working closely with exceptional people and with formal training programs.
A career in management consulting involves analytical problem solving and communication, project leadership and client development.
The skills that are developed throughout a management consultant’s career are highly transferable to other roles in industry or government. The nature of the work provides exposure to multiple industries.
Key Attributes that top-tier consulting firms look for in graduates include:
– Excellent academic achievements;
– High levels of analytical competency;
– An aptitude and passion for problem solving and creative thinking;
– Good communication and teamwork skills;
– High levels of motivation and resourcefulness;
– A broad range of experiences outside the academic arena;
– An interest in current business issues.
Extract from the University of Sydney Investment Banking Guide 2011:
A Day in the Life of an Investment Banker
The world of investment banking is challenging, varied and complex. We asked University of Sydney alumna and Deutsche Bank analyst, Jacqueline Parsons, for an insight into the daily operations of their organisation. Jacqueline joined Deutsche Bank as part of the Analyst Training Program in Global Banking: Corporate Finance in 2009. Jacqueline studied a Bachelor of Commerce/Bachelor of Law (Hons) majoring in Accounting and Finance at the University of Sydney. Jacqueline now sits in the Equity Capital Markets team.
7:30am Arrive at work. Attend the daily Research morning meeting to get an update of changes to Deutsche Bank’s (buy/sell/hold) recommendations for shares.
8:15am Read up on what happened in overseas markets overnight.
9:15am We are accumulating on-market a strategic stake in Company X for Company Y:
– Write out daily buy order and place it with the trading desk
10:00am Company T announces an equity raising:
– Send out email briefing the Deutsche Bank ECM team and relevant coverage bankers
– Re-run the equity raising sizing model based on revised assumptions
– Submit for review with MD
3:00pm Receive a request from the MD to update the ECM credentials page for Deutsche Bank Asia Pacific conference:
– Update credentials page
3:45pm Spend time updating the ECM Weekly Update for market news and deals
4:15pm Call trading desk and receive feedback on trading for the day regarding acquisition of Company X’s shares for Company Y.
4.30pm Receive contract note for trading in Company X for Company Y. Send to Company Y.
5:00pm Consider ASX Consultation Paper on reforms to Capital Raising Timetables:
– Draft a response
– Submit for review with VP
7:00pm Dinner.
7:30pm Equity Raising Considerations paper for Company Z is reviewed by MD:
– Process additional comments
8:30pm Receive comments from VP on draft response to ASX Consultation Paper:
– Process comments
10:00pm Leave work.