Australian Bankers Head To London And New York: Here's Why

Many Australian financial services professionals look to bigger markets like London, New York and Singapore to further their careers. And to earn what they expect to be the “Big Bucks”.

eFinancialCareers surveyed 2700 financial service professionals globally to see how they fared in the annual bonus stakes. The results suggest Australia is indeed lagging behind the UK and US in the bonus stakes.

But it also shows that today, bonuses are pretty good in Australia compared to Asia.

London bonuses lead the pack strongly, with an average payment of £58,000 (A$107,000). The US also did well, with US$72,900 (A$81,000), whereas the average Australian bonus was just $41,200.

There is no discussion of total package, nor is this survey lifestyle adjusted. But the message is clear: the big bucks in banking remain offshore for all but a few locals.

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