Australian university graduates stepping into a role at Macquarie Capital are making up to $180,000 in their first year, according to a new salary survey.
The survey was put together by business gossip website The Aussie Corporate, after receiving 600 submissions from more than 180 finance, consulting and law firms across the country.
The report looked at starting salaries for grads and potential bonuses they can earn in their first year at a company.
While salaries are based on ‘anecdotal community feedback’ and haven’t been verified, The Aussie Corporate found grad role salaries range from $30,000 to $180,000.
Coming in at the top of the list was graduate positions in investment banking at Macquarie Capital, with a reported starting salary of $180,000.
Australian university graduates stepping into a role at Macquarie Capital are making up to $180,000 in their first year, according to a new salary survey
If the grads were in Sydney and starting their role this year they also reportedly earned a bonus of between $5,000 and $10,000 within the first three months, and up to $20,000 a year after.
A $2,000 relocation fee was also offered.
Salaries for other grad positions in different teams at Macquarie Bank ranged from $80,000 to $130,000, the report claims.
Daily Mail Australia has contacted Macquarie Group for comment.
The report’s findings doesn’t exactly come as a surprise given Macquarie has been dubbed the ‘millionaire’s factory’ for its generous pay and bonus structure over the past 20 years.
It was earlier revealed Nick O’Kane, Macquarie’s global head of commodities and markets, earned more than Macquarie Bank CEO Shemara Wikramanayake.
Nick O’Kane (pictured), Macquarie’s global head of commodities and markets, earned a staggering total remuneration of $57.6million in the bank’s 2023 financial year
According to a report by The Aussie Corporate, grads in the compliance team at Goldman Sachs could take home $140,000 at the Sydney office
HIGHEST PAID GRAD ROLES
Credit Suisse, investment banking – $180,000
Macquarie Capital, investment banking – $180,000
Citi, investment banking – $170,000
Bank of America, investment banking – $165,000
J.P. Morgan, investment banking – $150,000
UBS, finance – $150,000
Akuna Capital, trading – $140,000
Source: The Aussie Corporate graduate salary survey, based on anecdotal community feedback
Mr O’Kane earned a total remuneration of $57.6million in the bank’s 2023 financial year.
It was almost 50 per cent more than he earned in 2022 when he still had a pay package worth an incredible $36.2 million, the bank’s annual report reveals.
Ms Wikramanayake’s total ‘award remuneration’ for 2023 weighed in at a mere $32.8million by comparison, up from $25.8 million in 2022.
The Aussie Corporate’s report also found that Credit Suisse was offering $180,000 for investment banker graduates in Sydney.
Finance firm VivCourt also offered those in trading the same eye-watering salary.
Several companies were offering grads six-figure salaries straight out of uni, including financial services firm UBS which had a $150,000 grad position on offer, as per the report.
Big Four accounting firm PwC had a grad salary of $100,000 for those in actuarial consulting, according to the survey.
Uni grads starting a position at J.P. Morgan in either investment banking or sales and trading were looking at a salary of $150,000 in the Sydney office, according to the report.
Bonuses were also reportedly on the cards.
Uni grads starting a position at J.P. Morgan in either investment banking or sales and trading were looking at a salary of $150,000 in the Sydney office, according to the report
Grads in the compliance team at Goldman Sachs could take home $140,000 at the Sydney office, while investment bankers can make $125,000 in their first year.
Google offers software engineers $113,000 straight out of uni, the survey claims.
Citi, known as Citibank, had graduate salaries of $170,000 for investment bankers, according to The Aussie Corporate.
‘Whilst most peoples’ pay may not necessarily be keeping up with inflation these days, grad salaries are still as competitive as ever,’ the report said.
‘Our takeaway is that the war for talent is as fierce as ever.’
The survey also found Sydney had the highest salaries, while bonuses were not as common for graduates as they were last year.
Investment bankers were offered the highest paid roles.
Citi, known as Citibank, had graduate salaries of $170,000 for investment bankers, according to The Aussie Corporate