Which of the Australians Banks is Best for You?
Many of the newly qualified Chartered Accountants (CA) that I meet who are looking for their first move out of practice ask me “of the Australian banks, which one is the best? Which one will help me to develop my career and provide me with the best opportunities for progression?”
The answer is complicated and depends on a number of factors. How important is the ability to gain overseas experience? What makes a bank the best? How important is job security? Which division is right for you?
When considering what makes a bank the best, there are a number of metrics to be considered: current and future strategy, cash profit, market share, allocative efficiency, innovation as well as opportunities for expansion and growth.
When speaking to newly qualified CAs as well as experienced candidates, one of the key concerns is job security. Outsourcing or offshoring can be a divisive issue and has the potential to turn top talent off the potential employer.
However, demonstrating development and progression planning through case studies and other means can give potential employers a large advantage in attracting the top talent in the market. The same can be said for demonstrating strong ethics around equal opportunities and making sure that key leadership positions are held by women and members of ethnic minorities.
The leading Australian banks have adopted very different strategies which means that when considering the first move out of public practice or when you are more experienced you should think about where you want to be in the next three or five years and the bank that you choose will be dependent on a range of factors. That in turn means that there is no easy answer to the question of which of the Australian banks is the best or more importantly will be the best for you.