Does anyone know what it is really like to work at the Reserve Bank of Australia? e.g. like the culture, people, work and the opportunities. Also what is it like to work for the Government compared to the private sector like the Big 4 accounting firms or the 4 commercial banks?
Career at The RBA vs Big 4
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Can you share some of your experiences and why you want to do that?
Primarily stability and working hours. If you have an job of importance in the private sector then you are not going to be working a straight 38 work week. Most of the time your private sector job won't pay you that much and its only when you start job hop that you will get the pay increases. I've had the opportunity wander the floors of banks and corporates and they are not a places I would want to work.
I noticed someone mentioning that they would take a significant pay cut if they were to go public but I see it as the cost of maintaining a stable income. Banks are ruthless so when it comes down to maintaining their dividends or your livelihood you will be cut. Same thing with Prof services if the client goes elsewhere. If you are really awesome and can build up a great professional network you will never need to look for a job but be honest with yourself.
Are you studying economics ATM
RBA has fewer career progression opportunities than the Big 4.
I would do the Big 4 accounting AND banks if I were you.If you actually work FOR the Govt = good money, fewer hours
Public sector - no idea
Private sector - depends on the business.BUT it also depends on what role you are seeking. It varies between the roles.
Govt jobs may be good if you are a politician, not so much elsewhere. I am a consultant and do a fair bit of work for government. Had a client try to persuade me to join them, the job title was fairly senior but would have been a significant pay cut. I have never seen a government job advertised that can compete with private sector on salary with an equivalent job in private sector.
Less hours, that depends on where you are in the private sector and your particular inclination, I have worked private for many years and never work more than 40 hours. Very similar to Government.
Personally I couldn't ever imagine working for local or federal government, all of their offices feel the same and I really don't like the feel of them. I know a one person working at RBA, and a couple that have worked there, haven't heard anything particularly good about it.
Investigate whether the RBA offer home loans to employees at lower interest rates than the major banks. Send me a private message or turn on your private message function and I'll explain further.
I only have second-hand info on working at RBA from a mate. They focus on recruiting economic majors with honors and after a few years working there they encourage you to take on further education (Masters/PhDs as well as MBAs). On culture, it really is 9-to-5 hours and maybe less if it's Friday afternoon. Can't comment about the people but my mate didn't socialise much with colleagues outside of work.
Anyone who wants to be an economist will have limited job opportunities throughout their career (each company only needs 2-3 economists to forecast future business conditions) but RBA is probably the best start you can get in Australia. My mate worked in System Stability (monitoring the stability of the Aust economy) and you're using all the info you learned in micro/macro economics lectures.
Big 4 are consultancies, so billable hours is the focus (not as bad as law firms with a desktop button to track billable time). Big 4 recruit from broader business/finance/commerce majors and take on more people than RBA, there's a general push to study for CA/CPA, it's rare but possible to pursue CFA or an MBA later on. Definitely more work social functions and my friends who started there socialised more outside of work with colleagues and kept in touch with many of them years later.
Big 4 focus more on accounting roles (half their recruitment intake is usually for Audit due to staff turnover) but is also a good start for finance roles in their Corporate Finance/Treasury divisions.
I'd imagine though you're not basing your career decision on culture and people. The roles are quite different between RBA and Big 4 so it's comparing apples and oranges. You wouldn't apply to RBA if you want to be an accountant and vice versa economists would make RBA their first choice.
Really depends, what kind of person are you, what do you want to achieve and your background. I am trying to get into the public sector at the moment from the private sector.