Banking route CA

[SAdata]

Hi there

Can anyone explain the type of work you would be involved in if you did your articles at a bank (investec, nedbank etc.) - obviously auditing you go to clients and test one of their cycless then move on. But banking has never been clear to me.

Also what salary do you get during articles and afterwards at the banks? I've heard it is more than the firms but no one seems to know.

I am going to audit route, but I'm just curious as to the banking route, as I (and others around me) often find myself saying it is inferior to audit, (despite a few pers), when I don't really know enough to make that call

Thanks

 

[matt_za]

Situation: Completing CTA currently and involved in applying to banks for training contract

Fact: Far less places at banks than audit firms. From what i can tell big 4 banks take about 5-12 people a year and investec takes about around 20 with other financial institutions taking 1-5. This compared to the couple thousand people that write board.

By what i have been told banks can pay 15-20k maybe even more, whereas you are looking at around 10 or more for audit(very much word of mouth figures not actual contract salaries).

Banks your involved with rotations and depending on your elective competencies may be more focused on different areas. In rotations you will go to different departments fulfill different roles for a couple months at a time. Check out training program websites for examples of different rotations.

Topp is more for people that want to be commercially minded than audited, banks are one of the biggest places to go topp, others include for example SAB, few mining houses and sasol.

 

[Greg C]

Working for a bank this doesnt necessarily mean that.

Let me be more specific. At a bank its completely dependent on why you were employed. The banks main business is banking you would be employed for budgets and financial group statements. You may be rotated but the numbers dont change. You could swap from business enablement division books and budgets to the commercial space and present to exco. However you generally unless the bank has a division that outsources its audit to clients,will not be per se going to clients auditing and moving to the next. Its all internal. If I was an auditor a bank would be the LAST place I would START working at. I would try my very best to get top 4 articles, finish my CA and then apply to the bank depending on what you want to do now. Ie equities research,derivatives and quantitative dealing. It just depends on you. Whilst SAB and sasol were mentioned,they are very good, there is a stigma around articles. You look far better if you did it with the top 4 than somewhere else even if for SAB and sasol as you get exposed to far more businesses with the top four as this is their business, not alcohol or petrol. Its my opinion and I stick to it as I see many CA's where this realistically helped them with their career. Top 4 is like working for a top 4 bank. It just looks good and gives you a slight edge. Nothing more. Salary wise. I would put between 15-25 whilst this ranges it always will because of the market and it being an employers market

Hi there

Can anyone explain the type of work you would be involved in if you did your articles at a bank (investec, nedbank etc.) - obviously auditing you go to clients and test one of their cycless then move on. But banking has never been clear to me.

Also what salary do you get during articles and afterwards at the banks? I've heard it is more than the firms but no one seems to know.

I am going to audit route, but I'm just curious as to the banking route, as I (and others around me) often find myself saying it is inferior to audit, (despite a few pers), when I don't really know enough to make that call

Thanks