The New Zealand financial system is dominated by the banking sector, with it being well developed and super competitive. In 2018 New Zealand banks contributed $7.6 billion to the local economy, with the five major banks paying over $2.6 billion in employee salaries nationwide. The New Zealand financial system is very sound, which it tanking first in macroeconomic stability in the 2018 World Economic Forum’s Global Competitiveness Report.
Most graduate jobs in the banking industry are in the retail and business banking sector, with ANZ, BNZ and Westpac all having large established graduate programs. Internships are a fantastic way to get your ‘foot in the door’ with most retail and investment banks using their internship programs as a pipeline for their graduate program. This means that when you’re entering your penultimate year of university, start researching and applying for either summer or winter internships. Completing an internship will provide you with valuable on the job experience, plus it will assist you in making a decision on whether or not this sector is of interest to you.
The main employers in the banking sector are:
Whilst the banking sector is very diverse when it comes to salaries, it is generally highly lucrative, especially if you are successful and can build a strong portfolio of clients. There are many career paths for graduates and as a result, salaries can range from NZ$52,000 to over $120,000, with the larger banks like ANZ and Westpac generally paying more. It may also be worthwhile looking at international opportunities in banking, as salaries for successful investment bankers in Australia can exceed over AUD$200,000 with only a few years of experience.