Graduates with a passion for economics have all doors open for them at the Reserve Bank
As one of the engine rooms of the Australian economy, the Reserve Bank makes a point of attracting the best of Australia's graduates to help pull the levers.
Each year, cadetships are offered to about 15 students, majoring in economics or finance, who are on the verge of their honours year.
Applications for this year's cadet intake close on August 9 and offers will be made by mid-September.
Joanne O'Connor, the Reserve's graduate program co-ordinator, says it gives the selected students the opportunity to do eight weeks' paid work at the central bank during their summer holidays.
It also allows the Reserve to test-drive the upcoming crop of graduates, and vice versa.
During the eight weeks, cadets work on a couple of projects as well as day-to-day work. This can take them into the bank's financial systems area, economics division or financial markets.
"They may be working in an area where they will be looking at prices, wages and labour market issues, or in an area that supports our dealing rooms or looking at credit risk," says Ms O'Connor.
Towards the end of the program they are expected to present a seminar paper on one of the projects to senior staff and the other cadets.
Then the waiting begins. A few weeks later, the cadets will find out if they will be granted a place on the Reserve Bank graduate development program.
Apart from having a guaranteed job, a place means they will receive financial support from the central bank during their honours year.
For David Jacobs, that meant he could quit his part-time job selling shoes and concentrate on his studies during his honours year at the University of New South Wales.
"Honours is quite a high-pressure year as it is, so not to have to go looking for a job or work at the same time to support yourself really allows you to focus on your academic work."
Mr Jacobs, who is now a derivatives analyst at the Reserve, got his first taste of working at the central bank through a scholarship at the end of his second year in 2001-02, and then returned as a cadet the following year.
Having the experience of applying his knowledge in the real world and the guidance of senior people at the Reserve Bank helped give his studies extra impetus in his final years.
"When you're just learning from a textbook it doesn't really seem to matter as much as when you understand how these things apply in the real world," he says.
The placements also helped him feel more certain about his career direction.
"At university, you don't really know what sort of jobs are out there. One of the reasons to do the cadetship (was) to find out what areas I liked working in before committing myself to full-time employment on a long-term basis."
Those interested in a similar experience need to be prepared to jump through the usual hoops, including a behavioural interview and a technical interview to test their economic knowledge.
Candidates are expected to have an academic rating of at least a distinction average, be comfortable dealing with people at all levels, able to present their ideas confidently and have strong technical skills.
They must also be interested in the work carried out by the Reserve Bank.
"(We are looking for) a passion for the same things that we're passionate about," says Ms O'Connor.
For those who make it through the starting gate, it is a ticket into the heart of Australian economic policy setting.
Andrea Brischetto was part of the cadet intake in 1996-97 and went on to join the central bank as a graduate after completing her honours year at the University of Queensland.
She found that, as a graduate, she was propelled straight into the centre of monetary policy making in Australia, with the opportunity to voice an opinion on its direction.
"From the moment you turn up as a graduate, you are involved in the monthly monetary policy discussion at which the specialists from various parts of the economic group give their run-down on economic developments for the month and what it means.
"Then the floor is thrown open for a policy discussion and everyone, right from the person who started a month ago through to the assistant governor, participate in the discussion."
Ms Brischetto has also benefited from the bank's willingness to promote younger people and support staff development through postgraduate study awards.
Within three years she was promoted to her current position as a senior economist, overseeing a team of five and responsible for domestic economic activity.
She also received a postgraduate study award from the bank, which allowed her to undertake her Masters of Science and Economics at the London School of Economics.
Ms Brischetto says it provided an opportunity that she probably wouldn't have otherwise been able to afford.
"It gives you the opportunity to study at a world-renowned institution, have access to some of the best lecturers and academics in the world."
