Banking jobs down under are looking increasingly attractive to both Americans and expat Aussies. But taking overseas experience to Australia doesn’t mean you can shift to a sexier job function.

Grant Lovett, head of fixed income at UBS and a recent returnee himself, explains: “You can’t come back and say ‘I was a good credit trader overseas and now I want to try something completely different.’ The quality of people here is very good, so it’s best to do something within your existing skills set.”

Lovett, who came home after a 12-year stint in New York and London, says he’s been approached by several overseas-based bankers asking his advice about ensnaring a job in Aus.

He tells us: “For me, the reasons to return were positive – the job opportunity and the desire to improve my work-life balance – but there’s no doubt that the markets in the US and Europe are, at a minimum, making people think twice about staying there, or at a maximum, forcing them to return because they’ve been made redundant.”

American bankers are also looking south for work. Steven Casey, an executive recruiter at Manpower Professional, has seen an increase in applications from overseas nationals, most significantly from New York – “especially young bankers, with two to three years’ experience, who combined with their tight local market, have itchy feet and are looking to overseas opportunities.”

And the Wall Street refugees shouldn’t get bored when they get to our shores. Lovett adds: “While the market here is obviously smaller in size than New York, the issues are the same. Fixed income, for example, is still exciting because the market here is volatile. And because the teams are smaller here, teamwork and trust are easier to achieve. There’s also a lack of personality-based issues and we have great collaboration between people.”