If people go into this industry for the money, and they can get paid just as much as they would in NYC in a city where every dollar goes twice as far, why is NYC the goal?
Unless you're already loaded and just do this job so you can tell ppl you work at Goldman Sachs, it doesn't make sense.
| +488 | [Very Long Post] Stepping Off the IB Train | 26 | 11h | |
| +248 | Is David Solomon Too Big a Jerk to Run Goldman Sachs? | 66 | 5h | |
| +194 | MS - Thoughts on IB | 60 | 7h | |
| +157 | Question for senior bankers - does it get more or less stressful as you progress? | 26 | 11h | |
| +99 | Is the gap between IB pay and "ordinary" corporate jobs getting too narrow to justify the hours? | 36 | 1h | |
| +90 | Worst Universities in IB | 26 | 3h | |
| +88 | Why are IB analysts so butthurt over CB? | 45 | 10h | |
| +87 | Semi-pro/pro football or IB | 31 | 16h | |
| +84 | The Fall of Georgetown? | 48 | 8h | |
| +77 | Rothschild return offer bloodbath | 35 | 7h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Really not hard to understand, young people enjoy living in NYC. It has endless things to offer. For a lot of people, the ability to live in NYC is well worth the cost differences. You couldn't pay me to live in Minneapolis, Cleveland, Charlotte or some other places with IB presence. Some people like those cities but many don't.
How are you going to enjoy all of these great things with IB hours lol
Prestige + the experience ig. I just know I've finished to idea of working on wallstreet at least twice. That includes sex and cranking ole' cyclops.
A Shakespearean way of putting it indeed!
It doesn't make sense to you that people who are deeply interested in finance & commerce would want to live in the mecca of finance and commerce?
This is like asking why a jew would live in Israel or a surfer would live on the coast.
I'm sick of people who don't like their jobs making it sound like we're all submissive slaves. I for one, love my job, love my life, love NYC and wouldn't move to the boonies if it entailed free housing.
This, NYC is one of the financial capitals of the world. With bigger markets come bigger paychecks. I doubt many MM MDs are clearing 10 mil in Nebraska.
I doubt many MM MDs are clearing $10M in New York either…
banks comp the same in houston/charlotte etc than nyc
Several things:
All the above stated, as someone who took the otherside of the bet, if you can find a world or national class firm and not have the expenses of Nyc, it's pretty nice and you build wealth pretty fast. However, many people love the culture of NYC, so it's really based on the type of person you are.
Much more opportunity in NYC. SF is the other big finance hub but it's a less nice city to live in and still very expensive.
You can do IB in cities like Houston or Charlotte, but you have less long-term career opportunities than someone in NY. IB/PE pay very well, someone a few years in is not struggling on money even in NYC
Networking
DO NOT RECOMMEND NYC TO MOST. I have worked for a boutique consulting firm this year near Times Square area. I don't think this is subjective when I say the whole city feels like a public restroom at a baseball game. Smelly and dirty, legitimately feels like a rotting city. People are crazy physically,mentally, and there outward appearance. Generally feels very unstable and a tragic place to raise a family. I don't know how people can grow up and be sane there, Legit people walk on each other, breathe on each other it's like a ton of rats. This seems like an exaggeration but it's truthfully the best way I can describe it.
What do you expect for a liberal-run city?
I mean the area around Times Square is a dump
The question focuses on a singular job, not the ecosystem of opportunities, which is relatively myopic. Being in the hub of any sector provides the best ability to network, change jobs, start companies, etc. Sure you can go to a tier 2 city but your options are really constrained if you want/need a new job. This isn't to say its a bad thing to live in a lower cost city...but there is just a real cost and that is optionality.
My LI over the past decade has been full of finance kids wanting to move from SF to NYC or Charlotte to NYC.
Never once saw the other way. Take that for what it is. Isn't hard to understand if you open your mind a bit. There's no one fit solution, so yes you can definitely have a better time working in investment banking in Saskatoon, Saskatchewan but that's a minority of the youth's preferences.
Saying you don't know any bankers in NYC itching to get out and go to a up and coming place like charlotte seems far fetched. NYC may have been cool like 30 years ago but now not that great and networking can be done anywhere
Voluptatibus esse accusantium ab magni ut dicta sapiente. Nulla qui vel odio fugit assumenda sed omnis. Fugit eveniet et aperiam omnis voluptatibus ut.
Nobis magnam earum nisi assumenda consectetur voluptas doloremque. Aut nesciunt culpa impedit rerum est aut ad. Ut nesciunt ut quod cumque. Id voluptatem id qui delectus. Facilis est tempore facilis omnis voluptates ratione.
Unde et et aut ipsa. Itaque voluptas et qui rerum ut voluptatibus enim recusandae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...