Accepted SA, Rethinking Location
Created a new username for the sake of anonymity, and I apologize for the long read, but I'm looking for some advice as I'm having a bit of a dilemma.
I recently accepted an SA offer for a BB in NYC, got my top pick group-wise, and am excited for the summer. I will be fully focused this summer on doing my best and securing the FT offer. However, I've recently began to second guess whether or not I actually want to be living in NYC in my 20's. I have been fixed on getting an IB job in NY at a BB the past year and a half as I saw that as the pinnacle of the job market for me upon graduation. Now that I have secured that internship, I have had some time to really sit and think about what I want in life and I am having second guesses as to the location of NYC.
I've done a lot of looking into other places, and am really interested in some other cities such as Charlotte. Reason being, I've decided I'm not in IB to try to become a partner at KKR or Blackstone. Yes I want to work in finance and make good money, but I don't want to completely piss away all of my 20's in the process, I don't need to be at the most "prestigious" firm in NY, and I don't need to be on track to be Goldman's next CEO. I know a lot of you will tell me that it isn't possible to enjoy some of your 20's in finance, but I would be cool with working 60-70 hours by my mid 20's and having some good money that would go a long way in a place like Charlotte to really enjoy the days I have off, and I am cool with sacrificing a few years with brutal hours to get there.
Although NYC is my favorite city and would be incredible, the idea of spending 2k a month to live in a rat hole for the next decade doesn't really seem appealing to me. And I don't feel like with the lifestyle/pay I would really be able to enjoy this next decade as much as I could elsewhere. I'm not a fan of the cold, love to play golf and other sports, and want to be in a city with cool nightlife within walking distance. But I don't need much more than that, and I think I could use a lot less money to do these things elsewhere.
I'd love to hear some advice number one, but also on how difficult switching locations is. The bank I am interning at doesn't have a presence in Charlotte, so how difficult would it to be to go from SA NY to FT in another city at a different bank? If it matters, I come from a non target with minimal presence in IB and high-finance overall. How much would this really hurt my career aspirations if I did start in or move to say Charlotte? Is it possible to still switch after you have started FT as an analyst? If I were to get a promotion form analyst to associate would it be possible to carry that over to another city as well?
I would really appreciate any thoughts or comments.
If Charlotte is the goal why not just do well this summer and network to try and secure a FT interview with Wells Fargo?
Are you asking how to do IB in a lower cost of living city? You will still be working banking hours, doesn't matter which side of the mason dixon you are on, to my knowledge
Do you want to be in IB/PE for the long term in Charlotte or do you think you're a two and out analyst? Like LBO said above, if you're in IB you'll most likely be working the same hours no matter if you're in NYC or anywhere else. And one good thing about doing it in NYC is that many other people will be working the same hours in IB and many other fields (I knew a few girls who worked in advertising when we were all post college who kept 70-80 hours/week for example) so your friends understand when you're never around or have to bail at the last minute because they do the same. When you work 80 hours/week in a place where very few people do that, like Charlotte and nearly every other place outside of NYC, you're the only one doing that. Your friends either think you're a dick or they'll constantly tell you to find a job where you don't work that much.
Also keep in mind that if you get an FT offer in NYC you don't have to stay there forever and you can parlay a two year analyst stint at a BB into many other things.
This. Don't expect the hours to be better just because you're not in NYC. Culture varies, but IB is still IB. Be careful not to set your expectations too high, will likely just make you bitter for having moved with expectations of a dramatically improved lifestyle.
I can't say for certain if I want to be in IB/PE long term at this point, but it is definitely something I am strongly considering. I know a lot of people on this site have a defined path they are following, but I can't bring myself to say I know exactly what I want to be doing. At this point I am still considering all of IB/PE/HF/Corp for the long term.
I had not really considered the point you brought up about other people working similar hours in NYC, which I think is a really good point. After reading everyone's thoughts and thinking some more these past couple weeks I believe two years in New York would be good for me career wise and enjoyable, I just don't want to get caught in the rat race there long term. I know there was posts in another thread just a couple days ago that talked about making great money in a low COL city with good hours. That's exactly what I'm striving to get to even if it be decent rather than good hours. My hope is to use a 2 year stint at a NYC BB to help me get there as quickly as possible as long as I get this full time offer.
I know people say some MM PE firms could offer great money with decent hours, although I'm not sure if such exists in smaller cities like Charlotte, but that would definitely be something I'd go for. Same goes for HF. I know Charlotte is huge on banking, but If I'm going to stick in banking though, I would want to avoid having to go b-school and back to an associate as I would want to get through the analyst and first couple associate years with some of my 20's left over. If I could jump straight from analyst in NYC to associate in IB in Charlotte at a group that seemed to be a good cultural fit I would also strongly consider that, so I'm also curious if that is possible as well.
And to TheSanchize I definitely agree about working my tail off for those in the interview process who helped me out. There were some guys high up the food chain who took a liking to me in the interview room and offered to help me, and they are guys I could see being mentors and helping my career greatly if all goes well. Especially coming from a non-target without many contacts in any of these industries, I feel very obligated to impress this summer and thereafter to prove them right.
I agree with the guys above - if you love NYC, try to get a decent apartment with some roommates, do the 2-year stint there and enjoy the weekends you have off in one of the coolest cities in the world. Since I believe not too many people seek to go from NYC to Charlotte, you should be in a pretty good position after two years if you connect with the right people. I know not too many people on here care care, but my personal opinion is that there's also some (in lack of a better word) morality in giving back to the people who's taken a bet on you in the hiring process and show them that they made the right decision.
I'd also say that there are much better careers to serve the lifestyle goals you mention than IB. MM PE and corp dev come to mind as two careers that are very similar to IB in nature of the work done, but can (dependent on the firm) be very different in terms of the hours expected. In a (relatively) low COL city such as Charlotte the pay will also be more than plenty for you to have a great lifestyle.
That being said, I don't think it'd be overly difficult to move to a different bank in Charlotte, as it's generally lower on the prestige ladder. By that I mean that banks in Charlotte are not normally able to recruit the talent that lands in NYC. Be wary though that the banks may fill up their analyst class with SAs (especially since the classes are smaller). I'd recommend reaching out to a few people in IBD in Charlotte for an informational interview and ask about lifestyle etc. If you feel a good connection you can drop a hint that you may be interested in Charlotte for FT and ask whether they usually fill their FT classes with SAs.
Haha you want to be in my boat and I want to be in yours lol.
I will be interning at WF S&T this summer in Charlotte and worried that if I get a FT offer, then it'll be in Charlotte, but I can't even imagine myself away from NYC (as I go to school in NY). Therefore, thinking of ways to transfer to either WF NYC or another BB in the city for FT.
^ The grass is always greener on the other side.
BudHeavy I find it odd that you're already complaining about NYC but have yet to begin your internship. Try it out first. The hours are not the best but the weekend lifestyle (when time permits) is entirely under your control. Do your homework on the city in terms of recreational activities, and I'm sure you will find activities that suit your interests.
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