To all those analysts working 90-110 hour weeks, does location matter to you? Do you actually have time to enjoy New York or is a social life really non-existent? Does being in New York provide access to a fun time for the times when you can blow off steam? Or would you be content working in another city? Curious to hear opinons on this.
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NYC/London only. Dude, it's not 100+ hours consistently every week...
You definitely have time to go out, you just won't be able to go out every Fri and Sat like people with normal hours can. So, yes, you have time to enjoy the location you're in.
Not having to drive to and from work is a huge plus.
Driving 5 min to work >>>> sweaty ass cramped NYC subway commute
Location is so important.
When you have time to party, there are so many things available to you in NYC.
My take on this is that NYC is a good place to be an analyst because it is a 24/7 city. This makes it much more conducive to maintaining a social life despite the unpredictable/long hours. For instance, you can get dinner reservations at 10pm or later, bars stay open later, etc. Additionally, the culture of the city is such that people in your age group will (sort of) understand your lifestyle even if they are not in finance.
I live in a much more "middle American" city currently and imagine that if I were still working banking hours I would be consigned to eating from the 24 hour Taco Bell drive through window all the time.
I am confident that if raised kids in NYC they would have a cocaine problem by age 15 though so there are downsides as you get older - with the tax man also high on that list.
New York I love you but you're bringing me down. Does anyone get the ref? LCD Soundsystem?
Anyways, I think I'd prefer San Francisco or Chicago. Less fast-paced.
I prefer Chicago over NYC, but maybe I'm biased since I'm from there. Beaches, low(ER) cost of living, and family nearby can't be beat for me.
Importance of location (Originally Posted: 04/08/2012)
How important is location of a firm when deciding between offers? Would GS or Lazard in Chicago be a better option that say BAML in NYC? Which one would you choose given these three options? Obv the latter lacks in prestige, but its in NYC. This question relates primarily to exit opportunities as compensation is usually the same across offices.
Really is group specific. I can think of groups and locations where your prestige assumptions above do not hold...
^Very true, just looking at the news LAZ's global head of restructuring is now in Chicago so their restructuring group looks solid in Chi.
BAML does not lack prestige....
there's a big difference between Lazard and Goldman, no?
Yes. Lazard is much better
I'm so sick and tired of posts like this. Just sign with the group that you felt most comfortable with. At the end of the day you are basically doing the same job regardless of who you work for.
Also, majority of people on this forum have no idea what they're talking about.
This is the best advice you're gonna get on this entire site. Remember it well.
well lets go with what the OP asked, how doe the exit ops differ between something like Laz, JPM, GS, GHL all in Chicago and other banks in NYC?
bump
Does it really matter which city you are in? (Originally Posted: 10/03/2013)
If you're starting out as a first year analyst in IB you're working anywhere between 70-100 hour work weeks. You won't have any time to experience the city let alone even trying to sleep. So does it really matter if you're in NYC or Atlanta?
Depends. If you have a solid friend base in a certain city, that makes life a lot better. If you're just moving to a random city, then I guess you'd just have to look at the location that presents the best opportunity to you and is the most interesting place to live in your own opinion. I know it sounds idiotic when taken in the context of an investment banking analyst position, but if you aren't having fun during the hours you're out of the office, then that will just make your live much more miserable.
You're more likely to network with/meet the "right" people if in NYC
You're more likely to find a good wife in ATL... stick to the Buckhead young professional scene
It's hard to beat the competitive vibe that you get in NYC. That, and its sometimes difficult to beat the networking opportunities that can be found in that city. Furthermore, if you're at a remote office, you may see different treatment being applied to your office versus the NYC location.
I work at a BB in a remote office and it feels second class to being in NYC.
What about if you're in jacksonville?
God help your soul
Lol are you seriously forgetting to name London?
Zurich is not a 'prized posting' in IB... When it comes to deal flow / prefftige, it ranks below Paris and Frankfurt. It's also a fairly boring place to live. Pretty awesome if you're VP and above during ski season though.
I am in a satellite office. My office does not get seamless because it is "not part of the culture here". The lower cost of living offsets it, but getting free dinner every night is a sizable financial perk.
That said, we are also casual. I have worn t-shirts and polos all summer. Jeans or shorts are standard. I'm pretty sure I could wear track pants/gym shorts and nobody would say anything. Then again, I have minimal face to face interaction with my boss. I have gone days without seeing him.
This is worth far more than free dinner six days a week.
It depends what you're looking for. When it comes to prestige, the reason people scream NYC is because that's where a majority of banks' HQs are. However, some cities are just as prestigious depending on what industry you're working in (energy - houston, chicago - industrials, tech - a bunch of west coast cities). It's also pretty hard to argue that there's a city with a better night life than NYC, but if your hours are terrible that may not matter as much.
If you aren't hung up on prestige and your job doesn't force you to live in a certain city, I'd live wherever you think you'll enjoy most. If you don't choose NYC your cost of living will likely be a lot less too.
Yes. Exit opportunities are generally location-dependent, and there are limitations that come along with that. If you're looking to end up at a hedge fund, it's a pretty significant disadvantage to be in a non-New York office. Because, you know, 90% of hedge funds are located in New York (or Greenwich). The major venture capital funds are out in Silicon Valley, and most headhunters are only looking to bring in TMT (emphasis on T) analysts out in San Francisco for those interviews.
Most PE is out in New York. Obviously there are exceptions (Silver Lake, Leonard Green, Madison Dearborn, Ares). But location certainly plays in.
Work at a BB in San Francisco - and having work in New York before, I think each location has its +/-. Generally speaking, look for the right opportunity at the right firm - Doing IBD at a MM in LA is better than BO at a BB in NY..
Doing IBD at an MM anywhere is better than BO at a BB in NY if you want to do I-Banking.
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