Making it in NYC

I'm beginning to think NYC is not for me and I am getting sick of the nepotism and prestigious school dominance that overtakes most positions. I understand RE as a whole is family dominant, but NYC has to have it the most. Is just networking even enough? Everyone and their sibling has a MSRE/MSRED from NYU/Columbia which now even makes it more tough. Starting to contemplate trying for NJ or Philly.

Can anyone in the NY market shed some light and tips of getting in with a shop?

 
Best Response

The reason that people stress networking so much is because it is the closest thing to having "a family member in the business" as you can get.

As for education, it is really just used as a basic check the box screen. By the time you get to the interview, it won't replace experience. I've been on panels to hire a dozen+ people at all levels over the last few years and when the final decisions were being made, education was never really discussed. It ALWAYS came down to how that candidate's previous experience would translate to the job we were hiring for and fit.

Also, once you make it to the interview, be careful to navigate the fine line between confident and arrogant asshole. I've interviewed people for 6 permanent analyst spots this year and was asked to help run the summer intern program for next year. While conducting those interviews, I've noticed a whole lot more "arrogant asshole" vibe than in previous years. Those people don't make it to the 2nd round, especially in very small, high production, tight knit groups that are run by old school bosses.

 

Whats your background?

Just recently started in NYC CRE and I can tell you the family prestige/school prestige thing is huge but at the same time there's a lot of shops out there both REPE, sales teams, equity/debt placement teams, development shops...etc that arn't full of these types. You have to network aggressively. All it takes is one solid connection or one guy to take a liking to you and it could blow open your world into connections.

 

You've already missed the boat on the vast majority of IB internship recruiting, both BB and MM. You're not going to be able to get anything good enough for a summer internship to be competitive in the FT process next fall. As a result, delaying graduation is useless. You could get an MFin but if it's a one year program you won't be employable to IB in the fall because you won't have had a good internship in between. A two year masters program is pretty much your only chance at going directly into IB.

You're probably better off doing something else finance related for 2-4 years and either trying to break in directly or more likely through an MBA.

 
Nick101:
I'm moving to New York in a few weeks - but I'm relying on savings and low rent to get by for hopefully only a few weeks before I can get situated with some kind of job.

More power to you. I respect people who can do this - but I never could. Signing a lease without a job and any idea how to pay bills a month or so away? That's crazy to me

Commercial Real Estate Developer
 

Go to business school in New York. Get internships while in business school in New York... Did you have an internships in undergrad? You need to build your foundation first, and not jump into anything. New York is expensive so you'll need a good job if you live there. I would talk to the people offering you positions and pick one that has mobility. Work there for a couple of years, get into a grad school in New York, and see if you can be transferred... Either that or use that work experience as an asset to get into a good b-school that BB recruit from. Good luck!

 

Finance in New York is a pretty broad term. What do you want to do more specifically?

The obvious answer is to network and keep trying to get a job in NYC and make the ask of the people you're caddying for if they know people in NYC they could introduce you to. But if you've made connections and could get a good job through them that's not in NYC, get the best possible job you can, get some experience and try to lateral your way up to NYC after ~1 year. This isn't a cut on UF at all but it's not a target school for most front office finance jobs in NYC (if that's what you're after, nothing wrong with back office) and a 3.3 is usually below the cut. So if you can bat above your average and get a great job through connections you'll have an easier time getting into that same job in NYC once you have FT experience. And someone correct me if I'm wrong but most firms of any sort have finished their new grad recruiting so you'll be sifting through the crumbs of what's left. Nothing's impossible but I'd imagine getting a good job in NYC at this point will be an uphill battle and if you have the opportunity to get a good job elsewhere, go for it and make your way to NYC when you can. I know a year or two when you're 22 seems like a lifetime but in the long run it'll look like nothing.

 

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