Those who worked in NYC finance before moving to other cities
There seems to be some WSO posters who started their finance careers in NYC, did well, but chose to move to other cities. I'm very curious to hear from them about the pros/cons of being in NYC vs other cities from a strictly professional standpoint (don't want this to devolve into a city comparison thread). Specifically, do you guys feel that being in a major financial center surrounded by smart accomplished people in your field helped your career in any way or at the very least your knowledge base? How important is the network effect of being in NYC?
I just started working in New York a few weeks ago and the network here is insane. Finance everywhere.. you can actually tell some none finance person that you work in Private Equity and they actually know what it is. Where I come from, Investment Banking doesnt even exist lol.
Early in your career, it is a very big deal. Honestly, it can help set the stage for the rest of your life. I spent just over 5 years in NYC, first in S&T and then in IB at two BBs. I had an incredible experience...good groups, great friends, a lot of fun, but I worked a lot. I managed the fun + work combo by not sleeping much for the entire 5 years. Stress trick for beginners: getting out of work at 1am in NYC does not inhibit your social life, just go out and forget about work for a bit.
Towards the end of my time in NYC, I was so burnt on long work hours that I just wanted out. I worked in sponsors coverage at the end and had some great opportunities with funds I worked with, but I saw each of the roles as being just more of the same work with hours that weren't much better. I wanted something different. I looked primarily at VC roles in the Bay Area (had some unique tech deal experience + engineering degree in a good VC market - 2006/2007 interviews). I got a couple of VC offers in the Bay Area and a tech banking offer in Denver with a small boutique. I decided to take the Denver offer because I like it better than SF, and it was clearly a lifestyle firm that still worked on quality deals.
I got a lot of crap from my friends because I was taking a "lesser" offer than I could have. I took a decent pay cut, although I got a substantial uptick in QoL. What's important here is that the network I built in NYC has helped carry me ever since. It provided a lot of deal opportunities and funding sources for deals I worked on at my boutique. I left a couple of years ago to found a tech startup, and many of our early investors were my colleagues and bosses from NYC. Beyond that, people do give you a certain level of credibility for starting your career in NYC.
Two of my best friends from NYC, both still there 8 years after I left, joined me for a ski trip last winter. They were the people who were the hardest on me about my decision to come to Denver. Each mentioned that they were actively looking to get out of NYC, and Denver is at the top each of their lists - vindication!
Very cool experience!
Thanks for this. Great read and insightful.
I agree that for those young folks wishing to work in finance after college, NYC is the place to be. Not sure how much of this applies to post-MBA though.
I definitely have no desire to stay in NYC long-term. Great city in many ways, but the suffocating cost of living, low quality of life, and crappy people, just wear down on you.
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