How do people afford NYC
Starting MBB out of undergrad in NY soon and looking for a reasonably priced apartment. Saw I wasn't alone in the struggle in the IB thread- how do people afford NY and save for the future on consulting salaries?
Which IB thread?
Honestly, none of my colleagues in banking are struggling. It's really not hard to live in NYC with a $200k+ comp, and $110k base is enough to cover costs throughout the year. As an analyst, you definitely have to budget, but that's something adults everywhere have to do.
Is MBB comp significantly lower than IB?
MBB comp entry level is typically 100k base + ~15-25% bonus. Base is usually similar to IB but bonus is much lower.
I see. Didn't realize it was the different. Still, ~$120k at the end of the day doesnt seem like a struggling salary to me, especially if $100k of it is from base
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