Advantages of Regional BB
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Does going to a regional BB for IBD significantly reduce career opps? (Originally Posted: 08/24/2009)
I was an SA at a BB in SF/HOU this summer in the tech/energy group. I really liked my group and was fortunate to get an offer to come back next year. The one thing that is holding me back from signing however is that I'm worried of being pigeonholed for the rest of my life in the tech/energy field, in the same geographical area. I don't mind the industry, but there are other groups (including product groups) which interest me a bit more.
From what I've seen, my group filters well into the top PE shops in the respective industry (SLP/FP for tech and First Reserve for energy), but does not filter well to general PE shops or PE Shops in other industries.
I plan to go back to business school for an MBA after IB/PE(hopefully), and I was wondering if I could make the transition to another industry or would I be stuck with tech/energy industry post-MBA as well.
I have a couple of months to decide about my offer, but I don't want to take too long and create any internal animosity, if I do decide to come back. I also go to Berkely/Texas, so recruiting will be difficult for me if I do decide to look at another industry.
Thanks for any help.
Those are both pretty broad industries, with the majority of PE shops having one or both of those type of companies in their portfolios. So yeah its not MS m&a or something, but you should be good especially if your planning on going back to school. I think your pigeon hole would come more from your lack of a network. If you only make business contacts in those fields then yeah you'll probably end up there, but good networking can help you break out of that. It's a good thing to do regardless of your situation.
"Cowards die a thousand deaths, but the brave only one," Bill Shakespeare
Being pigeonholed is certainly better than being unemployed...well, at least for now. Who knows what new social programs will be started during this administration's term.
Regards
Yes it actually does. For the rest of your life, you will need to learn the handy janitorial skills as well as buy yourself a truck so that you can transport illegal immigrants.
There's no future to your life unless it's BB NYC. Suggest you don't sign
Regional BB Offices (Originally Posted: 04/20/2012)
New York (for USA), London (for Europe) and Hong Kong (for Asia) recruitment seem to be the most popular places to apply for an internship/FT offer in IBD. Have any WSO monkeys ever applied to a regional office with greater success (I know this probably works better for USA branches)? Is there a difference in salary (after expenses) as I’m assuming the City pays more but then expenses are higher? Is it true regional offices/teams are more ‘friendly’ and more people ‘survive for longer’ there?
Would you pick [a well known BB] in Miami vs [another BB less known] in New York?
I don't know about Miami but theres a few BBs up here in Canada that start 1st year analysts at >90K salary (all the Canadian banks/stronger boutiques arre around 80K). Could be the reverse (lower pay in NYC/London).
I don't have any experience or know much about the pay, etc. however I do know that I will be applying beyond NYC, so regional offices will be in my sights (granted they are in a place I want to live). I'm sure it is still tough, but it is likely you aren't competing with AS many people as the typical NYC job. Could be wrong though.
I'd be interested to see what people who have some insight say..
@kalga
Really? Why would the Candian banks pay more in Canda than in NY? I know several Canadian banks such as TD Securities that pay slightly below street, with regards to salary.
@inews
the exprience you get at a financial hub is going to far outweight the exprience you get in a regional office. While NY is the major center in the US, Chicago has many prop trading shops as well as PE firms. Boston is known to have some of the biggest assett managers as well as hfs.
A top tier BB pays the same in London and in Continental Europe which are different countries so I guess it works the same in US between NY and other cities.
I don't know the exact reasoning but its probably the BBs fault. In the past, some Canadian offices of the BBs adjusted thier salaries up for exchange rates (it was 0.6 USD for 1 CAD at one point) and just never bothered to change it after it pared. As a result, Canadian banks were losing talent so they had to move thier salaries up (esp. as they became more competative/revenues increased). They pay less in NYC because they're competitors do. If GS paid everyone 90K base, the entire street would follow.
Another factor is that Canadian banks generate more revenue in Canada than they do in the US with the exception of RBC.
Do Canadian banks pay more because less people apply there?
Or weather reasons....? My friend mentioned there was one area where it paid extremely well, but temperatures were always below 5 degrees so no one ever wanted to work there. lol
Would you guys mind which office you worked in?
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