I have heard that investment banks in certain cities, like LA, Charlotte, Houston, are more likely to give a shot to someone who is from the area. Is this true?
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Can be, kind of varies by city.
When I was lateralling at the analyst level many years ago I interviewed with Piper in Minneapolis. Basically every interviewer asked about connections to Minnesota, if I’d spent time in the city, etc. i think they (rightly) see someone coming from NY and are skeptical they are going to stay long term.
LA you normally don’t need to convince anyone. Milwaukee, Pittsburgh, Charlotte, etc. it probably helps to have a good story. Houston and Texas in general is like one big fraternity so a large majority of people come from a small handful of schools (UT, A&M, Rice, SMU, etc.) and I think there is definitely a preference for folks with ties.
Yes, they are important and can make or break your chances. I interviewed for a BB firm in Atlanta for a ft role, and my interviewer was asking me more about my freshman internship in Atlanta than my more recent and relevant junior summer IB internship. I was also asked about my ties to the city and specific questions related to it.
Before the interview, my friend who now works at an MF told me I should lie about growing up in the suburbs or somewhere in the state if I wanted a real shot at getting the offer. He said these satellite city offices typically hire from local schools / people who are from the area. I didn’t take his advice, and the entire interview felt awkward when I told them I had no ties to Atlanta / Georgia
The guy who got the offer didn’t even have prior IB experience; he came from a Big 4 internship but went to a college in Georgia.
Yes, it shows that you're committed to the location and won't jump shit to NY first chance you get.
For sure. Not IB, but I interviewed for a PE platform (co invest, secondaries, fund of funds) for a FT analyst role a couple months ago. Their HQ is in Philly area. I completed a SA role last summer for their main competitor doing exactly what I’d be doing for the Philly firm. Killed the interview, case study was probably my best work product I’ve ever put together. Additionally, there were 30 other kids at the superday, and from talking to most they had no or minimal PE experience and certainly not in coinvest/secondaries/fund of funds. Thought for sure I was getting the offer. Keep in mind I have no ties to Philly whatsoever.
Didn’t end up getting offered, went on LinkedIn to see who they hired, it was all temple, Drexel or Philly locals they offered. Most didn’t even have prior internship experience.
So yes, firms are absolutely bias towards location.
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They’re very insecure about not being NY so they want ppl who actually want to live there
Precisely lmao
Charlotte and Minneapolis are the most insular (egregious gatekeeping)
Echo the other points - they’re ok cities - I’m not sure why interviewers would be so skeptical. It’s not like they’re Cleveland / Memphis / Detroit tier cities
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