I was wondering if people ever moved to Seattle or Houston for banking because there is no income tax? I would imagine this is a significant draw, or do banks adjust pay so it's relatively even with states with income tax?
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I mean you get a haircut on pay because its not New York and the cost of living is lower.
This is not true for Houston. For most, if not all companies, Houston counts as a "Tier 1" city and you get the same pay as if you were in SF or NYC
Top firms probably do the pay the same. I have heard different for the MM.
LMFAO this is the biggest bullshit I've seen in a while lmfao
Short term savings are not worth the lack of exit opps compared to the big cities
Houston-based analyst here. Like someone said above, don't take short term earnings over exit opps. Houston exit opps are primarily into the energy industry. If that's what interests you then by all means go for it. The pay is the same for NYC groups and you'll make and save significantly more than your NYC peers. But if you're looking for other industries or more generalist exits, you will not beat being in NYC.
I think the analyst experience in NYC is pretty hard to beat from an exposure / branding standpoint but agreed that the cost of living and taxes make for a shitty quality of life. It might make sense to wrap up your analyst stint there before looking at exit opps in cities like Miami or Dallas where you can live like a king on a PE associate comp package.
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