A lot has been said about how IB isn't always the get rich quick path for many. Given that most IB is done in NY/LA/SF/CHI, I was thinking about firms that pay 'street' in low COL cities.
The golden geese:
Baird - Milwaukee
HW - Richmond
Ray J - St. Petersburg
Tier 2:
Firms in Charlotte
Suntrust - Atlanta
Piper - Minneapolis
Tier 3:
Firms in Houston
Any others come to mind?
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You think Richmond is on par with Milwaukee for COL or less expensive than Houston / Atlanta?
pick a different industry
1200-1400 for a top tier 1 bedroom downtown? Not sure what I'm missing in MN/Richmond
you're missing the state income tax
Definitely have to include Stephens in Arkansas (HQ is there) and Raymond James in Florida (no state income tax). Minny definitely isn't tier 1 - has one of the highest state income taxes in the country plus a "downtown" tax that applies to everything, it makes total sales tax about 12%.
Ray J is a great call
As a European 12% sales tax just makes me lol
Just looked up euro sales taxes...holy cow.
Does the downtown tax actually apply to everything? I'm pretty sure it is just "entertainment", but don't live down there, so I could be wrong. Also, the exemption on non-prepared food and clothing (cost be damned) isn't bad if we are being honest.
Bofa or baml in charlotte
DA Davidson is based in Montana - got to be pretty cheap there, right? Know they've also got a Denver office - certainly not the best COL but still way better than SF / NY.
Houston is Tier 1A.
WF pays Street in Charlotte which is a very cheap city. KeyBanc Cleveland, last I checked was just below street but I believe are raising it soon.
Any reason why you believe Key is raising salaries soon? The offer letter for the 2021 Analyst class was still 75K base
Yeah, you can use all the money you save to get therapy and drink yourself to sleep every night for living in a shit city. Richmond. Jeez.
Many MM firms (e.g., LMM, Houlihan, Piper, etc.) pay the same across offices, so if you want a more reasonable cost of living, you can set up in Charlotte, Minny, Dallas, etc. and get paid the same.
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