Interested in pursuing a IB/ High Finance role after undergrad. The idea of NYC/SF/CHI sounds nice because of exit opps, however I don’t think I’m willing to deal with the col in those cities. What are some other cities with great exit opps but a lower cost of living than those listed T1 cities?
| +130 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 25 | 5h |
| +102 | Americas M&A League Table Q2 Updated | 49 | 6m |
| +73 | Wealthy Parents / Jaded | 24 | 1d |
| +58 | How are hours rn for SA (interns) | 31 | 20h |
| +54 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 11 | 19h |
| +49 | Venezuela Debt Restructuring - LAZ vs CVP | 22 | 1d |
| +42 | Boutique firm wants access to my LinkedIn? | 34 | 17h |
| +33 | Investment Banking in Mexico | 9 | 21h |
| +28 | MM bottom bucket bonus | 9 | 4d |
| +26 | Investment Banking is Hard | 11 | 15m |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
CHI shouldn't be grouped with NYC/SF in terms of cost of living
If you adjust for the quality of the housing, rent in CHI is easily 50% cheaper (ie. 6th floor pre-war walkup studio in NYC vs 1br 1b in a building 10 years old in CHI). Buying is 5x cheaper than NYC/SF even after factoring in the higher property tax in CHI
I'm not going to claim that CHI gives you the same exit opps as NYC/SF, but it is still a very strong city for high finance with hedge funds/quants/PE that are competitive against their NYC counterparts
If you're paid market rate say 100k+, Chicago is very affordable. NYC/SF are easily twice as much in terms of COL, obviously is wont be as cheap as Charlotte or Houston but you'll be comfortable.
Frankly, you could be make it work with even less at like 75-80k
Probably add Charlotte followed by Atlanta.
Out of Houston, ATL, or CLT, which would likely have the better exit opps?
Depends, Houston is heavily levered to the energy industry. Atlanta has a better buy side universe, but CLT in my opinion is better on the sell side.
Houston is a tier 1 banking city, probably 3rd to NYC or SF. Energy capital of the world. It’s not some bullshit satellite middle market coverage office like Goldman Atlanta or whatever
T1 cities are more likely to be NYC/SF/HOU than NYC/SF/CHI
Bank representation in Houston is greater than Chicago (if not greater then very close to equal). Every BB, EB, and MM bank has a group in Houston, not to mention there are a ton of Industry Specific Boutiques in Houston that absolutely kill it. Houston is obviously energy focused but it’s similar to SF being Tech focused.
If you aren’t sure of what group you want to settle in than I would go to NYC because of the variety of IB groups.
Again, Houston is Tier 1 in my opinion. A ton of people go onto MF PE, HF, Corp Dev, etc. out of Houston. Very low COL in Houston as well.
If you want Tier 2 then Atlanta and Charlotte have good IB groups and lower than NYC or SF COL.
If you wanna get pigeonholed into energy for the rest of your life then sure, Houston is great
CHI has industry coverage in IND, FIG, C&R, a little TMT, RX and it has a much more diverse corporate ecosystem and a better high finance scene -- umm/top quant/hf shops
but houston just doesn't give you the city experience that NYC/SF/CHI do--with all three cities you don't need a car, and everything is within subway reach
You won’t get pigeonholed if you get out after An or even As years. CHI has more coverage but energy definitely has more deal flow (at the moment).
Also, high finance is definitely not as strong in houston as chicago but I never made that argument. I was speaking only in IB terms and exits from Houston IB, not staying in Houston. When you see job listings for IB you find significantly more opportunities in Houston than Chicago from my experience. If you’re looking to go high finance route for the rest of your life then Houston isn’t it but if you’re looking for low COL and IB with good exit opps then Houston is number one in my opinion.
Friend of mine just did 2 years at a BB in Houston, saved nearly $275k and is now MF PE in a different city. This happens quite frequently out of Houston, I can’t say I’ve heard numbers like this out of Chicago.
Ok TX banker
Ok intern
I agree in terms of sophistication of work but it’s all energy focused with everything that entails. Chicago tends to be more middle market focused (not exclusively!) but broad industry experience.
Houston as a Tier 1 🤣🤣🤣
seriously wtf is this take lmao
is this a joke? If we are talking banking, Charlotte is ahead. If we are talking about influence/culture/wealth, LA is miles ahead of Houston.
What are the thoughts on ATL and Charlotte? What is CLT like in investment banking and does it have decent exits?
Washington D.C.?
dc is great, but it's def more expensive than Chicago
What are the exit opps like from DC? Into PE or VC from IB? Would like to live there more than ny or Chicago.
as someone from the area, not even close to NY/SF. You can get a super nice 1BR with great amenities for 2k and I've gone on plenty of nice $60 dates. Can you say that about NYC/SF?
How is boston?
You pay T1 prices for a T3 city
Minneapolis
Tier 2 prices for a Tier 5 city
T1 pay (higher if at the right shop) for T3 city with T3 prices
Piper is also moving into a brand new building in 2025 right next to Target Field in the North Loop area.
Crime has to be a consideration as well.
sure Chicago is cheaper but it has similar crime issues to NY / SF
CLT seems ok price wise but it’s boring.
would guess Dallas is better than CLT given no income tax - but smaller banking scene
would avoid ATL if you’re not from there
Why avoid ATL if not from there just wondering
Very frat and very SEC focused.
Charlotte is not great for exits but a great place if you want to be a career banker
Dallas doesnt have much banking but is a very strong T2 finance city FWIW.
Los Ang... oh, lower cost of living...
Tbf while LA is expensive, it's materially cheaper than NY or SF.
Honestly, I think Denver will continue to climb and become more of a true T2 city in the future. The only drawback is the increasing COL, but access to the mountains provides a unique benefit, especially for anyone interested in skiing/hiking. Just my two cents though.
Love the mountains. Colorado is awesome for both skiing and biking, depending on the season.
Chicago is the best
Boston?
2nd highest rent in the country. Definitely not cheap
Source? Would’ve thought it’s NYC / SF as pretty interchangeable (think NYC eked out as top rent cost in last year) so if anything boston would be going for 3rd+ most expensive rent / COL
Chicago is MCOL. The price is not the reason to not be there.
Little Rock
As far as cheap cities in IB, you're restricted to Chicago, Houston, Atlanta, Charlotte, and ClevelandIt comes down to what you like to do in your free time and what vibes you get from each city and if you feel like it suits you. Every city is just a place for the most part all it offers is drinking venues and different scenery. (Also different food and shopping)I'm not familiar with Atlanta, so I cannot speak to itCleveland has the lake and a mix of a Midwest/East Coast feel (definitely more Midwest! Comfortable and very cheap.Houston is massive, fun, and cheap but energy focused.Charlotte is a city of bankers. Think of it as a little banker outpost. Personally not a fan of it at all. Landlocked oasis in trees Doesn't feel like there's anything special about it. And I like trees.Chicago is interesting, it is expensive in the city of course but there are options to make it cheaper. You'll still need a car for the most part while you wouldn't in NYC, and that can make the prices near New York level. For the cheaper options you will have a 30-45 minute commute probably to the loop. (wrigleyville) and at that same logic you could live in Jersey or deep queens In NYC (but no one wants to do that understandably). Chicago is a nice city but very Midwest, feels large. And midwestern more so than Cleveland despite being an internationalesque city. Has a weird vibe to it. Winters are brutal.
?
Dude, Cleveland? Do you mean Pittsburgh? Cleveland has nothing east coast about it. And I don’t even mean that in a bad way. It’s pure Midwest.
Opinions on SLC? I know GS has a large office there.
They winded down the IB group some years back. It’s just MO/BO now.
Qui suscipit nam voluptatem dicta. Tenetur praesentium sit sunt quod. Et facilis quibusdam praesentium voluptatem in quas. Aut quibusdam eveniet eaque animi quo.
Ut ducimus quis non maiores. Non sit assumenda facilis quam ut unde non eligendi. Perferendis dicta nostrum doloremque. Ipsum delectus et odio aut laborum est. Eligendi fugit quia perspiciatis quae.
Consequatur est voluptatibus repudiandae et mollitia maiores. Amet culpa consequatur et et atque quisquam. Voluptate architecto pariatur velit in nemo eligendi.
Dicta fuga totam ratione temporibus illum. Totam rerum sed dolor aut unde facere maxime. Ut voluptates vel animi totam. Earum minima laudantium corrupti distinctio voluptatem reprehenderit qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Ipsum minus expedita et et vel ut. Repellendus ut voluptas asperiores atque deserunt. Enim quia reprehenderit optio commodi ab repudiandae ullam.
Eum harum pariatur aut voluptas quibusdam. Dolore quidem voluptatem autem. Voluptatum quisquam reprehenderit adipisci temporibus qui earum animi.
Fugit unde accusantium officia fugit. Deleniti adipisci voluptatem consequatur est qui saepe. Neque perspiciatis consequatur culpa sunt. Totam omnis natus voluptatem delectus consequuntur voluptates quidem. Dolorum consequuntur quaerat incidunt minus.
Sit deserunt quibusdam et suscipit in fuga. Aperiam deserunt quia officia est. Inventore eum vero omnis expedita molestias quis quas. Dignissimos suscipit exercitationem vel tempora.
At laboriosam neque et vel alias praesentium occaecati. Distinctio aut ut minima harum. Accusamus voluptate ex odit commodi. At quidem dolor est reprehenderit id dignissimos harum cum. Ex ipsum ullam consectetur eos voluptas. Voluptas et et voluptatem sapiente doloremque.