Hi all! I am currently a college student trying to decide if I should take a job in New York or Chicago after graduation for IB. NYC has always been the hub for finance but now with covid I am unsure if that is still the right move as it is one of the top places being vacated. I would love to hear your thoughts or if there are any other cities you recommend looking at.
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Neither. Overrated
Which city would you recommend to start ib in
Plenty of factors to consider, but it would be helpful if you could add some details. Are you a graduating senior? Do you have an offer for SA, FT? The type of school you go to will also impact your recruiting experience for firms in either city.
Depends where you’re from/went to school. If either are in the Midwest, Chicago would be good especially if you have a social network. Otherwise New York has more non Midwest transplants and obviously larger banking hub
Chicago is probably the consulting hub of the country but it's not a great option if you want to be in IB.
Is there any basis behind that claim?
consulting firms are mainly based out of Chicago due to its central location and financial firms are based out of NYC due to wall street lol
Chicago is great, but you’re going to be very disappointed if COVID closures are the reason you pick it over NYC. Things are just as bad here, if not worse
Lot of things to factor in this decision.
1) do you have a social network in Chicago? It’s going to be mostly big 10 grads there and it could be hard to get in with a good group. Not saying it’s not possible, just more difficult than nyc due to lack of transplants.
2) do you see yourself in the Midwest or on the east coast long term? Much easier to go nyc-> chi than the other way around.
3) how do you like the Midwest culture vs nyc culture. Very different vibes. One isn’t better than the other, but people usually fit one a bit more.
4) someone from Chicago can chime in here to verify this, but at least with other regional hubs like Houston and Charlotte working IB hours isn’t the norm and people don’t really get why you work so much. It can make it a bit harder to maintain relationships, meet new people, and makes the hours seem a bit longer too. In nyc it feels like so many people are working 60-80+ hrs a week and they’re a bit more understanding.
Just my 2c from a graduating senior.
Good points - heavy emphasis on the culture. Midwest culture does not have the same aggressive, grind 24/7 365 mentality that the east coast does and it could be a disappointing experience based on your personality.
Chicago banker here, I would say point 4 is not accurate. Understanding the grind really doesn't have much to do with geography generally speaking. It's more personality based, people who are driven and have substantial goals tend to get it while those who are just looking to find a steady comfortable job typically less likely to understand why people like bankers and consultants bust their ass as much as they do. That's been my experience anyway.
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