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Does no one have any reason for choosing london lmao
I think you raise a couple of points that lack perspective. Firstly, I think you are being harsh in your initial analysis of London. However, you are right about its size. It is incredibly sprawled out and each street is a mixed bag, therefore it is hard to figure out which area to live in. This will become better with time when you experience the city more. What level of Analyst/Associate are you and how long have you been in London? Although property is very expensive, it is not nearly as bad as it is in NY where the rent is insane. Most major cities are the same in this regard. Also, did you really think that an analyst lifestyle anywhere would match that of a celebrity? If so, that is a naive opinion. It might be worth reviewing the assumptions you had about the city prior to moving. If you had reservations about the city in the first place it is likely that everything you perceive as a negative is augmented (unnecessarily) in your mind, as you might be convincing yourself that your previous city was far superior in fulfilling your needs. You definitely did not make a mistake in moving to another city. I would imagine it has broadened your mind and it is great to experience something different, and at least you will never be asking yourself "what if I moved to London". Similarly, at least you now know which city is truly right for you.
The WLB in London is better than in NY (I mention NY as it is the other major financial city in the world) There are more bank holidays and bankers respect holidays more. Hours, whilst still difficult (it is banking after all) are not as intense as they are in NY. There are fewer hardos and working life is a bit less stressful than in the US. Comp is lower in the UK, and the hours is one of the reasons for this. The pay disparity is decreasing though and is not as bad when you consider COL vs NY. PE recruiting is unstructured and does not mirror that of the US, and with the bank you are working at you won't have a problem in advancing your career in that space. Another reason you may stay in the UK is that you do not need an MBA - this is by no means a major reason but sometimes people point to this. That's just my two cents on the city.
Comparison for exits between London vs Paris/Frankfurt/Madrid?
Short answer: If you dont see the appeal of london i'm not sure it's for you (especially coming from a small city)
Longer answer:
London is a top 3/5 city globally, very few places can match its offering and I think many would agree with this. Pros:
diversity and prestige of the people (both within and outside of finance)
financial hub (better comp, exits etc. that come with this)
Culture (art, music, museums etc.)
Entertainment (nightlife, activities, restaurants etc.)
Connections (can travel out to so many other cities in EU and further afield)
The cons you have raised are legit. The lure of a great city means it can be expensive but this is the same of any major large city (NYC, HK, SF, Tokyo). Hence if the above pros do not outweigh the cons then london isnt for you
Hesitating between London vs Paris/Frankfurt/Madrid… how does it compare in terms of exit? Junior salaries are higher than in london but interested in knowing more about senior level salaries and exits to HF PE etc
salaries are generally higher in London but what i think your referring to is purchasing power is higher in EU than London (because of lower COL). However London's higher earning potential grows as you get more senior.
Therefore while you might start of poorer on a relative basis, if you make it high up in PE/HF/IB the higher earnings in London offsets the higher COL
Exits are better in London no questions, simply because its a much bigger financial hub. Brexit hasnt had the huge exodus that some feared and personally dont feel like that will ever come to fruition (I know so many Europeans who still want to be in London and prefer working here to EU). But that isnt to say there arent opportunities in the European cities you mentioned. What I would say is that it's always easier to move from London to EU than other way around.
To me if you are from the continent and not enjoying London I dont think working in EU will hold you back, if you are looking at IBD/PE as there are a decent amount of opps. HFs is different as I personally dont know any mega or large funds based on the continent (there are a handful of AMs but again most are based in Lnd)
To put it into perspective, in 2019, there were 3,519 UK bankers that earned more than 1 million euros. In France, there were 270. In Germany, 492. In Italy, 241.
Tokyo is actually one of the most affordable global cities in the world. Agree with the rest though.
I have never heard of the mentioned places, I recommend moving to the USA.
and get mugged in nyc, or shot on the south side of Chicago.....
London is better.....
Seems like even if you get better exit opps you will still not want to live in London. Give it some time and if you still feel the same, go back (if it makes you happier and outweighs staying in London)
Yeah London sucks, get out while you still can.
What’s your experience?
Similar to yours. High cost of living, mediocre quality of life, too expensive to start a family, married to the finance grind forever because the alternative is to live paycheck-to-paycheck in a normal job - and normal jobs in London barely pay the bills.
I only speak English so I don't have a lot of alternatives. But if I was from the Continent I wouldn't see the appeal in staying here long-term vs. moving back home.
It is very hard moving to another city without any friends and only having a job lined up. However let us try address your issues one by one:
1/ Quality of real estate - yes it is shit but if you work in CW have you tried looking into living at London City Island? Full year around outdoor swimming pooled heated, gym and one of the best facilities I ever seen in London. You are 2mins walk from Canning Town, so wouldn't be an issue going to work + great commute for central and parks. 1-2 beds are priced at like 35/40£ per sqm monthly rent. Working in CW makes it a bit harder since nicer areas like Maida Vale or South Kensington are longer for commute.
2/ Food - here I cannot agree with you. Food markets and restaurants are booming. You can find everything from truffle fondue to apple pie shisha, just take your time to explore.
3/ People - yes, generally are crap, arrogant and sometimes stupid for no reason at the same time but there are people in the same boat with you and you should look for focal points to meet them. Gym, tinder, if you like football I can out you in touch with at least 2 very diverse groups who play nearly every week.
Summer is coming - at least give it a go until then and see how the autumn depression kicks in. Otherwise just focus on work!
RE is bad sorry but it is not ok especially when counting bills etc. Plus even with a top job in finance I'll never be able to buy a decent house for e.g. have a family with a few kids in lol.If you're talking about restaurants london is indeed one of the sweetest spot in Europe. Only if you have a 500£ weekly budget to spend on restaurants. Here, I was referring to supermarket where organic food is insanely pricey (vs other countries where it's actually cheaper than non local non organic alternatives). The taste is also not there because overall product quality is just bad (I shop at Waitrose). Like food is tasteless when cooked at home vs products you find everywhere in EuropeRestaurants are hands down super nice and there is a lot to offer so I agree with this tho
Other thing is also that in my personality I feel like I don’t fit in here, everything is quite superficial (seems at least) with all these people dressing in brands and people are wannabe influencers
It’s kind of a show offy place with a lot of new money while in continental Europe it’s more set back, discreet, focused on quality I feel idk just feels like I’m not the best fit
You cab definitely own a house if you work in a good finance job. It may not be until you're a director (or VP if you move further or if your spouse also has a good job). It wont be in Chelsea or South Kensington but doesn't sound you'd like those areas anyways (I don't either).
Regarding your last point, it sounds like you need to explore London more. There are definitely more laid back neighborhoods with down to earth people.
lol
« restaurateur »
Don't forget taxes are rising! Most people don't understand how the UK tax system works so here's a quick example.
Let's say your salary is £100k and your company wants to pay you a £20k bonus.
Yeah good luck buying a house in London.
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