Hi all, I’m curious to hear opinions on whether location matters in terms of exits? For example, would you still get looks at a top group (GS Industrials/JPM M&A) if you’re in Chicago as opposed to NYC. Have never heard anyone’s opinion on the topic and it seems like it would be easier to break into a Chicago office so curious as to why more people don’t do it.
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Location does play a role in exit opportunities, but it is nuanced. Based on the most helpful WSO content:
NYC vs. Chicago: NYC is often seen as the hub for finance, with a larger pool of opportunities and candidates. However, Chicago offers strong opportunities, particularly in sectors like Industrials. While NYC might have more megafund PE opportunities, Chicago has a robust middle-market PE scene with firms like Madison Dearborn, GTCR, and Vista Equity.
Perception of Experience: Outside of NYC, most people in finance don't discount experience gained in cities like Chicago, Boston, or SF. The only people who might care about NYC experience are those based in NYC.
Sector-Specific Recruiting: Exit opportunities can be sector-specific. For example, tech-focused PE firms are more likely to recruit from SF, while industrial-focused firms might lean towards Chicago.
Ease of Breaking In: It might be easier to break into a Chicago office due to less competition compared to NYC. However, lateraling to NYC from Chicago can be more challenging and requires additional effort.
Personal Preferences: Many professionals choose locations based on lifestyle, cost of living, and proximity to family or friends. These factors can outweigh the perceived prestige of working in NYC.
Ultimately, while NYC might offer a broader range of opportunities, Chicago and other cities can still provide excellent exits, especially if aligned with your sector focus and personal goals.
Sources: Why not Chicago over NYC?, What is life like in an IB satellite office?, Is Chicago IB Pay Lower than NYC?, Chicago BB and EB Ranking, Is Chicago IB Pay Lower than NYC?
Yes, NYC gets the most looks across the board and SF is great for tech. I would assume Houston would be good for renewables as well. Other cities = you get less looks even if at a BB/EB. One of my good friends ended up in Chicago at the same firm and he gets less looks despite the same school and similar GPAs.
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