Easiest and well paying exits in lower tier cities.

Hi all,

I have been told I would be getting promoted to VP and I'm out of it and want to exit. I work at a Chicago MM and it's fine but I'm not nearly ambitious enough to try to continue, I have hated the past 3 years a lot. For context, I grew up poor and immigrated here from an Eastern Europe village where we were villagers and I'm just not that ambitious. I want to move to a smaller city maybe like somewhere in the Dakotas or really anywhere small and cheap to have a chill job that pays well and have kids. Where is there decent opportunity and does anyone have any opinion on what jobs I should be going for? This question goes for finance but in all reality I'm open to a lot, I've really thought about trying to become a homicide detective recently but I really don't feel like being a cop unless small town or even starting a farm, I really don't know what to do. Any advice would be great. Thank you. I like Omaha Nebraska or Appleton Wisconsin like cities for instance for even smaller like some 10-30k city in Nebraska or Dakota or something.

Also, I have 850k saved up and will probably spend 1-1.5m on a house wherever I go.

2 Comments

WSO Monkey Bot

O

10mo

Most Helpful

Based on the most helpful WSO content, here are some insights and suggestions for your situation:

Finance-Related Opportunities in Smaller Cities:

Regional Commercial Banks:
- Many smaller cities have regional or community banks that offer roles in middle-market lending, loan syndication, or FOREX. These roles are less intense than investment banking but still leverage your finance background.
- Some banks also handle bank-qualified bonds (BQs) or have industry-specific groups (e.g., real estate, healthcare).
Boutique Investment Firms:
- Smaller cities often have boutique firms focusing on lower middle-market (MM) deals. These firms provide a more relaxed environment compared to larger markets.
Private Wealth Management (PWM):
- PWM roles or positions in bank trust departments are common in smaller cities. These jobs often come with a good work-life balance and decent pay.
Insurance Companies:
- Insurers in smaller cities typically manage large fixed-income (FI) books, offering opportunities in portfolio management or underwriting.
Corporate Finance:
- While you mentioned not wanting to work in a corporation's finance department, some smaller cities have headquarters or regional offices of mid-sized companies where you could explore FP&A or treasury roles.

Non-Finance Options:

Homicide Detective/Police Work:
- If you're genuinely interested in law enforcement, smaller towns often have less intense policing environments. However, this would require a significant career shift and training.
Farming:
- Starting a farm could be a fulfilling option, especially if you're drawn to a simpler lifestyle. With your savings, you could invest in land and equipment, but it would require learning the trade and understanding the agricultural market.
Entrepreneurship:
- With $850k saved up, you could explore starting a small business in a smaller city. This could range from real estate investments to owning a franchise.

Cities to Consider:

Omaha, Nebraska: A solid choice with a mix of finance opportunities and a lower cost of living.
Appleton, Wisconsin: Offers a small-town feel with access to regional finance roles.
Dakotas or Smaller Nebraska Towns: These areas are ideal for a quieter lifestyle, though finance opportunities may be more limited.

Final Thoughts:

Given your savings and desire for a simpler life, you have the flexibility to explore various paths. If you want to stay in finance, regional banks, boutique firms, or PWM roles in smaller cities are your best bets. If you're leaning toward a complete career change, consider the lifestyle and training requirements of your new path carefully.

Sources: Small(er) town finance jobs, Best cities to start your CRE career, About the banking exodus

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nebranker

IB

3mo

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