How the US became a super power
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i'm guessing you're talking about DB Jax? I've heard their takehome pay is the same as NYC on an after tax basis.
No, just based on a few boutiques in south Florida.
Probably because they are smaller, non-elite boutiques, doing smaller deals, with lower fees?
I'm guessing that you're comparing MM boutique salaries to BB / elite boutique salaries - and that's your problem right there.
Ive even heard of some that pay 60k all in, but still expect 70+ hrs.
Metro vs urban vs size are rather irrelevant. Many of the South FL boutiques are outside of Miami anyways
Perhaps consider it a style of life thing? They can offer the beach as part of your compensation for working there
cost of living i'm sure if a big factor. florida is lacking the major city.
How is Miami not a major city? I guess the point about the beach makes sense
Texas has Houston (top 5 pop. city) and Dallas. As well as, being the center for the O&G industry. Miami has Lebron but that doesn't make it a major city. Population wise it's smaller than Jax. I'm not saying everything is based off of size but the top cities are going to pay higher. They also tend to have a higher cost of living. I don't think the beach is a justifiable explanation for 35% less comp when you're expected to log heavy hours.
Miami is more of a world city than Houston, actually. http://en.wikipedia.org/wiki/Global_city
Just because Houston and Dallas are huge suburbs, and you can be 30 miles from downtown, and still in a Houston address, doesn't mean they are major cities by most standards. San Francisco is a lot smaller than both, but a lot more "major" as an example.
Rank City Rating 36 Miami 2.13 37 Istanbul 2.10 38 Houston 2.08
Doesn't seem like there is much difference there.
Regards
WTF are you talking about? It's the 8th largest Metro area in the US.
Miami is more expensive than Houston and Dallas in terms of cost of living.
Clearly you've never been to Miami.
Actually 4th largest urban area
http://en.wikipedia.org/wiki/List_of_United_States_urban_areas#2010_Urb…
Actually 4th largest urban area
http://en.wikipedia.org/wiki/List_of_United_States_urban_areas#2010_Urb…]
To lazy to read what the difference is between Urban and Metro areas.
http://en.wikipedia.org/wiki/List_of_Metropolitan_Statistical_Areas
A big part of it relates to the fact that the deals done by many boutique i-banks in SFL are much smaller in scale, operating more as high-end business brokers than investment banks, resulting in lower fees and revenue generated.
The banks down here are in general smaller, there is almost no BB/MM presence outside of PWM. There are some good shops here, but they're smaller.
It has nothing to do with Miami and everything to do with the fact that the investment banks you're hearing about that "pay so poorly" aren't the major firms most commonly discussed on WSO. When people on this website talk about $70k + 50% of that in bonus being standard pay or "Street," that applies to the bulge brackets (Goldman, Morgan Stanley, JP Morgan, Credit Suisse, Barclays, Citigroup, Deutsche Bank, UBS, maybe Wells Fargo now) and elite boutiques (Lazard, Centerview, Evercore, Greenhill, Moelis, Qatalyst, Perella Weinberg) and well-known middle market firms (Houlihan Lokey, Raymond James, William Blair, Piper Jaffray, Jefferies).
If you're working at a relatively small investment bank in a local market (like Miami), these compensation numbers that are thrown around like gospel on this website aren't really in-line with reality. On the plus side, neither are the hours.
Why is pay lower in Miami?
Because it's filled with Beta Males
What IBs are in Miami? I've never heard of such a thing (not counting financial advisors).
LOL, where have you been living? To say that the U.S. doesn't have cheap labor is like saying that it doesn't have gun nuts and fat people.
You're insane. If we have so much cheap labor, why are we off-shoring manufacturing? This doesn't even make sense. Claiming that a G10 country has an abundant supply of cheap labor is like saying that we'll soon be outsourcing surgeries to "doctors" in the DRC.
China is a G10 country and has the cheapest labor you can find. So you are OWNED on that one.
Second I claimed the US has cheap labor "compared to" Western Europe. Of course there is even cheaper labor in the uncivilized world and hence the off-shoring.
Based on this thread, I think it's safe to say that you won't be making "street" pay at a bank in New York, or even a much lower amount at any reputable shop in Florida either. Thanks for teaching me about geography, global economics, and airplanes though!
All these different topics that all of you are talking about are pointless. What matters is that the US will be dominated by immigrants and Spanish will be the primary language in the near future. If you don't speak Spanish in Business you will have to immigrate to Canada more than likely. The US will be all about speaking Spanish and all the money coming into the country as well as the labor force will be from highly educated upper income South American families. Miami will be the new Wall Street and no one will speak English. It will be awesome because people can come to work buzzed after cuban coffee and have Palomilla steakeveryday for lunch not to mention going to south beach in the evening to have fun with bottles and models.
The only foreign language americans can speak is english and english with a new york or texan accent and that is really helpful in todays global economy!!
GUYS GUYS GUYS
It's PWNED or PWNT, NOT owned.
I remember when people were joking @ the G20 summit and talking about how it was actually G2 (U.S. and China)
@robinho
[quote=FeelingMean]@robinho
]
I am taking you all for a ride like in this video:
http://www.youtube.com/watch?v=bFBYvXxFp9s
A North American can only dream of those skills
Come hear to read about non-target city salaries. Find a huge debate about Fiat and American ethics.
...what?
If you end up in a non-target city, you hate America and drive Fiats. Seems self-explanatory.
hah, considering that people in non-targets are probably more BUY AMERICAN!!!111, it might actually be the opposite
Doubt there are many Fiats in the midwest :p
Yup...good ol' WSO.
Nobody likes Fiat. I am willing to bet that in
[quote=FeelingMean]Nobody likes Fiat. I am willing to bet that in
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