IB Associate raising a family in NYC
Hi all,
I created a new account to maintain anonymity, but I am a 2nd year post-MBA associate working in a non-NYC office. I have the opportunity to join a bank in NY and am have some questions relating to IB Associate lifestyle in NYC.
I am married and my wife and I are expecting with our first kid on the way. Where do married IB associates with kids live? I have lived in NY as a single guy right out of college, but a lot has changed since then. My office would be downtown rather than midtown. Do IB associates pay >$5 per month to rent a 2 bedroom in the city, and if so where? Or do you see associates with a wife and kids buying places in Jersey and other places outside of Manhattan? Obviously will still be long hours for another couple years, so it would be nice to be reasonably close to the office. We would plan on being in NYC for at least 3 years if we made this move, and would have one/maybe two kids during this time.
Curious to see what other IB Associates have done regarding raising young kids while working long hours in NYC.
I would ask LDS Mormons at your bank - they usually are married with kids in IB I've noticed.
my best friend and former roomate did this...rented a 2-bed apt in brooklyn, in park slope...you'll have a ~30 min commute and pay ~3500+/month
you can get a 2-bed in manhattan for 4200+ (Stuyvesant Town and other places)....but living in ParkSlope is great for new moms, and not a bad commute
2nd this. Park slope is solid - 30 minute commute pretty accurate.
Saw the title of the post, and my knee-jerk response is good fucking luck. Live in Brooklyn or UES or UWS
If you are downtown, Jersey City probably closest / best value / nicer and larger apartments. And no NYC tax
I'd worry less about the rent, and more about setting your wife's expectations for what will be a challenging couple years. (And related to that: some additional expense you'll want to allocate to some childcare help, and that's assuming your wife isn't working. If she is, very different story, but also more budget I guess).
A year or two from now you may decide that banking isn't your path for the medium- or long-term, but I would bet that your exit options will be far better if you've been working in NYC / your firm's headquarters, rather than a satellite office (the potential exceptions to that being London or San Francisco).
Yea I think living in NYC will be more of an adjustment for my wife, so I want to get a nice place with space for her parents to come visit whenever they want. But as far as hours go, I’ve been in IB for the past year and a half so she knows what to expect in regards to that. I’m actually in a very intense group now and work more than my NYC colleagues, so the hours would actually improve if I make this move.
She will be working as well, so we will have to pay for child care for those first couple years.
This is the part I struggle with. Maybe I'm just cheap but its hard for me to justify getting a two bedroom over a one bedroom simply for the sake of having a room for guests. The difference in expense over the course of a year is too significant to ignore. Obviously, you have a kid on the way so there are different factors at play for you.
Most of my former colleagues toughed it out with their wife and kid(s) in the city, at least for their associate years. People started to move further out once they got to VP and had more control of their schedules and was not directly responsible for being in the office to do the work.
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