I currently attend a semi-target school with an increasingly good reputation for fin/econ students breaking into IBD. There are people from my school getting hired all over the US. Mostly NYC, Dallas, and Houston (some Atlanta). My parents live relatively close to downtown Dallas where all the banks are located and if I accepted a job there, I would be able to live with them rent free/expense free. I would essentially pocket (and ideally invest) all income not paid to taxes. I am wondering if this opportunity cost is worth turning down a position on Wall Street. My ideal future is living at home with parents, working in the finance field for around 10 years and then eventually pursuing entrepreneurial endeavors. Call me a cuck or b*tch for wanting to live with my parents, I could care less. The money I could save would be exponential, especially if invested wisely. Is this extra income compared to the prestige/network of working in NYC worth my while? Would love to hear some veterans thoughts and opinions.
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Well, Texas does not have state income tax so compared to NY you'd be saving ~6.65% of your income that would otherwise be paid to taxes for living in NY. Depending on the bank, some firms' salary base is not location dependent (WFS), so you could potentially be paid the same as a NYC 1st year. As far as prestige, I'm not sure why it would matter considering you're starting your own thing anyway.
I would venture to say that saving an incremental $30-$50k in your early years is not going to make an overwhelming difference. Having done Dallas IB and being from there, I noticed during recruiting that I was increasingly up against pedigreed Wall St. talent and often those are the people Dallas groups look to hire. I do not personally think there is anything wrong with staying in Dallas, but from a long term career perspective, I think by-the-book Wall St. experience is more ubiquitously appreciated. NY offers you more options, Dallas is a great place if you're committed to staying there and laying down roots
An additional note is that you would miss out on some of the growth that comes with living on your own during your IB stint. Certainly forced me to do some growing up.
As someone who lives in TX, I would go to NYC before Dallas. If you're interested in energy, Houston is a great option, but otherwise shoot for NYC. You are more likely to get good experience there, and have a wider network, compared to working at a small shop in Dallas.
There aren't that many well-known banks in Dallas compared to NYC either so by virtue of numbers, you have a better chance of getting a job in NYC as well, but I think you'll be fine either way as long as the bank in Dallas that you join gives you good experience.
I respect your unique ambitions
Not many banks in Dallas so who is it? Houlihan, Stephens, Piper, Cowen, Jefferies, JPM? Those are the main players in Dallas
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