Does anybody know of any banks that have investment banking teams out of Miami? I am not able to find any on LinkedIn. Any info is helpful and I am open to any coverage group or firm. I would like to make the move to Miami in 2 years.
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The answer is almost none that are worth it. There will be a few tiny ones but you will probably not get paid well at all. Most of the BBs have BO/MO roles and AM roles over there.
IB pay is standard across the entire US. The only difference would be bonus because of deal flow difference.
105k base in Miami is WAAAY more than 190k NYC when adjusted for COL
It MIGHT be the same as 150
Yes and no because the IB in Miami aren’t BB or MM or EB. It’s a no name shop completely disconnected from reality when it comes to pay. I have seen multiple threads of pay for IB in the Miami area and the pay is pretty bad and with similar hours
People massively overestimate COL differences… tax is 10%, rent is maybe $10-15k difference per year ($2k/mo vs ~$3k), maybe another $10k for extra food and drinks? Less the savings from not having a car in NYC?
It’s more expensive for sure, but $190k in NYC 100% goes much further than $105k in Miami… and the difference is mitigated if you’re maxing out tax-advantaged accounts anyway
Oppenheimer is probably the only bank with any name recognition that has a team down in South Florida.
It seems like some of the big PE shops are going to establish a more legitimate presence down there. Thoma bravo’s office is coming in 2022 I think which is pretty sweet
Baird still does or used to run their Distribution & Logistics M&A team in Tampa, FL. Not Miami, but just thought I'd throw out this datapoint for reference.
Yep - we are still in Tampa.
During the pandemic there were some rumors going around about some EBs opening meaningful offices down in FL but they haven't materialized yet. Who knows if they ever will. Miami is a good place for wealth management and tax jobs, and a few PE firms, but not IB.
There’s a handful of regional boutiques - Cassel Salpeter, GHA, Antarctica, Vaupen, and a few more. Only reputable shop is Oppenheimer whose HC Services team is is in coconut grove and is a really solid group. Co Head of HC sits there. Hoping a few more shops open offices.
That’s helpful. Now the biggest question is can I make the switch from a totally unrelated banking group!
Would also add Cross Keys Capital and Farlie Turner up in Fort Lauderdale. They both do more deals than any of the small boutique shops in Miami.
Goldman AM is in Palm Beach and is a great place to work (although not IB). Pay is not as good, but obv cost of living is lower.
They take a few SA per year as well. Have a friend interning there
With the amount of coke money you are better off in the nightclub business than IB in Miami
Raymond James but they're in St Petersburg so this may be a completely useless comment
Outside of HIG, there are few ‘good’ traditional finance roles in areas like IB/PE/HF/AM in Miami. There are some one-off exceptions but most seats are in the wealth management/private banker/family office world. Nothing wrong with that but very different from what the average monkey on this site is looking for (focus on comp, prestige, etc)
Honestly, just cutting to the bottom line here. You’ll need to be working remotely if you want to live in Miami like most are
I don’t understand why and how investment bankers are choosing to live in Manhattan over Miami. Nyc lost its cache. Out of its prime.
Miami is the new hot spot
Yeah this is true NYC is lame at this point. The problem is a lack of roles in Miami you have to be remote or doing non finance work.
Nobody wants to be the first to move
Haig partners top bracket bb mf all the way
Coming from someone who was in IB in Florida, this is my two sense.
Oppenheimer seems to be the only real shop in Miami from my understanding, but its strictly LMM to MM M&A deals. They pay close to street. Mainly all of IB in FL is just LMM-MM M&A.
There are a few in Fort Lauderdale, as mentioned before, but the size of the banks make it realistically a low chance to get in due to them not hiring as frequently.
DB and Ray Jay both have presence in Tampa and Jacksonville but that may not be of interest.
For anyone considering doing finance in Florida there is a good point I would like to make. You should go to IB in Florida after you do a stint in NYC. You're ahead of the curve and the top of your game at any bank you go to down there, it can be very lucrative being in a more senior role. Also, I would just recommend that there are tons of PE shops down there, and doing a stint in NYC at practically any MM bank will give you a great chance to get in.
As an analyst at these middle market banks in Florida your pay is similar to street but not exactly(for some not for all, at the least the one I was at). Your base is around 50-60k guaranteed bonus of say 40-50k and if you are staffed on deals that are closed you will make the additional 40-60k that would bring you to street pay.
Baird in Tampa pays analysts 115k base plus street bonus
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