Is London still worth it?
Hi guys, trying to make sense of my next move.
Growing up, the City was the place to be. I'm sure those of you born in the 1990s will remember the hype, the bonus culture making the headlines, etc.
As a senior-ish professional in the FICC space I'm trying to understand if, both financially and professionally, life in say Switzerland or the Emirates would have a better yield. I understand Switzerland is not an easy situation either, but at least safety is there & things work. The UAE feel very agile, finding a 1-bed apartment doesn't seem to be mission impossible & I wouldn't mind having more disposable income I can manage myself. However I don't really know the country.
I'd love to experience London but compensation after taxes doesn't seem to allow living very comfortably. Many of my friends doing IB are still flat sharing & due to privacy (totally understandable ofc) we never really discuss salaries in detail, therefore I never really got to understand if they are pleased with their bonuses once taxes kick in.
Would appreciate your comments, thanks!
London is still a top two financial center and number one for FICC by a margin. And there are still large bonuses but people talk about it less. Switzerland and UAE are ants in comparison. But yes, London is expensive and you have to be well compensated to live comfortably. There are far more opportunities to be well compensated in London than the UAE.
Yes.
I've worked in both London and UAE in FICC S&T then HF. I'm more junior than you but i'd be happy to discuss.
UAE was far better than London for me. Purchasing power, savings, quality of services, positive energy etc. The financial markets ecosystem is smaller but growing. If you can find your way, it's an interesting chapter. Downsides include: it's naturally ostentatious so you have to find your people, and also it's normally just a chapter for people i.e. don't plan to stay forever.
Overall, UAE is a positive place to be for some time. There's an atmosphere of 'it's possible'. But it comes with it's downsides. Happy to talk further if it helps.
I think London isn‘t worth it. The best case for London is if you are 21/22, out of undegrad and share an appartment with 3-4 other young professionals. I can imagine during that period the city would be amazing. Culture, sports, internationality and the general buzz. Would have loved to experience that.
Once you get a bit older and value other things more (i.e., having a nice, quiet flat, maybe a nice car, weekend retreats or biking in the mountains) there are so many other better places. The COL vs. comp in London is horrendous. And in London I would always feel like the tiniest fish. There is just such a level of unreachable wealth that even in a finance job I would feel like at the lower bottom of the ladder with my upper middle class background.
I remember countless encounters in London with foreigners who earned like half than me but lived in the nicest flats imagineable directly in front of Hyde Park, etc., solely due to coming from a mega rich family.
Now it depends which Language you are speaking but compared go London I lived like a king in Germany and with my income was so much ahead most other people.
Now moving to Switzerland (studied there already) and the compensation and quality of life is nuts in comparison to London.
You shouldn’t be going to Dubai to work a job it’s best to go to do entrepreneurship of some kind and create something. Life’s best when you live in Palm Jumeirah or Emirates Hills there.
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