I recently graduated and will be starting ft in CLT as an IB associate. I don’t know if I will stay in banking long term but I do know that I want to be in financial services in some form.
My question is am I going to miss out by not being in NYC at the associate level and higher? Obviously the money would go a long way in CLT but I can’t help but feel like I will miss out on opportunities by being there.
Appreciate it.
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Recruiting is done out of NYC.
You'll be at a huge disadvantage. However, given the pandemic shift to virtual interviews, this may less of a concern, but pre-covid, you are expected to fly to NYC.
Easier to hop on the train to your interview midday then take a plane from CLT to NYC
He's starting as an associate so PE is most likely out of the question. There's no guarantee other financial roles would be in NY
True. But it's a question OP has to ask. "Would you rather be a large fish in a small pond, or a small fish in a large pond." Most finance jobs are in the big financial centers.
In either case, your offer is in CLT not NYC. You've gotta ask what you value. If you want career opps and $$, there's nothing like NYC. Do 1 year in CLT and transfer to NYC in year 2, or stay in CLT and enjoy the low COL.
Depends on your situation. If you're in a relationship I wouldn't bother. If you're single I'd probably lean NYC. If all you care about is saving money than go Charlotte.
I am in a relationship but don’t want to get stuck in CLT forever. Will being there hurt me when it comes to recruiting down the road? Or will that not be an issue as long as I’m willing to relocate?
When it comes to recruiting, as an associate most of your exit ops will be corp dev roles. Those will be at corporate HQs throughout the US - there isn't necessarily a cluster in NY or anything. Most of the people in corp dev are former bankers, so when you say WF in CLT they won't think why you aren't in NY - they'll be familiar with the kind of experience someone at any firm would have. This response would be totally different if you were an analyst looking at PE, but as an associate you should be fine.
Former MBA associate and Charlottean here. If you want to stay in Charlotte and raise a family the money goes a hell of a lot further than NYC. If you want to work in NYC I've seen plenty of people lateral from wells to other BB and EBs. Corporate development is doable too. You'll be fine either way.
How have you enjoyed Charlotte? Are you at WF?
I liked my time in Charlotte but I'm also married with kids and my family is in the area. So a big part of Charlotte's appeal is very much due to my personal situation and stage of life. My point is more that I wouldn't say Charlotte puts you at a disadvantage if you decide you want to leave.
As far as Wells Fargo goes, that's based on where my b school classmates' experience who went to Wells Fargo as well as LinkedIn
Funny how I know so many people in NYC who would jump to [Charlotte, Dallas] in a heartbeat. It really sucks to work the job you do and still feel middle class in NYC. Even if you commit to the hour long commute from the suburbs, a decent house is still a million so it’s not like making 500k (~275k after tax) as a VP is that much. People also kill themselves and work way harder than they need to here. My classmates in other cities consistently have higher quality of life than I do, despite my job being “better”.
One bitter New Yorkers 0.02
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