Hi all!
For ibd jobs in London, living on your own in the City can be rather expensive and I don't have friends to share accommodation with (most of my mates got non-IB jobs). And, frankly, I would prefer living on my own.
My question is - as an IBD 1st year analyst would you think it is better to live closer to the work place (like walking distance) and end up not saving much at all in your 1st year; or would you live 30-40 mins commute time away from the office and save like a few hundred pounds every month?
My thinking is if you live very close to your house - you might go there at 3am in the morning and have a 2hr nap and come back a bit refreshed - but you wouldn't do that if you stay 40 mins away. So it surely helps boost your productivity? But is this really worth paying the extra?
I wonder if some 1st/2nd year analysts could shed light on this..thx
I dont have experience with this, but my opinion is that it is definitely worth the extra money.
When you are working 80-120 hours a week (12-17 hours a day), do you really wanna spend 1-2 hours of your day commuting? The time spent commuting could be half of the time available to yourself.
That is how I think of it. It is going to take me almost an hour to commute via car and train from home to my internship this summer. I will deal with this for the few weeks, but when FT comes around, things must change. Would probably stay home for a while to save but move closer ASAP.
Is this serious? You would "prefer living on your own?" So you don't have friends? Did they run off when they found out about your sexuality?
Erm.. excuse me? I think quite a lot of people would prefer to have their own flat rather than share facilities with anyone. It doesn't mean you are an unsociable person.
Your other comment is very inappropriate.
Commuting in IB (Originally Posted: 10/09/2013)
As an outsider to the industry, I'm curious about the commuting aspect in IB, especially at the associate level. (post-MBA) With the hours so long, do you get to use the car service to go back home after work everyday?
I'm asking because, I have a friend who is a lawyer and working IB-like hours, and she is living 10 minutes away from her office on foot, obviously because she wants to minimize the commuting time. Another college buddy works at a company where if she works past 9PM on any given day, she can use a cab to go home and charge it to her company. At the associate level, are everyone living very close to the office in Manhattan? Or are some people living in NJ / Queens? Are cab services common?
In my (limited) experience, associates do not commute. I know of a decent amount of VPs that commute, but never heard of an associate doing it. The hours are still really bad as an associate. You work slightly less than analysts but not much.
Cabs are industry standard. I've never heard of a bank not providing that service, but at some firms its 9:00 and some 10:00. Also a lot seem to be going to just reimbursing you for your cab fare as opposed to having a service. Regardless, they probably wouldn't be too happy if you were cabbing out to Queens every night. But again, associates don't commute.
Even post-MBA associates with several years of non-IB experience with wife and kids? Do they typically move into the city then?
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