Out of curiosity: for those currently working in IB as analysts in London:
How much rent are you paying?
What area are you living in?
I've no clue about the areas in London being from elsewhere, so curious for responses. Thanks!
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2 bed/2 bath near London bridge, rent is £2400pcm.
Similar rents across other zone 1/2 locations such as Camden, Regents Park, Marylebone, Canary Wharf
1bed flats are around £1,800pcm and studios c. £1,400+. I recommend sharing with another friends/analyst atleast in the first year.
yea the comment above is accurate. currently looking around London Bridge for 1.2k budget bills included.
is that for 1bed or a Studio?
Thats super optimistic for 1bed. I would say £1,400 best case scenario with billies included
I'm renting a room in South London for 500£ PCM
Better keep a machete with you
AR15
Honestly, maybe I'm just broke and run in different circles, but I don't see why tf you'd pay £1500 -£2.5k a month rent in London. You can rent a decent room for half that or two third of that to be generous. Within a year, you could put something small aside with the savings from that and use help-to-buy/shared ownership on a small flat in like Essex/Milton Keynes/Reading ish and commute in like 35 mins to an hour and a bit. I don't think it's as straightforward for people who aren't residents. Maybe everyone here is foreign, but people who've grown up here and live in London on £23k a year are ok, you should be fine on an IB/AM type income.
I agree on the whole but have to say that 2/3rd of the lower bound there is what I know most of my friends are spending (we’re all just about to start renting) - even that’s a big shock to me coming from a LCOL uni. Presume those who are spending on the upper end are later year analysts/associates/maybe just older people (I feel like Europeans who sometimes come in older might be more averse to flat sharing as they approach 30?)
I obviously haven’t started FT but I’m personally unsure if I could manage a 2hour round commute every day when we only get 8 hours out of office (or less!)
Everything you were saying was fine until living in a commuter belt town. I'm from near one of the places you mentioned so I know exactly what it's like to commute from there and honestly I'd kill myself if I had to do it everyday, working 80 hours a week on average. A 1 hour+ commute (especially with multiple changes of transport) is an absolute faff without having to work those kinds of hours. I work in ER not IB but from what I've seen, the max seniors are willing to commute is an hour. Now imagine they worked 10 additional hours a week? I imagine that tolerance goes down.
The reason IBers pay so much more than people earning 23k is not because there's nothing cheaper but because they can afford and appreciate convenience a lot more. Also living in a decent place in zone 1 is a much better experience than living in a decent place in zone 3 or a shit place in zone 2.
I personally work in AM and don't work that many hours so a commuter town was ok for me and I as able to buy instead of rent by staying with parents for a bit then using bonus on a deposit. It would be insane for an IB analyst though. Personally, I think you could live in Essex and be an IB analyst though because you can make it to central from barking/ilford in like 20-30 minutes. Milton Keynes and Reading would be a big stretch though. I come from these areas so they are ok for me, but some people on this forum would raise their noses at it.
1 bed in Marylebone, paying £1,550 pcm + bills, which are around another £250. This is on the cheap end though, I'm looking for a new place and anywhere that's not a dump is looking like £1,900+.
In first year, I shared a 2 bed near Waterloo which was £1,200 pcm + bills each.
3 bed in East. <£1k each. Great view.
There have been a tonne of threads on where to live in London for both Canary Wharf and City bankers. Not hard to find.
To the guy above saying you should live outside of central London - why the fuck would you do so. You can’t put a price on some things. Like when you and your buddies want to go out Friday evening or if you want to spend time in the city over the weekend. The moment you live outside, you’re going to lose a lot of your social life which to me is just as important. I didn’t know a single banker in my class who stayed outside London. No one cares about the 1k/month they could have saved anymore
1.8k incl bills in City of London. Wanted to live alone and it's a ~7 min walk to my office. Worth it IMO but I'm living pay check to pay check lol. Wouldn't have it any other way
My dude, your rent is not why you’re living paycheck to paycheck
Unfortunately you’re absolutely correct but showing no signs of slowing down here
Paying 620 pcm in north east London for an en-suite room
2.5k/month for a 2-bed in Shadwell. Location is literally perfect. I love it here.
1.2k per month incl bills for en-suite near Shoreditch. ~10 minute walk to work
Love how you Brits write pcm
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