Do New York and Chicago offices get paid the same? I’d love to live in New York but if bankers get paid the same in Chicago, I’d rather live in Chicago and save more money. What are your opinions?
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Based on the most helpful WSO content, investment banking pay is generally similar across cities like New York and Chicago. However, the key difference lies in the cost of living (COL). While New York might offer slightly higher compensation in some cases, Chicago's significantly lower rent and overall expenses mean you can save much more of your take-home pay in Chicago.
For example, one user highlighted that starting in the Midwest allowed them to save a phenomenal amount compared to being in New York or San Francisco. Another noted that even if Chicago pay is marginally lower, the savings from reduced living costs more than make up for it.
If your goal is to maximize savings and enjoy a more affordable lifestyle, Chicago could be the better choice. However, keep in mind that New York might offer broader exit opportunities and a larger pool of finance professionals, which could be advantageous for networking and career growth.
Sources: Do BB bankers really make that much money when you adjust for the cost of living?, Is Chicago IB Pay Lower than NYC?, Is Chicago IB Pay Lower than NYC?, Why would anyone willingly choose to live in NYC / SF / CHI?, Advice/Tips on trying to relocate to a Tier 1 city
Yes they get paid the same. However, groups are smaller and most of the focus is either middle market arms (JPM MMBSI, GS Cross Markets, BofA EGRC) or industrial groups of the BBs and EBs that only take a handful of analysts each year. If you want a generalist experience or a non-industrials coverage, you have to go to one of the Mid Market banks like Blair/Lincoln/Baird or fight for one of the few spots at JPM M&A or Lazard RX. It's a much smaller IB market than NYC.
I’m from a big10 school in the Midwest. Would you say it would be harder for me to get into NYC or Chicago?
NYC likely harder but not impossible. Check LinkedIn, most of the IB analysts in Chicago come from Big10 schools or Northwestern/UChicago/Notre Dame/WashU.
One thing that folks seem to undervalue is that career IB is a game of survival
I would far rather cut my teeth in Chicago . Same pay. Way better apartments restaurants and nightlife (that will be accessible to you as an analyst… obvi NYC carries the top end)
Groups in Houston and Charlotte at the major banks pay the same too yes
In chicago, by the time you've only done 0-1y in banking, you can afford a 3.5k 1br in THE NEWEST luxury buidling in the city (One Chicago, has a mf wholefoods and lifetime fitness inside of it included).
Would be lucky to get a shoebox studio on skid row for that in NYC
AND yes you get paid the same
Yea but then you have to be in Chicago with the insufferable Bears and White Sox fans and their disgusting deep dish Pizza. What a gross city
Agreed with the above. The comp is the same at NYC and Chicago for the larger banks - Upper MM and bulge. Not sure about the LMM banks. There may be a delta there. Not sure.
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