NYC —> London for a Year or Two???
Hey Guy, I am coming into a group that also has a London office. Part of me has always wanted to live in London / Europe for a year or two and scratch that itch to travel, experience new country, etc. Has anyone does this and provide any recommendations or insight? Would hope to do a year or two in NYC then switch over (save up some extra coin). I heard London pay isn’t great, and would WLB even allow weekend travel?
Know plenty of IBers, obviously the WLB will depend on group but I don't know a single IBer who hasn't taken multiple holidays (weekend and multi-week) in the last few years. Yes they may take their laptop but maybe like 70% of the time, they don't need to do anything. It's about planning and a bit of luck.
Also there are lots of Americans here, like way more than you'd think. I hear American accents pretty much everyday, very common decision to live and work here at least for a bit. Yes pay is lower by at least 30% FX adjusted in early years, COL slightly lower (especially activities/going out/travel), tax is higher. Let's say it's not a financially savvy move but many make the choice to move already knowing this.
Is it easy to network with London bankers? What are the best groups over there?
What do you mean? We're not that different. Some people are open, some aren't.
The best groups vary by bank.
I’m honestly coming to the conclusion that working in London might be not the bestdeal in Europe. The salary cut is massive, and the cost of living doesn’t follow (nyc comparison).
WLB is better, but depending on the shop/team, your weekends won’t be that free for short trips and other things. Summer gets calmer but not as empty as Italy, Spain…
But in terms of travelling / flight options you can go to allow anywhere in Europe from London (not the same in other cities). Then again, it all depends on the team/bank you’re heading to.
Just a note—if your bank has offices in the Netherlands, Germany, or similar locations, I’d prefer those for the experience, being on the continent, and the lower cost of living. But of course, that’s just my personal opinion.
Yeah regularly meeting American bankers in London. Despite constant UK negativity in the media and this forum, they seem to enjoy it. OK, pay is 30% lower than in the US, but how much is having most weekends free and 25 days of holidays per year worth? I really feel working in MMs/BBs in London at the junior level is quite a good balance between comp/lifestyle and exit opportunities. It's harder to make the case for EBs though, as they don't have the premium recognition they have in the US while having significantly worse hours and only marginally higher comp (tax burden is real).
I appreciate the input. Do you happen to know if exit opps in the U.S. will be limited if I made the move?
Do juniors really get use all of the PTO tho? Genuine question not trying to be snarky
They have to, as you can carry only 5 days to the following year. But with summer and Christmas, and few long weekends there’s not much left...
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