NYC Vs LONDON
So I am in london right now, and thinking since the UK has left the EU and taxes increasing in the UK as a whole with the Conservative party being labelled as “not business friendly” or “losing its way” by a lot of executives in the UK, would it be better to move from London to New York after University/college.
I mean looking at the numbers, London pays at a 20-40% cut to NYC. This includes everything from PE, IB, RX, HF. Firms like Rothschild which is basically CVP x Goldman Sachs of Europe, pays at a 20% cut to most BB banks. While PE also pays below for example, if in USA total comp is $300k associate, in london your looking at more like $230k.
Furthermore, why is there such a big difference as London is a better centre for Asia, it has great infrastructure in place, no shortage of talent and hours still manage to be worse.
Bump
You won't be able to move to NYC after graduating unless you have US citizenship so don't spend too much brain energy thinking about it.
You would as these firms provide visas, and I do have the capital to study post grad so I would do that just to get there instead of dealing with exact same conditions in london for less pay
These firms provide visas if you just finished your MBA or top Masters' in the US, and even then you'd be at a disadvantage. They don't need to bring someone from the other side of the pond when they have local talent. So yeah do a Masters' in the US if you absolutely want to have a shot at recruiting in the US soon after graduating.
Your forgetting that there is a shortage of talent in the industry on top of that
Ah yes the famous shortage of talent when every job opening receives thousands of applications
Funny how Rothschild is stronger in London but pays more in New York
It's the FX.
Nah even after account for FX there’s still a difference of 20-30% of overall payment
Because London pay is shit. European losers
Yup, pay is shit, pre 2008 it was great, basically on par sometimes even more, now there’s a lot of rules and regulations on pay in EU, london pays more than any other European city which is always funny.
Sometimes I forget how shit the rest of the world is. Everything really is second tier compared to the US.
No. It’s not second tier. London is a leading financial centre, so is Hong Kong, so is Singapore. Just because pay is less doesn’t mean anything for deal value, opportunity and so on. USA is basically a continent, and states are basically independent countries. With a GDP higher than rest of world, economics plays a big factor here, but doesn’t discredit these centres. If we broke down M&A value by state, it wouldn’t be doing too well across its entire economy. Same think for other regions.
Banks pay less, yes, but at the same time your costs are not equal. Your live won't be better with the US Salary. Also, your hours probably get worse in NYC and you don't get any days off.
You will barely use your days off in london unless your a senior.
You have to remember that the cost of living and quality of living between London and NYC is drastically different. In the UK there is the NHS which is 'free' healthcare but is funded by taxes. As far as I am aware in the US, there is no free healthcare, hence lower taxes. The transport system in London, buses and the Tube is of a higher quality than the NY subway, which is also funded by taxes.
https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Unite…;
https://www.cnbc.com/2017/04/13/the-cost-of-living-breakdown-between-lo…
https://livingcost.org/cost/london/new-york
Secondly, various articles show that the cost of living in NYC is higher than London and salaries will reflect that. So nominally salaries may be higher in NYC (even accounting for FX) but in reality there is not much difference. It is kind of real v nominal income.
Salaries are ALOT higher in the USA tho, for example evermore analysts this year will clear 200-250k total comp. Same can be said for CVP and other boutiques. TFL is not funded by taxes. It is of higher quality but doesn’t run at night. Rent in london is also a lot higher. If someone earns £4000 after tax their rent will likely be between £1800-£2100. While in NYC after tax is $6000-$8000 a month, rent can be as low as $2000 and even lower to $1300 if with roommate. Account for FX rate even and rent is cheaper in NYC
And if someone earns 8000 gbp after tax and rent is 1500 he is doing better
and if someone else makes 4000 usd and pays 3000 rent he is doing worse
and if someone is born as a millionaire he is doing better then all of them
all of this doesnt say anything. You can not compare the top salary incl. Bonus from a place like Evercore in the US with the base wage without signing bonus and year end bonus of a BB in London.
Fees per deal are higher in the US than in Europe
Quod reiciendis non magni enim vitae qui sed. Rerum occaecati qui accusantium soluta adipisci. Mollitia sunt incidunt qui hic commodi alias sequi.
Omnis ut doloribus velit totam. Est aspernatur neque officia. Delectus iusto non temporibus cumque omnis consequatur sed. Et ducimus quam tempore inventore quia ut quo.
Voluptate officia nulla rerum sed facilis odit dignissimos. Tempora quis qui quis. Similique hic et mollitia autem. Dolorem sint officiis minus. Nam et natus eligendi aspernatur deserunt expedita. Omnis velit modi et sit totam laudantium iste. Iure laboriosam dolorem nobis consectetur dolor est quis.
Mollitia quas distinctio rerum consequatur. Tenetur rerum est et velit. Molestias eos amet accusantium omnis sint iusto delectus. Tempore ratione adipisci omnis aut. Ipsum voluptates odit delectus et omnis ratione. Rem aliquid mollitia veritatis eligendi quibusdam esse. Saepe illo voluptas quibusdam quia omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...