Pay outside of NY near the mid-west
Hey guys,
I've been trying to find a thread for this but I haven't been able to find one. I'm from Michigan and wanted to know if I wasn't going to move to NY or Chicago would I take a huge pay cut for not working in those cities?
I work in the twin cities and base pay for A1 is 100k. Plus cost of living is way cheaper, Midwest vibe = less NYC hardo vibe.
How are bonus numbers for banks like piper / houlihan / Lazard MM (especially after the firm wide base raise)? Very interested in the twin cities area and haven’t been able to find info on this.
Midwest also sucks tho.
I’m not from the Midwest and now I work here and as the HH reach out for places like San Francisco NYC CHI BOS…I find myself not wanting to leave/not interested. It’s shocking I know but not having to give an arm and leg in rent/taxes is compelling
Yeah not sure yet. But have heard high performer analysts getting 70k+ pre-raises. Associate bonuses at my bank (which is one of the ones you called out) were very good and everyone seemed satisfied. Not sure what next year will look like. Can follow up on this thread when I get my bonus.
Whats your hours like are they still crazy long like in NY
Have definitely had 70+ hour weeks but never 100
Thanks!
Let’s put it like this. My AN1 pay at 100k in my city is = to 230k in NY lmao …
That doesn't include bonus, right?
If you're interested in Minnesota, I know TripleTree is a great choice there. Have heard they pay extremely well too. If anyone else has anymore insight regarding them, feel free to chime in.
Do you know what range they pay?
Sorry but I'm not sure, just know that it is above street. If anyone else could chime in, that would be great.
It depends on the firm tbh. In the Midwest there aren't really any reputable firms located outside of Chicago, I also go to school in Michigan. I'm not sure what's all in Detroit, but grand rapids is obviously a shit show when it comes to pay for any regional shops. The local business brokerage firms pay better than the local investment banks and they all suck for exit opps and PE training. BMO might be the only bank on peoples radar in the state, I'm not sure if they have M&A teams in Michigan though; their M&A team may all based out of Chicago. You'll make around $70k or $80k in MI as far as I'm aware at any small IB type of roles, as apposed to about $150k in Chicago (net pay for first year).
There are some limited opportunities out there, all MM or small regional offices of EBs - think Baird, Piper, Laz MM, HL, HW.
Although your year 1 salary may be the same, your long-term salary prospects are much lower. Your post banking opportunities are smaller from midwest offices / these smaller MMs. If you want to be in the Midwest long term but also maximize earnings, would make more sense to do 2 years of NYC/Chi banking (+potentially 2 years of NYC/Chi PE) to legitimize your resume and get the best recruiting reach, then move back to the midwest for a corp or LMM/MM PE when you're ready to settle down.
I agree with what you said. I just don’t want kids thinking they are condemned for the rest of their life if they don’t do Goldman BB NYC etc etc. I had received intros at Top PE forms at MM in Midwest (also went to a target so I’m sure that helps). I’m not interested in PE but like all things network and make it happen. Yes easier to get a look if you’re at Goldman but it’s not the end all be all.
I really don't see how your Long term salary prospects are much lower. If you stay in LMM PE or even banking at one of these shops you can still pull in bank. Now it might be a haircut off your GS partner money, but comparable to an average MD in NY. I don't see why not.
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