Prestige or City? - Which matters more
Is being in NYC worth it so much that you should reject a prestigious offer in a city like Chicago (say Evercore) to accept an offer at a less prestigious bank (say RBC) in NYC.
Tbh I really like NYC, and feel like the NYC banking experience is more rigorous (much more is expected and demanded of you) AND NYC is a finance hub so lateraling/moving into different areas of finance is much more doable. That said, if you’re not getting a ton of deal flow while in NYC, I can see the argument that you should take a more prestigious offer in a non-NYC city.
I’d say if the companies are somewhat close, like an EB vs a BB, then prioritize the location you want to be in. It becomes harder down the road to switch cities, both for the companies you’re targeting and for you personally as you start to set roots.
But if you have a really great opportunity in another location, and you’ve tried but are unable to get a similar calibre opportunity in your preferred city, then take the jump. I’d argue this is where your Evercore vs RBC scenario is.
I didn’t start in banking coming out of undergrad, so I was behind. I tried but was unable to land a decent bank in my city. So I moved to one that 99% of you guys would NEVER consider so I could join a small team within a notable MM. Grinded out two years and can tell you it worked out great, and ended up moving to a better location. I’m happy with how things turned out, but in my case it wouldn’t have been possible if I wasn’t willing to move for the best career opportunity in front of me.
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