Reality Check on Doing 2 Years of IB in the U.S. Then Moving to Western Europe
Hey everyone,
I am a sophomore at a top target (HYPW) and an American citizen (born and raised). I like the U.S., but the work culture is not something I want long term. I want a stable career, but I also want a healthier lifestyle with more free time and a better balance.
My plan:
- Go through a two year IB (ideally EB for premium compensation) analyst program in New York or Chicago. I am currently recruiting.
- Invest most of the money I save into the U.S. stock market.
- After the analyst program, move to Western Europe. I am considering Edinburgh, Madrid, or Munich.
- Find a regular job that pays fine but is not intense. Combine that income with returns from my U.S. investments and live at a slower and healthier pace.
My questions:
- Is this path realistic?
- Has anyone here moved from U.S. IB to Europe?
- How hard is it to find a stable but lower intensity job in Edinburgh, Spain, or Germany with IB experience?
- Are there cities that balance cost, lifestyle, and job availability better than the ones I listed?
- Am I missing anything such as visas, taxes, or practical steps?
I worked in financial services for many years before starting my own business and doing the digital nomad route. I can provide some perspective, but I also want to clarify some things as well:
If you choose to start your own business, be careful of double taxation. Unless you renounce your U.S. citizenship (which I strongly recommend against), you ALWAYS have to pay at least federal taxes. If you stay in another country for extended periods of time (usually ~183 days per year), you will have to pay taxes in that country as well, and taxes in other countries are MUCH higher than in USA, with a few exceptions such as UAE
Now onto your questions:
1. It can be, but you would have an easier time doing this in Latin America and SEA. I have been to both Germany and Spain. Germany is not much cheaper than USA, Spain is noticeably cheaper, and I know nothing about Edinburgh, as I have never been there. You're better off looking at Chicago, Charlotte or (especially) Houston if your goal is to save money. LA, SF, DC, Boston and NYC are VERY expensive, and it will cut into your savings.
2. I have spent most of my time in Latin America and Asia, but I travel to Europe a few months of the year. I don't like European culture as much as Latin America or Asia, but it can be easier to integrate as a Westerner than Latin America or Asia. For Latin America, it's VERY important to be mostly fluent in Spanish (or Portuguese if you want to be in Brazil). SEA English fluency varies by country: Philippines has English as an official language, Thailand a lot of people speaking English in Bangkok and Phuket, but not really Chiang Mai, and Vietnam very few people speak English (same goes for Japan where I lived for awhile, too). Japanese, Thai, Mandarin, Vietnamese, etc. are EXPONENTIALLY more difficult to learn than Spanish, Italian, German, etc..
3. Again, I have limited experience, but I would guess it's easier than in Asia or Latin America. I have multiple friends who have found work in Singapore and UK
4. Depends if you want to work for someone else or yourself. If you want to work for someone else, it's a lot easier in Europe or Australia, but keep in mind they are just as expensive as the US in some parts, but at least you don't have to worry about absurd healthcare and medical insurance costs, and you also don't need a car in a lot of other countries either. I run a consulting business, and Thailand is probably my favorite country overall, but time zone differences make it difficult to have client meetings, so I spend at least half of the year in Colombia and/or Brazil, and then spend 2-3 months out of the year across SEA. As far as Asian countries go, it's VERY easy to integrate into the Philippines (specifically Manila, and even more specifically the BGC neighborhood in Manila), as I previously mentioned, English is widely spoken, and you'll see stores and restaurants like Zara, H&M, Texas Roadhouse, etc.. on every corner, but if you're looking for a different type of culture or experiences, it might not be the right fit. You'll see a lot of older Americans living off Social Security there because it's basically just a vastly cheaper US to a lot of people. Colombia is a lot of fun and very affordable, and I don't think it's nearly as dangerous as people say (at least in Bogota, where I live), but there are some neighborhoods you need to avoid.
5. You need a Visa to stay in a lot of countries for more than 90 days, and for some like Vietnam, you need a Visa just to enter the country. Thailand and Colombia have Digital Nomad visas, which is why I spend so much time in each of them. I already talked about double taxation, so just keep that in mind.
There's a whole amazing world out there. If you start in a high-paying career and avoid the golden handcuffs/prestige chasing, you'd be surprised how fun and exciting life can be every day!
If I can offer any further advice, feel free to let me know, and I'd be happy to shoot you a DM.
Best of luck! I'm rooting for you.
Hi, I’m not the original poster but can I DM you a few questions?
I sent you a DM
Can only speak from the german perspective.
Economy is not in a great place rn, so finding a job is not easy right now especially finance related.
I think the the most important things are taxes and culture.
You will take a major comp downgrade and pay higher taxes.
Up to ~45% for highest earners (progressive tax) also learning german is must for integrating and finding a job.
Your target locations in Europe make no sense to me. 3 totally disparate places. Madrid has an intense work culture, don’t let the stereotypes fool you, it’s just as bad or worse than LDN & Paris. Also including like Edinburgh but not Dublin or Munich but not Frankfurt is confusing me. Have you been to any of these locations or networked with anyone who lives there? Those should be steps 1 & 2.
I will say there is not big appetite to sponsor visas in the entry to mid level, so EU citizenship would be a major clutch for you. What you’re describing is possible but not reliable, and you need to come across to an interviewer as more of a cosmopolitan American than an American American, as in a “couldn’t label a map of Europe” type American.
Cities you’re leaving off: Dublin, Stockholm, Copenhagen, Lisbon, Milan, probably some others that I’m not as familiar with.
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