Would you start your career in NY if you plan on leaving after 2 years?
I'm from the west coast and want to work there (specifically Los Angeles) long term. However, if I get the opportunity to start my career at a BB in NY should I work there or in LA?
NY looks better on the resume. If you can make it there you can (da da) make it anywhere...
Compare this with China. We had a saying for white people there - "if you can't make it here, you can't make it anywhere".
Yes, I would.
It depends. NY experience is looked most favorably upon on an international level, but if you're trying to recruit for regional shops (midwest/cali), locals are sometimes preferred because they have stronger ties.
Go to NYC if that's where you get the best job. It's true that if you want a career out there long term you'll want contacts out there but you won't make so many contacts in two or three years that you'll have any problems or have wasted your time. You can try to get job after your analyst stint out there or just reset with bschool and attend one out there.
If your long term goal is to work on the West Coast, your best bet is to start on the West Coast. You'll start to build a professional contact base, better familiarize yourself with the city (even if you grew up there), and maybe even develop new friends that will be helpful through your career.
From my experience working in NYC is really only viewed favorably by people who work in NYC (I can't comment on abroad). When you go to look for a job on the West Coast (perhaps out of b-school), you won't be given an advantage over your competitors that spent the first years of their career in LA.
This early in your career I would recommend going to the company that will offer you the best experience (deal flow, network, etc.) rather than picking based on geography.
I fully agree with the above comment. If you wanna be on the West Coast for the long term I would try to get the best offer on the West Coast.
Meh I wouldn't fully echo the guys above. I am doing an analyst stint at one of the "elite" boutiques in NYC but really wanted to move to LA afterwards. I had no problem getting interviews out there and the Managing Partners that interviewed me at the fund I accepted an offer from told me they liked NYC guys because they knew how to grind. Based on what I've seen and experienced myself, if you are at a decent firm in NYC you should be able to recruit anywhere.
I agree with scrubbanker, NYC has a certain "je ne sais quo" when you have it on your resume. If you package your skill sets well, it truly opens up doors wherever in the world
Only people who work in NYC care about NYC. The idea that you would be better situated starting in NYC then going to LA after two years than someone who started in LA and wants to stay there long term (assuming equal credentials) is both absurd and hilarious. Listen to compbanker, he is one of the most respected members of this site.
I think I'm just going to try to get the best offer possible, and go there, regardless of location; then go to LA after if it's not in LA.
Would the only groups worth going to in LA be Moelis, MS M&A, and GS FIG?
Yes, when you're interviewing at Oaktree (or wherever) a year from now, the partner is going to look at your resume and say, "God DAMN, you've worked in NEW YORK for 9 months. The pussies out here in LA will sure be glad to have a NEW YORKER here to remind them what REAL BANKERS are like."
Seriously y'all: Angelenos like LA. They don't think of it as a second-rate, inferior city to the Big Apple. LA finance types probably think it's better. If they wanted to live in New York, they would be...living in New York. Not like there's a like of opportunities out there.
My advice: apply for LA banking jobs, apply for NY banking jobs, and take the better offer. If you're at a good group in NY, you can tell the headhunters that you want LA positions and they'll set you up. If you're at a good group in LA, you'll obviously have the first shot at LA funds. (Also SF. I always ride for SF.)
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