Investment Banking in Chicago 2022
While it's not NYC, does anyone think working in IB in Chicago could be a good move? Believe pay would be around the same, but cost of living would be significantly cheaper (estimating around 25% to 35% discount to new york).
To those in Chicago, what's it like living and working out there? Which banks are strong in the area?
Interested
NYC is always going to be everyone's go-to city for finance but Chicago is an awesome city. A lot of finance jobs in Chicago, housing is cheap with tons of new buildings that have great amenities at half the price of NYC. Lots of bars, sports, food etc. Chicago is also cleaner and people generally speaking seem to be a bit more laidback. Yes, the weather sucks in the winter but same with NYC. Yes, crime is bad but learn to avoid certain areas and it should be fine.
Echo what the above says. Chicago not perfect, obviously, but people underestimate how fun it can be from May-October, with all the good bars, fun restaurants and abundance of young people in the city when the weather is good (well, good enough). Great looking city, clean, and like above poster said, got some great new buildings where you can get studio for 2100-2700 and one bedrooms for 2800-3500.
Got some BB presence with JPM, GS, BOA , Citi and Barclays, and EB/MM with Evercore, Moelis, PWP, Gugg, Lazard, Greenhill, Blair, Baird, HL, HW, Lincoln.
As someone grew up in coasts, working in Chicago, my take is:
It’s a lot more affordable, people are nicer, and might be one man’s opinion, but on average, girls are better looking.
However, it lacks diversity (in terms of culture), limited dining options (too much steakhouse), 80% of conversation is about Cubs and college footballs. Also, city is not in the best shape with rising crime rate and Citadel moving out will only worsen the situation from where we are.
Worth trying. If you vibe, it’s a good city but I’m personally in favor of New York.
If you’re not from the coasts, it’ll likely feel like the most major metro area you’ve been to, if you are, it might feel slightly constrained/limiting.
I’m from a university town in the Midwest, lived in Chicago, then NYC, then back to chicago.
If you can handle the pace and chaos of NYC, I highly recommend you pursue opportunities there, that tattoo on your resume will always carry weight and caché. If you can embrace it, then that’s where you belong. If not, chicago will almost always take a banker (provided a need) from NYC, speak from experience.
Nightlife and food in chicago will never compare to NYC no matter how hard it tries, but we do alright….
Winter is a lot colder than in NYC
Winter really blows. Wolf point 1 BR for 3, studio 2.5
You can find one bedrooms in good areas for ~2k
I have no idea what people are talking about with these stories of studios for $2-$2.7 and 1 BRs being $3-3.5k. Sure, such places exist, but you are going way out of your way to waste money if you decide to live in those. Those are easily nearly the peaks of those respective markets.
A quick look on Zillow shows that prices and inventory level off quickly for 1BRs around $2500, by $3k you’re seeing almost everything except most ultra high end units. To get meaningful results above $3k, you have to start looking at 2-3BR.
Seen those too
Chicago is my favorite city in the USA
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