Living and working in NY vs Delaware as first year analyst?
I'm happy to say that I'm going to get an opportunity to work at the investment bank I wanted to, but now I am tasked with deciding by Monday whether or not I want to be placed in NY or Delaware. Is the cost of living difference big enough to warrant a Delaware move for the comfort of having more space and land and less cost as a brand new college graduate with loans to pay back? Specifically I'll be working front office finance during the rotation as a fulltime analyst. The pay difference is 10k base less for Delaware with a similar bonus.
I'd say, that where you want to be is more important than money. If you want to be in NYC, then take the NYC offer, if you want to be in Delaware, take the Delaware offer. I don't know anything about you, so I can't really tell you which one to choose.
But, seeing as how I'm moving back to Michigan for some of the reason you listed for taking the Delaware offer... I'd say take the Delaware.
The experience of working/living in NYC would definitely be overall more exciting, as well as the slight bump. If you could find a place to split with college room mates that's what I'm doing and it's worked out fine so far.
Delaware houses a lot of MO/BO. Go to NYC, for the network and simply just to be in NYC--it's a great experience when you're young.
New York will provide a solid network and dope nightlife, but you'll save tons of dough in Delaware. Also, you wouldn't be too far from Philadelphia and could even live there and commute, assuming you're working in Wilmington.
Take NYC, because YOU can say you worked IB in NY.
Went to school in Delaware.
Do not voluntarily move to Delaware.
Stay safe brah.
Having worked for JPM in DE, I would suggest not taking a money first approach and instead look at the bigger picture. First, if being FO is really important to you, I'm not sure why DE is even being offered to you. Newark handles the operations and client service side of IB, but not front office type stuff. One look at that office vs. the park ave office and you'll understand why clients are rarely brought there. Don't get me wrong, it's a fine place to work, but if you have FO aspirations, take NYC for the sheer networking ability you'll have there. You'll have a much better shot at networking your way into a full time IB role in NY than DE.
If the positions are truly equal at either location (which I'm skeptical of), DE is worth considering because most young analysts live in Philly, so you can still get the big city night life and dining on a much smaller budget. DE is by no means the worst place to work. There's some good places to eat and drink, and for the most part, the prices are completely reasonable. In my experience, whatever extra money a bank offers to live in NYC vs. anywhere else never makes up the difference in cost of living. So you'll essentially be accepting less money for the same work just for the privilege to work in NYC. That may be worth it to you, but just know its not NYC is not the end all, be all best place to live when you're young.
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