Working in London vs NYC
Interested to hear others thoughts on the two locales for internships. From a personal standpoint, they seem comparable in terms of being great cities.
Interested to hear others thoughts on the two locales for internships. From a personal standpoint, they seem comparable in terms of being great cities.
Career Resources
Based on the most helpful WSO content, when considering internships in London vs New York, especially for BB IB, there are several factors to weigh in:
Compensation: Historically, compensation in New York tends to be higher than in London. This is reflected in the discussions where Analyst 1 compensation in NY at a BB is around $150k, while in London it's around £90k, which is approximately $115k, showing a significant difference.
Work-Life Balance: The work-life balance can be intense in both cities, but cultural differences might influence the experience. London might offer slightly better work-life balance due to European work culture, but this can vary greatly between firms and teams.
Career Growth: Both cities are financial hubs with plenty of opportunities for career advancement. However, New York is often seen as the epicenter of finance, which might provide a broader range of experiences in terms of deal size and international exposure.
Exit Opportunities: For exit opportunities, it's important to consider where you want to end up long-term. If your goal is to stay in PE, New York might offer more opportunities, especially if you're looking to move into larger funds eventually. However, London is also a strong market for PE and has its own unique opportunities.
Cultural Fit: This is more subjective, but it's crucial to consider where you'd prefer to live. Both cities offer rich cultural experiences, but they are quite different in terms of lifestyle, weather, and social norms.
Visa and Work Authorization: Since you mentioned you live in neither country, it's important to consider the ease of obtaining work authorization post-internship. This can significantly impact your ability to stay and work in either location.
Given your offers in REPE in the UK and PE in NY, you should also consider the specifics of the firms, the roles, and the teams you'd be working with. For BB IB, New York might be seen as more beneficial due to the larger market and higher compensation, but London is also a key player in the global finance scene with its own merits. It ultimately depends on your long-term career goals and personal preferences.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/london-vs-new-york-city?customgpt=1, Choose Between Two Offers (BB/MBB) - Looking for Advice, https://www.wallstreetoasis.com/forums/compensation-differential-nyclondon?customgpt=1, BB in NYC vs. BB in other cities, Toronto VS New York for IB
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