For finance jobs that are the same function but are located in different geographies, will compensation be the same or will the lower cost of living location have a lower pay?
If I trade energy in a NYC fund, will I get compensated the same at a Houston fund if the funds both have similar fee structures? Is this the case for both the junior (arbitrary pay by PM) and the senior level (P&L contract percentages) ?
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Of course lower COL cities will pay less. I know with first hand knowledge that the starting IBD class of SLC was starting at 48k. Bonus standard at 1.0x base. The only city that offers 85+85 is probably NYC and SF.
NYC bonus is not 1X base....
So it is much more profitable for a hedge fund to open up in Houston because the manager can screw his guys by paying lower while still charging 2/20?
Varies.
Front-office BB IB jobs outside NYC will pay the same as NYC...but there are very few of those. Mid and back office jobs pay less outside of NYC. Regional IB's pay less outside of BB. GS Houston energy trading will pay the same as GS NYC trading...but if you work for a local firm in Houston, you'll make less.
If you want high pay and low COL, I recommend consulting. Pay is standardized, and you can work wherever you want.
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