Hey all the bankers/ potential bankers could you answer some or all of these questions?
Are you originally from the south or did a lifestyle change cause you to move around?
Is there a significant difference in the compensation even when you factor in the usually lower cost of living for the south?
Do you work at a boutique or mm?
Do you plan on moving from the south to NYC, Chicago, etc?
What is your favorite thing about working in the south?
I was born in Wisconsin, but my parents moved to the Tampa Bay area when I was only a year, or so, old.
I don't think, and I say 'think' because I don't have hard data, there is a huge difference in compensation for people in the south when compared to counterparts elsewhere...especially at the junior level. Banks are pretty standard when it comes to pay and if for some reason they aren't, it's only going to be a difference of a $5k or $10k on salary and probably a similar amount on bonus. Obviously where you work is going to have a huge impact on that...that is to say the actually bank you work for...as it will be relative to the profitability of the bank and the firm's compensation culture. A buddy of mine at Wells Fargo in Charlotte made about $150k all-in last year as a second year analyst. That is on par with what people make in NYC as second year analyst, except his $1,800 per month of living expenses pays the mortgage on his 4,000 square foot house. Many people won't care for a life like that so NYC is better suited for them, but to each their own. The pay difference, or variance, seems to come in more at the senior levels...because it just depends on the individual person and each firm. Compensation is usually heavily weighted towards bonus so at senior levels I think salaries are less important. Again you have the cost of living adjustment where $2mm will buy you a 10,000+ square foot mini estate on a lake or in a 'prestigious' neighborhood in the south, whereas that will get you a solid apartment in NYC, that still might be small for raising a family.
I'm at a boutique PE fund...that is to say we are smaller and have a specific focus.
I'm already in the south, so this question isn't 100% applicable, however, I hope to gain admission to a business school for next year and will have to start the job search process over. I hope to end up back in the south but given the poor market conditions I will go where ever I need to in order to be employed.
Cost of living is a huge plus. I rent a bedroom in a 1,200 square foot condo on a high floor in Midtown Atlanta (the heart of the city) with a parking spot in a secure parking garage for $1,000 per month...and that includes cable, water, electricity, internet, gym, pool, media room, conference room, a spectacular view of Buckhead (the northern heart of the city, if you will, lol) and I am a block away from restaurants and one of the main club/bar areas and half a block away from our 'central park'. It's about half a mile from a grocery store, which I can drive to...because I can afford to own a car...but I only live 2 blocks from my office so I walk to work everyday. During the summer there is always a pool going on, nearly every Saturday and Sunday and that means hot women in tiny bikinis. In Atlanta specifically, we have lots of festivals (music, beer, wine, art, food, etc) going on mostly year round.
Let me know if you have any other questions.
Regards
Thanks. This was very helpful.
Well I'm a potential banker in the South. I was born in Albuquerque, NM but moved to Tennessee when I was just a wee lad. Anyway, after a brief stint in the Army, I was left with the option to move just about anywhere in the country. So, for some reason I moved to Huntsville, AL. This was before I really knew what route I wanted to take in life. Now that I know that much, I realize I shot myself in the foot as far as a career in finance goes. While there are plenty of opportunities in the region, locally, there is precious few.
When I graduate, I would love to move to one of the bigger centers, but I'm not totally opposed to staying in the South. The biggest reason for this is the cost of living. Like the poster said above, compensation can be the same at the junior levels. Factor in the considerably discounted cost of living, and well, you do the math.
I'm starting my senior year and am gunning for a summer analyst position at numerous firms. As of right now, my highest prospect is in Atlanta. I've been there plenty of times and it seems like a decent enough place, but the traffic is horrendous.
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