Is Chicago second-tier in the world of finance?
Aside from Citadel and the PE firm Madison Dearborn, i don't think Chicago has any elite financial firms. They have a bunch of no-name prop firms and floor traders who are going extinct. Even San Francisco and Boston have more hedge funds than Chicago.
Chicago actually does have a fairly sizable financial presence. Not much in terms of HFs, but Chicago has a bigger IBD footprint than LA and a pretty significant number of PE firms (though most are MM). There are also a surprising number of VC/Growth Capital firms (obviously investing in industrial/services startups). I think that people try to size up Chicago against New York, but it isn't really a fair comparison. Chicago is not trying to be some financial capital, it is more of a lifestyle city where there also happens to be a decent amount of opportunities for those who are so inclined.
GETCO DRW Spot Trading Jump PEAK6 IMC Optiver
I'd hardly call those no name prop shops
LMAO. If by 'no-name prop firms', you mean places where top guys make more than your BB IBD VPs right out of college. Sorry to all you bankers, but getting into and succeeding at these places requires actual talent.
There are some great prop firms in Chicago. But top guys straight out of college are not making more than BB IBD VP's. I think Getco pays their first year traders a base of like $65K, and with bonus, i'll be surprised if they made more than $125K in that first year.
Why do you comment if you don't know anything at all about what you're talking about?
First-years at GETCO have devised new strategies, opened up new asset classes, and assumed responsibility over entire trade lines on their own. A few years ago, a first-year was the 5th highest paid trader at GETCO. This is more than MDs make.
I like how you mentioned $125K as the arbitrary max because that is how much first-year banking analysts make. I think the idea of making more than your peers, even if only marginally so, is one of the key things that drives people into ibanking. It must pain you to know that there are people making many multiples more than that.
Chicago is probably 4th-tier at best.
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