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From the Midwest originally and exclusively recruited Chicago. Lower COL and closer to my family were the two main reasons.

 
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Chicago is one of the best-kept finance secrets there is. I always like to describe it as 80% of NYC at ~50% of the cost. It’s actually crazy how much further your salary goes here, and banks pay you exactly the same as if you were in NYC.

C.O.L: For $3000 a month (which is on the high end to pay here, but for the sake of comparison to NYC) you can get a huge 1BR in your pick of the best neighborhoods with every amenity you could want in the building. Who knows wtf that would get you in NYC if you wanted to live by yourself. Personally, I’m living in West Loop (one of the best neighborhoods) with one roommate in a huge 3BR, so I get a separate office space, we each are paying $1600 a month.

Nightlife / Restaurants: The Chicago food scene is honestly very impressive. I’d consider myself somewhat of a foodie and I’ve never been disappointed with the restaurant quantum here. Sure it’s less than NYC which is a trade off, but let’s be real, there’s a realistic limit to how many restaurants you’re going to any year as an Analyst. To me, what’s important is that you can still get most any cuisine in the city when you want it, and it’s GOOD.

The nightlife here is obviously not at the same level as NYC, I admit. But the scene is still pretty strong and as the newer, “trendier” neighborhoods (e.g Fulton Market, West Town, etc) continue to flesh out, it’s only getting better. There’s no shortage of good house/edm clubs or cool cocktail bars / speakeasies. The girls are pretty, the people are nice and the cost is not nearly as astronomical as NYC clubs.

Weather / General City: I’ll say this about the winters: they are not that much worse than NYC (yes I’ve lived in both). Use your AN1 50k bonus, buy yourself a Canada goose and a nice scarf, and you’re set. Every other season, meanwhile, is great - and the summers are unbeatable. In NYC, it’s super hot and everything smells like trash because there are no allies and people chuck their shit onto the street. Chicago is so much cleaner - and the ability to leave work on a summer Friday and be on the beach in 10 minutes is something else. Finally, the people here are just nicer. I get the NY “hustle mentality” and that exists here too somewhat, but the Midwestern hospitality was a welcome change for me.

so… yeah. Slow day at work, lol.

 

Are there any other “cons” of Chicago besides what’s comparatively lacking vs NYC?

 

Would agree with the HF poster below me. A con would be crime (in some neighborhoods) but not where you’d be around. Another con would be that you can tell that the general population IQ is probably lower than NYC but again, not in the circles you’d surround yourself by. He touched on the suburbia point too which is something I missed - I’ve seen my VPs move out to great suburbs and buy million dollar, gorgeous houses with a 45 minute train ride into work when they’re 29. Just not even attainable in NYC.

 

there are no allies and people chuck their shit onto the street.

NYC, ally-free

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.
 

Couldn’t agree more with the above poster. Really here is the pros and cons:

Cons:

  • Harder to find high paying job opportunities
  • less diversity
  • Worse food scene
  • harsher winters (this is balanced by way way better summers imo)
  • Girls are fatter on average
  • People are dumber on average
  • crime can get dicey in some neighborhoods 

Pros:

  • lower cost of living across the board. As the poster above mentioned, paying $3700 would get a top of the end 2 bed apartment in the best neighborhood. But perhaps more important to me, the burbs of Chicago have the best public schools in the country and there’s million dollar 5,000 square foot homes within an hour commute of the city
  • People are more kind. Midwest nice is a thing. People help each other out. Girls are looking to settle down and settle earlier rather than trying to keep up to date on fashion or being seen places.
  • The seasons get better as you get older. The summers are objectively way better than NYC—there’s clean not crowded beaches all around Lake Michigan/ in the city and beachfront properties on lakes for sub $1 million. The winters people harp on because it is so cold, but that ends up being just more work centric for most people.

I think the only justification for NYC, is there is more wealth and more people there, which becomes a non-factor if you can find a high paying role in Chicago.

 
Funniest

Couldn’t agree more with the above poster. Really here is the pros and cons:

Cons:

  • Girls are fatter on average 

This could also be categorized a pro for some

 

Couldn’t agree more with the above poster. Really here is the pros and cons:

Cons:

  • Harder to find high paying job opportunities
  • less diversity
  • Worse food scene
  • harsher winters (this is balanced by way way better summers imo)
  • Girls are fatter on average
  • People are dumber on average
  • crime can get dicey in some neighborhoods 

Pros:

  • lower cost of living across the board. As the poster above mentioned, paying $3700 would get a top of the end 2 bed apartment in the best neighborhood. But perhaps more important to me, the burbs of Chicago have the best public schools in the country and there’s million dollar 5,000 square foot homes within an hour commute of the city
  • People are more kind. Midwest nice is a thing. People help each other out. Girls are looking to settle down and settle earlier rather than trying to keep up to date on fashion or being seen places.
  • The seasons get better as you get older. The summers are objectively way better than NYC—there’s clean not crowded beaches all around Lake Michigan/ in the city and beachfront properties on lakes for sub $1 million. The winters people harp on because it is so cold, but that ends up being just more work centric for most people.

I think the only justification for NYC, is there is more wealth and more people there, which becomes a non-factor if you can find a high paying role in Chicago.

Some of those cons are easily pros in certain eyes

 

How hard is it to break into Chicago IB if you aren’t at the two target schools in Chicago?

 

depends on school. Uchicago and NU are obviously gonna get you every interview but if you cant land a chicago ib job from Michigan, ND or Washu, u probably wouldnt land a NYC ib job from Harvard.

 

I go to ND / WashU with family in the Chicago area so im targeting it hard for recruiting. I just think it’s so hard because every top BB (GS/JPM) or EB (Evr/LAZ/etc) has very few spots with the majority going automatically to Uchi/NU (off linkedin). Do you think I’m at a disadvantage compared to kids from Uchi/NU or will networking make up for the difference?

 

Apart from UChicago or Northwestern, MMs seem generally hire from Midwest semi-targets (Kelley, Champaign, Michigan, etc.) and some rep from Chicago schools (Loyola, DePaul, UIC). Also, many people grew up in Chicago suburbs, went out of state for college and came back to the city. Assuming it’s difficult to do BB from these schools in the Chi unless you went to a target (like any other city)

 

I see. I go to ND/Washu and am targeting top BB or EB in chicago (really want to live there after graduation). Is it just impossible since im not at uchi/nu? Based off linkedin every top bb and eb in chicago basically only hires SAs from NU/Uchi with only a few from other schools, maybe bc they have very few spots. Feels like a huge uphill battle but im ready to grind.

 

Unless you’re from a neighboring state / went to one of the 4 schools that place there (mich, Notre dame, northwestern, u Chicago; not you Kelly, everyone finds you insufferable), or from Chicago, you won’t really like it. Everyone I know that was a transplant was trying to get back to where they came from (east / west coast) within a month of hitting the desk.

Yeah lower col, but just a totally different set of people and vibe. Great techno scene though

 

Past and present Chicago resident here.

Everything's comparative, but I'd highly suggest it.

Winters are worse than the east coast, but besides one terrible week that was -20 wind chill and maybe a week or two of snow, it wasn't that bad. Global Warming seems to really be doing its thing.

Cost of living is about~ 20-25% cheaper than NY, and rent is ~50% cheaper. Your money goes way way way farther in Chicago. 

Safety concerns are overblown, and isolated to parts of the city far from where an IB analyst would live. 

For social life/things to do, its restaurants, nightlife, culture, concerts, sports etc. can arguably go toe-to-toe with NY while being a good 20% cheaper. NY 

Only big knock is the public transportation isn't as good as maybe NY (~5-15 minute waits for trains), but it's also easier to get around with a car.

 

An old comment I made for the NYC people reading this post. Make sure you read this as someone living in Chicago—don’t want you to make a mistake.

I would not recommend coming to Chicago. For example, below is an average day:

I usually start my day off eating a bowl of corn (no restaurants here). Then I bundle up in 4 coats (polar vortex makes it below 0 most the time even during the summer). Commuting also is tough because there are no trains here (city isn’t industrialized like New York). Also, the bullets! You have to weave between streets because the gangs are always blasting at commuters (the mayor provides them bullets to discourage business). Finally, when I get to the office the only people in the city went to state schools and places like Northwestern and University of Chicago which everyone knows contains finance duds. There also are no billionaires or millionaires in Chicago. After citadel moved, all the wealthy ex-employees and the PE shops left as well (was a package deal). My firm only deals with paper companies that have less than 1m of Ebitda. Although, I heard last quarter my colleague got to do the accounting for a “10 bager” we call those deals that cross $10m of total valuation. Was a super cool experience where we went to a minor league hockey game and chillis after (we couldn’t afford something like seeing the Yankees or Mets). Anyway hope that’s helpful! 
 

Oh yeah, also the girls are horrible here. They seem to want commitment and value being moms and family over more worldly things like fashion. I know a guy who moved from New York and after the move he was never able to get a job again, ended up homeless—not worth the risk. I’d turn down the offer and stay put if I were you.

 

I was in the River North area for 5 years. The neighborhood has this great energy, cool art galleries, awesome vibe from the nightlife, and much more. The high-rises here make you feel like you’re living right in the heart of everything, with an amazing skyline. Many days, I’ve just stood on my balcony, looking at the city lights. One of the best things about River North is how everything is right at the palm of your hands. Whether you’re in the mood for some of the best restaurants in the city or just want to grab a quick bite, there’s no shortage of options. I’ve found myself becoming a regular at some of the local spots where they know you by name after a few visits. And there’s a good nightlife scene too. Whether it’s a chill evening at a rooftop bar or a late night at one of the clubs, there’s always something going on. But even with all the fun activities, there are still those quiet moments, like walking along the riverfront or finding a cozy corner in a cafe to unwind.

The neighborhood is also where the old meets the new, and you can see it in the architecture and the way the neighborhood has grown. There’s this perfect mix of modern high-rises and historic buildings that gives the area so much character. It’s a place that’s growing but holds onto its roots. I’ve watched new developments go up, but there’s something comforting about seeing those familiar spots that have been around for ages.

What I love most about living in River North, though, is the sense of being connected to the city. You’re just a short walk from the Loop, but not too far from the city. The river, the bridges, even the street art. All of these add real character to the environment. From the energy of the streets to the quiet moments along the river, it’s a neighborhood that’s got a little bit of everything.

 

I haven’t spent much time in Chicago but I know that Chicago users of this forum are  insecure about the status of their city and obsessed with pumping it up.

All the “don’t go it’s terrible haha *wink wink*” comments are hilarious because people are literally leaving Chicago in droves for warmer places. Every few months there’s another announcement of a company leaving Chicago. I work in REPE and whenever we look at deals in Chicago it’s very hard to spin the city in a positive light for IC. The bright spot of Chicago is the suburbs and that’s where we mostly look to invest.

 

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