Is London still worth it?
Hi,
I'm a first-year bachelor's student at one of the top schools in continental Europe (think RSM/HSG). However, I don't know where I should take my career. I am an EU citizen with knowledge of German (B2/C1). I'm wondering where I should find an internship.
I'm considering 3 cities: Zurich, Frankfurt and London. In the future, after graduating, I would like to go to PE. To pursue a career in London, I would probably have to do a master's degree at a top university like LSE/Oxbridge (and take out a loan). So I wonder if London is worth it?
I have a long career ahead of me, and London seems to be losing its glory year by year to Frankfurt (slowly, but the EU plans to create stronger capital markets within the EU in the future, and I have about 50 years of work ahead of me). Which European city would allow me to accumulate as much wealth as possible over the next 50 years while maintaining a tolerable WLB?
Definitely don't necessarily "have to" do a masters in the UK to break into UK IB or PE.
Do you think a BA from RSM is enough to get into IB/MBB in London? Do you think it would be a good choice to do a one-year MSc at Oxbridge/LSE before moving on to PE? Do you think that over the course of my career London, Frankfurt or Zurich will allow me to accumulate as much wealth as possible?
Yes, seen it happen multiple time - just search on LinkedIn and see where your alums go to.
In terms of career progression, experience and optionality London is still the best choice imo. Defo not necessary to have an Oxbridge MSc or any UK degree. Having said that, London remains much more competitive than Frankfurt, Paris etc and I don't expect this dynamic to change or London to lose ground vs other EU cities. On the other hand, continental EU banking has grown in recent years and there's more hiring than before. Comp wise, you'll be better off in continental EU (maybe except Paris).
Do you think it would be a good choice to do a one-year MSc at Oxbridge/LSE before moving on to PE in London? Do you think that over the course of my career London, Frankfurt or Zurich will allow me to accumulate as much wealth as possible? Do I have a chance of getting a job at London PE after several years of experience at BB IB or MBB in Frankfurt?
You don't need MSc to move to PE. It's best if you go the usual route with 2-3 years in banking and then recruit as an asoc. EU IB to London PE will be very difficult, the opposite is popular. I really don't get the wealth point. Banking is not the place to accumulate "wealth". Makes good money and can be pretty lucrative vs other finance / corporate roles but you need to walk the distance, be patient, skilled and most of all lucky to survice and make MD so you can start making buck.
This stat is from the Brexit debate (Bloomberg IIRC, not the Leave Campaign) and probably simplified but sums it up nicely: Frankfurt has 700k inhabitants, London has 700k people working in financial services.
Maybe this is changing but people move from London back to the continent for lifestyle reasons, when they want to start a family etc. Germany is a much smaller market and for the largest firms typically a satellite office. You won't have an issue moving from London to Frankfurt.
I've heard that too, but apparently the numbers aren't exact. However, the truth is that London still has 2-3x the IB/PE scene than Frankfurt. From what I know, the salary (especially after taking into account the cost of living) is lower in London than in Frankfurt to start with. What do you think: is it much greater in London in the long term? How should I get a job in London without citizenship? Do I have a chance for Spring Week / Summer Analyst / Off cycle in London as someone from the EU? Thanks in advance for your answer.
I don't have the answers here. Only gut feel and what my firm does.
I assume larger firms will help you get a visa / work permit etc..
Is English your first language? If not, spending some time in London or the US will be helpful. Also broaden your perspective and give you a larger network.
London also has a large VC scene. For the most part German PE is split Frankfurt and Munich, VC in Berlin.
I know plenty of people who spent time in London and then moved to head of country / region roles on the continent. Maybe different post Brexit but for me it is hard to see how you would become a head of European investments, Sales etc if all you have done is live and work in Germany.
London has much more to offer in terms of social life vs Frankfurt. Yes, you will live in a flat that is of a worse quality and much more expensive than Frankfurt.
Once you are a decade into your career and probably have a feel for where you end up (CEO track still realistic? :) ) plus wany better family lifestyle you should still be able to move. Think of it as something new in a 30+ year career.
You are looking for very specific answers when there are too many unknows. I think you will have more options and learn more in London.
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Motherfucker you made the same thread on the IB forum and got told that London is leagues ahead of any other European city and now you're making the same thread on the PE forum to also get told that London is leagues ahead of any other European city? Are you dense?
he is not wrong for choosing Intern - Consulting, he'll have a hella study backed-up by questionnaires in free format about the best European city to do finance
MBB should reach out to him for a spring week
asking the same question twice is ngmi
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