Location, Life, and Buyside
Fortunate enough to have received an offer from a MF in the Bay Area. Current an analyst out here in SF and honestly really want to move to NY for my years after banking. The bay is simply just not for me. I got swept into this process because of the firm’s name without knowing location until the process began (process was very quick and I got the offer before I had a chance to really reflect on the location aspect).
I know I need to make my own decisions in life but would appreciate some advice / insight from those of you currently in PE. Am I being unrealistic by passing this up in hopes of getting a gig in NY? Location aside, I really like the group and think I would be in a position to exceed here. Just don’t know if I will be happy / satisfied knowing I have to be here until I’m in my late 20s (started banking a few years behind peers).
Understand it’s a privileged situation to be in just would love to hear from those of you that optimized for location over better buyside offers in less desirable locations and vis versa.
Is NY really worth it in the end?
I mean a city is only as good as you make it. If it’s a MF and not TB, it probably has a NY office you can transfer to after a year / the name will carry you to anywhere else you want. Think you’re in a good spot, maybe ask the bank to let you work in NY for a year if you have time.
Agreed - I’m in nyc at a smaller fund where I’m comped below market and in a small class. Concur that a city is what you make of it (independent interests and the comp to do what you want matters here). Beyond this, the team you are with matters daily for morale. Being in nyc does not always necessarily equal happiness. However, the optionality here is great as is nightlife, food, and the vibrancy of various industries.
My two cents is you take the role where you mesh well with team and with a brand name you can use to pivot in the future. Setting yourself up long term is better than the short term trade off of being in a young city IMO as someone who picked the latter over the former. Congratulations again on the offer!
Curious to here more thoughts here. I’m in a similar spot but not at MF
As someone who is wrapping up my analyst stint in NYC and leaving for UMM PE in a LCOL city, why NY? I have friends in SF who absolutely love the outdoor possibilities of the bay. If you love to party, drink, and spend money the. NYC is for you. Otherwise, don’t get trapped in its prison.
All good points SF can be a great place to live I’m just looking to switch things up while I’m young. Could see myself out here long term just want to be in a more socially dynamic environment for now and SF is just not on the the same level as NY
Understand but you’re going to be working so much at MF PE social scene isn’t really gonna matter…
What nerd doesn’t want to party drink and spend money
How much time have you spent in New York? Where did you grow up? Where did you go to college? Where is your base of friends/family? If you have a strong reason for NYC such as friends/family, then perhaps it bears some consideration; however, if you just think you like the idea of bright lights, big city, etc then I'd try and make it at least 1 year at your MF before thinking about switching. I'd lived/worked in a bunch of US cities, SF, Chicago, done a lot of PE related work in some of the other "hot" cities, Austin, Denver, Seattle, etc and have finally settled in NYC (at least for a few years) I will say that in my opinion, New York trumps all of the other cities I've lived in. Yes, it's crowded, and more expensive but the amount of social and entertainment opportunities are unmatched. More importantly, I realized that my largest base of family and friends are here. I've been tempted by PE gigs in places like an Austin, that are universally liked, cheaper, offer a chance to settle, etc, but I'm so glad I'm in NYC now.
I'm on the other side of 30 and didn't move to NYC until post B School where I was late 20/early 30s. Spent most of my early years in SF. And I don't regret not moving to NYC earlier. Unless you love clubbing/going out, I'd imagine you don't have that much time to do that anyways and doing that type of stuff at 26 vs 28 doesn't make that big of a difference in my opinion.
Personally, my thought is that unless you hate SF, I'd ride it out for another year or two, it's better to get the career bump early on and be flexible while you can on location. The best job opportunity for you is in SF, so even if you have an exit plan, try to grin and bear it for another couple of years. If it's a fund that has a NYC location, I think it's reasonable after ~1 year to express the desire that in the long term you see yourself in NYC and see if they're open to that. If B-School is in the cards, maybe you optimize for H/W instead of S (assuming those are your main targets coming from a MF) so you can be closer to NYC and then strictly recruit for NYC afterwards.
Now with all that said, it kind of comes down to what you want out of life. As I mentioned earlier, if you had a family, wife, gf, friends in NYC, but had to settle for a MM gig in New York, are you ok with that? What about no job at all? Is the location that important to you happiness? It's kind of a tough job market out there now, makes it a little more risky to roll the dice on a re-recruit
Contrary to what most will tell you on this forum, I'd argue that if things are that urgent, then go ahead and make the move and figure things out later. You only live life once, so don't pick the career option if its going to make you miserable. If living in New York is just wishful thinking though, make a deal with yourself that you'll do at least a year at the MF, get the branding, and then start looking to lateral/recruit for NYC only roles if it's still on your mind.
This is what the forum is all about - thank you so much for that response
What was your path to getting a MF offer? did you do a few years before banking then recruit after a year or two? curious for folks who may be on the "delayed PE" recruiting path (not recruiting first three four years)
May be worth the experience for a couple years
I loved how fast paced NYC was. I left for a slower city and regret it every day. Maybe I’ll outgrow it but in early and mid 20s, there is no where better.
Was in your exact same situation, though slightly different motivation for taking a job in SF (3 years ago). I've reluctantly ridden it out, and generally recommend you do the same. But feel free to DM me and can provide some deeper advice about some of the pros/cons along with how I was thinking about it and how I'm thinking about it moving forward
Was in your situation last year and ultimately took SF. Generally don't regret it but still interested in / hoping to move to NYC in the near future, curious to hear others' thoughts on this as well, especially regarding moving to NYC in late 20s (28+)
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