Curious how people think about starting in Chicago vs NY, especially in acquisitions / capital markets type roles. Is the experience gap actually meaningful in terms of deal volume, sophistication, reps, network, etc., or can you get basically just as strong in Chicago if you’re at a good shop? And if there is a difference, how long would someone need to stay in NYC to really build a strong foundation?
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Based on the most helpful WSO content, here's a breakdown of starting your career in Chicago vs. NYC, particularly in acquisitions or capital markets roles:
Deal Volume and Sophistication:
NYC undeniably offers a higher volume of deals and a broader range of sophisticated transactions. The sheer scale and diversity of opportunities in NYC make it a hub for high finance. However, Chicago also has strong deal flow, especially in sectors like industrials and middle-market (MM) private equity (PE). If you're at a top shop in Chicago, you can still gain significant experience, though the scale and variety might not match NYC.
Reps and Network:
NYC provides more opportunities to build a vast network due to the density of firms and professionals. However, Chicago has a tight-knit finance community, which can be advantageous for building deeper, more personal connections. Networking in Chicago might feel less overwhelming but still effective, especially if you’re targeting MM PE or specific industries.
Career Foundation:
If your goal is to build a strong foundation in finance, NYC can accelerate your growth due to the intensity and exposure to larger, more complex deals. That said, Chicago offers a more balanced lifestyle and still allows you to develop a solid foundation, particularly if you’re at a reputable firm. The difference lies in the scale and speed of learning.
Transitioning Between Cities:
Starting in Chicago doesn’t necessarily limit your ability to move to NYC later. However, transitioning to NYC might be more challenging and require extra effort, especially for mega-fund (MF) PE roles, as NYC firms often prioritize local experience. With the rise of virtual interviews, though, this process has become somewhat easier.
Timeframe for NYC Experience:
If you’re considering starting in NYC to build a strong foundation, staying for 2-3 years is often sufficient to gain meaningful experience and establish a robust network. After that, you could transition to other cities or roles with a solid base.
Ultimately, both cities offer excellent opportunities, but the choice depends on your long-term goals. NYC is ideal for those aiming for the top-tier finance roles and a fast-paced career trajectory, while Chicago offers a more balanced lifestyle with strong opportunities in MM IB and PE.
Sources: Why not Chicago over NYC?, Is Chicago IB Pay Lower than NYC?, bb chicago or mm chicago for IB?
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