Investment banking in Miami
I love the fact that Miami has low-income taxes, great nightlife, weather, and beaches. I would any day choose Miami over new york, I just wanted to ask that if I go to a decently ranked uni like NYU what are the odds I will get a chance to work in Miami directly after undergrad.
If you are an international student, pretty low. Most IB firms in Miami are LMM firms or small broker-dealers and they won’t sponsor you. If you are a US citizen then you can get a job there but honestly the IB market in Miami isn’t as developed and I would rather take a BB/EB/MM bank in NY over an LMM in Miami. You should check out Texas IB because that matches ur criteria sans the beaches.
Arent many investment banks moving to miami tho. I read an article wherein i saw how gs is moving a large proportion of their workers here as well as some other banks as a result of rising taxes in nyc
I am almost certain they aren’t moving front office folks to Miami. Will most likely be back office people.
Question for Texas: how much lower are the salaries in Houston for IB compared to NYC (since the COL in Houston is 3x less than NY). I’ve heard some say all BBs have a base that they keep for all tier 1 cities and some say it would be lower. How could this possibly be as 300k in NYC would be the same as 100k in Houston. Any info on this?
All the top banks pay the same base + bonus in Houston as compared to New York. Which, like you mentioned, goes a lot further.
Source: I am at a target for Houston IB and am headed there myself this summer.
Yes, making 100k+ in Houston is pretty nice. Have you seen the houses you can get for 500k?
They pay the same, but it's primarily energy banking. Houston is one of the top cities in the world for energy, so all the BBs are there and have to compete for talent.
i think maybe in the next 10 years or so there will be a mass exodus to miami/austin but as of now you have better odds in NY.
I had an ib offer in Miami they honestly pay close to street...
Miami guy here. As much as there is noise in the news recently about folks moving down here, it will take a WHILE before we see Miami as a Banking/sell-side hub. Mostly Buyside and VC is moving here (any tech bros reading this, welcome to our city but leave your shitty culture and politics where you are coming from). Which means you still have to go through the analyst years in NY/Chi/SF or elsewhere. No BB is moving there IB down here, GS news was for their AM division. Citi/JP/BAML/GS all have Corporate Banking and huge Private Banking presence down here to cover LATAM and domestic wealthy families. If that's what you want to do, you can start right out of undergrad. Bloomberg and WSJ make it sound like there is some sort of mass exodus out of NY every day. A 10 people HF shop or some real estate billionaire buying up a villa in Palm Beach doesn't mean anything near. You are a college freshman, don't worry about location, focus on getting the right experience. Cheers!
thanks for the info. Do u see ibanks moving 6-7 years down the line tho
What’s the fascination with Miami?
Miami is so trashy lmao
This, Florida as a whole is kind of a dump IMO. Having spent time in Miami it seems like it tries emulate the worst parts of the culture of LA and South Beach is incredibly trashy. Brickell is alright but I think has worse nightlife than a place like Scottsdale and is a place where a bunch of hardos ride around showing off their 3 series.
North Carolina, Nashville, Atlanta all seem like better places to live on the east coast.
On the West Coast both Colorado and Arizona are decent places to live. I'm shocked that Phoenix/Scottsdale hasn't gotten more publicity during all of this because its similar in many ways to Miami (huge club scene in Old Town Scottsdale/low taxes/low COL/tons of golf courses/etc.).
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