Working for NY IB but not in NY

Hi,
I have been interviewing with an investment bank (based in NY) for an experienced associate-level structuring position. The position will be in Florida, but will be a front office role. People on my team will get their 7s and 63s etc. The pay is a bit (~20%) lower than NY but the job market is still pretty rough so I dont know if I shoud continue the process.

Does anyone have any advice - how easy is it to move back to NY if the the job market improves in a year or so?

How do people work inter-location transfers?

Should I just say no and risk a longer time being unemployed while I look for a job in NYC?

Your advice would be really appreciated

Thanks!

Comments (4)

Mar 31, 2010 - 10:42am
coffeebateman, what's your opinion? Comment below:

You're questioning this because the pay is 20% lower.......have you looked at the cost of living of NYC vs Florida.....or the fact that Florida has no income tax......?

Even if you make $80K all in first year in Florida, that is probably equal to around $140K in NYC.

In fact I'm right, look:

http://www.bestplaces.net/col/?salary=80000&city1=51271000&city2=53651000

-------------------------------------------------------- "I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcom
Mar 31, 2010 - 10:51am
glucklich, what's your opinion? Comment below:

Hi coffeebateman - thanks for the response. Actually, I'm not concerned about the pay at all. It's more about location for me (and my wife). Longer term we'd like to be back in the Northeast and I don't know how hard it will be to do that if I don't get an internal transfer if I get (and take) the offer.

What I'm concerned about is being unemployed for a year or more before I find something. My current gig is looking like it may end soon and I don't know if I should risk being unemployed for a year or take the position. Liquidity is not a major issue either - it's mostly location and career prospects.

Thanks

Mar 31, 2010 - 11:40am
sofib09, what's your opinion? Comment below:

I can see your concern about career prospects. What part of FL would you be in? If it's the Tri-County area (Palm Beach/Broward/Miami-Dade), then definitely keep your tight network in NYC as an exit plan.

If it's in Tampa or Naples, those are bigger money centers in the state, but if the Northeast is your ultimate goal, then still keep your network updated re: your progress and future plans.

Here's what you may want to do:

Come down to FL and enjoy the sunshine and beach for a while. Market picks back up, then put your feelers out of NYC and go back.

It'll be kind of a pain, but it's better than being unemployed.

  • 1
Apr 1, 2010 - 9:26am
glucklich, what's your opinion? Comment below:

Dolorum ut et quia ex. Sed dolor numquam et maxime est qui qui impedit.

Start Discussion

Career Advancement Opportunities

September 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (= =) 99.2%
  • Bank of America Merrill Lynch (▲04) 98.8%
  • Financial Technology Partners (+ +) 98.5%
  • Evercore (▽02) 98.1%

Overall Employee Satisfaction

September 2022 Investment Banking

  • Jefferies & Company (▲12) 99.6%
  • Greenhill (▲07) 99.2%
  • Evercore (▲01) 98.8%
  • PJT Partners (▽02) 98.4%
  • Macquarie Group Limited ABN (▲21) 98.1%

Professional Growth Opportunities

September 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (▲03) 99.2%
  • PwC Corporate Finance (▲12) 98.8%
  • Bank of America Merrill Lynch (▲05) 98.5%
  • Houlihan Lokey (▲05) 98.1%

Total Avg Compensation

September 2022 Investment Banking

  • Director/MD (10) $613
  • Intern/Summer Analyst (318) $407
  • Vice President (38) $392
  • Associates (208) $257
  • 2nd Year Analyst (130) $163
  • 3rd+ Year Analyst (18) $159
  • 1st Year Analyst (436) $151
  • Intern/Summer Associate (83) $150