Private Banking in NYC or Austin?
Hello, I am an undergrad student pursuing an Analyst role at JPM Private Bank. I currently go to school in Austin, love the environment, and would love to work here full-time. However, I also have developed connections with members of the NYC office, potentially opening up a path for me to work there.
Here are my pros and cons for the two office locations:
Pros for NYC:
- Huge finance city, could potentially open up a lot of doors for me early on
- Opportunity to experience living in a different, exciting city, especially while I'm young
- More wealthy and influential clients
Cons for NYC
- Insanely expensive, and would be receiving the same pay ($100k), so poorer quality of living and less ability to save (which is very important for me in my 20s)
- Would be more difficult and expensive to see my family
- Much bigger office, so I'm not sure how much hands-on experience I could get early on or how connected with the higher-ups I could realistically be
Pros for Austin:
- Love living here
- No state income tax and lower cost of living than NYC (even though still expensive) which would allow me to save more
- Smaller office, so could potentially work more closely with the higher-ups
- $100k starting pay goes a lot further here than in NYC; way better quality of life possibility from what I've seen
- Very fast-growing city, becoming more relevant with more wealthy people/clients moving here
- Would still get to travel to NYC for occasional trainings
Cons for Austin:
- Maybe not going out of my comfort zone to experience a new environment
- More tech-centered than finance-centered city
Should I shoot to work for JPM Private Bank in Ausitn or NYC? Thank you for any insight!
Based on the most helpful WSO content, here are some insights to help you decide between working at JPM Private Bank in NYC or Austin:
Pros for NYC:
Cons for NYC:
Pros for Austin:
Cons for Austin:
Conclusion:
Choosing between NYC and Austin depends on your priorities. If you value career opportunities and networking in a major finance hub, NYC might be the better choice. However, if you prioritize quality of life, savings, and a city you already love, Austin could be more suitable. Consider what aspects are most important to you at this stage in your career and life.
Feel free to ask for more details or specific advice on any of these points!
Sources: JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area, JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area, https://www.wallstreetoasis.com/forum/wealth-management/private-banking-at-jpm?customgpt=1, Private Wealth Management/Private Banking Guide for Associates, Piper Jaffray NYC vs Chicago vs Minneapolis vs SF
First off, Congrats! Both great cities and a great company to start with. I interviewed with JPM PB last year and received an offer to their SF office. The first thing I think you have to figure out is what your longer-term plan is. As difficult as it might sound, if you know that you want to likely remain in Texas forever, Austin is probably the better choice. I will say however that there is no replacement for working in the NYC/Chicago/SF cities of the finance world because when you tell someone you worked for JPM in NYC, immediately their ears will perk in a way that they won't the same for Austin. The financial lifestyle part is definitely something to be considered but if you are unmarried and young then you can always make $100k work even in NYC! Good luck either way, hard to go wrong here!
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