Regarding Minneapolis... A lot of people's concerns is the weather. I actually don't like hot weather (although I know it gets hot in the summer) and would be dying in the Southwest heat. I love layering up.
Minneapolis seems pretty urban for a city its size which is good. Seems progressive from what I've read for a midwestern city. I've also heard it's somewhat inexpensive compared to cities its size (3.5 million metro, same size as Seattle).
Do you all think this would be a good city to start out in before trying to move to a larger city NYC/Chi/SF?
EDIT: I added Philadelphia as I have another opportunity there. I've read the crime is decently bad in Philadelphia especially compared to Minneapolis. But it's bigger and more urban. I have a car but won't be taking it to Minneapolis or Philadelphia since they both have decent public transit, but Philly is a lot better. Philly's location is also ideal; amtrak takes 1 hr 30 minutes max to get to NYC.
Philly is a great city and the crime is only bad if you're a pussy or an idiot. Unless you're hanging out in sketchy areas or walking down dark alleyways at night with your headphones on you'll be fine.
Minneapolis is a surprisingly cool city. I had never been then spent a lot of time there for a few years and was surprised. Really affordable, more to do than I thought and the people are some of the nicest I've met-there's something to be said for Mid-Westerners. As someone who grew up and has spent most of my time in the northeast, they are shockingly nice people. There are a few decent finance opps there, Piper being the obvious one, I think Lazard has a presence, but it's going to be limited depending on what you're going to do. Honestly it's a place I would consider for the long term-have a family, raise kids, etc- if there were career opps to do so. However it's cold. Like really fucking cold, and like I said I've spent most of my life in the Northeast and lived in Boston for years and I don't get cold. They have to plug their car batteries in at night so the acid doesn't freeze.
I grew up in Philly. The crime in Philly isn't as bad as the statistics say because it's largely concentrated in areas where you're not going to live or ever go to. North and large parts of West Philly are crime and gang ridden and are pretty horrible but you'd never go to those areas unless you pick up a drug habit and your regular dealer isn't around or you start gang banging. Philly is a really cool city (although I'm sure someone's going to say it sucks). Lots going on and it's really cleaned itself up over the past 10-20 years. Great restaurant scene, good arts and culture, decent amount of young people and a good scene for 20 somethings, and it's large enough to be big and have lots to do but it's still manageable. It's not as cheap as Minneapolis but it's far more affordable than NYC, SF or Boston. It has a decent finance scene but it is slightly limited and is pretty tight nit. You live and die on your network there. You can build a finance career there but like you stated, it's only a little over an hour to NYC on Amtrak so it's easy to shoot up there to interview.
You absolutely do not have to plug in your car battery to keep it from freezing, this is hyperbole.
It's definitely cold there, but your lifestyle in the winter isn't any different than it is in the Northeast. Beanie, scarf, jacket, gloves, done.
They do an excellent job in the winter of getting rid of the snow, UNLIKE the NE. And the winter is surprisingly sunny; it doesn't snow that often. I've enjoyed the time I've spent there, and you probably will too. There's close to 20 Fortune 500s in the region, and they don't have a problem with recruiting. In fact, they have a problem with people rotating in and refusing to leave...there are a few studies showing that the rate of people moving out of Minneapolis is significantly lower than for other large cities, which helps explain the large amount of educated professionals in the region (less brain drain). Also have all the major sports teams and a really good food scene.
Texas for life though. Although you didn't ask about that.
The plugging cars in is an exaggeration now but when I was young (we had neighbors who moved from Minneapolis) it was pretty common because batteries weren't as good and more cars had carburetors rather than fuel injectors so they'd use the engine warmers. I have seen that with more electric cars people are questioning how efficiently they'll work at cold temps in the upper Midwest and northern New England and might start using heaters again.
We owned a company in St. Paul for 4 years and I spent a lot of time there. Really great and often overlooked city but it is cold. Much colder than Boston or Chicago. Maybe if you grow up there you're used to it but the first winter when I was going there a few times a month I was shocked just how cold it was and how it was always cold and it wasn't just a cold snap. The only place I can compare it to where I've spent time is Moscow.
thanks for the great info!
I love Philadephia. Our sports teams, on the other hand, are... Struggling to say the least.
Not anymore
Philadelphia is perfectly safe where you'll be living.
Philly is a great city. It really has a lot to offer and is much cheaper than some other larger cities (e.g. NY, SF). I've never understood people's concern about weather, though. You'll probably be inside for 95% of the time anyway.
I was never a person who thought much about weather, and this may be because I'm older (meaning I have more time when I'm not in the office and can enjoy the outside not because I'm arthritic) and I have young kids and it's nice to get them the hell out of the house which is much easier with nice weather but I lived in Miami for a few years and it really made me rethink how nice it is to live in nice weather. July-Sept was hot and humid (but we just went to the beach or pool then) but it was awesome to be able to be outside all winter. It leads to a much healthier lifestyle simply because you can go out for a jog or bike ride without putting on polar gear. Or just walking out and grabbing a sandwich for lunch in nice weather makes you happier.
I moved to Miami from London and even though it doesn't get cold there, that may be the most miserable weather, and I love London but dreary and cloudy for four months straight is soul sucking. Miami may be an extreme but places like SoCal or Texas where it's going to be in the 60's nearly everyday in January can really change your opinion of the weather.
And now you get to play pokemon inside with your son.
Good post. Thanks.
I'm not sure what your career aspirations are, but the number one reason I can think of for moving to Mpls would be Cargill. If you have any interest in ag trading, check it out.
I've been to Philly several times and always had a good time. More jobs, closer to Boston, NYC, etc.. Just use your head anywhere you go. Crime will be everywhere.
Philadelphia is awesome. Its revitalization over the past two decades has really been transformative and it's still getting better by the year.
The amenities and cost of living are incredible - I don't even want to know what my apartment would cost in NY.
As others noted, crime isn't an issue in the neighborhoods you'd be living/working in. The only real downside is just that the finance scene is pretty small but the gigs that exist are generally good.
Philadelphia>NYC
No.
NYC is better than philly, but it comes at a high price. Philadelphia has all the food, bars, cultural stuff, sports and convenience of NYC and other major cities, but at a fraction of the cost. The downside is its smaller so you don't have the sheer massive amount of stuff to do and the finance scene is drastically smaller.
I'll never understand people getting upset about city vs city comparison. It's just a place you live. People I know who are the biggest NYC cheerleaders live in a 2 bedroom conversion with 3 people, have no savings and crush bro Jimmys and cheap champs brunch of the reg, all whole touting how amazinggggg NYC is.
Each city has pros and cons. IMO, minny beats philly from a pure career perspective. Philly is limited and you'll either accept lesser roles to stay or relocate within a few years.
Well said @TNA. New York cost of living makes the city virtually not livable.
Pretty much the only reason to live in NYC is for the top notch finance opportunities. That's it. It's a total rip-off and an awful place to live. Just get the experience on your resume and then go to a more livable city where you actually get your bang for the buck. NYC is pure hype.
Can't comment on Philly but Minneapolis is a great city. Super cliche but a lot of people describe it as a big city with a small town feel, and to some extent I agree with that assessment. People are super nice as others have mentioned and affordability is great. If you can get past the cold and don't need a super metropolitan environment like New York or London I say definitely consider Minneapolis as someplace to be.
As far as firms go well known shops are Piper, Houlihan Lokey, and Lazard MM. Harris Williams is in Minneapolis too and there are a couple smaller places like Greene Holcomb Fisher and Craig Hallum that are based there.
Minneapolis is an awesome city. The people are really nice and the city is pretty cheap compared to NYC/SF/Chicago. I think it's a great city to start out in.
Philly is a surprisingly (to most people) cool city. It's big and not as friendly as Minneapolis, but I think it's another good choice. The bulk of the crime is in areas where you wouldn't ever be. Use common street sense and you'll be fine.
Good luck.
As someone who grew up on the Philadelphia Main Line and still lives in that area, I'd echo many of the sentiments of the previous posters.
What many people forget is Philadelphia is the 5th largest market in the US. Waaay larger than cities such as Boston, Miami, Charlotte, etc. and it's low cost of living combine with 1st class amenities make it IMO one of the most underrated cities in the country. Moreover, being within a 2 hour driving radius of NYC, Bal, and Wash DC but you right in the heart of the Mid-Atlantic region.
The only real significant drawback is the high finance job market is lacking. If you were in big law Philly would be the go-to. Overall, it's a great place to live and has been basically shit on my the largely NYC based main stream media for the last 30 years, but if you believe the media then you're already lost.
Yes, the winter can be tough in tough in Minnesota, but people deal with it. If you're going to live in that type of climate, you have to embrace it. Rather than sit inside and complain, people take advantage of the winter. Minnesotans are very active year round - cross country skiing, downhill skiing, ice hockey, snowmobiling, ice fishing, curling... Minneapolis also has an extensive bicycling system that people utilize all year. Minneapolis and Portland, OR flip back and forth as the nation's best bicycling city.
I grew up north of Minneapolis and now live in Chicago. I actually prefer the Minnesota winters to Chicago. Yes, it's colder and snowier in Minnesota, but you actually see the sun. It'll be 25 below zero, but sunny. Whereas Chicago is overcast from November through March, and the main winter sport is binge drinking.
Also, if you're looking for a blonde haired, blue eyed wife, Minneapolis is a good place to be: https://upload.wikimedia.org/wikipedia/commons/1/1d/Swedish_Americans_2…
Spot on, except the only thing I'd like to point out is downhill "skiing" in Minnesota is an absolute joke.
As a Philly native, I agree with many of the posts saying it has a lot to offer/is a great place to live since you won't be in the ghetto. If you ever visit Temple's campus, you basically want to stay South of Diamond Street.
I just visited a friend in Minneapolis a couple months ago. Absolutely loved it. The girlfriend and I spent one day while my friend was working biking around the city. It is incredibly well built for bicycling/exercising even in the downtown area. The new football stadium will be right downtown and looks pretty epic. My friend lives in uptown and is surrounded by bars/great food spots. They have those portable fire heaters outside at every almost every bar so you can stay warm and drink outside for about half the year.
Both great options, best of luck.
I posted this list in another thread where it came up but I'll repost it here again too if it's helpful. List of Philadelphia investment banks, probably missing one or two:
City proper: Janney Montgomery Scott Stifel Mufson Howe Hunter Baker Tilly Capital MidMarket Capital Advisors
Suburbs (most are easy reverse commutes): Fairmount Partners Boenning & Scattergood SSG Capital Advisors Bryant Park Capital Delancey Street Partners Marks Baughan & Co Falcon Capital Partners Griffin Financial Group Capstone Partners
Do you have any experience with any of these firms? Right now I'm in CO and trying to move there within 5 years after I get some advisory/brokerage experience in Denver? Thanks!
I'm very familiar with most of them. Feel free to PM me with any specific questions.
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