Banking in Chicago vs NY
I'm headed to Chicago next summer and have been thinking about the future. I've been trying to make sense of what I want to do long-term as well as if I am going to recruit for FT. Below I've listed some of my considerations:
- PE Exits - I think I would like to make a move to PE. Although I'm headed to a relatively strong group I'm unsure of what exits will look like. Does it make sense to move to a very strong group for FT? Does living in NY help with recruiting if I don't want to end up in NYC long-term?
- Location - Although I don't particularly care where I end up for the first few years out of school I think it is very unlikely I end up in NYC long-term. Don't have an opinion on Chicago yet but I think living there long-term is much more likely. How much should this factor into my decision?
- COL - Obviously, Chi is much cheaper than NYC and I should be able to save a bigger chunk of my income. Again, how much should this matter?
- Industry - The bank focuses primarily on a sector I have 0 interest in. I have an interest in M&A/ /Sponsors/Consumer/maybe industrials. When thinking about FT where should I rank this?
- Group - Haven't worked with my group yet but going through recruiting I really enjoyed them and the group seemed like they actually care for you as an analyst.
Would love to hear thoughts from some other monkeys on Chicago vs NYC and how I should think about FT recruiting.