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Best Location for Investment Banking?

RogueBanker
Rank: Baboon | banana points 150

I think NYU/Chicago/London would be shitty locations to work at; I would rather work in San Francisco/Australia/New Zealand since they have better weather, better scenery, beaches etc.

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Comments (227)

  •  Sep 4, 2006

Since when did "NYU" become a place to do I-banking and new zealand's population is 4 million people...speaks to the enormity of banking volume that must go on in their economy.

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Sep 4, 2006

Australians are essentially trash.

Look, if you want to do the biggest deals, know who's who, and live in the greatest city on earth, then work in Manhattan. Duh.

Sep 5, 2006

I mean, it was started out as a prison colony for British criminals.
.
.
.
This is what you learn as a history major.

Sep 5, 2006

Not a commentary on Aussies or their work habits, just a statement of the country's historical role as a British commonwealth.

Sep 4, 2006

idiot, you mean NYC

Sep 4, 2006

NYU/NYC, they both suck.

Sep 4, 2006

Only way to get an ok work/life balance

Best Response
Sep 4, 2006

"Only way to get an ok work/life balance"

You want a work/life balance, then get out of IBD. Or work in ECM, because apparently that's where all the hot shots are going these days (according to a few posters on here).

the title of this thread is "Best Location for Investment Banking." the answer, sport, is NYC. the capital of the financial universe. if the thread was asking about the best place to work BUT have time to go surfing, then maybe we'd open it up to those other laughable alternatives.

    • 2
Sep 4, 2006

Though I guess you have a hard time doing that in NYC...

  •  Sep 4, 2006

zala, you're a fucking moron senior in college (likely second tier ivy wannabe) who think's he's big shit because he interned at some second tier poser bulge bracket bank (CS, UBS, BOA). Australians are consistently some of the smartest kids in the global analyst classes at each of the bulge bracket (ask around) but agreed australia doesn't have an economy larger than 20 million people. Regardless, stop trying to externally validate your existence and get on with your fucking life.

  •  Sep 4, 2006

zala is right. Australians are dumbshit. Descendents of criminals and convicts can't be good stuff. Not to mention the weather in Australia is reversed. NYC is the shit where all the big deals get done. If you want work/life balance then go back to your commercial or retail banking job where you work 9-5 and go home to your wife and watch tv.

Sep 5, 2006

"zala is right. Australians are dumbshit. Descendents of criminals and convicts can't be good stuff. Not to mention the weather in Australia is reversed. NYC is the shit where all the big deals get done. If you want work/life balance then go back to your commercial or retail banking job where you work 9-5 and go home to your wife and watch tv."

notwithstanding the fact that big deals get done in NY, the first sentence is one of the most moronic statements i've heard in ages. Australia is one of the most cosmopolitan countries with more than half the population being born in a country other than Australia.

  •  Sep 5, 2006

zala is a dimwit fuckshit who doesn't know his ass from his dick. keep your arrogance in check before somebody stuffs it up your ass one day

  •  Sep 5, 2006

i grew up in nyc and moved to canada a few years back to go to university. i had no idea how arrogant americans are until i moved out of there. there are OTHER places to do ibanking. i mean, there are OTHER countries, you know, other friggin G8 nations, like friggin canada. i'm almost sure canada has investment banks. i'm sure they're really big with big buildings, just like nyc.

i can't believe people still buy into the nyc hype. yes you make a lot of money there in ibanking but you can make MUCH more (adjusted) livin in toronto/montreal/vancouver. life if MUCH better here. i know this because i've lived in both places countries.

graduate from a top undergrad school in the states, then land a job in toronto/montreal and enjoy luxury for the rest of your life.

Sep 5, 2006

if your an energy banker, go to houston
if your a tech banker, go to san francisco
if your a banker not categorized by the above, go to NY or London

  •  Sep 5, 2006

If you live in Canada, you won't make a lot of money b/c their taxes are high. It's a socialist country and if you are an idiot if you move there to make money. Might as well move to France.

Dec 26, 2006

Anonymous Monkey

Toronto, Canada, has lower marginal tax rates than NYC -- NYC has 3 levels of tax: federal, state, and city. These add up to more than the highest marginal rate in Ontario, where Toronto is located. Toronto banks' salaries compare to NYC, albeit in Canadian dollars, and has a much lower cost of living. You also get free health care, low crime, and quality public schools and universities.

Dec 27, 2006

there are many ways of looking at which locations are better: weather wise, people wise, hours wise, and compensation wise. However, if you are going into a IB program (typically 2 years), you have to understand that you want to get the best experience as possible. Weather becomes a moot point when you are working ~80+ hrs a week. Comp also becomes a moot point as discrepances of 5-10k at the analyst level can be disregarded since the experience you get can lead to millions in 8-10 years...thus my choices for best locations (under my chief criterion of experience) are nyc, london and hong kong. enough said.

    • 1
Sep 5, 2006

New York City imo

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help

Sep 5, 2006

NYC

Sep 5, 2006

I vote London...salaries and bonuses high, street gone crazy and its way classier than NYC/U

Sep 5, 2006

"notwithstanding the fact that big deals get done in NY, the first sentence is one of the most moronic statements i've heard in ages. Australia is one of the most cosmopolitan countries with more than half the population being born in a country other than Australia."

I read this, as

  •  Sep 5, 2006

Australia is DEFINITELY NOT one of the most cosmopolitan countries in the world...

Sep 8, 2006

Cuba is where its at!

Sep 8, 2006

I'm an Aussie, and to be fair, Australia doesn't have all the deals due to the size of the economy. This is our disadvantage. However because Banking is so small in Australia, as a result only the best gets picked.

To give you an idea, I got 100% in advanced maths, 99.15 in overall score and I still can't get into IB. We don't have the luxury of attending Harvard or Wharton, we are definately smart enough, its just the distance factor. The people I met in Australian IBanking are gunners. Hence they do really well in the global market.

Just watch out for Macquarie bank from down under...

  •  Sep 8, 2006

Does location even really matter that much? since I've been in i-banking, I've hardly had any time enjoying sunlight, let alone scenary and beaches...If you want to be a career banker, the best training ground is NYC or LA (UBS/CSFB)

Sep 9, 2006

Agree that Macquarie has been making a splash throughout the world with aggressive bids for tollroads, airports, stock exchanges etc. However, don't think it's their IBD that is behind the moves. Does anyone have any ideas about the presence of Macquarie in the US?

  •  Sep 10, 2006

Macquarie has about 90 bankers or so in the US chasing acquistions and are looking to grow significantly. These guys all work in IBD, the group behind all the moves. Basically it is a big PE shop meaning they do little, if any, sell-side.

  •  Sep 10, 2006

anybody know how much Macquarie pays in australia and NY?
boz928, did you even get any interviews with your grades?

  •  Sep 10, 2006

australia
"I mean, it was started out as a prison colony for British criminals."

and i think the US started out as a place for refugees

  •  Sep 11, 2006

'To give you an idea, I got 100% in advanced maths, 99.15 in overall score and I still can't get into IB.'

Isn't there more to it than just a high school result?

Sep 11, 2006

I had an interview with Macquarie in Australia. Starting salary is $85k as first analyst, which is towards the top end of graduate salaries on offer.

Sep 11, 2006

$85k?!?!?!??!?!?!?

OMG that's a LOT of money....wait, including or excluding bonus? US Dollar or Austrailian Dollar?

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Sep 12, 2006

how can you go anywhere but nyc?

  •  Sep 12, 2006

If it's 85AUD it's not near the top end... top end reaches up to 100-110. Also, Australia has high super contribution and bad tax rates.

Sep 12, 2006

You are referring to AUD right? If you are talking about USD, that converts to 113AUD...that's wayyy more than what a 1st yr analyst earns in NYC

We should all heck it with NYC and flock down-under to work!

  •  Sep 12, 2006

graduate salaries.

  •  Sep 13, 2006

scottius how did your interview go? do you know anything about the bonus?

  •  Sep 13, 2006

AUD110 base for 1st year analysts? Where?

Yeah tax is bad here. What is the tax rate in the USA?

Sep 14, 2006

Billion dollar deals, great pay, lowest taxes in Canada and amazing skiing within a few hours. And the Stampede doesn't hurt.

Sep 14, 2006

what banks are in dc?

  •  Sep 14, 2006

Evercore. One of the top "true" boutiques.

Dec 28, 2006

china

Dec 28, 2006

It really just depends on what kind of lifestyle you want, I can't really see anything beyond NYC or Chicago, all these foreign countries are pretty backward to me (and yes, I have been pretty much everywhere).

Dec 28, 2006

haha you're a dumbass

Dec 28, 2006

agree here, complete dumbass

Jan 9, 2007

sup yall...i've done banking in chicago, ny & hk...every place has its positives and negatives, just depends what you're loooking for...chicago has cheaper living expenses and more chill culture, nyc has the bigger deals, and hk has the interest of emerging markets and low taxes plus housing allowance...if all u care about is money, you will make much more on a net basis in hk w/ all the perks, but that's only assuming you don't mind being in hk in the first place...

Jan 9, 2007

Associate salaries in Toronto are around CAD180-200K all in, but this is a bull market. Now that income trusts are gone (necessary), let's see how it shapes out. Could lead to more banking revenues if business trusts want to convert back into corps, although a taxable event. Toronto is a great city, clean, safe, free health care and lower marginal taxes than NYC. However, many things are expensive compared to the US, although housing is dirt cheap, compared to NYC.

I go to B-School in Canada, worked in the US for a while too.

I interned in London for a BB bank last summer and London rocks. However, very expensive. Expect to make ~GBP100-110K, all in, or a little more in banking as a 1st year associate. Ramps up faster than Canada though, more deal volume, more international.. but as said before, cost of living and transport is crippling in addition to a bit more work than T.dot, although still less than NYC.

HK would be the schnizzle. 18% tax. Or Dubai, 0% tax!

Metals & Mining I-Banker

Jan 9, 2007

actually hk is 16% tax, but if you're american, u are only exempt from US taxes for the first 80k...but when you factor in the housing allowance, it's a great deal

Feb 27, 2007

what's the tax for Australia?

Mar 26, 2007

tax for australia is something like 46%, plus 1.5% medicare levy.

Mar 26, 2007

Aust has a progressive tax rate. 46% is for every dollar above AUD150k.

Also, AUD85k for Macq is true. But they pay the least out of every bank I know. I can think of two banks that pay AUD100k.

Mar 26, 2007

NYC or london

Mar 27, 2007

Take it from a non-local who made the trip & got in by knocking on doors -- HK is the shit. I ain't goin home.

Mar 27, 2007

Take it from a non-local who made the trip & got in by knocking on doors -- HK is the sh1t. I ain't goin home.

Mar 27, 2007

NYC is still the financial capital of the world for a reason. If you work there you will make the most money, spend the most money, and if you suceed there you will be the most successful. End of discussion. (unless you fall into bicoastal's two categories he described)

Mar 27, 2007

Quattrone and Moelis did quite well for themselves out on the west coast. But on average, NYC is still the best place if you suceed. However, that will change in my opinion in the next 5 years when London will become truly dominant and HK/Shanghai will be more prevalent than they are today.

Mar 27, 2007

go to Dubai..best city ever..

Apr 22, 2007

Australia is high -- 50%+, I believe.

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Apr 22, 2007

I rather start in NYC because it is relatively easier to get in than like in Europe, Canada, or any other country.

Apr 22, 2007

Australia is not 50%+.

Anyway, with the weak US dollar, NYC would be one of the least desirable places imho.

Apr 22, 2007

Hong kong is the best I've seen. It's like London / NY for banking set-up but you are 20 minutes away from the beach. If you are european looking you can get just about any girl you want.

Apr 22, 2007

How difficult is it to get into HK with experience in London/NY but no directly relevant language skills? Was in HK a few weeks ago, I have to agree it is a very cool place, guess it's the whole expat lifestyle really.

Apr 22, 2007

this thread is awesome

Apr 23, 2007

It's pretty easy. Why would you want to do that anyway....

Apr 23, 2007

London/NYC

Be a big fish bitches - don't pull this work/life balance. In New Zealand you'll be closing 40 dollar deals and sit on your ass the rest of the day. You might as well be unemployed. Now there's some good work/life balance.

Apr 23, 2007

Yes, I don't imagine anyone would go out of their way to relocate to New Zealand unless there were some extrenuous circumstances.

Apr 23, 2007

Dubai.

Apr 23, 2007

New York

Apr 23, 2007

NYC

Apr 23, 2007

Are you joking when you say NYC? I thought NYC is a rip off place, despite your very high overall compensation?

Apr 23, 2007

Moscow

Apr 23, 2007

Hong Kong

Apr 23, 2007

Miami

Apr 23, 2007

Houston,Charlotte,Atlanta,Miami

Apr 23, 2007

NYC, Chicago, Minneapolis

Apr 23, 2007
Beny23:

NYC, Chicago, Minneapolis

Minneapolis...? Why?

Apr 23, 2007

Tampa.

Obsessed is a word the lazy use to describe those who are dedicated.

Apr 23, 2007

Dubai.

Apr 23, 2007

antarctica

I hear Bob's Eskimo Spears just did a record $88B LBO of Dan's Authentic Igloos

"so i herd u liek mudkipz" - sum kid
"I'd watergun the **** outta that." - Kassad

    • 3
Apr 23, 2007

LA

Apr 23, 2007

It seems like nearly all of the posters just read the headline. The opening poster is asking for the best city for IB in terms of saving the most of his salary. Hence, it's clearly not NYC.

Animalz, regarding Moscow: My friend lateraled to the Moscow office of my firm and he said that apartments near the office in fairly good condition are ridiculously expensive, so I don't know.

I'd say that Dubai / UAE is probably the place to be if saving as much as possible is your sole concern.

    • 1
Apr 23, 2007

Milan is competitive. You can easily save 50% of your monthly income + 100% of your bonus. Probably it is the same in Frankfurt. (This is for a first year. The more senior you get, the higher the % saved obv.)

I'm grateful that I have two middle fingers, I only wish I had more.

Apr 23, 2007

You can save in Dubai, but the banker lifestyle here is as expensive as anywhere else, although saving 40% on tax is a huge help. But bonuses tend to be lower.

    • 1
Apr 23, 2007

I'll say Chicago's not bad. Much lower cost of living, but still about 90% of the amenities (restaurants, cultural attractions) of NYC. You still have state income taxes though...

Anywhere in Texas is solid, although odds are good you'll be working in energy (which can be a good or bad thing).

THE PsYcHoLoGy:

Tampa.

How's Tampa for quality of life? Off the top of my head, I'm thinking great weather and girls, but what else?

Apr 23, 2007

Currently living in Tampa, theres pros and cons

Pros:
-girls are hot
-pro sport teams
-no income tax
-very low COL
-lots of golf courses
-on the water
-hot year round(could be a con as well)

cons:
-not a "sexy" location. Theres no world class resteraunts or really nice bars.
-not a lot of finance opportunities around
-the nightlife mostly consist of college students and 20-something wannabe ballers

as you can see its not a bad place to live

Apr 23, 2007
above_and_beyond:

It seems like nearly all of the posters just read the headline. The opening poster is asking for the best city for IB in terms of saving the most of his salary. Hence, it's clearly not NYC.

Animalz, regarding Moscow: My friend lateraled to the Moscow office of my firm and he said that apartments near the office in fairly good condition are ridiculously expensive, so I don't know.

I'd say that Dubai / UAE is probably the place to be if saving as much as possible is your sole concern.

i agree with your post
sorry, moscow probably isnt the right contestant for the best city
i dropped the first thing on my mind without thinking too much

moscow is great for several things:
-salary
-bonus
-(relatively) low tax
-fun/friends/women/mentality of the people/culture
-business exposure/networking
-lucrative career opportunities without structured path and too much waste-of-time-preftige etc.

bad things are obviously:
-cost of living and location
-weather
-language (very hard for some ppl)
-security
-corruption

there are crazy rich people there, and prices are outrageous (moscow is constantly in top5 cost of living rankings). however, majority of the people are actually way below average (at least imho), many poor people as well. if you know where to buy food and regular stuff, it is actually pretty cheap. however, accommodation is ridiculous, and one would probably live at least an hour from city center.

moscow feels like home to me and i would love to work there for some time. however, it might not suit everyones mentality and expectations.

    • 1
Apr 23, 2007
cruel3a:

Milan is competitive.

Milan?!? Italy has some of the lowest salaries in the civilized world, and Milan one of the highest cost of living in Europe.

    • 1
Apr 23, 2007
Ibracadabra:
cruel3a:

Milan is competitive.

Milan?!? Italy has some of the lowest salaries in the civilized world, and Milan one of the highest cost of living in Europe.

If you work for JPM/GS/Nomura/ML/Citi/BarCap/DB/etc. there you take the same amount of money you would get in London (i.e. 45-50K pounds in London vs 60-65K euro in Milan. Pre bonus which lead to 2500 pounds net per month in London vs 3000 euro net per month in Milan, but you will have a flat rent way more cheap (600-1000 euro per month according to what you want) against 650-1000 pounds in London; tube is 17 euro per month if you are Personal experience.

Btw, you already gave the answer: BB pay is the same (same contract, different currency with favorable currency rate) with everyone else getting less (which lead to a lower cost of life compared to London).

I'm grateful that I have two middle fingers, I only wish I had more.

Apr 23, 2007
cruel3a:
Ibracadabra:
cruel3a:

Milan is competitive.

Milan?!? Italy has some of the lowest salaries in the civilized world, and Milan one of the highest cost of living in Europe.

If you work for JPM/GS/Nomura/ML/Citi/BarCap/DB/etc. there you take the same amount of money you would get in London (i.e. 45-50K pounds in London vs 60-65K euro in Milan. Pre bonus which lead to 2500 pounds net per month in London vs 3000 euro net per month in Milan, but you will have a flat rent way more cheap (600-1000 euro per month according to what you want) against 650-1000 pounds in London; tube is 17 euro per month if you are <27 yrs old vs 100 pounds a month in London and I don't want to start to talk about going to restaurants and clubs...).

Personal experience.

Btw, you already gave the answer: BB pay is the same (same contract, different currency with favorable currency rate) with everyone else getting less (which lead to a lower cost of life compared to London).

There are probably 2-3 analyst per each of those shops you mention in Milan and they start you as an intern on a 6 months contract. Regardless, I head bonuses are less than half of what they are in the US for instance, not to mention taxes are astronomically high in Italy. There is a reason why all smart driven people leave.

    • 1
Apr 23, 2007

Yes, you are right about the fact that sometimes they require 6 months internships and that the analyst class is limited (although usually you can move to abroad after 2 yrs) and yes, bonuses are probably lower than in USA.
All career driven (not necessarily smart since there are thousands of reason to prefer italy to another place (the opposite is true as well)) people leave because the exit opportunities in Italy are nearly 0...
Having said that, we are going off topic. The only fact is that there you can easily save at least 50% of your base salary + 100% of your bonus (which I argue is more than what you can save in London or NYC).
There, as you said, there are several other reasons why not go there (career opportunities or prestige related) while there are thousands of other reasons to go (i.e. quality of life, work life balance, etc.).

I'm grateful that I have two middle fingers, I only wish I had more.

Apr 23, 2007
cruel3a:

There, as you said, there are several other reasons why not go there (career opportunities or prestige related) while there are thousands of other reasons to go (i.e. quality of life, work life balance, etc.).

Agree. Very similar situation to Miami.

    • 1
Apr 23, 2007

Quality of life in Milan is shit.

    • 1
Apr 23, 2007
trionfatore:

Quality of life in Milan is shit.

Personally prefer It to Paris or Frankfurt and prefer Italy to UK by far... But that's personal...

I'm grateful that I have two middle fingers, I only wish I had more.

Apr 23, 2007
Genesis:

You can save in Dubai, but the banker lifestyle here is as expensive as anywhere else, although saving 40% on tax is a huge help. But bonuses tend to be lower.

If you're American, you'll have to pay US taxes no matter where you live/work.

    • 1
    • 1
Apr 23, 2007

Luckily there is a fix for that.

Apr 23, 2007

Houston has to be up on that list...
- No state taxes
- Cheap housing
- Cheap restaurants/bars

downsides being the summer weather and the fact that everything revolves around the energy industry (not necessarily bad if that's your thing).

Apr 23, 2007
houston77:

Houston has to be up on that list...

- No state taxes

- Cheap housing

- Cheap restaurants/bars

downsides being the summer weather and the fact that everything revolves around the energy industry (not necessarily bad if that's your thing).

I don't think the weather is the major downside. What about the environment (no beaches, no mountains, nothing to do besides golf and shopping) and lame night life?

    • 1
Apr 23, 2007

New York is obviously the best when it comes to career prospects, but if you land at a good bank in Chicago or Houston your salary will go farther than in NYC. Depending on your personal preference you might think the night life, food and culture of NYC make it far better than any other city.

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Apr 23, 2007
TNA:

Depending on your personal preference you might think the night life, food and culture of NYC make it far better than any other city.

Definitely not better than Miami when factor in the weather and natural environment.

    • 1
Apr 23, 2007

Thanks for your feedback so far; keep more coming!

Apr 23, 2007

Houston 110%

Apr 23, 2007
Ibracadabra:
houston77:

Houston has to be up on that list...

- No state taxes

- Cheap housing

- Cheap restaurants/bars

downsides being the summer weather and the fact that everything revolves around the energy industry (not necessarily bad if that's your thing).

I don't think the weather is the major downside. What about the environment (no beaches, no mountains, nothing to do besides golf and shopping) and lame night life?

I believe the original question was where could someone save the most money. Places with beautiful environments (mountains, beaches, weather, etc), history/nightlight, and an active banking sector also tend to be high cost places to live (SF, LA, NYC, London etc). There is plenty to do in Houston but it takes a bit more effort than other cities to find it...have you checked out websites such as Bayou City Outdoors?

Anyways, who cares what the environment or shopping is like, if you work in i-banking you will rarely be able to enjoy those things anyway!

Apr 23, 2007
houston77:
Ibracadabra:
houston77:

Houston has to be up on that list...

- No state taxes

- Cheap housing

- Cheap restaurants/bars

downsides being the summer weather and the fact that everything revolves around the energy industry (not necessarily bad if that's your thing).

I don't think the weather is the major downside. What about the environment (no beaches, no mountains, nothing to do besides golf and shopping) and lame night life?

I believe the original question was where could someone save the most money. Places with beautiful environments (mountains, beaches, weather, etc), history/nightlight, and an active banking sector also tend to be high cost places to live (SF, LA, NYC, London etc). There is plenty to do in Houston but it takes a bit more effort than other cities to find it...have you checked out websites such as Bayou City Outdoors?

Anyways, who cares what the environment or shopping is like, if you work in i-banking you will rarely be able to enjoy those things anyway!

Houston, hands down, especially when considering the OP's original question.

The summer weather isn't that much of a downside. It's physically hotter and more humid, but you don't ever need to be outside long enough to break a sweat. No mountains, just some big rocks, but Galveston is less than an hour's drive away, Matagorda Bay another hour on top of that and Corpus Christi is totally doable for a weekend. Also great if you like riding, fishing or hunting and there are some decent state parks. Music scene is decent, people are friendly and you won't feel broke all the time. Personally, I think the girls are great. The men are what suck.

Apr 23, 2007

Could anyone expand on IBD in Australia or somewhere like Singapore or Hong Kong? I'm interested in seeing what the lifestyle is like there.

From someone living in Houston right now, and having lived in Texas for the past 8 years, you definitely get used to the weather. I made a trip to New York early in the summer (LOVED it by the way...it was my first time), and when I stepped out of the airport after I came back, a wall of dense humidity hit me like a NFL linebacker on roids and I immediately became sweatier than a fat kid in a sauna. I got spoiled in my short 2 weeks up in NYC.

As far as money goes, it goes much further in Houston or Dallas. In Houston it's primarily energy (which isn't particularly my biggest interest), but it's my opinion that energy and tech are huge industries to get into so living in Texas is not a bad idea at all

Used to live near San Fran but I don't know how IB in the West Coast is like.

Never been to Chicago but I would love to go.

Apr 23, 2007

Replying from Australia - Sydney to be specific. I am not actually in the IBD industry, however, have spoken to friends about it.

The base salary for an analyst is relatively similar to what you should be getting in the States, however, bonuses lately have been small to non-existent (or so I have been told - unless you were in a BB that was doing really well, you shouldn't really expect much in way of bonuses).

Having said that, taxes in Australia are fairly high (?) by my estimations. On 100K, your marginal tax rate would be 37%, and you would be paying approx. 25K in taxes.

Cost of living in Australia is fairly high too. If you were to live in the Sydney CBD area, you would be paying close to 1.5-2K a month on rent alone. According to http://www.numbeo.com/ you are looking to pay approx 17% more for a similar basket of goods in Sydney.

Not quite sure what is in that basket of goods, but as an example. A corona on a regular night out, will set you back close to AUD10.

So if you factor all that in, you could probably save about 30-40% of your income if you lived frugally?

    • 1
Apr 23, 2007
mehtal:
houston77:
Ibracadabra:
houston77:

Houston has to be up on that list...

- No state taxes

- Cheap housing

- Cheap restaurants/bars

downsides being the summer weather and the fact that everything revolves around the energy industry (not necessarily bad if that's your thing).

I don't think the weather is the major downside. What about the environment (no beaches, no mountains, nothing to do besides golf and shopping) and lame night life?

I believe the original question was where could someone save the most money. Places with beautiful environments (mountains, beaches, weather, etc), history/nightlight, and an active banking sector also tend to be high cost places to live (SF, LA, NYC, London etc). There is plenty to do in Houston but it takes a bit more effort than other cities to find it...have you checked out websites such as Bayou City Outdoors?

Anyways, who cares what the environment or shopping is like, if you work in i-banking you will rarely be able to enjoy those things anyway!

Houston, hands down, especially when considering the OP's original question.

The summer weather isn't that much of a downside. It's physically hotter and more humid, but you don't ever need to be outside long enough to break a sweat. No mountains, just some big rocks, but Galveston is less than an hour's drive away, Matagorda Bay another hour on top of that and Corpus Christi is totally doable for a weekend. Also great if you like riding, fishing or hunting and there are some decent state parks. Music scene is decent, people are friendly and you won't feel broke all the time. Personally, I think the girls are great. The men are what suck.

Those places are crap compared to Florida. And so are the women compared to Miami.

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Apr 23, 2007
GrandJury:

Could anyone expand on IBD in Australia or somewhere like Singapore or Hong Kong? I'm interested in seeing what the lifestyle is like there.


From someone living in Houston right now, and having lived in Texas for the past 8 years, you definitely get used to the weather. I made a trip to New York early in the summer (LOVED it by the way...it was my first time), and when I stepped out of the airport after I came back, a wall of dense humidity hit me like a NFL linebacker on roids and I immediately became sweatier than a fat kid in a sauna. I got spoiled in my short 2 weeks up in NYC.


As far as money goes, it goes much further in Houston or Dallas. In Houston it's primarily energy (which isn't particularly my biggest interest), but it's my opinion that energy and tech are huge industries to get into so living in Texas is not a bad idea at all


Used to live near San Fran but I don't know how IB in the West Coast is like.


Never been to Chicago but I would love to go.

ibd in hk is brutal - expect 8/9 - 2 am every day and weekends if u r in BB industry group - cap markets are a bit better but not by much

also exit opps are not that gr8, contrary to what ppl say - if u wanna work in asia go to hk, stay in US if u wann work in us

"so i herd u liek mudkipz" - sum kid
"I'd watergun the **** outta that." - Kassad

Apr 23, 2007

Florida, hmmm? I doubt there's any banking industry in Florida?

Apr 23, 2007
xmasboy:

Florida, hmmm? I doubt there's any banking industry in Florida?

Ignorance is bliss.

http://en.wikipedia.org/wiki/Brickell#Background

"Brickell is home to the largest concentration of international banks in the United States"

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Apr 23, 2007

To answer OP's question...
Charlotte and Houston both have significant banking presences (as others mentioned Houston will be heavily energy focused)
Both are very cheap especially CLT
HOU is a bigger city with better nightlife but Charlotte puts you within ~2 hours of lakes, mountains and beaches so really personal preference

Apr 23, 2007

For what it's worth Charlotte has a really low cost of living but it's diminishing in profile as a banking town. Wells Has their ib hq there but everything else is kind of small. B of A has a lev fin team there but they are just hanging on as the firm is looking to move every thing to ny. Two of the boutiques edgeview and mccoll also just got bought out.

Apr 23, 2007
Ibracadabra:

Milan one of the highest cost of living in Europe.

What Europe are you talking about? Milan is dirt cheap by UK, France, Benelux, Nordic, Western German or Swiss standards.

At a senior level, they guys saying NYC are right. No matter how high the taxes or cost of living is, that's where the biggest bonuses are.

Apr 23, 2007

Scranton, Pennsylvania

Apr 23, 2007

Not sure why anyone in their sane mind would want to live in Florida

"History doesn't repeat itself, but it does rhyme."

Apr 23, 2007
streetwannabe:

Not sure why anyone in their sane mind would want to live in Florida

"Haters gonna hate"...3rd most populous state in the country. I guess lots of people.

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Apr 23, 2007

Just my opinion. Population of the state has nothing to do with how desireable the location is though.

"History doesn't repeat itself, but it does rhyme."

Apr 23, 2007
cruel3a:



trionfatore:

Quality of life in Milan is shit.


Personally prefer It to Paris or Frankfurt and prefer Italy to UK by far... But that's personal...

I studied abroad in Rome and preferred London a lot more when I visited. Very similar to American culture while having a heavy focus/brotherhood around soccer. I haven't been to Milan, but if you don't speak Italian/come off as an American, there's no way Italian girls will talk to you.

From what I've read, it seems like:

Houston if you're looking for an all-around place to live, low COL, saving much more compared to major cities.

NY/Miami/West Coast (possibly even Chicago) if you're looking to enjoy yourself while you're young and not worried about saving a bunch of money.

Apr 23, 2007
alargefox:

I haven't been to Milan, but if you don't speak Italian/come off as an American, there's no way Italian girls will talk to you.

This is true. I guess that's why most Americans prefer Northern Europe. Women drink like men there. Very classy.

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Apr 23, 2007
streetwannabe:

Just my opinion. Population of the state has nothing to do with how desireable the location is though.

But tourism does. And Florida has year round visitors from all over the world.

You are right...Why would anybody want to live here? LOL

http://www.getintravel.com/adventure-travel-to-mia...

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Apr 23, 2007

Exactly my point. Maybe because growing up, I vacationed in Florida, but it is just not a place I'd want to live.

Saturated with tourism and retirees.

It's not about being right or wrong; also tourism doesn't make it a desireable place to live either. That's why they vacation there instead of live there. But again, I'm not trying to say people shouldn't want to live there, it is just my opinion which I'm still not sure why you're so hung up on arguing with?

"History doesn't repeat itself, but it does rhyme."

Apr 23, 2007

When you talk bonus comparison, the cost of living in H-town is so ridiculously low that you can realistically have a better life on the lower end of the scale than making top bucket in NYC. Rents are 50-60% less, restaurants are 20-30% less, a good night at a bar will cost you half as much and there are no state or city income taxes.

Apr 23, 2007

What kinds of bonuses have analysts in BB NR or energy groups in Houston typically expected in recent years? $70k base is solid enough for comfortable living in Houston, relative to how far that money would go on either of the coasts, but im curious as to what all-in comp tends to be for the aforementioned setting

Apr 23, 2007
streetwannabe:

Exactly my point. Maybe because growing up, I vacationed in Florida, but it is just not a place I'd want to live.

Saturated with tourism and retirees.

It's not about being right or wrong; also tourism doesn't make it a desireable place to live either. That's why they vacation there instead of live there. But again, I'm not trying to say people shouldn't want to live there, it is just my opinion which I'm still not sure why you're so hung up on arguing with?

Because of the way you phrased it: "Not sure why anyone in their sane mind would want to live in Florida".

That's a "Haters gonna hate" statement. Sounds like you are jealous of the quality of life we get to enjoy here.

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Apr 23, 2007

You could say the same thing about NYC and I would likely be inclined to agree with you. Not sure why you are getting so upset about someone's random opinion about Florida on a finance blog.

"History doesn't repeat itself, but it does rhyme."

Apr 23, 2007