Choosing a less reputable, worse paying bank over another due to region preferences
I live in Region X. Bank Y is a major player in Region Y and Bank Z is big in Region Z.
Bank Y has a great IBD reputation in Region Y and a good one in Region X, where I will be starting my career, but a poor one in Region Z.
Bank Z has a bigger global reputation/brand but limited IBD activities. Reputation and Deal flow are strong in Region Z, passable in Region X and not great in Region Y, but better than Bank Y’s in Region Z.
I am very interested in working in Region Z and have lived there in the past. My girlfriend is also based there permanently. Bank Z would have much better/faster opportunities to live out there permanently or temporarily, and I would enjoy the benefit of its great reputation there.
But the pay & deal flow at Bank Y is better, particularly in Region X where I will be beginning my career and living for probably the next 2-3 years minimum. I have no interest in Region Y, other than it would be cool to spend 2-6 weeks doing training there.
Language skills are not an issue. I am a native speaker of both X and Y, and one of the languages used in Z. Although I am not a native speaker of Z’s main languages, I speak them fluently/conversationally. Neither bank is a BB or boutique, they are large MMs.
Assume I have both offers: Should I take the more reputable/better paying investment bank that is strong in a region I have little interest in and weaker in the region I am keen on, or the one that has a limited IBD, albeit a stronger overall brand, and a very strong one in a region I am very keen on moving to? Would your answer change if the question was should I renege on an offer from Bank Y after I accepted if I were to get an offer from Bank Z later?
I am aware the most logical answer would be to accept an offer at Bank Y and stay for a few years given that I would get a better experience whilst I am still in Region X, and then try and get an offer to join Bank Z in a few years. But I am aware that my move over to Region Z would probably be expedited if I joined Bank Z, which is a significant factor.
Would appreciate your thoughts!
Thanks
Bank Y. Just a quick note: the overall post looks like algebra, in a disturbing way
Post looks like shit. Go wherever you'll be happier because overall you'll do better.
Ya, sorry OP, but your X, Y, Z stuff just makes this confusing.
One thing to consider is how you will feel knowing that you are relatively underpaid. I worked at a boutique for a year before I lateraled to the MM where I am at now and hated the feeling of being underpaid ($60k all-in vs. $150k-ish all-in now). This might not be a big deal for you, but you'll feel it when you're in the office late at night knowing that you could be making more than double at a larger bank.
Choose what makes you happy, but don't let things like being close to friends blind you. Good luck.
I feel like the XYZ stuff was unnecessary. It hurts to try and understand it but my advice is do what makes you happy and to not make decisions that can change YOUR life based on friends/gfs/etc.
Man...life is not all about IB, PE or finance in general. You have to consider the impact on all the areas of your life. Traveling, family, women... The day you start defining who you are by what your job is...is a pretty sad one. Don't get me wrong, a solid career is important, but you've got that down anyway. It's up to you to decide at what point the marginal improvement of constantly running the rat race is not worth it anymore.
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