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I'd imagine different offices for different EBs yield different results, but from what I've seen:
It essentially boils down to the unfair fact that NYC analysts will receive opportunities outside of NYC, but non-NYC analysts will generally not receive NYC opportunities, unless they network and/or are deadset on recruiting in NY. And in those cases, NY analysts will still hold an advantage in the interview process even if it's only because of proximity.
Headhunters will reach out regardless. If you're at an EB in an established non-NYC office (Chicago, Houston, SF, LA) you'll hear from pretty much every firm out there.
Interesting... Why do you think that Moelis is a notable exception?
Moelis LA tends to place better than the NYC office (at least it's reputed to)
So definitely an advantage to being in a Tier 1/2 city for recruiting? What about for laterals ie would you hurt chances by choosing a “lesser” city for FT?
Yes location matters
No one cares about prestige
Possible to transfer offices but usually it's for your 3rd year in IB
PE recruiting depends on the city. Easier to go from NYC to other cities than vice versa. Certain cities will generally be better for certain industries (SF and tech, Houston and energy). And it's your own career, so it can never hurt to take initiative (but a good portion of headhunters usually reach out anyway).
For those saying NY has more pe/hfs, isn't that kind of washed out by the fact there are far more analysts competing? Sure there are less associate roles on the West Coast, but if you're at MS Tech or Moelis LA, it seems like you would have a huge leg up come recruiting given the relative paucity of analysts recruiting for those spots.
This is somewhat true, but you'll also have a pool of NY IB analysts that your competing against. As CHItizen mentioned, it's easier to move from NYC to other cities than the opposite. For a variety of reasons, NY analysts will pursue buyside opps outside of the City.
Also, by the law of averages, there is likely to be fewer "top" buyside shops in non-NY markets on an absolute basis. So even if you operate under the assumption that only West Coast analysts will be vying for west coast buyside jobs, you are competing for fewer positions which would effectively cancel out the "paucity of analysts"
Yeah aren't we kind of on the same page? My point is less buyside ops on west coast and less analysts is roughly equivalent to more buyside opps and more analysts in NYC. Think it's kind of borne out in the results - seems like top groups on WC place as well in West coast opps as top groups in NY do in NYC opps.
Location doesn't matter to me... so long as I'm making good money, close to a big body of water, and surrounded by attractive women.
That automatically rules out most U.S. cities. Pretty much you're left with NYC, Miami, LA, and Chicago (if Lake Michigan counts as a big body of water).
and SF
Lake Michigan is a large body of water, but anywhere that snows in the winter is automatically out. The clear choice is the Golden State.
LOCATION LOCATION LOCATION
Did I say, location? Yeah, it matters. A lot. Both professionally and socially.
Prestige is a mentality, a way of life, an ethos to live by, not a geography.
Some NYC banks dump resumes if they see state abbreviation outside the Greater NYC area. So I heard. As far as city prestige, generally as a New Yorker I'd say you're going to be faster employed in Chicago than someone from say, Salt Lake City. I'm quoting an actual case. I've also heard through alums a few years back that Goldman hates Salt Lake City transfers. Citi is also not in favor of transfers from other US locales. The other way around, I have a friend who feels that he was "demoted" to be handed a transfer to his bank's London office. I kind of agree, transfers out of New York just don't sound good unless you're going in for industry coverage.
New York prestige will only go so far. If you're looking to hit Oil & Gas coverage, for example, a New York banker will generally not be as highly regarded as someone from Houston, even though you may have worked in an O&G group at a NY BB or EB. Same goes for TMT. M&A-wise, I think New York rocks that either way you look at it.
My advice to you is not to rely on headhunters and especially office transfers. New York has a fantastic financial community where it's impossible not to make connections. Network as hell here, and you might stumble upon the right person to get you into a good gig elsewhere.
It matters but only to a certain extent. I know plenty of people that have done banking in NY and gone to Chicago/SF, as well as people from regional offices going to NY for PE. Happens all the time. One of the first questions headhunters ask you is about your preferred geography.
Is it easier to get a PE job in the same city as your banking job? Sure, but its by no means hard to go from one geography to the other. I'd argue its more difficult to go from NY to a PE shop outside of NY than the other way around.
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