Expenses during training in NYC

So when BB's / EB's recruit their new batch of Analysts, the norm seems to be for all incoming Analysts from all offices globally to meet in NYC for training for a given number of weeks.

With hotel and flight being covered, how much do people tend to spend on a weekly basis (i.e. for social events / going out etc.)?

 

I didn't work in a BB/EB but my firm was HQd in NYC and we had a training program that was a little over a week long.

1) Get a metrocard for the duration of your training. This will come in handy when making your way around the city affordably. http://web.mta.info/nyct/fare/FaresatAGlance.htm

2) If your training is anything like mine, they will provide breakfast/lunch most days then give you a pretty hefty dinner stipend to go check out restaurants in NYC. You go out for dinner with a few of your colleagues, then you might go to bars. This can be really variable, but I probably spent between $40 and $100 each night I went out. I think there were 2 or 3 nights I was really tired and didn't go to bars after dinner during the 10 days.

3) If you have a free weekend or some time to sightsee, think about what you would want to do. A lot of museums will be free. Experiences like going into the freedom tower or top of the empire state building are not cheap. Broadway tickets can be had at a variety of price points. Highly recommend you do something that is unique to NY while you are there, you won't regret it.

Let me know if you have other questions.

 

Thanks for this, I appreciate it, especially the expense range of a night out. I'll also take a look at the metrocard.

I've never been to NYC before so will probably try and explore what I could do if I have a free weekend.

Out of curiosity, how often do you reckon people would go out per week? I know you're training was only slightly longer than a week and this question varies from person to person, but I'd appreciate your best guess regardless.

I'm trying to figure out how much cash I'm gonna need for NYC.

 

Some of my colleagues went out every night the whole training program, but i went out only 80% of the time, or 5-6 nights a week. A lot of them had never been to NYC before so they wanted to experience as much as they could.

We switched it up from more expensive to regular bars, we also werent in Banking so our disposable income was probably a lot lower. NYC literally has so many different options depending on taste its hard to recommend how much money you should allocate to spending.

Not everyone went out every night though. I mostly hung out in NY with my team from my hometown, would imagine you also might be mostly partying with your division or group's analysts. Definitely pace yourself and remember you are there for work first.

 

Personally I recommend seeing one broadway show while you are there if possible. Wasn't ever really into theater, but broadway is a whole other level in terms of production value. Some of my recommendations for a first timer are:

Book of Mormon - has an option where you can see the entire performance standing which is more affordable; best entry point if you like comedy

Lion King - classic production, don't particularly go crazy for disney but I still love this one

Phantom of the Opera - gold standard for broadway

School of Rock - the kids play live instruments, and i love the soundtrack; remember it also being very affordable

Avenue Q - technically "off broadway", so a lot cheaper and also pretty funny

 
Best Response

I'm far enough removed from what a recent graduate's day-to-day budget is that I can't speak with precision about specific dollar amounts, but I'll offer some qualitative advice.

Do the max of whatever you chose to do that night. e.g.

  • If you're going to see a show, don't skimp on the tickets. You're going to pay $100 to get in the door, you may as well spend another $100 to get seats in the first six rows. You probably aren't going to do this again for a long time, so you may as well get your money's worth.
  • If you're going to a club, grab three other guys from your class and hit the $2k minimum for a table at 1OAK. You'll all know a bunch of girls from college, none of them are going to decline a night out like that, and they're not going to count against your headcount because hey, vagina. It's way more effective than eating a $50 cover somewhere, spending $100 on drinks inside, and being stuck in the crush of the general floor.
  • If you're doing dive bars, go do a real dive bar, don't go to one that's pretending to be dive-y but charging you $8 for beers and $18 for cocktails.
  • If you're going to see a sports game, don't sit in the nosebleeds, pay for decent seats in the lower bowl.
  • If none of the plans people have sound amazing, don't go. Take the night to recharge by going to bed early. You have 6-10 weeks for training, a few nights off doesn't hurt your ability to develop relationships with people and it also helps you be efficient with your money to the point you can spend it wisely like outlined above.

You get the gist.

Now is the perfect time for you to spend disposable income -- you have none of the constraints or responsibilities you will soon (a serious girlfriend you're planning to propose to ring, a fiance you're looking to buy a condo with [down payment], kids [private school?], etc.).

You'll be back in your regional city soon enough, probably enjoying a favorable COL equation, and you want to look back on your time in New York with a fond "Damn, I did it right". Whether you spent $2,000 or $8,000 to do that is not going to feature prominently in your memory. What won't ever fade are the memories you cement.

I am permanently behind on PMs, it's not personal.
 

Thanks for this, helps a lot. Getting an idea about the cost of a table at 1OAK for example is helpful to keep a budget in mind.

With that being said, I absolutely hear you and intend to do everything I want to do without letting money be the issue.

Never intended to go in and not enjoy my self fully, but just wanted to get an idea for the sake of curiosity and also make sure I take enough with me to avoid having to pay the international fees on my credit / debit card.

 

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