From top IBD back to the midwest
So I grew up in the Midwest (think Iowa, Nebraska, South Dakota). I left to go to college in the Northeast and ended up in a top group at a good firm (GS/MS/BX/EVR/LAZ) in NYC. However, after having lived in NY for the last 5 months and having interned here for the last 3 summers, I know this isn't where I want to end up. I really want to end up working back home and making a decent living (hopefully 150K+?) working good hours. My first thought was the go to middle market private equity in one of these places. However, I spoke with a couple of former analysts/associates at these places and they told me it would be a bad move going to there because the pay is not good (they didn’t given me specific numbers) and there is still a 2 and out model at a lot of these places. So, I guess I’m wondering if anyone knows what other jobs exist for people with 2 years of IBD experience in the Midwest?
Plenty of real good PE shops in Chicago if you're open to that. But you probably need to be more specific with regards to the 'midwest'. That area you are referencing is huge as you are well aware. In the northeast you can scoot from NY to BOS, PHI, and even DC very easily.
Going from North Dakota to Nebraska (just two states over) would be a haul so wouldn't be like you were back home if you work in one and family is in the other. That said my bank has run ideas by PE firms in Milwaukee, Minneapolis, St. Louis, etc. so they are definitely out there.
Try Chicago out. Definite midwest feel out there, especially in the burbs
Come to the Chi town. You will love it except maybe the winter. But the summer here is amazing by the lake and the cold winter makes you appreciate the beautiful summer
Go to Chicago! It's America's greatest city, a place that NYC aims to be but will always fall short. With your resume you will have your pick of GTCR, Madison Dearborn, Alyeska, Citadel global equities, etc.
Your inferiority complex is showing.
What are you talking about? Chicago is a nicer city to live in than NYC, with much lower cost of living, higher quality of life, and yet the same amenities of a major city that NYC also offers. My b-school classmates who have recently visited Chicago were blown away by how awesome the city is. It is an underrated jewel while NYC is grossly overhyped.
True.. I live in NYC but felt the same way when I visited. To be fair, though, I must add that I did not explore all neighborhoods, etc. 'just did my thing and got out.
I'd echo Quaneaser: Try out Chicago but don't discount other Midwestern cities like Minneapolis, which has some pretty big buyside firms, for example, Varde and TPG Credit (Castlelake). Regarding the three states you listed, I don't know of any firms off the top of my head but if you just google the state + private equity firms, then you should get a list of them.
Pay isn't quite as high at a lot of Midwestern firms, but a large part of that is just that a lot of firms don't run funds that are as big as NYC firms do. That being said, $150k is more than enough to live very comfortably in every Midwestern city, and that's about the right range for a first year associate out of an IB analyst program.
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