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Career Resources
from reading other threads on WSO, yes there is a significant pay drop in salary but the cost of living in SLC is significantly cheaper. Can't comment on whether they only hire analysts or have SAs too for IBD. From what I've read they have a 2 year transitional program for GIR and IBD at the salt lake city office.
Also curious from a finance perspective in general - to those who live out in the region, I'd appreciate any perspectives. I love that area of the country.
The pay difference is not significant, team is solid out there.
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I doubt that. Operations is in Jersey City and is probably closer to 55-60k. IBD gets 85k and then a bonus.
Per multiple threads and WSO Salary database: Salary is 48k for GIR and IBD and I would presume the bonus is smaller too. The office is solid though and the cheapness of SLC is a huge draw. Would love to work there.
You should be getting paid a premium for living in SLC
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Some of us like alcoholic beverages.
Never been there either, but it looks gorgeous. Then again, I am a huge fan of the outdoors.
The weather is awesome.
Do you ever have anything positive to say?
Can't speak for banking, but had a friend go to SLC for ER full time and was offered something in the mid-60s as base
That sounds a lot better than what I found on this site. I genuinely hope it's true.
Equities in Dallas
The question is how would you find them? I've taken a look on LinkedIn and all I can find out there is ops people.
All the GS / Mormon lifestyle fanboys are hilarious. Sorry I like living is cool cities. I'm probably wrong though, Mormon Mecca might be a good spot to meet fellow sober virgins.
The GS name brand is not worth living in SLC by any means. The IB presence there is a total joke. SLC is not in the top 20 US cities to live in.
Nothing wrong them, they make great keepers if you're ready to hang up the player hat.
an entrepreneur
the programs in this office are structured so that you generally will stay in SLC for 2 years (potentially longer if you wish), and then, if competent, can relocate to a larger office.
i'm not quite sure what the all-in compensation is like, but expect it to be significantly lower than other offices. your base salary will be 48k. not amazing, but COL is low.
i imagine you, like most people, aren't interested in staying in banking >2 years and are in it for the post-banking opportunities. this program is new, and I wouldn't expect any decent exit opps coming out of this office. you will be working 'remotely' and providing support to bankers in other offices, though you probably will be doing work substantially similar to that given to analysts in those offices...it's an odd setup and definitely not for everyone.
SLC is not completely unbearable, however it is not the type of place that is good to live in for a young person IMO. if you are fine with staying in banking for a longer length of time, can handle working remotely from your team, and can tolerate SLC, then pursue the opportunity
All back office from what I heard.
EDIT: GS SLC recruited on my campus and specifically said that (mentioning they planned to move some front office roles out there in the future), so F*ck off with the MS.
https://www.linkedin.com/in/matt-welch-msf-3ab23a20 https://www.linkedin.com/in/lance-king-3594122b
Many more where those came from..
You are a fucking retard if you believe GS TMT is in SLC.
I didn't know GS has IBD in Salt lake but if they do all good.
The fact is Utah is much better the you would imagine. I'm an east coaster with family there and thought it sucked visiting there until the last few years. Now I actually really enjoy it. The finance / tech ecosystem has really grown to where about ~15% of my PE firm's (your typical Palo Alto growth/buyout shop) deal flow is in Salt Lake.
Old guard tech such as Adobe anchoring there + new up can coming businesses like Qualtrics, Domo, Vivant/Vivant Solar, etc. have really brought in a new group of talent and diversity to the ecosystem. It's not just a Mormon hub, it's got a lot more going on nowadays. And if you take that + if you like the outdoors (hunting, camping, skiing) + cost of living doesn't make it the worst option in the world. I'd probably chose an IBD role in SLC (assuming they exist) over some of the other regional banking groups such as Houston, Charlotte or Atlanta... Would not take it over NYC, Chicago, Bay Area though obviously.
They have some ibd and ER but no S&T. Pretty big on operations for their PWM, S&T, and IBD.
Why would you take SLC? All the other cities have far more robust finance scenes. Atlanta, Charlotte and Houston also have solid PE/AM, not to mention Wells/TIAA-CREF in Charlotte and STRH/Regions in ATL are hardly regional offices. If you want to do nat res Houston is the Mecca. SLC doesn't boast this. Also there are a ton of boutique and MMs. SLC is a one shop town
holy cow i thought that group was wealth management or something, not IB
If this is DRG, then run for the hills. If this is actual IBD, then maybe (depending on your options).
Aren't they leading the AB Inbev / SAB Miller deal? I think they also have a great relationship with Starbucks.
I didn't even know they had moved any front office roles out there. I thought it was all ops
I've never lived in SLC but having lived in Portland, I would say DO NOT do it. Your opportunities for growth are limited in a small pond. SLC, Portland, or other small cities just are not finance hubs. Sure there may be one or two positions in some satellite office of a bigger firm, but it's a lot harder to network and move around. If New York isn't your cup of tea, maybe check out Dallas, Houston, Los Angeles, or other cities in North America that are finance hubs. SLC just isn't.
Now that said - while I agree with many of the posters that moving there isn't a good idea, I'm not even Mormon but the Mormon bashing here is ridiculous, and I have a feeling that if anything else was being bashed, I'd be getting a lecture from the very same people about tolerance and bigotry. They're not bothering anyone by doing their own thing and not partying, so grow up and deal with the fact that people have different beliefs than you.
It could be a good experience. I don't think anybody's ever regretted living in too many places.
And premarital / extramarital sex, drugs and alcohol are? Why the attack on people that just want to live clean lives and have strong families?
Lmao
While I agree that small cities like SLC and Portland are not great places to start a career in finance, I don't think we should compare the two cities. Having interviewed for a job in Portland, I can only think of one "major" bank that has an office there (outside of the odd PWM and PubFin people), and that's KeyBank/Pacific Crest Securities. At least SLC is a major office for GS.
For what it's worth I have been reached out to two separate "Investment Banking Analysts" from GS SLC over the past 2 years and neither was in a true IBD role. I actually thought it was quite misleading that they would put Investment Banking Analyst and they acknowledged it. It seems like more of a MO/support role where you assist bankers but aren't actually a true core deal team member (doing random industry research. internal use documents, etc).
That said maybe there are real bankers out there doing deals, but that wasn't my impression despite the titles I see.
I take it back. Maybe this thread is a joke.
This thread is a joke
Just talked to a GS IBD analyst based out of slc. They have about ten to fifteen analysts there working remotely for various us or NYC based IBD groups. One vp from the RE? Group is the office manager. They are hiring hugely, like a class of 20 plus for this year. The idea is based off of the Investment Research model which happened to work quite well and they are extending it to IBD classic roles. It's true IBD.
Do you mind going over what the classics are? I got poached for a job at GS and has no clue what that meant.
So a lot of comments are regarding lifestyle in SLC. I'm more curious about pay. Does any one know the starting salary for an IBD in the SLC office?
approx. half of NY. The SLC office is meant to be a cost centre.
Does anyone go from analyst to associate in two years while also changing offices? Eg: Analyst at SLC IBD to Associate at NY or SF IBD? I know goldman among others have the accelerated analyst to associate programs.
Can confirm for those looking at this thread now, The pay for Analysts is in the mid-60's now thanks to massive tax deals courtesy of the state of Utah. The deal requires Goldman to pay 150% above the median income for Salt Lake County which is ~43K. Source: Friend who works in Compliance out there.
Goldman SLC Advancement (Originally Posted: 08/08/2017)
Does a Goldman SLC IBD analyst have a shot at attracting PE headhunter attention? Does brand name carry any weight from the Salt Lake location?
IBD at GS SLC is a 2-year up or out program. In each of those two years, you will spend 3-months working in NY or which ever city's FO team your a part off. At the end of the 2-year period, if you've proven to be a good resource you can join as a 2nd year Analyst at the NY office or whichever city's FO team your part off.
This program used to be run out of the Bangalore office in India. However, more favorable time differences & beneficial cost considerations made SLC more viable. If you're to stay in banking long term (i.e.4-6 years) then this will be a good program for you. GS is tired of recruiting & training analysts who join and leave within 2 years. Its a loss to the firm.
The work you do is no different to an Analyst in NY. However, you have to put in extra effort to stay in the loop of what's going on with a deal (simply cause your not sitting with the deal team and sometimes they forget you exist. Also, no dealer-board phones). Yes, you do get to liaise with clients (atleast on the phone/email). When you're in N for 3-months, you may get to go on client visits like any other analyst.
Think of it this way, imagine an analyst working from home daily. Thats what it will be like. You will be reviewed by the team in NY & have limited to very little supervision in SLC.
Thanks for this. What are the hours and overall culture of the SLC GS IBD team?
Hours will be similar to NY office. To an extent - this also depends on your pro-activeness / how plugged in you are with your team & deal going on. Spread over a year - on average, your hours would be c. 80% of what a NY/SF analyst would work. Again this could also vary by people
You are such an insider.
There are a few threads talking about the SLC office on here if you look, here's one about exit ops https://www.wallstreetoasis.com/forums/gs-ibd-salt-lake-city-exit-oppor…
Does anyone know how technical the interviews are for this role?
same as any other IBD role
Are you an analyst currently on the desk at SLC? And do you know if the Data Resources Group there is the same as the IBD at SLC or are they entirely separate. Thanks dude.
Would love to know as well. Just got an offer form the SLC office and I'm really debating the pros and cons.
DRG is different to IBD. DRG just pulls data from different databases. IBD analysts use them to source info on league tables, company profiles and other time intensive / mundane analyst level work. I wouldn't recommend this if your looking for a serious career in finance.
Go for SLC only if you don't have any other offer in NY, SF etc.. If you have patience you will soon be out of there and in NY, SF etc..
Do not live in slc, it is not worth it. Anywhere but there
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