Is this a crazy idea?

You will regret it. There is no comparison to the sheer level of experience a BB will bring you, especially being in NYC. To that effect, the fact that you’re entering and haven’t been in the industry thus far... you are making assumptions based on other people’s comments, some of which may or may not ring true for you in this experience. Not every single banker hates his life. My 2c: it’s foolish to turn it down for something lesser where the experience you stand to gain is almost certainly (and potentially severely) diminished.

If you can avoid lifestyle creep, your salary will soon become so much larger than your true cost of living. It makes sense to take the better paying job rather than the job in the LCOL area. Remember, it is pretty easy to go from a BB to some MM firm in a third tier city. You can always tap out if you can't take the heat. Start in the major leagues and if you find it isn't or you, hop on a plane to Denver or Jacksonville or wherever. 

You can find easily recruit for MM or LMM pe firms but if you do have any interest in UMM/MF PE in the future then you're fucked. IMO I would take the best offer and then go downstream just to avoid any regret. 

I don’t think it’s necessarily crazy, but I don’t think it’s prudent. Yeah, all of the personal accounts/data people are sharing of how terrible banking has been can be quite terrifying for a new entrant to the industry. But, I don’t think it’ll be like this forever or even next year imo (take w/ a grain of salt).

I think the experience you get from a NYC BB is almost unparalleled. You can spend a year or less at the BB, and if you don’t like it then you could move to a MM in a low COL area. Lateraling from a MM to a BB is harder anyways.

Brand and pedigree matter unfortunately, whether you stay in finance or not. That BB on your resume will open a lot more doors for you down the line, even if you spend just a couple of years there, whether you choose to go MF PE or industry. Even with better deal experience at an MM, IMO a BB name sadly trumps that for a lot of opportunities. Same with being at a financial hub in NYC, more weight given for obvious reasons.

Choose the happier path, it might close off some doors for you but who tf cares, happiness trumps all. I've seen too many unhappy lifers who followed the above logic, got too comfortable with the $ and never left.

Go for the middle market. People will continue to tell you take the BB offer in NYC because they have continued to rationalize their unhappiness with their salary and prestige - while in reality NYC is gross, overpriced, cold af, and full of people who are absurdly ego centric. The cream will always rise to the top. It’s not like the MM is a bad job, you will still be I the top 95% of earners for your age group and it will open doors for you.

Take the BB if only for a year.  Having a BB on your resume will open many more doors down the road than a lower MM firm.  You can always transfer to the MM firm after a year with a much easier ability to move upmarket later than if you only had the MM on your resume.

I wouldn't, but you do you

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This very much depends the MM, your reasons for going to a southern city, and how comfortable you are accepting reality.

As other posters mentioned, a BB banking stint will give you credibility and understanding for life. If you can suffer through it for even a year, you could lateral to a low COL city with a higher paying, better wlb, job likely. As an undergrad, a year sounds like a long time, but it really isn’t. That said, if you have family or friends in a specific area in the south, want to build a life in the south, and the bank is a stronger mm—money and prestige isn’t everything and you will find your way.

For context, I rejected a strong BB for a strong MM and it was better for my career, life, and I had a better experience. I also know horror stories of terrible mm experiences however, so if the bank is a not great place, you will be shooting yourself in the foot for the future. Just anonymously state the name of the bank and I/ we could be more helpful.

That MM job in a southern city will always be available w/ your BB experience imo. However, the inverse is not true. Why not spend 1-2 years figuring out for yourself if the BB lifestyle is as bad as it seems. Very easy pitch to the southern MM banks that you want out of NY if you want to lateral in a year and they'd likely take you in a heartbeat.

Yes - that is a crazy idea. DO NOT do that. You will feel like an idiot when you're surrounded by people who would kill for the job you turned down.