Ranking Major IB Cities

This is from an Associate/VP perspective and the assumption is that the individual concerned is beyond phase of 'partying' at which NYC obv wins.


Anyways The Major IB cities are:

  • New York

  • San Francisco

  • Houston

  • Charlotte

  • Chicago


Please rank taking into account the following factors. Would be great on how you ranked these too:

  1. Lifestyle in city (independent of costs)

  2. Cost of Living

  3. Career trajectory (Strength/prestige of opportunities)

  4. Pay trajectory (does it remain same? for eg if top bucket Associate, VP in EVR whether Houston, NY or SF - would my pay more or less remain same as i progress)?

  5. Ability to buy a house/apartment down the line?


 

i think houston till a few years ago was the 2nd biggest city in terms of deals (due to energy). SF has overtaken it now i presume. so i would think if chicago is major then houston would be too.

curious how you came up with ranking though?

never worked in chicago but the col there beats NY and SF for sure. if i move there i can potentially buy a house rn so considering the criteria in my OP i was actuallly putting it #1 or 2 possibly lol. Houston and charlotte offer good cost of living but there isnt much to do there whereas chicago would still be qualified as a happening city. also unlike Houston, its not restricted to one industry by and large. Charlotte just seems very small but i included it since some of the big banks are headquartered there

 

As someone who’s in Houston, I’d say NYC, SF/LA, Chicago, Charlotte/Houston

 
Most Helpful

I don't think Houston gets enough credit around here. There are so many positives if you can get over not living in NYC/LA. It feels much less like a "major city" than Chicago, and you can get around the inner loop incredibly easily.

For context, I am a first year analyst at a reputable Houston bank. I pay $1200 a month to have a badass apartment near downtown. I can get from my place to the parking garage in under 8 minutes. The food scene here is absurd and there are a million places to wet your whistle. In terms of going out, there are a ton of bars, many of which have cool outdoors spaces. It's also pretty affordable - I'd say beers are 4 to 7 bucks and mixed drinks are 7-12. Clubs and nice restaurants will be priced higher, but still cheaper than CHI/NYC.

Work is obviously a large commitment, but the people aren't total dicks like they are at top NYC shops. From my experience, it's been far more chill in terms of personalities and deadlines. Also, people always bitch about the lack of exit opps for energy bankers. I haven't found this to be true at all. Yes, energy PE is dwindling, but capital is returning to the space. Also, there are a bunch of infra/generalist funds that will give you looks. In terms of comp, I'm expecting about 175 all in. No state income tax so I'll probably keep about 75% of that. Pretty good when you factor in the relatively low COL as well.

Don't mean to brag, but I just wanted to highlight some of the positives of Houston that I think are often overlooked. Definitely worth a look if you are open to non-NYC banking.

 

——-

Lifestyle: NY is best if you value fast pace, diversity, dining and entertainment options, and 24/7 activity, but worst if you’d prefer a more relaxed environment and community feel. SF is probably best if you’re into nature, walkability, and “techy” culture, and either it (or Charlotte) has the best weather. Chicago is similar to NY (albeit less extreme in nearly every regard besides weather). Houston is a major city but not one that is nationally known for culture or excitement. Charlotte is much smaller, but perhaps a good choice if you prefer laid back and quiet. Overall, for most young people in finance, the ranking would be NY, SF, Chicago, Houston, Charlotte. For an adult with a family, I’d literally reverse this order.

Cost of Living: SF and NYC are ridiculously expensive; it’s not remotely close. Chicago is leagues behind, followed by Houston and Charlotte.

Career Trajectory: For both sellside and buyside, NY has an edge by far, with nearly every BB, EB, MM, and major PE firm/HF having some presence in NYC or nearby Connecticut. I’d put SF second because of its tech presence. Then maybe Chicago, Houston, Charlotte.

Pay Trajectory: NY, SF, Chicago, Houston, Charlotte (see above)

Buy House/Apartment: Charlotte, Houston, Chicago, NY, SF

——

 
[Comment removed by mod team]
 

Voluptatibus ea corporis omnis fugit maiores fugit voluptatem. Libero maxime a magni et quo quia. Ut voluptatum enim debitis. Voluptatem ut at nihil illum voluptates quia molestiae.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”