Relocating to New York for Banking
Hi all,
I'm currently in Miami and I've been strongly considering moving to New York to pursue a career in Banking. I've been networking with people/alumni in the industry up there for the past several months (Ds/MDs, HR, people who know people, etc) - and have had a few phone interviews - and I think it would be much easier to find a position if I could meet with them/interview in person. Many of the people whom I've spoken with have told me that moving up would be a great idea and it would really show my desire. I have family that I can stay with in the city, so I wouldn't just be dropping everything and moving on a whim without a plan.
I graduated college in 2014 and I've been doing investment management for ultra high net worth latam clients at my current firm for nearly a year - will be 1 year in September. I wanted to wait until after I took my GMAT and WSP's financial modeling course to make the move, and, now that I'm done with both, I'm wondering if I should stick it out and get the full 1 year, or if I should make my move soon so that I can capitalize on the networking I've been doing.
I would appreciate any thoughts on this.
Thanks!!!
Why? its the same shit but worse weather, more hours, high CoL. You will probably end up at the same exit in Asset Management anyways. That is if you haven't missed the boat which most likely have if you dont get it out of undergrad or MBA.
The grass isn't always greener. It is Miami dude.
Hate to break it to you but if these guys wanted you they would fly you up for an interview. I would never quit a job without having another lined up
This. If you don't land a job within a month or two, you're going to have to explain the gap in your resume on top of trying to switch into banking.
Had to read your username twice to make sure I wasn't reading my own post - I'm in a VERY similar situation (looking to do the Mia to NYC move, even started my current job in September as well haha). I have to both agree and disagree with the above. It's good that you have family in the city to stay with, but I wouldn't jump from one side of the cliff to the other unless I had a spot to land when I came down. However, being born and raised in Miami, I can personally vouch for the fact that the palm trees aren't always greener on this side either. People who live here have a MUCH different opinion than people who just come to visit. Go for it dude, just make sure its what you want. Continue networking your ass off and minimize your risk of being stuck in an expensive city with no job.
Sorta similar situation. Just graduated from a top 15 MBA program without any offers and relocated back to NYC a few days ago (living with family).
Going to start hitting up the alumni network now. I've found the small regional boutiques to be really difficult to recruit for, especially since I was a new yorker. There's hundreds of shops here, so hopefully get an opportunity at one of them.
Thanks for the input, guys; I appreciate it. A lot of good stuff for me to consider. I know it's risky, but no risk, no reward, right?...
@pubfinanalyst I agree that if they wanted me they'd fly me down, but could that possibly be a reason not to want me? Because they'd have to fly me down? If I were up there I feel like it'd save a lot of time for that process, and it'll put more networking pressure on me. From what I've been told by people I've met with here in Miami, it would improve my chances quite a bit if I were up there. Most of these older guys are telling me to take the risk while I'm young and can make up for it later.
@gatorman I just read your original post and the comments. I hope your search goes well and I appreciate your advice. I'm definitely busting my ass networking (and hoping not to annoy the people I'm contacting at the same time), and several of them have told me to let them know when I'm in the city, so I guess I'll continue talking to them and see what they think about this.
Not really banks have massive budgets and a 500 dollar flight does not matter. You will have to answer the typical why New York question.
Never quit a job without having another one (or school) lined up unless it's causing you diagnosable health issues like @pubfinanalyst stated. I question the wisdom of senior people in the business telling you to do this. I'm a senior person in the business and I would never tell you to do this. It doesn't show desire, it shows naivete. If I or someone is interested in you, I'll fly you up for an interview without a thought. Buying you a less than $1k plane ticket and putting you up for a night in a hotel would not dissuade me from interviewing you if your background looked appropriate and you made it past a phone screen and an entry level relo package wouldn't scare me if I wanted to hire you.
Keep networking over email/phone and once you've made a few contacts take a few days off of work and go to NYC to meet with as many people as possible. Do this a few times. Since you have relatives you can stay with you can keep this cheap and there are dozens of daily flights to MIA from the NYC area airports.
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