What's it like to work in The City of London?
I am thinking of possibly working in The City, either in Investment Banking, asset management, or anything else really that I can do with an economics/finance degree (I am still a bit confused). What do you guys say it's like? I hear that investment banking is extremely stressful, you're not in a nice environment and have little to no personal life. However, I know that there are other jobs in The City, too, that I'd like to explore. I preferably want a job that I enjoy, however, that does pay a very large amount, when you're at the top of your career (six-figure salary).
Let me know your thoughts!
Interested as well
I grew up as a country boy and moved to London in my early years, before moving back home, and then moving to NYC.
London is great if you want to enjoy big city life, with all the glamour and opportunities that come along with it. I started off in IBD and thought of it as interesting, challenging and complex - stressful it was not. You put in the hours when you are young, but you'd do that in many other industries as well. Is there unpaid overtime and are you going to spend many late nights at the office? You bet. But the rewards can be there if you are keen to move up in the world.
In large cities, generally speaking, you will get a higher compensation across the board due to CoL. So you could explore other finance jobs as well as long as you are happy with that route.
Having said that, my buddies who stayed in the rural areas also had success, just in different areas of life and with a different economic approach. Some built their own businesses, some went into other areas - but overall they are not unhappy because they didn't move to the city.
Love your take on your banking experience. Sounds like you had a good group and felt supported during your years in London. So crucial
In many ways, it's just like working from home ...
In general though, is it like what everyone says? E.g they can just fire you super easily, people are super stressed and the work life balance is awful.
- there are a lot of people in the same space (crowded)
- work is generally interesting and you will meet capable/cool people
- employment law is the same as elsewhere in the UK, there is a notice period
- yes, people will be laid off if necessary (you will have more protection than in the US, but less than in France or Germany)
- the commute sucks, even if you live nearby. hours and hours wasted on the tube or waiting/queuing up
- more money you can make, but CoL is ridiculous, especially rent in sought after areas
- WFH will be there for a while
- economy is worse than before, but things are looking up from now
- after work drinks are typically amazing, Brits can be very laid back and are up for a good time
I never thought the work-life balance was awful, but I didn't have much else going on back then. just gf and work and gym. put all hobbies aside for work, now it is WFH and hobbies and the rest.
You should be asking about certain careers, not what it's like to work in some arbitrary patch of land. If you mean what it's like to work in finance, well that's still vague.
I'm assuming you've "heard about IB". Then the answer to your questions is no, depends and yes.
On the plus side, you'll become a beast at problem solving by trying to find the exit of the Bank tube station.
Posh accents everywhere
Follow your dreams, work hard, be patient and you’ll find out. I assume you come from a background with 0 connections to the City. So do I. I think you are asking a very wholesome question. Good luck!
Finance is fairly broad field and offers plenty of career options. You can go with management consulting, investment banking etc., choose the one in which you are more interested and work hard because hard work surely pays back. Good Luck
Think you need to spend some time on this forum making some research before asking such a broad ass question.
"I want to make six figures and not work hard" - go on WSB, take some hot tips and make 2000% on your investment... Average salary in London is £30k for people who want to "not work hard".
Pret a Manger everywhere
Not for long.
Bump
Shit pay and shit renting prices. As an analyst your fixed salary will be close to 50k and rent in a reasonable place is around 850-900. Anyone who tells you different on rent is lying. I made the mistake of renting a room in east london (zone 2, close to whitechapel) for £600. While quality of building and house is fine roommates were weird af and the typical people you expect in the east.
Mate that is so accurate it's not even funny. During my internship I lived in this mixed house and the room mate next to me (40+ year old man) would go to bed at 9pm and get super pissed when I made any noise after that. You can imagine he wasn't happy with me getting home past midnight all the time.
Even 850-900 sounds like a steal, if decent area
Most analysts I know are around ~1200, higher than that if they are not sharing a flat
My studio in Canary Wharf was 1,500GBP pcm, and that was a steal back then. Rent is slightly lower now due to covid19, but otherwise that is the going rate if you want to be close to the banks. council tax on top plus insurances.
Cocaine. A lot of it.
Yeah rent anywhere decent will def be £1,000-£1200 sharing or £1500+ for your own place...and at those prices you are not getting anything fancy, just a decent place in a decent area. Forget buying for a long time and when you do you will have to make massive compromises in what you want.
Financially London works out pretty bad for most people I think when you factor in salary v COL but there is a reason people flock to it despite that. Whatever you are interested in, no matter how niche, there will always be something happening in London. If you are into food there are few better places to be and the culture (galleries, museums, theatre) is genuinely world class. Really fun drinking culture too with great pubs and just a really fun atmosphere.
I've found the work culture in the city surprisingly chill and cool as well. Maybe I've just been lucky but in my experience people are smart and work hard but it's generally respected that you have a life outside and people view you as a human.
All in all, I loved my time there and would def recommend......I just always felt like I was playing catch up when it came to salary versus outgoings.
Preface- I worked in London for 1 year in a BB investment bank.
London is truly a world city, and the only city that comes close is NYC. It offers endless opportunities and a community for literally every country on earth within its limits. If you are working in a high-stress and high-paying field like IB, the city is your playground (when you have the free time). However, for more normal business roles, the city is known for exorbitantly high rents and low pay compared to other major cities. British pay in general is low, but you can make your dollar (or pound) go much further if you consider other cities in the UK or in Europe. I have friends who love Birmingham because of the good (non IB) opportunities and lower cost of living. For finance/banking, there are other great cities that have developed banking sectors (Frankfurt, Zurich, Amsterdam, Chicago, Hong Kong) and others that are up and coming and worth looking at (Warsaw, Dublin, Paris, Singapore, Dubai).
A couple of takeaways from working in London. Firstly, you'll get loads of opportunity to meet many people. Secondly, your pace of life speeds up.
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