Will a Summer Analyst position for S&T at a BB in NYC help me get recruited for S&T at a BB in London
I've secured an S&T role at a BB in NYC, but when I was applying last year, I was flirting with the prospect of living in London - I grew up there and it's my favorite city in the world. I was able to get this position in NYC by heavily using my alumni network (The University of Chicago), and ended up securing the role. There were two primary reasons why I didn't want to work in London - I heard from a lot of people that the comp was much lower because UK comp is generalized to be lower than that of the U.S., they're the most generous with bonuses in NYC especially considering that's where HQ is, Brexit might've had an impact on the headcount, and Wallstreet is competing with Silicon Valley for the best talent. Tied with that was me thinking that the living cost of London was much higher, as well as the taxes, but after some research, I find that, and a lot of the other reasons to be in NYC over London not to be true.
I'd appreciate it if anyone can offer input on whether they frown upon or like the fact that someone interned in the U.S. for UK recruiting (as compared to getting a job in the States), whether The University of Chicago is a big enough name for the U.K. (because I know a lot of people there who haven't even heard of it), and whether the differences between NYC and London (with the comp + taxes + living cost) is true, as well as your opinions on London vs NYC for job growth in S&T, and the overall lifestyle.
It depends if you are a British national. If not, firms will generally not sponsor you just after a summer internship since you are too junior. Most people do 4/5 years in NYC and good performers ask to be relocated to London as visa sponsorships are then easier for firms. For that only reason, most recruiters in London will straight reject you even if you have the perfect profile and love your experience and hobbies. It's just too much paperwork for a summer intern or a brand new grad who brings $0 on the table for the firm.
With that being said: • London is as competitive than NYC in term of talent pool and mindset of people working in finance (but Continental Europe is much much less competitive) • Tax is higher than NYC. At NYC you expect to pay slightly more than 30% of tax while in London it's going to be around 45%. • Costs of living are very similar for food, cocktails, nights out, other supermarket products. • Rent is generally higher in London (for now) but the commutes are more comfortable than NYC (living in New Jersey is hell for commute to Manhattan) so it's ok to - and a lot of people do - live relatively far from Central London. • University of Chicago will be known by recruiters. It's one of the top 20 (if not 10?) unis for business in the U.S. • Compensation is higher in NYC, especially junior levels. At senior levels it's on par once you convert £ to $. For example, a very good salary annualized for a summer internship in London will be £50,000 with £1,000 bonus (typically Lazard or CS) - so that's $65,000+$1,300, while an average pay in NYC would be $85,000+$2,000 for a summer internship (typically BAML, JPM). • If you're good, Brexit will have 0 impact on recruitment (or small).
Rent is definitely NOT higher in central London vs Prime NY. It may have been the case a while ago with GBP at 1.6 Going out / drinks / dinner is a bit more expensive in NY too. Not sure about everyday food, probably the same. Tax is not 45%... 45% is the final tranche above 150k£, your blended will be something like 30-35 when you start. But it will go closer to 45% once you are senior.
Pay is lower sub-VP level for sure due to currency. After VP you get paid in $ anyway so it tends to get normalized to a certain extent.
So if I am both a US national and a UK national, do you think the chances of me getting a BB job in the US and UK are similar?
Worst case just start 1-2 years in NY and see i you can get transfered... Especially if you have paperwork sorted
Thanks so much for the input! You think the chances of getting into London banks is lower than those of U.S. banks after the SA program? Because I'm likely to apply to other banks anyways if I convert for the optionality...
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