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OT: Job market in NYC?

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OT: Job market in NYC? 

Post#1 » by Yoga » Mon Jan 21, 2013 7:31 pm

Hi, I am a Raptors fan from Toronto. I was wondering what is the economic situation in NYC? And how long does it usually take to get a technology / engineer entry level position? I've heard Brooklyn is a cheap place to stay with a lot of young professionals.
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Re: OT: Job market in NYC? 

Post#2 » by -Ducky- » Mon Jan 21, 2013 7:46 pm

Depends on the kind of engineering. If it software or database, then you might have some luck. For electrical/mechanical is pretty dry in the city, outside of the power and phone companies. There are smaller consulting and development companies, but very few opportunities for entry level positions. Brooklyn isn't that cheap, depends on what part.
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Re: OT: Job market in NYC? 

Post#3 » by Starks1994 » Mon Jan 21, 2013 11:19 pm

NYC has some of the highest salaries in the union. But just be warned that most of your pay will be going to living expenses, so it's not much of an upgrade unless your are going to make some serious dough. Also prepard to pay hefty taxes for state and city on each paycheck.
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Re: OT: Job market in NYC? 

Post#4 » by dabestspoona » Mon Jan 21, 2013 11:30 pm

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Re: OT: Job market in NYC? 

Post#5 » by JV4MVP » Tue Jan 22, 2013 2:48 am

Yoga wrote:Hi, I am a Raptors fan from Toronto. I was wondering what is the economic situation in NYC? And how long does it usually take to get a technology / engineer entry level position? I've heard Brooklyn is a cheap place to stay with a lot of young professionals.


Yoga,

I work in NY (am Raps fan as well). Not sure about tech, but finance is very bad (I work in Private Equity) right now. What type of engineering and what specific industry (a lot are in finance because of quant background)? I'm not sure if NY is the best place for Fortune 500 actual tech- (semiconductors, comms, etc.) sector firms. Obviously a lot of those firms are based out of Cali, Texas, etc. and a lot of engineering roles have been outsourced to India. Knowing the target role and company helps. I can ask a former co-worker who studied engineering at Ohio State (worked in trading in Stamford) for his opinion.

IBM has significant operations in the citys' suburbs (Westchester and Long Island). GE is based in Stamford. Those may be relevant for traditional engineering roles. The above posters' link provides a list of tech companies that are mainly online startups on the service side. Again, what type of engineering and what's the ideal role? Service or manufacturing?

Also, Brooklyn is cheap relative to Manhattan, not the metropolitan Toronto area. If you stay in the nicer areas (~Park Slope, Brooklyn Heights) you'll need roommates to have a nice place on a entry level salary (~55k). Ok Studious in Manhattan are ~2k+ a month... def look for roomies. You can get a nice place in a trendy area such as Chelsea, Soho, Greenwich Village for $5,000 split 3 ways. That's what most of my peers do... until the permanent gf situation.
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Re: OT: Job market in NYC? 

Post#6 » by R-DAWG » Tue Jan 22, 2013 4:25 am

Finance is a mess and because of the tragic results of last years election Barack Obama is still our president. That means 4 more years of skyrocketing debt and slow economic growth. There are plenty of good tech start ups in nyc. Not sure the market but I know companies like streeteasy.com, guilt city, ect are doing well.

Certain areas in Brooklyn, like brooklynnheihts and Williamsburg have gentrified tone point that they are as expensive as manhattan. You can find good deals in prospect heights, boreum hill, ect are improving. Also look at Long Island city in queens
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Re: OT: Job market in NYC? 

Post#7 » by CarMalone » Tue Jan 22, 2013 6:22 am

Just out of curiosity, how's the legal job market? I'm considering moving to NYC and taking the NY bar.
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Re: OT: Job market in NYC? 

Post#8 » by Falstaffxx » Tue Jan 22, 2013 11:42 am

The parts of Brooklyn that are convenient for getting to Manhattan are expensive. I have a cheap (by NY standards) apartment because it takes me an hour to get there.
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Re: OT: Job market in NYC? 

Post#9 » by Knicks_Fan2 » Tue Jan 22, 2013 2:26 pm

CarMalone wrote:Just out of curiosity, how's the legal job market? I'm considering moving to NYC and taking the NY bar.


Not great for attorneys who havent already secured jobs through law school recruiting. There is a sea os unemployed lawyers here trying to jump on every random job opening.

Id suggest studying for the ny bar where you are, assuming its cheaper, take it pass it and apply from there. No reason to move here and pay exorbitant living costs especially when youre simply studying for the bar
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Re: OT: Job market in NYC? 

Post#10 » by R-DAWG » Tue Jan 22, 2013 6:42 pm

Legal, tech, finance...the job market isn't great anywhere. There is still a lot of uncertintity with the debt ceiling, getting a balanced budget passed, new regulations, ect.

It's not a new york thing, or american thing, it's global.

Take my hate for Obama's policies (and Bush's as well) out of it, were not even halfway up a steep hill. I don't think were going have a double dip recession, but I think the recovery is moving very, very slowly.
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Re: OT: Job market in NYC? 

Post#11 » by JV4MVP » Tue Jan 22, 2013 7:53 pm

R-DAWG wrote:Legal, tech, finance...the job market isn't great anywhere. There is still a lot of uncertintity with the debt ceiling, getting a balanced budget passed, new regulations, ect.

It's not a new york thing, or american thing, it's global.

Take my hate for Obama's policies (and Bush's as well) out of it, were not even halfway up a steep hill. I don't think were going have a double dip recession, but I think the recovery is moving very, very slowly.


Just to add my 2 cents... if someone is pursuing the financial industry, I strongly encourage them to start with an accounting academic background while focusing on being personable and networking like crazy. You'll have a skill that is in demand in a shrinking industry and will have an edge over a lot of the stiffs that work in similar roles and have no personality.

I studied economics at a good liberal arts school but in hindsight it wasn't the best value considering I graduated right as the financial crisis began (failure of Bear Sterns). I was fortunate to land a job in a support trading role and now in an analyst capacity for a private equity firm. In my opinion, investment banking was in a bubble and the salaries/opportunities that existed in 2003 are forever gone... you'll continue to hear about today's success stories but the #s will be far less numerous and will follow an exaggerated Pareto distribution.

I'm a fan of Ron Paul but can't blame Obama too much... there is always uncertainty. I'm not complaining against regulation against the sell-side firms (mostly banks) either as they are more at fault than any gov't policy. Let hedge funds and investors take risks, not banks. Perhaps the biggest culprit is the Federal Reserve who provided easy credit.... the aftermath of Greenspan era. Ok, enough with the rant. Entering finance is going against the grind now... it's not what it used to be. If you study accounting/auditing/etc. and get your CPA then you can try to work for a Big 4 or similar firm for 3 years... then you can move into a very lucrative consulting, hedge fund, etc. role.
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Re: OT: Job market in NYC? 

Post#12 » by Nyphantom » Wed Jan 23, 2013 12:21 am

Regression2u wrote:
Yoga wrote:Hi, I am a Raptors fan from Toronto. I was wondering what is the economic situation in NYC? And how long does it usually take to get a technology / engineer entry level position? I've heard Brooklyn is a cheap place to stay with a lot of young professionals.


Yoga,

I work in NY (am Raps fan as well). Not sure about tech, but finance is very bad (I work in Private Equity) right now. What type of engineering and what specific industry (a lot are in finance because of quant background)? I'm not sure if NY is the best place for Fortune 500 actual tech- (semiconductors, comms, etc.) sector firms. Obviously a lot of those firms are based out of Cali, Texas, etc. and a lot of engineering roles have been outsourced to India. Knowing the target role and company helps. I can ask a former co-worker who studied engineering at Ohio State (worked in trading in Stamford) for his opinion.

IBM has significant operations in the citys' suburbs (Westchester and Long Island). GE is based in Stamford. Those may be relevant for traditional engineering roles. The above posters' link provides a list of tech companies that are mainly online startups on the service side. Again, what type of engineering and what's the ideal role? Service or manufacturing?

Also, Brooklyn is cheap relative to Manhattan, not the metropolitan Toronto area. If you stay in the nicer areas (~Park Slope, Brooklyn Heights) you'll need roommates to have a nice place on a entry level salary (~55k). Ok Studious in Manhattan are ~2k+ a month... def look for roomies. You can get a nice place in a trendy area such as Chelsea, Soho, Greenwich Village for $5,000 split 3 ways. That's what most of my peers do... until the permanent gf situation.


Long time lurker here, any chance you guys are hiring for an entry level analyst?
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Re: OT: Job market in NYC? 

Post#13 » by JV4MVP » Wed Jan 23, 2013 1:57 am

Nyphantom wrote:Long time lurker here, any chance you guys are hiring for an entry level analyst?


Unfortunately not that I know off. We did hire several senior personal (in-house lawyer and two individuals w/ consulting backgrounds) in the fall.

FWIW I'm in my ~mid-20s and am the most junior person, aside a younger executive assistant. It is at a boutique PE firm. I'm not particularly happy because I wasn't given an associate position although I have prior experience as an intern at a bulge bracket IB and a a VC firm, as well as working FT for 2 years as a trading assistant for a fund. I'm pessimistic about the financial sector. I highly recommend you pursue industry certifications such as the CFA or CAIA, or if still in school to study accounting alongside finance and if possible minor with a liberal arts study in a field such as economics. If you want to work at a bank, try to get an internship at a broker-dealer as long as it would sponsor you for any Series' exams. You'll need to eventually renew them but they're good attributes when interviewing for a sell-side institution. On the buyside, it's scary seeing NYU resumes for essentially secretarial internships.
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Re: OT: Job market in NYC? 

Post#14 » by Nyphantom » Wed Jan 23, 2013 4:24 am

Regression2u wrote:
Nyphantom wrote:Long time lurker here, any chance you guys are hiring for an entry level analyst?


Unfortunately not that I know off. We did hire several senior personal (in-house lawyer and two individuals w/ consulting backgrounds) in the fall.

FWIW I'm in my ~mid-20s and am the most junior person, aside a younger executive assistant. It is at a boutique PE firm. I'm not particularly happy because I wasn't given an associate position although I have prior experience as an intern at a bulge bracket IB and a a VC firm, as well as working FT for 2 years as a trading assistant for a fund. I'm pessimistic about the financial sector. I highly recommend you pursue industry certifications such as the CFA or CAIA, or if still in school to study accounting alongside finance and if possible minor with a liberal arts study in a field such as economics. If you want to work at a bank, try to get an internship at a broker-dealer as long as it would sponsor you for any Series' exams. You'll need to eventually renew them but they're good attributes when interviewing for a sell-side institution. On the buyside, it's scary seeing NYU resumes for essentially secretarial internships.


I'm currently working at a large Asian commercial bank in NY doing credit analysis. I have a BS and MS in a quant degree from Columbia, about 1.5 years out of school. The market is absolutely brutal, been trying to find better opportunities in investment banking/investment management but no luck. I'm actually going to be taking CFA level 1 in June this year. Unfortunately its been impossible for me to get into ibanking since i never landed an internship in school, and now I'm SOL having missed out on campus recruiting for the BB.
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Re: OT: Job market in NYC? 

Post#15 » by JV4MVP » Wed Jan 23, 2013 4:48 am

Nyphantom wrote:I'm currently working at a large Asian commercial bank in NY doing credit analysis. I have a BS and MS in a quant degree from Columbia, about 1.5 years out of school. The market is absolutely brutal, been trying to find better opportunities in investment banking/investment management but no luck. I'm actually going to be taking CFA level 1 in June this year. Unfortunately its been impossible for me to get into ibanking since i never landed an internship in school, and now I'm SOL having missed out on campus recruiting for the BB.


Well having those degrees from Columbia means that you'll be competitive if the industry rebounds. Columbia has a great Private Equity program but I'm not sure if you want to pursue that route considering you already have a MS... probably pursue an MBA after you get more experience.

Also consider yourself lucky doing credit analysis and at a big firm... at least your developing financial statement analysis skills which are applicable in a future role.

Have you thought about a trading role considering your quant background? Not S&T, but on the buyside helping with algos, trade support, risk mgt, etc. A lot of those positions require a PH D but a quant MS may be sufficient as long as you can code and grasp math... check out efinancialcareers. Search for the jobs in CT... supposedly more opportunities in Stamford/Greenwich/Wilton.

Two of my good friends had awesome jobs but their roles, and income, have begun to stagnate. One is in asset mgt, the other works in marketing for a HF... both are preparing resumes and talking with recruiters. Sh1tty times.
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Re: OT: Job market in NYC? 

Post#16 » by Yoga » Wed Jan 23, 2013 8:19 pm

:o NYC is more expensive than I thought....will have to look at Boston or San Francisco
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Re: OT: Job market in NYC? 

Post#17 » by MaseInYourFace » Wed Jan 23, 2013 8:40 pm

The best job market for someone with your skillset is on the west coast. Things are pretty tough in NYC right now. I know of quite a few people that have not left their current jobs although they are underemployed because they are afraid of not being able to find another job easily also many feel it is harder to find work unemployed. NYC offers some opportunities with startups for people with your skills but they are hard to come by, tech and engineering have traditionally not been strong employments sectors in NYC.
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Re: OT: Job market in NYC? 

Post#18 » by MaseInYourFace » Wed Jan 23, 2013 8:57 pm

Nyphantom wrote:I'm currently working at a large Asian commercial bank in NY doing credit analysis. I have a BS and MS in a quant degree from Columbia, about 1.5 years out of school. The market is absolutely brutal, been trying to find better opportunities in investment banking/investment management but no luck. I'm actually going to be taking CFA level 1 in June this year. Unfortunately its been impossible for me to get into ibanking since i never landed an internship in school, and now I'm SOL having missed out on campus recruiting for the BB.


I noticed you work for an Asian bank. Do you know any languages? That is the angle I think you should work. There are a lot of opportunities overseas. I do believe things will get better here in the U.S eventually but seriously there is a lot of money to be made in Asia and Latin America in particular if you have the language skills and the overall package. You are young so I assume you are not hitched, so travel should not be an issue for you...
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Re: OT: Job market in NYC? 

Post#19 » by Never Wrong » Wed Jan 23, 2013 10:39 pm

Yoga wrote::o NYC is more expensive than I thought....will have to look at Boston or San Francisco

There's not a single city in the United States that has a higher cost of living than New York City. So yeah, every other place will be cheaper. But if you really had your heart set on working in Manhattan, you could stay across the river in Jersey. ~15 minute train ride. Slightly cheaper but costs are rising there as well and probably still higher than most places in the US.
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Re: OT: Job market in NYC? 

Post#20 » by JV4MVP » Wed Jan 23, 2013 11:56 pm

Never Wrong wrote:
Yoga wrote::o NYC is more expensive than I thought....will have to look at Boston or San Francisco

There's not a single city in the United States that has a higher cost of living than New York City. So yeah, every other place will be cheaper. But if you really had your heart set on working in Manhattan, you could stay across the river in Jersey. ~15 minute train ride. Slightly cheaper but costs are rising there as well and probably still higher than most places in the US.


San Francisco is the closest 2nd. Food is arguably more expensive.

That 15 minute ride from Hoboken can become 40 minutes depending on where you work and subway transfers. My commute is 45 minutes but from LI... from UES on the 6 it was literally 10 minutes door to door.

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