OT: Job market in NYC?

[Starks1994]

: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.

Just be prepared to see NY State, NY City, and NJ taxes eat your paycheck

[21shumpshumpst]

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...

He is absolutely right. Ibank in NYC is brutal right now. Good luck finding anything. Go overseas earn money and stripes then try to come back.

[21shumpshumpst]

: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.

Don't live in Jersey. The commute is awful. It is not 15 mins. NJ transit/MTA are the absolute worst.

[Iamphilhughes]

: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.

Don't live in Jersey. The commute is awful. It is not 15 mins. NJ transit/MTA are the absolute worst.

I disagree. The path is pretty fast and comes frequently in the AM. Depending on where you work, it could be faster than commuting from way uptown or in BK, queens.

[D-BE-LAW]

Go to waterloo.

[D-BE-LAW]

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.

In hindsight what would be your alternative to economics?

[21shumpshumpst]

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.

Don't live in Jersey. The commute is awful. It is not 15 mins. NJ transit/MTA are the absolute worst.

I disagree. The path is pretty fast and comes frequently in the AM. Depending on where you work, it could be faster than commuting from way uptown or in BK, queens.

Sorry I meant don't live in jersey or any of the boroughs. Live in Manhattan. The boroughs are just as bad.

[21shumpshumpst]

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.

Spot on.

[sixersinsider]

How's the market for Barbers.Thats right I said Barbers.
I am interested in opening up a trade school teaching the
Tonsorial art and required theory required to pass the state
Board test at in The rotten apple!
Are their a lot of shops?
Have a lot of oriental shops popped up with cheap cuts?

[projectpaki]

http://www.forbes.com/sites/jennagoudre ... b-seekers/

[dabestspoona]

Tech is not too bad here. Plenty of jobs if your specialty is ruby on rails.

[JV4MVP]

In hindsight what would be your alternative to economics?

As I wanted to get into trading I wish I had majored in Applied Mathematics and minored in Economics and Computer Science. Learning a hard skill brings more value. With these 3 I could show that I can think both quantitative and qualitatively, execute a task applying a robust method, as well as being able to write some code.

The knowledge you gain studying at a liberal arts institution can be acquired as a hobby. Subscribe to The Economist digital ed as a student for $96. Listen to the audio format (~6 hours each week) and you'll be up to date with current economics, politics, int'l affairs, popular science and tech. And there are so many free resources out there: Khanacademy.com, lectures at iTunes U, bookshouldbefree.com for classics, etc.

Regarding Ibanking, your academic background can actually be absolutely anything. However, it is ridiculously competitive and the majority of the people in this field have been preparing since they were 12... getting into the best hs, sacrificing their social lives to run clubs, extracurricular activities, get top grades and high SAT scores... then get into an Ivy or semi-target school, excelling in college and graduating at the top of their class... playing a varsity level sport helps as well. Even though BB firms have struggled, it has not been uncommon for 1st years at middle-market and boutique firms to receive $135,000 (75k base, 60k bonus) in compensation. That's a lot of money but these ppl have busted their a$$es their whole lives and continue to work 90 hour weeks.

For the less ambitious, studying accounting is the path of least resistance to get into the financial industry right now. It is a tedious subject to pursue for 4 years and the certifications exams are stressful but it provides a lot of opportunities. The base salary is pretty good, 50-75k for most firms, the downside being that the max will be capped around $130k after a few years, unless you go on your own or switch to consulting, related. I'd say that most individuals leave after 3 years for bigger things anyways. The Big 4 provide a lot of training with is highly valued by buyside firms. The hours are better than banking, aside the end of the quarter sleepless nights.

Ouch to the forbes link that was posted... being the median salaries are in the mid-30s. The cost of living adjustment won't be that dramatic, rent being the major saver. There isn't a big difference for food, cars, entertainment, traveling, etc. though. Only in Texas where the taxes are low can you live a "good" quality of life in a metropolitan city making ~40k.

[NewYorkDon15]

In hindsight what would be your alternative to economics?

As I wanted to get into trading I wish I had majored in Applied Mathematics and minored in Economics and Computer Science. Learning a hard skill brings more value. With these 3 I could show that I can think both quantitative and qualitatively, execute a task applying a robust method, as well as being able to write some code.

Being good at quants is important especially with the amount of modelling that goes on and there is only a need for so many salesman to make pitch books in banking. The math aspect has gotten big since we have moved away from deterministic models to probabilistic.

I don't think there is any magical degree that leads to the banking industry. Banking values diversity just as much as consulting firms do. You need to have people that look at problems differently. There is a higher concentration of top tier MBAs but as far as undergraduate school goes I have a lot of liberal arts friends that majored in things like Opera, Art History, and Education that still found there way into Goldman. If you are really bright follow your passion don't look at education as giving you any sort of valuable technical skill. If you want a degree that will pay well there is only one out there become a MD. That is the only profession guarenteed to pay well you don't have to be bright to get it just hardworking.

Top firms are looking for problem solvers. That's why they ask strange questions like "Why is a street cover round", or "you are a pencil stuck in a blender, how do you escape?". My experience interviewing people has shown me this is not something people get from any paticular degree. The only nice thing about engineering majors is if they really were into it they probably learned to compartmentalize problems better, but it seems to me some people are naturally better then others at that.


If I could do it over again I think I would of just took paint classes in undergrad. Probably gone abroad a few times too.

[Dr. Detfink]

Depends on what your trade is.

I'm in the medical profession. I started in Detroit 1992-1996 then moved to NYC in summer of 1996-present. For those of us in the medical profession, the salary and job market in NYC is WORLD'S BETTER than Detroit. Back in 1996, my salary was FOUR times bigger when I moved here. Cost is obviously higher BUT the amount of over time and # of hospitals definitely has given me a social class upgrade as well as a better over all living for myself, family, and child.

Today there are still a lot of jobs in the medical profession but its VERY competitive and this is an aggressive town taking care of aggressive people at their worst moments. So it might be a challenge for some to make that transition. For me, it wasn't much of a problem.

Other professions, I dunno. It's definitely not the lifestyle in the movies where you just walk to work and BAM! there's the office setting.

[21shumpshumpst]

Depends on what your trade is.

I'm in the medical profession. I started in Detroit 1992-1996 then moved to NYC in summer of 1996-present. For those of us in the medical profession, the salary and job market in NYC is WORLD'S BETTER than Detroit. Back in 1996, my salary was FOUR times bigger when I moved here. Cost is obviously higher BUT the amount of over time and # of hospitals definitely has given me a social class upgrade as well as a better over all living for myself, family, and child.

Today there are still a lot of jobs in the medical profession but its VERY competitive and this is an aggressive town taking care of aggressive people at their worst moments. So it might be a challenge for some to make that transition. For me, it wasn't much of a problem.

Other professions, I dunno. It's definitely not the lifestyle in the movies where you just walk to work and BAM! there's the office setting.

I will piggy back on what Dr Detfink said and want to stress the bold. You need to have tough skin if you want to make it here in any profession.

This city will eat you up and spit you out if you don't have perseverance and tough skin.

[Yoga]

Depends on what your trade is.

I'm in the medical profession. I started in Detroit 1992-1996 then moved to NYC in summer of 1996-present. For those of us in the medical profession, the salary and job market in NYC is WORLD'S BETTER than Detroit. Back in 1996, my salary was FOUR times bigger when I moved here. Cost is obviously higher BUT the amount of over time and # of hospitals definitely has given me a social class upgrade as well as a better over all living for myself, family, and child.

Today there are still a lot of jobs in the medical profession but its VERY competitive and this is an aggressive town taking care of aggressive people at their worst moments. So it might be a challenge for some to make that transition. For me, it wasn't much of a problem.

Other professions, I dunno. It's definitely not the lifestyle in the movies where you just walk to work and BAM! there's the office setting.

I will piggy back on what Dr Detfink said and want to stress the bold. You need to have tough skin if you want to make it here in any profession.

This city will eat you up and spit you out if you don't have perseverance and tough skin.

I have heard that.....it's like a 3rd world country with the competition.

I am soft, so NYC is probably not for me.