The Best States for Investment Banking Jobs

One way you can boost your chance of landing an investment banking job is to go where the jobs are. That’s the word from Investopedia, which recently published an article on the best states for IB jobs. It was picked up by the San Francisco Chronicle which, not so coincidentally, was among the top areas (California) for investment banking.

No surprise that New York was at the top of the heap. 33 out of 50 top investment banks have their headquarters there. However, New York is also the eighth most expensive city in the world, and has a top marginal tax rate of 45% eating into your earnings.

California is the west coast financial center of the universe. Investment banking jobs cluster around Los Angeles and San Francisco. While there are only three worldwide headquarters in California, most of the big banks have sizeable regional offices there. LA and SF are also expensive cities, but far down the list at 23rd and 36th respectively.

Chicago, Illinois, comes in third. Chicago is well known for its Chicago Board of Trade and Chicago Mercantile Exchanges, involved primarily in the trading of commodities and derivatives. But all the major investment banks such as Goldman Sachs, Morgan Stanley, Deutsche Bank and others have offices there. The other upside: it’s a lot less expensive than living on the coast. Chicago was ranked 50th on the list of expensive cities and the state of Illinois has a much lower income tax rate.

What’s your take? What other cities in the U.S. would you rate as attractive centers of investment banking activity, as well as great places to live? Add your comments below.

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CM July 17, 2010 at 4:21 am

Apart from business, most people prefer specific cities for various factors – personal likeliness, reasons reasons they are personal about, emotional attachment, etc. My son is in investment bank in Miami. I love his idea of rushing to beach whenever there is a chance.

Amy Stern July 18, 2010 at 9:33 am

Yes, you are right. You have to find out where investment banking jobs are available. Then you could start your search for job openings. Deciding what state you want to be in is only the beginning of your search. Other than being qualified and ready for the job, you have to know how to present yourself at the interview.

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