Great video! I guess you have to ask yourself what your priorities are between those factors. For me I want a sustainable career and I just would burn out in that New York work culture. One thing I noticed when working in the New York office v London office is that the New York office is less social when it comes to after work but also when it comes to talking about personal life at work.
One of the things that often doesnt get mentioned is that UK pensions are way better, ie where I work I get 13% of my salary from my employer put into my pension and I get 30 days off a year. I have lived mostly in London but also NYC and cost of living in London is a lot less. When you compare the full package + the fact UK firms cant just sack you on the spot when down turns happen. So the full comp is closer than the headline figure of salary + bonus that most people see. Then lifestyle as well when you live in London is better imo. I can fly out to anywhere I like in the world and north america just cant compete with europe in terms of holiday destinations. So if you are lucky enough to have to choose between london vs nyc then I would say if you are a hustler, work super hard and dont care about time off and just want to make as much money as possible then nyc is the place for you. On the other hand if you want to make good money but also enjoy yourself London is an extremely nice city to live in if you are making £150k+ a year.
I'm agree with you the fact you need a 150.000 £ to get good life in London . I earn 54.000 £ per year before taxes, I'm living a decent life in London but when I think get married with my girlfriend, having kids, getting a mortgage for a tiny house in zone 4 or 5 , buying a family car pfffff I'm getting anxious about money if I can afford a completed life in London. I currently live with my girlfriend in Ladbroke Grove paying a rent and working a senior engineer , I don't feel will get a salary of 150k £ in my field.
The “headline” salary and bonus numbers only tell part of the story. When you factor in pensions, more robust benefits, better job security, and more generous vacation time, the compensation gap between London and New York might narrow considerably-especially for mid- to long-term career prospects. In other words, if you’re looking for a balanced life and solid financial rewards, London can be an excellent choice. If your focus is purely on maximizing income in the shortest possible time (and you’re comfortable with a leaner benefits package and fewer holidays), NYC might still win out. It all depends on personal lifestyle preferences, career ambitions, and risk tolerance.
European bonuses will smaller than NYC for the foreseeable future as any bonuses at a financial instiution over 50k euros has to be share holder approved if its more than 100% of the base. So finding salaries with cash or even stock bonuses over 100% of base in europe is rare for anyone under MD level and this has been the case for 10 yrs now. It's called the EU 2013/36 directive for anyone who cares and wants to read up on it.
Was in Manhatten recently. Gallon of Milk is $10..Stamford , CT IS really nice though..Also a factor in that markets open 9.30 in NYC in London its 8 .. that extra 90 minutes is a godsend if your not a morning person ( and if you are not a morning person . Finance is def not for you)
High Costs in NYC: Yes, the cost of living can be staggering (including groceries!). However, many finance professionals see it as a trade-off for career opportunities and proximity to top firms. Suburban Refuge: Living outside Manhattan (e.g., in Stamford, CT) can offer a balance: lower rent, more space, and still reasonable access to NYC. Morning Person Advantage: Finance does tend to reward those who can handle (or even enjoy) early starts. If you’re not naturally a morning person, it’s possible to adapt-but expect some extra effort to keep up with markets and deal flow.
to actually do well and sustain a long career, you have to bring more to the table than just dollar signs in your eyes-curiosity, tenacity, and a willingness to learn the ropes. If you’re solely fixated on money, the demanding nature of the job can quickly lead to burnout or lackluster performance. Hence, the cliché is true for a reason: You can’t only be in it for the money, or you probably won’t last long enough to make the big money.
Both cities are world-class finance hubs. New York might appeal to those who prioritize maximum earning potential and high-intensity deal flow. London might fit those who want a strong career in finance with a bit more holiday and a slightly more balanced pace of life.
Great video once again! Only thing I want to add is that base salaries in London are currently mich higher than you mentioned (at around £70k on average)
Would you like to make a video on how to network People in IB and get recruited in London from asia region as this is the most hectic struggles of finance professionals to move to high finance jobs from 3rd world countries like, India/Pakistan
Just a quick question if you work in london in an investment bank and do an intracompany transfer to new york, will you be paid the same as the guys in New york or still like in London?
Working in finance is not easy anywhere I guess the difference between NY and London if once you get to the level of that intensity it's the marginal difference between working 12 hours a day or working 16 hours a day and the additional pay you squeeze out of it
I see you comment a lot on Investment Banking careers. However, I saw on your Linkedin you were in the GSAM division of Goldman Sachs. Additionally, you have no previous experiences in actual Investment Banking. When were you an Investment Banker?
Great Video, can you share a detailed video on topic ‘ How an Indian Professional working in India in an Investment Bank can apply for foreign investment bank job?
This doesn't change anything. Bonuses weren't capped before, only the percent of base you could pay out. This meant for MDs if you want to reach 3m total comp you must pay 1m in base or compensate in other ways. This means at the analyst-VP level where 200% bonuses are exceedingly uncommon anyways this will have no effect. Base pay is always better than bonus. You don't decide which apartment to rent on bonus. If removing the bonus cap is aimed at keeping base pay low, I think this is a terrible tradeoff for junior bankers in particular.
The cap was never an actual cap. All it meant was the immediate cash bonus couldnt be more than a certain multiple of base. Base salaries increased as a result of the 'cap', most bankers were very happy with that arrangement.
@AfzalHussein which market nyc or london is best for a person who want to pursue his career as a trader whether stocks or etc? and which market will provide him with the opportunities to learn more in trading?
It is better to invest now. You will never be younger than you are today and there will never be a perfect time to invest. Due to compounding,, which Einstein called the 8th wonder of the world,, you can get rich slowly from investing if you do it from a young enough age...
There's no financial centre in the US other than New York that can actually rival London, apart from maybe salaries since they tend to be higher across the board in the US compared to the UK. You'd still make more money than in London if you work in other centres such as Boston, LA, San Francisco and Chicago.
Goldman Sachs pays R$ 2700 (US$ 465) a month for an intern in Brazil. US$ 5580 a year for 6 hours of work a day, 12 months. Cleaning ladies and gas station attendants make more than that. And no, things are not so cheap here.
It's the second largest financial centre in the world, and was number one not too long ago. London is very popular with those from the Middle East and Asia for big deals. More dollars are traded in London than even NYC!
❤. As usual, great one! But Agzal, I have a question how much is the possibility that you think the big IB'S like GS, Morgan, or Chase hire people from India if a particular indian has 2-3 years of work experience in Investment banks in India?? Do they really hire? If they do! What preparations should one do to pass their Interview?
The quality of your videos are so good
Ah thanks!
I'd love to see a video on how to analyse a bank's financial statements and what they say about Financials vs other stock market sectors.
Great video! I guess you have to ask yourself what your priorities are between those factors. For me I want a sustainable career and I just would burn out in that New York work culture. One thing I noticed when working in the New York office v London office is that the New York office is less social when it comes to after work but also when it comes to talking about personal life at work.
These videos are class.
Thanks!
First! Notification gang. Afzal dropping another gem
💪🏽💪🏽
@@AfzalHussein Just purchased my copy. Excited to get through it tonight.
🙌🏽🙌🏽
Would be really interesting to see something similar for some of the 'newer' markets such as Dubai / Hong Kong.
In the recent rankings, Dubai is at like Sydney's level (around 16th position). HK is now 4th, down from 3rd rank.
Singapore is picking up steam too, although not for M&A.
Hong Kong is a new market? lol.
@@FunkyChild718 haha 'newer' than the 'old' markets London and New York
@@PocketInfinite what rankings are these
One of the things that often doesnt get mentioned is that UK pensions are way better, ie where I work I get 13% of my salary from my employer put into my pension and I get 30 days off a year. I have lived mostly in London but also NYC and cost of living in London is a lot less. When you compare the full package + the fact UK firms cant just sack you on the spot when down turns happen. So the full comp is closer than the headline figure of salary + bonus that most people see. Then lifestyle as well when you live in London is better imo. I can fly out to anywhere I like in the world and north america just cant compete with europe in terms of holiday destinations. So if you are lucky enough to have to choose between london vs nyc then I would say if you are a hustler, work super hard and dont care about time off and just want to make as much money as possible then nyc is the place for you. On the other hand if you want to make good money but also enjoy yourself London is an extremely nice city to live in if you are making £150k+ a year.
The flip side is tax a lot lower in NY
I'm agree with you the fact you need a 150.000 £ to get good life in London .
I earn 54.000 £ per year before taxes, I'm living a decent life in London but when I think get married with my girlfriend, having kids, getting a mortgage for a tiny house in zone 4 or 5 , buying a family car pfffff I'm getting anxious about money if I can afford a completed life in London.
I currently live with my girlfriend in Ladbroke Grove paying a rent and working a senior engineer , I don't feel will get a salary of 150k £ in my field.
The “headline” salary and bonus numbers only tell part of the story. When you factor in pensions, more robust benefits, better job security, and more generous vacation time, the compensation gap between London and New York might narrow considerably-especially for mid- to long-term career prospects.
In other words, if you’re looking for a balanced life and solid financial rewards, London can be an excellent choice. If your focus is purely on maximizing income in the shortest possible time (and you’re comfortable with a leaner benefits package and fewer holidays), NYC might still win out. It all depends on personal lifestyle preferences, career ambitions, and risk tolerance.
European bonuses will smaller than NYC for the foreseeable future as any bonuses at a financial instiution over 50k euros has to be share holder approved if its more than 100% of the base. So finding salaries with cash or even stock bonuses over 100% of base in europe is rare for anyone under MD level and this has been the case for 10 yrs now. It's called the EU 2013/36 directive for anyone who cares and wants to read up on it.
Great and detail information. That was really helpful. Thanks a lot..!!
Was in Manhatten recently. Gallon of Milk is $10..Stamford , CT IS really nice though..Also a factor in that markets open 9.30 in NYC in London its 8 .. that extra 90 minutes is a godsend if your not a morning person ( and if you are not a morning person . Finance is def not for you)
😅🤦🏽♂️
High Costs in NYC: Yes, the cost of living can be staggering (including groceries!). However, many finance professionals see it as a trade-off for career opportunities and proximity to top firms.
Suburban Refuge: Living outside Manhattan (e.g., in Stamford, CT) can offer a balance: lower rent, more space, and still reasonable access to NYC.
Morning Person Advantage: Finance does tend to reward those who can handle (or even enjoy) early starts. If you’re not naturally a morning person, it’s possible to adapt-but expect some extra effort to keep up with markets and deal flow.
to actually do well and sustain a long career, you have to bring more to the table than just dollar signs in your eyes-curiosity, tenacity, and a willingness to learn the ropes. If you’re solely fixated on money, the demanding nature of the job can quickly lead to burnout or lackluster performance.
Hence, the cliché is true for a reason: You can’t only be in it for the money, or you probably won’t last long enough to make the big money.
Great and honest insight, thanks Afzal!
Pleasure! 😊
Afzal make a video about career in Equity Research in USA or London too. (I’m a student from Brazil)
Added to the list! 💪🏽
@@AfzalHussein which market nyc or london is best for a person who want to pursue his career as a trader whether stocks or etc?
Someone told me when they went New York everyone seemed depressed. This must be why
New York is far more intense with a stronger work ethic than London or UK in general
Both cities are world-class finance hubs. New York might appeal to those who prioritize maximum earning potential and high-intensity deal flow. London might fit those who want a strong career in finance with a bit more holiday and a slightly more balanced pace of life.
Holidays meaning vacations?
I think the starting salary in London is a bit dated. S&T offer was 75k sterling plus bonus.
You’re a 💎
🙌🏽
the US also fires employees easily...
Great content as always, any chance we can get an "introduction to S&T" book in the future? Cheers
It's in the pipeline 😉
@@AfzalHussein good stuff 👍
True Gem
💪🏽💪🏽
Great video once again! Only thing I want to add is that base salaries in London are currently mich higher than you mentioned (at around £70k on average)
Would you like to make a video on how to network People in IB and get recruited in London from asia region as this is the most hectic struggles of finance professionals to move to high finance jobs from 3rd world countries like, India/Pakistan
Great content! What do you think about the CFA ESG exam? Is it worth doing for asset management?
Sounds like woke propaganda to me.
Can you please make a video on what does investment bank analyst does , role of analyst.
Can you please make videos on RFP roles in asset management and exit opportunities?
what do you think about tokyo?
Just a quick question if you work in london in an investment bank and do an intracompany transfer to new york, will you be paid the same as the guys in New york or still like in London?
Working in finance is not easy anywhere
I guess the difference between NY and London if once you get to the level of that intensity it's the marginal difference between working 12 hours a day or working 16 hours a day and the additional pay you squeeze out of it
I see you comment a lot on Investment Banking careers. However, I saw on your Linkedin you were in the GSAM division of Goldman Sachs. Additionally, you have no previous experiences in actual Investment Banking. When were you an Investment Banker?
It’s possible to work in IB in New York if you are from the uk?
Great Video, can you share a detailed video on topic ‘ How an Indian Professional working in India in an Investment Bank can apply for foreign investment bank job?
Yessir!
n you talk about London removing bonus cap on bonuses? So will the pay be like pre 2008?
This doesn't change anything. Bonuses weren't capped before, only the percent of base you could pay out. This meant for MDs if you want to reach 3m total comp you must pay 1m in base or compensate in other ways. This means at the analyst-VP level where 200% bonuses are exceedingly uncommon anyways this will have no effect.
Base pay is always better than bonus. You don't decide which apartment to rent on bonus. If removing the bonus cap is aimed at keeping base pay low, I think this is a terrible tradeoff for junior bankers in particular.
The cap was never an actual cap. All it meant was the immediate cash bonus couldnt be more than a certain multiple of base. Base salaries increased as a result of the 'cap', most bankers were very happy with that arrangement.
@AfzalHussein which market nyc or london is best for a person who want to pursue his career as a trader whether stocks or etc? and which market will provide him with the opportunities to learn more in trading?
It is better to invest now. You will never be younger than you are today and there will never be a perfect time to invest. Due to compounding,, which Einstein called the 8th wonder of the world,, you can get rich slowly from investing if you do it from a young enough age...
Does the other offices in the US meet these metrics New York won as well
There's no financial centre in the US other than New York that can actually rival London, apart from maybe salaries since they tend to be higher across the board in the US compared to the UK. You'd still make more money than in London if you work in other centres such as Boston, LA, San Francisco and Chicago.
Goldman Sachs pays R$ 2700 (US$ 465) a month for an intern in Brazil. US$ 5580 a year for 6 hours of work a day, 12 months. Cleaning ladies and gas station attendants make more than that.
And no, things are not so cheap here.
should come and work in Luxembourg
Why did you choose to work at Goldman Sachs instead of a company like Blackrock
lmao, you can't shop around like that buddy
Also new york hrs are longer due to the fact that usa does more deals due to the economy
UK has stricter labour laws than the US that's why offices in NYC can get away with long hours.
New York is better in terms of remuneration
For now the dollar is stronger…😈
London for banking is like playing football at the farmer's league
what a stupid comment, probably from a stupid person
More like Championship
It's the second largest financial centre in the world, and was number one not too long ago. London is very popular with those from the Middle East and Asia for big deals. More dollars are traded in London than even NYC!
❤. As usual, great one! But Agzal, I have a question how much is the possibility that you think the big IB'S like GS, Morgan, or Chase hire people from India if a particular indian has 2-3 years of work experience in Investment banks in India?? Do they really hire? If they do! What preparations should one do to pass their Interview?
New York is answer no comparison
Get my 100-page 'Introduction to Investment Banking' career guide here: careerguides.io/individual_guide/introduction-to-investment-banking
Hey Afzal .. You share impressive & knowledgeable content.
Do make a video on CA UK (+ India) and how these CA's can join the IB industry.
Are there any discount codes for current students for these guides?