3underscore wrote:
Working in a satelitte office has less hours, less work, less money, less recognition.
Totally agree with that. Still, I think it's an option that some people might find appealing. 1st year comp is averaging $225-275k at the big firms in NY, but some people might find the 80-100 hours week after week too much. People might find 60-80 hours a week more manageable, earning $175-200k 1st year in LA or SF, with an outside shot of making as much as the people in NY. Factor in a lower cost of living (everywhere costs less than NY, even SF) and things start to look a little different. Also, don't forget that if you want to live it up with a condo in NY, you'll have to pay city income tax, on top of state and federal (learned that one the hard way).
$175k to start in LA or SF and leaving most days while the sun is still out (in the summer months at least) might be a pretty nice option for those that want to get paid (or is that pay'd) but aren't willing to forfeit their lives completely to the grind. There is no doubt that you'll be missing out on the big deals if you aren't in NY; heck that's the reason I moved from LA to NY as a lawyer - to do the big deals. Personally, I'm over that silliness, but everyone needs to find out for themselves, and I support the idea that everyone should at least spend some time working in NY if they can.
There is also another option - for those willing to give up a little prestige to have a little better quality of life. Some middle market firms are doing brisk business these days and paying almost as well as the glamorous big names, at least in the early years. I think there's less of a sense that you need to sell your soul to these firms when you work there, but of course you're not going to impress the maitre'd or make the cover of Barron's (so to speak). Here's a link to the Vault.com summary for Houlihan Lokey:
https://www.vault.com/eprints/HoulihanLokey2006.pdf
So if you want it all, the big bucks, big nameplate, big deals and big recognition, you'll have to join one of the big-name Ibanks. If you're willing to give up a little cash or prestige or access, I think there are reasonable alternatives for careers in finance (in addition to the corporate finance roles already discussed).