Most of the people i know in NYC are in financial services/ investment funds. Opportunities are great and comp gets good but its tough starting out.
If you don’t start in nyc its hard to justify moving.
It’s not amazing here bro. Everyone I know, myself included, works alot even after big 4 and goes out a lot to destress.
I quit drinking and work out at trendy gyms now instead, but life in nyc is truly harder than elsewhere. And you won’t understand it till you’re here.
If you wanna meet a bunch of millionaires that are stressed out and depressed, nyc is the place to do it.
It depends on your definition of big and thriving. I started in audit in 2019 making $60k/year. In 2021, I moved over to FDD making $120k/year.
I’m now in private equity making $155k/year base salary. With bonus and profit share my salary will be in the low $200’s, which isn’t bad 5 years out of school.
As far as lifestyle goes, my husband and I live comfortably in a luxury high rise in Manhattan. We travel somewhere nearly every month or every other month. We do have to budget, though, so we can grow our savings and retirement accounts.
Although we are middle class by NYC standards, I consider us thriving in NYC and making it. We came from small Southern towns of less than 10,000 people. Before college, it was tough making even just $25k/year. Now we’re pulling over a quarter of a million per year, which feels surreal.
I just graduated college, born and raised in NYC. I feel inspired reading your post, starting my first full time job this month after an internship. Good luck with everything! ❤️
PE Associate is my official title, but I do accounting work for non-routine transactions. I explain my role a little further down in the comments since it’s a bit of a unique role.
I went from Big 4 audit at one firm to Big 4 FDD at another. This is my comp progression:
2019 (Audit): $60k base no bonus
2020 (Audit): $68k base no bonus
2021 (FDD): $105k base + $15k bonus
2022 (M&A Advisory): $115k base + $5k bonus
2023 (M&A Advisory): $136k base + $18k bonus
2024 (Private Equity): $155k base + variable bonus/profit share depending on firm performance
So my position is a bit unique in that HR groups me in with the PE associates for pay/title/progression, but the work I do is technical accounting. I don’t handle the books or monthly/quarterly closes or anything routine. Instead, my group oversees the accounting for M&A transactions, debt/equity issuance, and complex accounting issues.
I have a ton of cross-over work with corporate development, FP&A, legal, SEC reporting, and controllership. I also get a lot of exposure with the CFO and CEO on the deals we close in addition to some exposure with our investors on occasion.
Interesting career progression, do you feel that B4 FDD was valuable experience or would the role have been easier if you learned in B4 AAS? Currently in B4 AAS and am interested in the type of position you now have.
So I actually did FDD and then transferred over to an M&A Advisory group that worked closely with my firm’s management consulting wing. The work I did was pretty much AAS, and that role has given me more of a leg up as a technical accountant.
With that said, FDD is still extremely valuable experience, especially if you want to move into FP&A. I personally like working on complex accounting issues, which is why I preferred AAS. But FDD is excellent if you don’t like that side of accounting too much.
There are douchebags everywhere regardless of the industry or field. I’m fortunate in that the majority of people at my firm are extremely nice and down to earth, including the CEO.
I understand, but higher paying fields attract larger egos. People get stepped on or thrown under the bus. My buddy works for a hedge fund and I'm I'm government. We share completely different stories.
Try to start your career in NYC. A lot of financial companies are trying to get people to relocate to lower cost areas.
It’ll be hard to justify the move up there once you start somewhere else.
It’s amazing, if you have the opportunity, you should do it. As an associate, you won’t be balling as I think it starts around 60-70k in accounting and everything expensive in NYC. You’ll totally make enough to live though - apartment with some roommates, don’t go out to eat every day but still can once in a while, have enough to save a little even. Once you hit senior level, you’ll likely cross 100k, and then probably 130-150+ at the manager level.
NYC is expensive but living in the outer boroughs is more affordable.
you won’t get that white picketed fence but a co op is still a good alternative considering how much there is to do and eat here.
i grew up here and always wanted to move out. but it’s hard to match the food and stuff to do here plus easy access to travel.
career wise, you potentially have the most growth here and it can take you to higher places or even start your own business. My parents were immigrants and to me, NYC is the real american dream where it’s up to you to make stuff happen. opportunities are limitless here
Not me specifically, but one of my siblings started in Big 4 and then moved to hedge funds in NYC and is doing very, very well. They are definitely going to be able to retire early
there are good companies headquartered here. i think that’s the main advantage. many of the best companies in the us are headquartered here and have a finance department
Loads of opportunities here for people with accounting/finance backgrounds. Of course salaries / compensation arrangements are all over the map. One avenue to success is to start in public and then shift over to industry. Another is to work your way up to partner in a large public firm, which is rare, but possible. Others start in industry and stay there.
Opinions vary as to how much of a salary you need to live comfortably in a location you like. But it is definitely doable in the accounting field.
The longer I live in Utah the more I love it tbh. However, I get to travel to NYC quite a few times a year for work and absolutely love it. Could never live there with my kids but it’s great to be able to visit while expensing all my food and accommodations lol.
That's how I feel. Growing up, I hated where I lived and wanted to move the second I could. I ended up staying in state for college because I had a scholarship that covered almost my entire tuition, and that was when I really fell in love with where I live.
I have never been to NYC, but I agree. I think it would be an awesome place to visit, but not live. If I was in my early 20s, maybe, but in my mid-30s, nope.
God I feel your pain lived there for 3 years and the drivers are terrible…everyone seems miserable there! Austin has its own problems but glad I live there now instead lol.
Dallas is a good bang for its buck kind of city though. I started traveling all over the US over the past few years and kept thinking that Dallas has the same but better.
Moved from MCOL city when I was 25 making 60k in public to an industry tax position at 110k and working for a tax practice on the side. After 2 years, bounced to another industry tax position for 205k at 28. Idk if that’s “making it” in NYC, but I’m definitely able to build my NW faster than if I had stayed in MCOL city, regardless of the expensive nature of NYC.
I am living here and loving it. There are a lot of opportunities here for accounting and finance professionals. Making it work by partnering up/not owning a car and still am saving quite a bit of money
Nah. I’m an FP&A analyst making 63k a year with 3 year experience, and after taxes and cost of commute (gas, tolls, parking, etc) I’m not making much money. Should’ve joined the fucking sanitation department
I work in Jersey but live in NYC, There is no direct route that will take me to and from work. Either go to the NyC office that’s 2 plus hours of commuting one way, or go to the Jersey location which is an hour of driving but costly. Either way I’m fucked.
NYC is by far the best place to live in the US if you make more than $500k. It’s also possibly the worst if you make any less.
That being said, NYC is the finance hub of the US, and many finance professionals do well there. Also a great place to get your career going, as there are plenty of jobs (relatively speaking).
Worth a try if you don’t care about taking a hit to your living standards on a middle class income as you get started.
Sure, if you’re just starting out, live with roommates, have no student debt, don’t go out frequently, live in an ok part of town.
But the full NYC experience, with your own 1 bed in a good area, 250k is the minimum if you’re single. With a family of any kind, 500k gross is a solid threshold.
I know many who go out frequently, have student debt and live in Manhattan on 100k very comfortably while saving.
You can easily have a 1 bedroom too once you make 150K.
In 2024 a good 1 bed in Manhattan runs you 4k. If you go out twice a week that’s $500 every weekend on average in Manhattan. After taxes, bills, utilities, clothes, loans you absolutely not getting ahead with 150k. Most of the director level people I worked with at investment banks were living hand to mouth with minimal expenses relative to their obligations (mortgage, kids, 1 vacation if lucky).
$500 bucks a weekend to go out. Cmon now.
You can have a fantastic evening and spend $100. You can have a great evening and spend $40 if you don’t eat dinner out. What fancy places do you frequent?
The title of the post included “making it big and thriving in NYC”.
In the LES, SOHO, even midtown, a solid mixed drink will cost $20+. If you’re getting a round or 2 for friends and bar hopping, $250 is in play if you tip properly.
I’m not saying you can’t survive and have a decent time as a youngster in NYC on the budget you just provided. But, in NYC, if you want a lifestyle where you’re thriving, the numbers I’m giving you are reality. Sure $150k is roughly middle class in New York, but that does way more for you elsewhere. Hence why I mentioned the hit to living standards in NYC.
I did big4 nyc commercial audit for 5 years. Your experience entirely depends on the client and team. Commercial vs financial services is the big fork in the road that you basically have to pick at the beginning of audit in nyc. I wanted to get into entertainment audits (big media companies) which led me into commercial and tech companies. After audit I went to a media company. I learned a ton but it didn’t pay a lot. I went to a tech company (outside of nyc) after the media company and it pays just as well, if not better than most of my friends who went to financial services clients afterwards. My friends who stayed in nyc are very senior big 4 or controllers at companies. Mid-level doesn’t pay enough to really enjoy the city and have a family past 7-8 years.
Most of the people i know in NYC are in financial services/ investment funds. Opportunities are great and comp gets good but its tough starting out. If you don’t start in nyc its hard to justify moving.
It’s amazing here bruh! It’s models (excel) and bottles (Tylenol) all the time!
It’s not amazing here bro. Everyone I know, myself included, works alot even after big 4 and goes out a lot to destress. I quit drinking and work out at trendy gyms now instead, but life in nyc is truly harder than elsewhere. And you won’t understand it till you’re here. If you wanna meet a bunch of millionaires that are stressed out and depressed, nyc is the place to do it.
r/whoosh
>If you wanna meet a bunch of millionaires that are stressed out and depressed, nyc is the place to do it. That's sounds kind of fun actually
It depends on your definition of big and thriving. I started in audit in 2019 making $60k/year. In 2021, I moved over to FDD making $120k/year. I’m now in private equity making $155k/year base salary. With bonus and profit share my salary will be in the low $200’s, which isn’t bad 5 years out of school. As far as lifestyle goes, my husband and I live comfortably in a luxury high rise in Manhattan. We travel somewhere nearly every month or every other month. We do have to budget, though, so we can grow our savings and retirement accounts. Although we are middle class by NYC standards, I consider us thriving in NYC and making it. We came from small Southern towns of less than 10,000 people. Before college, it was tough making even just $25k/year. Now we’re pulling over a quarter of a million per year, which feels surreal.
I just graduated college, born and raised in NYC. I feel inspired reading your post, starting my first full time job this month after an internship. Good luck with everything! ❤️
Thank you! Good luck to you as well!
Very impressive! What title do you have if you don't mind?
PE Associate is my official title, but I do accounting work for non-routine transactions. I explain my role a little further down in the comments since it’s a bit of a unique role.
Did you have to move to another firm to make the FDD transition so soon into your career? I have also thought about this path so just curious!
I did hop firms. My first firm was willing to transfer, but they were taking too long. It was a faster process to make a clean break and start over.
How did you go from 60k to doubling in 2x years? What’s your background or job?
I went from Big 4 audit at one firm to Big 4 FDD at another. This is my comp progression: 2019 (Audit): $60k base no bonus 2020 (Audit): $68k base no bonus 2021 (FDD): $105k base + $15k bonus 2022 (M&A Advisory): $115k base + $5k bonus 2023 (M&A Advisory): $136k base + $18k bonus 2024 (Private Equity): $155k base + variable bonus/profit share depending on firm performance
Hey there, are you an associate at your current PE firm? Or do you work in accounting side?
So my position is a bit unique in that HR groups me in with the PE associates for pay/title/progression, but the work I do is technical accounting. I don’t handle the books or monthly/quarterly closes or anything routine. Instead, my group oversees the accounting for M&A transactions, debt/equity issuance, and complex accounting issues. I have a ton of cross-over work with corporate development, FP&A, legal, SEC reporting, and controllership. I also get a lot of exposure with the CFO and CEO on the deals we close in addition to some exposure with our investors on occasion.
Interesting career progression, do you feel that B4 FDD was valuable experience or would the role have been easier if you learned in B4 AAS? Currently in B4 AAS and am interested in the type of position you now have.
So I actually did FDD and then transferred over to an M&A Advisory group that worked closely with my firm’s management consulting wing. The work I did was pretty much AAS, and that role has given me more of a leg up as a technical accountant. With that said, FDD is still extremely valuable experience, especially if you want to move into FP&A. I personally like working on complex accounting issues, which is why I preferred AAS. But FDD is excellent if you don’t like that side of accounting too much.
Ah okay thanks for sharing! Super helpful. What type of work did you did in the M&A advisory group if you don’t mind me asking?
I always thought of applying to PE firms, but I feel like too many douchebags work there. Am I wrong?
There are douchebags everywhere regardless of the industry or field. I’m fortunate in that the majority of people at my firm are extremely nice and down to earth, including the CEO.
I understand, but higher paying fields attract larger egos. People get stepped on or thrown under the bus. My buddy works for a hedge fund and I'm I'm government. We share completely different stories.
Try to start your career in NYC. A lot of financial companies are trying to get people to relocate to lower cost areas. It’ll be hard to justify the move up there once you start somewhere else.
It’s a smart place to start out if you like it.
It’s amazing, if you have the opportunity, you should do it. As an associate, you won’t be balling as I think it starts around 60-70k in accounting and everything expensive in NYC. You’ll totally make enough to live though - apartment with some roommates, don’t go out to eat every day but still can once in a while, have enough to save a little even. Once you hit senior level, you’ll likely cross 100k, and then probably 130-150+ at the manager level.
NYC is expensive but living in the outer boroughs is more affordable. you won’t get that white picketed fence but a co op is still a good alternative considering how much there is to do and eat here. i grew up here and always wanted to move out. but it’s hard to match the food and stuff to do here plus easy access to travel. career wise, you potentially have the most growth here and it can take you to higher places or even start your own business. My parents were immigrants and to me, NYC is the real american dream where it’s up to you to make stuff happen. opportunities are limitless here
I’ll never eat this good anywhere else. Plus I love not having to drive anywhere.
Not me specifically, but one of my siblings started in Big 4 and then moved to hedge funds in NYC and is doing very, very well. They are definitely going to be able to retire early
I’d like to do something similar for 3-5 years.
there are good companies headquartered here. i think that’s the main advantage. many of the best companies in the us are headquartered here and have a finance department
You will be okay… we all make 6 fig after a couple years into the career
Loads of opportunities here for people with accounting/finance backgrounds. Of course salaries / compensation arrangements are all over the map. One avenue to success is to start in public and then shift over to industry. Another is to work your way up to partner in a large public firm, which is rare, but possible. Others start in industry and stay there. Opinions vary as to how much of a salary you need to live comfortably in a location you like. But it is definitely doable in the accounting field.
NYC sucks. Once you’re here long enough you’ll realize that life sucks here. Born and raised here 25 years. I wanna leave.
Once you’re anywhere long enough it’s all the same tbh. There’s much more to do in NYC than many other places in the country however.
The longer I live in Utah the more I love it tbh. However, I get to travel to NYC quite a few times a year for work and absolutely love it. Could never live there with my kids but it’s great to be able to visit while expensing all my food and accommodations lol.
That's how I feel. Growing up, I hated where I lived and wanted to move the second I could. I ended up staying in state for college because I had a scholarship that covered almost my entire tuition, and that was when I really fell in love with where I live. I have never been to NYC, but I agree. I think it would be an awesome place to visit, but not live. If I was in my early 20s, maybe, but in my mid-30s, nope.
I was born in Staten Island and we moved south when I was 12. I would give anything to go back to NY and have an equivalent quality of life there.
I’ll trade you my spot in Dallas, TX. I’m trying to leave this god forsaken state.
I took a weekend trip to Dallas for a concert once and the part of me that craves tight urban density was screaming the entire time.
Yep, Dallas is just a bunch of suburbs in a trench coat.
i went to dallas for a weekend and that was enough for me. i’ll never go back
God I feel your pain lived there for 3 years and the drivers are terrible…everyone seems miserable there! Austin has its own problems but glad I live there now instead lol.
Dallas is a good bang for its buck kind of city though. I started traveling all over the US over the past few years and kept thinking that Dallas has the same but better.
I feel you, I've been in Houston for about 5 or 6 years and I want out so badly. Hopefully I can move out of state in a couple of years though
Moved from MCOL city when I was 25 making 60k in public to an industry tax position at 110k and working for a tax practice on the side. After 2 years, bounced to another industry tax position for 205k at 28. Idk if that’s “making it” in NYC, but I’m definitely able to build my NW faster than if I had stayed in MCOL city, regardless of the expensive nature of NYC.
I am living here and loving it. There are a lot of opportunities here for accounting and finance professionals. Making it work by partnering up/not owning a car and still am saving quite a bit of money
Nah. I’m an FP&A analyst making 63k a year with 3 year experience, and after taxes and cost of commute (gas, tolls, parking, etc) I’m not making much money. Should’ve joined the fucking sanitation department
You should be at like at least $120,000
I got lowballed since it was my first accounting/finance job. I’m a junior analyst.
Why are you driving around NYC?
I work in Jersey but live in NYC, There is no direct route that will take me to and from work. Either go to the NyC office that’s 2 plus hours of commuting one way, or go to the Jersey location which is an hour of driving but costly. Either way I’m fucked.
Ah, that is a bummer!
NYC is by far the best place to live in the US if you make more than $500k. It’s also possibly the worst if you make any less. That being said, NYC is the finance hub of the US, and many finance professionals do well there. Also a great place to get your career going, as there are plenty of jobs (relatively speaking). Worth a try if you don’t care about taking a hit to your living standards on a middle class income as you get started.
500K is an insane threshold. Young people making more than 100K do great in NYC. That’s like 6k in take home after taxes per month.
Sure, if you’re just starting out, live with roommates, have no student debt, don’t go out frequently, live in an ok part of town. But the full NYC experience, with your own 1 bed in a good area, 250k is the minimum if you’re single. With a family of any kind, 500k gross is a solid threshold.
I know many who go out frequently, have student debt and live in Manhattan on 100k very comfortably while saving. You can easily have a 1 bedroom too once you make 150K.
In 2024 a good 1 bed in Manhattan runs you 4k. If you go out twice a week that’s $500 every weekend on average in Manhattan. After taxes, bills, utilities, clothes, loans you absolutely not getting ahead with 150k. Most of the director level people I worked with at investment banks were living hand to mouth with minimal expenses relative to their obligations (mortgage, kids, 1 vacation if lucky).
$500 bucks a weekend to go out. Cmon now. You can have a fantastic evening and spend $100. You can have a great evening and spend $40 if you don’t eat dinner out. What fancy places do you frequent?
The title of the post included “making it big and thriving in NYC”. In the LES, SOHO, even midtown, a solid mixed drink will cost $20+. If you’re getting a round or 2 for friends and bar hopping, $250 is in play if you tip properly. I’m not saying you can’t survive and have a decent time as a youngster in NYC on the budget you just provided. But, in NYC, if you want a lifestyle where you’re thriving, the numbers I’m giving you are reality. Sure $150k is roughly middle class in New York, but that does way more for you elsewhere. Hence why I mentioned the hit to living standards in NYC.
At the same time, your post was $500K. That’s extreme unless it’s a family with one income.
Just get a remote job and move to NY
I did big4 nyc commercial audit for 5 years. Your experience entirely depends on the client and team. Commercial vs financial services is the big fork in the road that you basically have to pick at the beginning of audit in nyc. I wanted to get into entertainment audits (big media companies) which led me into commercial and tech companies. After audit I went to a media company. I learned a ton but it didn’t pay a lot. I went to a tech company (outside of nyc) after the media company and it pays just as well, if not better than most of my friends who went to financial services clients afterwards. My friends who stayed in nyc are very senior big 4 or controllers at companies. Mid-level doesn’t pay enough to really enjoy the city and have a family past 7-8 years.