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What location would be ideal for an investment or any general financial job?

Im a college student and the college I go to is very expensive. I feel like moving to a big city would be good but I don't know if it would work out for me financially because of my massive student debt? #finance #job

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Cristine’s Answer

Hi Dylan,


I've been out of college and finished with student debt for many years, but I remember the payments being a significant portion of my budget. While I had debt and I was unable to live with my parents, I first focused on finding a job. I got a job that was very entry level at a bank in the same city as school. I worked part time there and then full time when I graduated. I learned the basics of credit analysis that has helped me my entire career. I was able to afford a little apartment with roommates outside of Washington DC, which was much too expensive. I got an old but safe car and insurance wasn't too bad since I drove less than 7,500 miles per year. I structured the repayment of my student loans over ten years at an interest rate of about 5%. This was manageable for me because I had a stable job and supplemental income from a second job on the weekends. You should focus on the industry you are interested in, then the city, then figure out housing. You may have to live in a shoebox in the beginning, but as you progress in your career, you should be able to improve your living situation as I did. Also keep in mind that industries are sometimes concentrated in certain cities. I know that energy trading is primarily in Houston and Calgary. Real Estate is many places, but Fannie Mae and Freddie Mac are in the Washington DC metro so many of the lenders that work with these GSEs are also located in this region. Find your industry and that will help decide your city. Good luck.
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Brian’s Answer

I'd say it depends on what you are looking for. Big cities come with a lot of better job opportunities that have higher pay, but also higher living costs. I'd say the city doesn't matter as much as the job opportunity. You should look for jobs in multiple different cities and then evaluate your options from there.
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Haley’s Answer

This is a great question! I actually asked many people in my network about this. While a big city may seem really exciting, it can be expensive. I am from Minneapolis and go to school in Milwaukee. I really wanted to work in Boston or New York, but after talking to my mentor, I will be staying in the Midwest for a couple of reasons. One being, it is cheaper to live, two being that there are a lot of great opportunities here. You can always start somewhere you can afford and move to where you want to go in the future, since people move positions pretty frequently. If you want to go into investment banking, I would look at analyst programs where you can afford to live and click with the company. Use this time to pay off some of that debt and as your salary gets larger, you can move to the big city you want to go to.
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