Working Abroad - Regrets/Benefits

Experience is probably amazing and want to travel myself, only thing I can add is from networking ive been told making the transition from abroad back to NYC is very difficult

Main thing I would look out for is hopefully you at least know someone in London who is not your future colleague. Opens up a whole new crew of people to hang out with as going from 1 to many peeps is easier than 0 to 1.

If you want this to stay temporary, and echoing the above, make sure you have a pretty clear plan for coming back.

Other than that, absolutely do it.

This isn't directly on point for your question but is somewhat tangential. I was supposed to do my 3rd year at Citi in IB in London. I already was working with primarily European clients (and Asia for that matter - I did 1 US deal in 3 years) and was cross staffed with our London office. They made an offer to move me to London, and I signed paperwork to not get ex-pat pay because I wanted to do it and also cut down on massive amounts of travel. I once had a week where I did 3 round trips to London/France in 6 days...all booked day of travel. That is no fun.

I had a place lined up in London and didn't renew my NYC apartment. One week before I was supposed to move they had a "headcount reduction in London" and said I couldn't go. HR claimed it was all about budget. I spent the next 12 months racking up $270k of travel between NYC and Europe...word to the wise is be careful of large company stupidity and shortsightedness. Also, I had 1 week to find a place in NYC, which is painful. I ended up on a couch for a month until my buddy's lease ran out.

Can't comment on London since my experience in Asia.

Plusses: Travel, adventure, freedom, knowing/learning different cultures, meeting different people, exploration, exotic experiences etc.

Minuses: expats are often transient and it can be tough to make long term friends, often an outsider especially to locals so can get lonely at times, can be very hard to move back to the US. NYC is far more parochial and local than it likes to let on (and the best people are there), will miss out on family and friends big life events.

Good Luck

London is surprisingly cliquey for a city of over 8m people which I found surprising when I moved there for work. It can be tough to break into established social circles if you don't know anyone. Luckily for me (i) I joined a graduate scheme with a large group of young people so I had a fantastic social life of boozing and partying in between studying for CFA exams, and (ii) I played football (the proper kind, sorry) and followed the Premier League so I could engage in water-cooler sports talk with the locals which builds street-cred haha. It's a massive city but really a collection of villages and I would say it takes a good 2-3 years to get a real feel for the different areas of the city.

Over 50% of the city is foreign which means you will find every possible nationality you can imagine. Unlike the US where most employees are American, most banks are staffed with Europeans as (i) London is the center of finance in Europe so it attracts all the best people from Europe, and (ii) the local Brits are not as competitive on the job market. What this can mean is that you get groups that form….all the Italians from Bocconi hang out together, all the Spanish from IE/Esade hangout together, all the French from INSEAD hangout together. This can make it hard to find your social group. You likely won't meet many English people and the ones you do will either be upper class Oxbridge/LSE types or second generation Indian guys who shunned the "you must become a doctor" pressure from their parents and decided to chase the money in the City.

In terms of work culture, London is far less politically correct and less obsessed with diversity/woke issues. You can tell a joke or have a laugh without having some anal HR person threatening to fire you. Generally the work environment is more relaxed (team and bank dependent) and there is a good after-work drinking culture if you want to partake (you don't have to). In the summer everyone heads out on a Thursday night for a few bevvies (MDs down to PA's) which is a great way to bond and build social networks. As almost no-one drives to work it's a lot easier to go for drinks too. Recruiting/exit opps are less structured than in the US so you don't have the same 2+2+MBA back to PE route you have in the US. It's not uncommon to stay in IB for 3-4 years before moving to PE or a HF.

Girls. Well London being very international you will find everything you want. My specialty was Eastern European nannies (mainly Polish). London has an army of low-paid Eastern Europeans who do all the crappy jobs the locals don't want to do. These guys/girls come to London for a few years to learn English and make some money before they return home. Many of the girls just want a good guy with a job who isn't an alcoholic. They are easy to date and far less fussy than the more spoiled western girls you may be used to….and far better looking. You also have loads of Latinas (Brazilians seem to be everywhere in London) if that's your thing. Tinder and bumble are in full force and it's easy to get a one-night stand if you're not too picky.

Accommodation is expensive, taxes are high and comp is generally lower but overall London is a fantastic city as a young single guy. I wouldn't raise a family there but if you are in your 20's I would jump at the chance to work there.

Some really good comments above. I wholeheartedly agree with Alt-Ctr-Left and Jamoldo's comments, particularly those on personal development vs professional development. I'll offer up some additional thoughts in the event they are helpful.

First and foremost, the spectrum of potential outcomes when studying or living abroad is enormous. There are some folks who go abroad and love every single minute of it. They find a group of friends, experience new things, travel, and literally have the time of their lives. On the flip side, there are people who go abroad because the idea sounds alluring but it isn't a fit with their personality or life objectives. They end up frustrated, unhappy, and counting the days until they return back to the states. While these folks seem to be few and far between, they do exist. A lot of it comes down to who YOU are personally and your goals / values in life.

Putting the above aside and partially to Alt-Ctr-Left's comment ... do not expect working abroad to propel your professional career. In fact, I'd argue that depending on the circumstances, it will probably end up slowing it down. From an investment banking / private equity perspective, local experience is more valuable than international experience with a few exceptions for very niche roles. Working abroad is going to make it harder to follow the traditional path, particularly if you need to recruit internationally and aren't just transferring within your own organization. If you do plan on recruiting, consider going abroad immediately prior to getting your MBA so that you can have a smooth and logical career transition. Outside of IB/PE I'm not totally qualified to comment on whether international experience is viewed as valuable. I imagine it depends on the organization, the role, and the company's objectives .. but don't expect it to be much of a game changer. At the end of the day most organizations with significant international operations are going to have locals working in both countries.

Don't let my comments above dissuade you from working abroad. I personally value it immensely and would make the choice to go to London 10 out of 10 times. I just want to be realistic on the trade-offs as it is a very important decision in one's career.

Finally -- try to go for at least two years, if possible. I have lived in 4 different cities (not counting two study abroads) and consider myself very experienced at acclimating to a new city. It will take you a few months just to get settled and develop a routine. No matter how outgoing you are, it will likely take at least a few months to meet people that you really want to hang out with and 6-12 months to become good friends. You don't want to be leaving just as you're really hitting your stride.

Whatever you choose, best of luck. London is awesome.

I worked abroad in Asia for a few months at a previous job. Whenever I have interviewed, it is all that I get asked about and has made my resume much more attractive to potential employers.