CHI vs NYC Investment Banking - 4 Key Differences

January 19, 2025

The Non-Target Playbook 

Is investment banking better in New York City or Chicago?

If you want an offer quick, Chicago’s your best bet.

As a freshman, the first decision you should make is what city you want to recruit in.

Of the ~30 kids in my school’s academy, I was one of five who decided to swing for the fences and try to secure a spot in NYC as a midwest non-target.

There are four key differences between recruiting in each city.

Knowing these will help you settle on a city and tailor your recruitment strategy accordingly.

Difference #1 - CHI Gives Offers First

Chicago

The interview process for CHI banks typically kicks off a month before NYC.

Houlihan Lokey was the first bank to start my year. They sent out first round invites in January.

Then every other CHI bank rushed to catch up, not wanting to miss out on the top candidates.

When I was a sophomore in 2022, CHI banks started giving offers mid February.

I heard that nowadays it’s even a few weeks earlier, as it gets pushed up every year.

New York City

NYC’s timeline depends on the type of bank you want.

For example, timelines for the elite boutiques are completely different from bulge brackets.

I signed my offer at a NYC boutique around end of March.

A few of my friends who were dead set on the bulge brackets (Goldman, Morgan Stanley, JPM, etc) didn’t have their interviews kick off until June/July. Those banks know they can hold out and will still get their pick of the top candidates because of their brand names. However, waiting can be risky and it’ll be tough staying patient while all your friends are getting offers elsewhere.

Application Release Tracking

Here’s the best database to see all the firms that have released applications for summer 2026.

It also includes a list of banks that haven’t yet released them with anticipated release dates.

Don’t be fooled by application “deadlines” because the first day of interviews will be way earlier.

My best advice is to submit as soon as possible and notify all your networking contacts right away.

 

Difference #2 - Types of Banks

It’s in your best interest to intern at a bank’s headquarter office.

That’s where they’ll have their strongest groups that are busy do the most deals…

So they’re much more likely to have real, valuable work for you to be doing that summer.

Bulge Bracket

All bulge brackets are headquartered in NYC but have satellite offices in CHI.

Just beware of satellite offices since they’re a lot smaller and will have more of a narrow focus.

You’ll get less exposure to different industries / product types and be limited in terms of networking.

Middle Market

If you’re super interested in working with smaller, family-owned business - CHI’s the place for you.

CHI dominates the middle market, with most top players having their headquarters there.

William Blair and Lincoln International are some of the more well-known powerhouses, but CHI is filled with a ton of other middle market shops too.

Elite Boutique

I focused on elite boutiques because I wanted the “lean deal team” experience.

With less people staffed on each deal, you end up getting responsibility for more aspects of that deal.

NYC’s your best option for boutiques.

Difference #3 - NYC’s More Competitive 

Your status as a “non-target” will be looked at differently from city to city.

NYC Target School Examples

  • Princeton

  • Harvard

  • UPenn

  • NYU

  • Yale

CHI Target School Examples

  • University of Michigan

  • Indiana University

  • University of Wisconsin

  • Notre Dame

  • Wash-U

My midwest state school was a “semi-target” for CHI, but a severe non-target in NYC.

This meant I spent way more time networking than kids in my academy who recruited CHI. It involved

A) Higher Volume Emails / Calls

I sent out ~15 emails every morning monday thru thursday for over three months.

My CHI-focused peers had more alumni to connect with, so it was less of a numbers game for them.

My final call total was in the 70+ range, with theirs being closer to 30-40.

B) In-Person Networking Trip

I spent my spring break doing five in-person coffee chats a day in midtown manhattan.

Most were follow-up chats with bankers I already had fantastic calls with.

This was the number one tactic that helped me break in coming from a midwest non-target.

Pretty much all of my referrals ended up coming from the people I had these in-person chats with.

Just don’t make my mistake of staying at a $30/night shared AirBnb in a sketchy corner of brooklyn.

(Pictured Below)

Difference #4 - Exit Opportunities

It’s much easier to start your career in NYC and come back to CHI than it is to do the opposite.

Most of biggest private equity firms and other “top” exits are based in NYC.

You’ll be a much stronger candidate for roles at those firms if you did your analyst years in NYC.

Choose Early

The best city for you is personal preference, but trying to recruit both is a waste of time.

A few kids in my class tried to network in both NYC and CHI.

The hours they spent networking in NYC ended up being a waste of time.

They got offers with deadlines from CHI banks before NYC banks even started interviews.

Spend some time figuring out what your priorities are because your entire recruitment strategy will be different depending on what city you pick.

Cheers 🥂

- Jack