Connecticut is #1 in the US for per capita income, mostly, from the presence of the world’s leading hedge fund managers in Greenwich. If the hedge fund industry is taken out of the picture, the state still ranks #4 in the US, behind Maryland, Alaska, and New Jersey.
In terms of the total assets under management, Connecticut ranks #2 in the list of hedge funds in the US ($334 bn), behind New York, and well ahead of California. 202 hedge fund managers distributed across Greenwich, Stanford, and four other cities in the state, actively manage 616 Connecticut-based hedge funds.
The proximity to New York (2 hour drive), lower income tax($100k for $1 million income in New York vs. $67k in CT), lower estate tax ($3.5 million for $25 million in New York vs. $2.5 million in CT), close-knit community and real estate that offers lavish 10-acre homes instead of cramped luxury apartments for the same price, pushed former fund managers to set their shop in Connecticut.
The strength of the Finance industry in the state comes from the larger demographic working in the sector (20%), even higher than New York City (12.4%).
Incentives in New Jersey and Florida have not led to a mass migration of Hedge fund giants precisely due to his reason. The skills required to create finance models using machine learning, execute complex investment strategies, follow regulatory compliance, complete deep research and develop quant models, are not easily available outside New York City. Handling billion dollar funds require talents who had prior experience in NYSE – a factor that has kept Connecticut at a strategic advantage.
With the legacy of witnessing, the world’s first property insurer – The Hartford, Connecticut, employs over 200,000 employees in the sector and drove the growth of related sub-sectors - technology, legal and accounting in the state. The highest concentration of actuaries and insurance professionals in the US has helped the state generate $13.7 billion towards the state’s GSP (Gross State Product), supported by 1429 state insurance companies, that in 2015 sold over $32.8 billion in annual premiums.
For MBAs entering the industry in the state, the compensation is the best in the US with the average pay for the management professionals (the 2nd largest group in the Business) at $157,483 for 2016. Technology and Math graduates are the 3rd largest group in the industry, primarily to fill the need to develop mobile applications, security suites, predictive models, AI-based assistants and health tracking software systems.
The Hedge Fund Industry in Connecticut
Hedge Funds to Hedge Rows
|Largest Hedge Fund Investors(Connecticut)||Hedge Funds ($bn)|
|4||GE Asset Management||2.3|
|5||Hartford Financial Services Group||1.9|
2018 MBA Research Guide - Choose your MBA
F1GMAT's Comprehensive MBA Research Guide will teach you how to select MBA programs through a bottom-up approach.
Articulating your Post-MBA Goals and Career Path is the FIRST step. Which program will give you that hike in Salary, Switch in Career, Change in Location or Job Satisfaction?
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Define Post-MBA Goals
Pick your Path: Generalize or Specialize
Use Moral Algebra Method
Use Multi-Attribute Utility Theory
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Measure MBA Career Service Team's Effectiveness
Use Bookending to Calculate MBA Admission Chance
Use Net Present Value to Calculate MBA Return on Investment
Don't Fall for the Mere Exposure Effect
Best Practices to find the truth in MBA Information Session or MBA Tour
Comprehensive MBA Research Guide: Includes Top MBA Programs by 19 Specializations:
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+ Top MBA Program Ranking
Top 20 MBA Programs - Tuition Fee (2018)
Top 31 MBA Programs in United States – Total Cost & Salary (2017)
Top 60 MBA – GMAT and GPA (Average & Median)
Top 20 European MBA Programs - Tuition Fee, Total Cost & Salary
Top 20 European MBA Programs (Based on Actual Salary Increase)
Top 20 European MBA Programs (Short-term return on investment)
Top 20 Affordable European MBA Programs
Top 10 MBA in UK – Salary & Fee (2018)
Top MBA Destinations Based on Happiness Index
Top MBA Destinations based on Innovation Index
Top 10 MBA Job Markets based on Cost of living and Purchasing Power
Top MBA Destination: By Economy
+Comparisons - Top MBA Programs
Wharton vs. Columbia MBA (2018)
MIT vs. Stanford MBA (2017)
Haas vs. Ross MBA (2018)
Kellogg vs Ross MBA
Booth vs Wharton MBA
MIT Sloan vs Tuck MBA
IMD vs. INSEAD MBA (2017)
IIMA vs. ISB (2017)
+ MBA in France (2018)
Top Industries in France
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+ MBA in the UK (2018)
Top Industries in the UK
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