<p>For investment banks, you want to be either in NYC, or a region with a certain industry focus (i.e. MS tech out of menlo park). If you’re in, Cleveland, for example, your job will be entirely different. Getting a good non-NYC IBD job is probably just as hard as getting an equivalent IBD job in NYC. Getting a lame regional job is easier, I’m sure… but you don’t want that.</p>
<p>Consulting is a different beast - you’re doing the same stuff no matter what office you’re in. The conventional wisdom is that NYC is the hardest to get, then SF, then Boston/DC/LA/Chicago, then the smaller cities. That said, you’re really gambling if you preference, say, Cleveland. First off - if you have no legitimate reason to want to be in Cleveland, the firm will likely sniff that out in interviews and potentially ding you for it. Second, think about the game theory - if more than a handful of strong applicants play the same game you do and preference Cleveland, you’ll all screw each other over.</p>
<p>My advice (for consulting) is just pick the city you want to be in most and tell them that’s your first choice. Also make it very clear that your top preference is working for their firm, and that you’re flexible on location. As is often the case, honesty is the best policy (especially vs. backhanded tricks that can easily backfire).</p>