Salaries: between 60 and ~100k for 0-2 years out of college (those are my friend's age ranges).
Rent: Highly dependent on where you live. Assuming you want to live decently in Manhattan, expect to pay anywhere from $1k (in Washington Heights) to $2k/mo (in, e.g. UWS) to unlimited for other areas for a 1-bedroom apartment (or equivalent). Obviously, this can be cheaper or more expensive depending on if you want roommates, location, quality of building and quality of apartment.
Living expenses: Obviously depends on how you live. Take what you pay right now and add 30-40%.
One last question though, how hard is it to get the appropriate visas etc for work if you are a Norwegian citizen and speak fluent English?
[1] http://images.businessweek.com/ss/10/06/0622_most_expensive_...
What about apartment hunting on sites like Craigslist?
Edit to add: When you get into the higher price ranges, and start looking in doorman / elevator buildings, it gets a little easier since you can deal with the management company directly. but that's like ~2200 and up or so probably.
You say you have a Masters - assuming it's in computer science and you have any internship or "real programming" experience at all, I would be surprised to see you getting something less than a mid-level or strong junior position, and a salary of at least 80k accordingly.
Don't rely on the bonuses!
I've been in and known of too many companies which work your ass off with the promise of a big bonus, but when it comes time to deliver the bonus they always have some excuse for either giving you a low bonus or none at all.
Many Wall St firms are also like revolving doors and sweatshops, which treat a many of their employees like crap with the rationale that you're lucky to be working there at all. This is especially true of entry-level employees. But if you can tough it out to senior level, you'll probably do a lot better.
The only Wall St firms I know that don't treat their entry-level employees like revolving doors, are also the ones that pay much higher than 50k for base (and don't make as big of a deal about bonuses, even if they do have them.)
For less than peak rents, consider the cities along the western shore of the Hudson River. Hoboken, Jersey City can be a 15 minute ride to midtown.
This is actually quite a reasonable commute, by NYC standards.
It's not uncommon to have a 1 hour commute each way.
I myself used to commute in to the City 2 hours each way. That's 4 hours of my life pretty much wasted every weekday.
In comparison, commuting from Washington Heights would have been a blessing.
One of the nicest commutes I had was from Brooklyn Heights, which was just a 4 minute subway ride from Wall St. Very nice neighborhood too. I would highly recommend it, if you can afford the rent.
Another pro tip: ride a bike and save $5/day on your commute!
Also, if you're out in NYC on a weekend and want a cab home to somewhere like brooklyn, it'll only cost you like 15 bucks. However, if you want one to Hoboken, it'll cost you around 50-60... Really a pain when the PATH only comes every half hour after midnight.
As long as you can walk to the PATH, the loser factor on weekends (Jersey's finest comes to party) is the only real downside.