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Finance degree/jobs?
- Thread starter flex123
- Start date
I have a BS in finance as do a few of my friends. After graduating we all found that 99% of the job offers you get are for 100% commision positions and most of them wanted you to have a minimum in savings of $5k-$20k before they would even hire you because it takes awhile to get any income (if ever). I and two friends all ended up working in banks for around $30k a year. A far cry from what you envision when in school. I got good grades too so it was not like i was a zero. The main thing to realize is that the only degree in the business school that actually comes with any skill is accounting. I have had two different finance jobs since graduating in 2000, and in both i was working along side with people without degrees for hardly any more money. I recently quit the bank i was in and got a job working with a major player in the hunting garment industry. I start next week. Banks sucks cause they are run by uneducated women that worked their way uo from teller. Investing was the place to be in the 80's and 90's. Now most people do their own investing via internet. BS in Finance= Bull Shit. Good luck bro, i would get a degree in accounting or keep going and get your MBA or certified analyst certificate.
I'm sure I will just go MBA, but Ive been told by family and others that their MBA didn't do much for their career. These people are old and have been in the field for a long time, so things might be different now. I got one relative that is vice president of Credit Suisse first boston and another one that has a firm in Stanford. I know I can't count on having family get me in the door, but I'm sure it might help me abit.
I can honestly tell you that it is. A BS won't get you some great job like mutual fund manager. I got a job with Liberty funds right out of college and you have to work in the call center making trades for $29k a year. I then quit after a year and went to work at a bank doing loans for a base salary of $28 plus commisions (which were weak). You honestly have no real skill with a finance degree. Anyone can use a financial calculator or Excel. And you won't be using the Hamada equation or computing IRR etc. That shit is only in the classroom. Corporate finance jobs are always accountants, investing jobs are always 100% commision and lots of cold calling, and other out of pocket expenses. I talked to Metlife out of college wanting me to be a financial planner and they wanted me to have 200 documented leads of potential investors before they would hire me! I even have my series 6 & 63 NASD licenses. I was going to get the 7 but i did not need it for a mutual fund company, only brokerage houses like Schwab so they would not sponsor it. Not that it would have mattered. I finally bailed on the finance gig until i decide if i want to go back to college for a grad degree. Problem is, with this economy everyone had gone back to school so having an MBA is like having a bachelors anymore.
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Warik
Guest
Am I the only one who knows how the degree system works?
Quick breakdown everyone:
Doctor, Lawyer, Engineer.
If your dream job falls in the above categories, get a degree from the best school possible.
Otherwise, get any degree as easily as possible and go to work. It won't make a difference.
The university system is the biggest fraud.
-Warik
Quick breakdown everyone:
Doctor, Lawyer, Engineer.
If your dream job falls in the above categories, get a degree from the best school possible.
Otherwise, get any degree as easily as possible and go to work. It won't make a difference.
The university system is the biggest fraud.
-Warik
Warik, i agree 100%. I have been telling people that for the last 2 years and no one listens to me. They will all find out for themselves. The only jobs that require a degree are medical, law, accounting (usually) and engineering. Other than that you are just paying $30k to party and eat pussy. Not that it wasn't fun! If i could do it over, i would get into some sort of trade right out of highschool then start my own business after i became a master or journeymen etc.
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BangedUp
Guest
flex123 said:
that seems like an ignorant statement to me, others might not see it that what but I do
Please explain why his statement was ignorant. There are people on this very thread proving his statement correct. Most degrees are nothing more than a piece of paper that says that you can manage your time and maybe read, write, and use a calculator. You could probably take that money and use it to start a business of your own.
I have already wasted 3 years in college and if it was not for a deal I made with my grandfather I would have quit a couple of years ago.
Management is even worse. What company in their right mind would hire some 22 year old kid with no experience to come into an organization to manage anything?
I am telling you, the only real business degree is accounting. That is the only degree that you can do everything else like finance, managment, etc. But rarely can any of the finance, mgmt, marketing etc, go and be an accountant. I.S. was a good degree until the tech sector went into the shitter after Y2K was over with.
I am telling you, the only real business degree is accounting. That is the only degree that you can do everything else like finance, managment, etc. But rarely can any of the finance, mgmt, marketing etc, go and be an accountant. I.S. was a good degree until the tech sector went into the shitter after Y2K was over with.
Only thing college taught me was time value of money. I learned more from studying for my series 6 and 63 than i did in the business school. I actually think you ought to keep going and be a professor. That is a sweet gig, get paid well, work 3 days a week, summers off, 20 year old tits and ass staring you in the face everyday!
I was a finance major and graduated back in 94. Ended up working at a bank for 1 yr. Doing customer service crap in a branch. In charge of the bank vault, atm machines. Lots of handling cash and checks.
Then moved on to another bank doing back office car loan processing, payoffs, collections, and daily receipts.
Left that after 2 yrs to work for the White House. This time vetted those who wanted to attend fundraisers for financial stability/background check. Made sure the $$ received was legit and free/clear. Did that for 2 yrs.
Moved on to defense contractor doing some G/L work for 6 months, then moved over to Govt Cost Accounting. Did that for 2 yrs.
Again moved on to another defense contractor doing Govt Cost Accting work for more money and closer commute.
So somehow i received a Finance degree and doing Cost Acctg work.
Then moved on to another bank doing back office car loan processing, payoffs, collections, and daily receipts.
Left that after 2 yrs to work for the White House. This time vetted those who wanted to attend fundraisers for financial stability/background check. Made sure the $$ received was legit and free/clear. Did that for 2 yrs.
Moved on to defense contractor doing some G/L work for 6 months, then moved over to Govt Cost Accounting. Did that for 2 yrs.
Again moved on to another defense contractor doing Govt Cost Accting work for more money and closer commute.
So somehow i received a Finance degree and doing Cost Acctg work.
Lumberg
New member
flex123 you are really idealistic. Warik and MP5 are 100% correct. the reason why that one dude was making 80k 4 years out is either because of connections or he is just a hard working, motivated go-getter. if you are a hard working, motivated go-getter you can make $80k selling grave plots on the life extension board. it's the person, not the job or the degree.
if you are in college, pick something you like or tolerate enough that you can do it for 4 years, eat some pussy, lift some weights, maybe play some sports, drink some alcohol, smoke some weed, stay up late, experiment with homosexuality, and then move on into the real world.
also like someone else said on another thread, the 9-5 work world sucks your soul and makes you a hollow man. basically you are giving away your life force for an organization that completely stuffs and muffles your individual right to expression. do the regular work thing as a last resort only, while you are formulating your business start up or whatever.
after all this I know I should've been a doctor. I would make an amazing Doctor. I know so much about drugs and physiology that usually I just go to the doctor and he agreses with everything I am saying. then I ask some questions that if I am lucky he knows 1/2 of the answers to. then I go pick up my drugs and go home.
oh and BTW finance and accounting are like 2 sides of a coin. don't expect to go anywhere in either without a very strong understanding of the other. kind of like love and marriage.
If you want to make money in what you studied do accounting because you bust your butt foir a few years out of college until you make partner in a small accounting firm then you just play golf for the rest of your life.
alright good luck i gotta go to bed so I can get up early tomorrow and give another piece if my life to the Man.
JC
if you are in college, pick something you like or tolerate enough that you can do it for 4 years, eat some pussy, lift some weights, maybe play some sports, drink some alcohol, smoke some weed, stay up late, experiment with homosexuality, and then move on into the real world.
also like someone else said on another thread, the 9-5 work world sucks your soul and makes you a hollow man. basically you are giving away your life force for an organization that completely stuffs and muffles your individual right to expression. do the regular work thing as a last resort only, while you are formulating your business start up or whatever.
after all this I know I should've been a doctor. I would make an amazing Doctor. I know so much about drugs and physiology that usually I just go to the doctor and he agreses with everything I am saying. then I ask some questions that if I am lucky he knows 1/2 of the answers to. then I go pick up my drugs and go home.
oh and BTW finance and accounting are like 2 sides of a coin. don't expect to go anywhere in either without a very strong understanding of the other. kind of like love and marriage.
If you want to make money in what you studied do accounting because you bust your butt foir a few years out of college until you make partner in a small accounting firm then you just play golf for the rest of your life.
alright good luck i gotta go to bed so I can get up early tomorrow and give another piece if my life to the Man.
JC
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prophet
Guest
get youself an intership with an investment bank...if you want to make big bucs look to go into trading, investment banking, or an analyst. you are going to need experience and you better be coming from a good school. i'm from NYC and i'll tell you that now is not a grea ttime to be looking for a job on the street. things will change i know CSFB and Goldman are hiring in the spring...good luck
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Warik
Guest
flex123 said:
that seems like an ignorant statement to me, others might not see it that what but I do
lol.
Explain how?
Didn't you verify my statement?
"I know people that have graduated from school with a degree also and couldn't even get an interview"
lol.
Degree doesn't mean shit man, sorry to break it to you.
You think the first thing an interviewer looks at when you are applying for a job past the age of 30 is your university? LOOOOL. EXPERIENCE is what counts buddy.
I've learned more about computer science at my job than I have in 3 years of school, and I've just been doing web shit. I'm DONE with most of the computer science classes.
Those who succeed in life succeed IN SPITE of their education, not because of it. If you don't believe that then you're just another lemming following the endless chain of people who think they are qualified for a job just because they have a piece of paper from a miscellaneous university.
-Warik
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Warik
Guest
I am not going through a highly ranked program or going to a highly ranked university because of the stories I've heard from those who have. I could have easily gone to and did well at any of those bullshit schools if I felt it was worth the effort - which I didn't.
Like I said... doctor, lawyer, or engineer - otherwise, you're wasting your time. (Yes... I know I'm wasting mine as well.)
-Warik
Like I said... doctor, lawyer, or engineer - otherwise, you're wasting your time. (Yes... I know I'm wasting mine as well.)
-Warik
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KAYNE
Guest
ITS NOT THAT BAD. A FRIEND OF MINE IS IN HIS SECOND YEAR AT HIS JOB AND HE IS GOING TO MAKE ABOUT 90 GRAND THIS YEAR. HE IS ONLY 24 AND JUST GRADUATED (BACHELORS IN FINANCE) IN JUNE OF '00. HE INTERNED FOR THE COMPANY AND THEN THEY OFFERED HIM A JOB. BUT YES, ITS MOSTLY COMMISSION. HIS SALARY ISNT ALL THAT. BUT IN HIS FIRST YEAR THERE HE MADE OVER 60 GRAND.
I HAVE AN INTERNSHIP LINED UP WITH THE SAME COMPANY. HOPEFULLY, IT WILL ALL WORK OUT FOR ME AS WELL.
KAYNE
I HAVE AN INTERNSHIP LINED UP WITH THE SAME COMPANY. HOPEFULLY, IT WILL ALL WORK OUT FOR ME AS WELL.
KAYNE
Warik....I totally agree with you on your statment about experience meaning more and how you related to the 30 yr old applying for a job but......before you think your totally right here. Someone that is starting off a career is much better off with a college degree of some kind. I saw you say get any degree and you'll be fine, maybe some truth there but not total. Two people with no experience go for a job and one has a college degree whose getting the job? Right.....so in todays world so many people have degrees its hard to compete at starting off a career without a degree. So if I have to get a degree to get start off, why not get it in finance...a field I enjoy.
I have more to say but I'm very sleepy. If I go on I'll just be rambling on.....
I have more to say but I'm very sleepy. If I go on I'll just be rambling on.....
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Warik
Guest
flex123 said:
Yawn... I love this completely unrealistic scenario. I was confronted with this scenario in HS by a counselor after my 4.6 or so GPA self decided that I was going to go to the local university instead of moving away from home and paying extra to go to a "better" school. After minutes of debate I was posed with this scenario.
Her: "Two people with the same experience and qualifications, but one of them has a degree from a good school. Who do you think is going to get the job?"
Me: "Obviously the one with no degree. If both individuals are equally qualified for the position, what intelligent employer would hire someone that had to sit for 4 years in a classroom to learn what the other learned on his own? Successful businesses don't need to baby their employees and hold their hands. They need people who can learn on their own, are innovative, and are independent."
She shut the fuck up so quick it wasn't even funny. A bird could have shit on my head and that wouldn't have wiped the smile off of my face.
flex123 said:
As I said: "Otherwise, get any degree as easily as possible and go to work. It won't make a difference." Get your finance degree. It's something you like and it is probably easy for you. Just don't think it will let you waltz into a good job and become a millionaire some day. Your education plays such a small role in comparison to other more important things such as experience, ambition, independence, dedication, social skills, etc... You could have a finance degree from "creme de la creme University" and I could have one from the local community college... but suppose you are very shy, are just interested in a secure, steady income, and are always asking people what to do next... while I could run the company if I wanted to, dream of one day being financially omnipotent, and could sell a life preserver to a fish? Who do you think will get the job?
Do enough to help you pass with decent scores, but be sure to dedicate the majority of your time to what counts - learning outside the classroom and practicing the skills you will need to succeed. If you're afraid to complain at an establishment about bad service, ask someone for information, or talk to a stranger for any reason, then you need to work on that. Also try to ponder a lot of what ifs. What if this and that and the other? What will I say?
There is so much they don't teach you and don't even suggest that you prepare for. It should be a crime to sell that kind of "education." There are students in my classes who couldn't write a program if the algorithms weren't outlined in a book.
The most important aspect of being hired is what you do and say at the interview - not what's written on your resume. Oh... and make sure you include your HS GPA on your resume. Verrrry important.
-Warik
P.S. Fuck... I rambled. It's all true, though.
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BangedUp
Guest
I think the point being made is that just because you have a degree does not mean you are going to get some great job right out of school.
I just hired an employee a few months ago with a college degree in computer science. He is now doing cleanup type jobs and making $8.00 an hour. The guy had very good grades, but simply very little experience in the real world.
I wonder if it pisses him off that he works for a 21 year old kid.
BTW: His job has nothing to do with computers except for a few occassions where he does some type of artwork on the computer.
I just hired an employee a few months ago with a college degree in computer science. He is now doing cleanup type jobs and making $8.00 an hour. The guy had very good grades, but simply very little experience in the real world.
I wonder if it pisses him off that he works for a 21 year old kid.
BTW: His job has nothing to do with computers except for a few occassions where he does some type of artwork on the computer.
Warik....I understand your side somewhat. I am always one that doesn't beleive in grades is everything. I know people that wouldn't hire people because they had a 4.0 in college. These people are ones that are affraid to do things wrong and can't take judgement or told there work isn't substantial. Business is a competitive field were somethimes your hard and long project/work just isn't good enough, and if a person always has the mentality of what they do is whats best they won't get very far.
I loved your analogy of the guidence counslor btw....I laughed and it did make good sense. You argued that one nicely.
In finance people go through 4 years of college and once they get hired for a job the firm will put them through training! Hey if someone just does 4 years of school on a certain thing they shouldn'y need training again...they should know what to do once they walk into the firm.
This is the real world, While your beliefs and arguments are very persuasive.... thats not how everyone thinks. So till you are the guy I am going to get interviewed by I'll learn my trade in college
I loved your analogy of the guidence counslor btw....I laughed and it did make good sense. You argued that one nicely.
In finance people go through 4 years of college and once they get hired for a job the firm will put them through training! Hey if someone just does 4 years of school on a certain thing they shouldn'y need training again...they should know what to do once they walk into the firm.
This is the real world, While your beliefs and arguments are very persuasive.... thats not how everyone thinks. So till you are the guy I am going to get interviewed by I'll learn my trade in college
big_bad_buff
New member
Warik said:
I HAVE NEVER HEARD ANYTHING MORE HILARIOUSLY TRUE!!!
makes no difference, pretty much the only thing that matters is who you know.
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KAYNE
Guest
FOR ALL OF YOU SAYING COLLEGE DOESNT MEAN ANYTHING, I'M ASSUMING THE MAJORITY WHO SAID IT DONT/DIDNT GO TO COLLEGE. OR FAILED OUT. WHATEVER THE REASON, CONSIDER THIS:
FIND TWO PEOPLE WITH THE SAME EXPERIENCE APPLYING FOR THE SAME JOB. ONE WITH A DEGREE IN THAT FIELD (OR MAYBE NOT IN THAT FIELD) AND THE OTHER WITH NO DEGREE (JUST THE SAME EXPERIENCE AS THE OTHER GUY WITH THE DEGREE). SEE WHO GETS THE JOB EVERYTIME!
KAYNE
FIND TWO PEOPLE WITH THE SAME EXPERIENCE APPLYING FOR THE SAME JOB. ONE WITH A DEGREE IN THAT FIELD (OR MAYBE NOT IN THAT FIELD) AND THE OTHER WITH NO DEGREE (JUST THE SAME EXPERIENCE AS THE OTHER GUY WITH THE DEGREE). SEE WHO GETS THE JOB EVERYTIME!
KAYNE
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KAYNE
Guest
spentagn said:
WARIK IS COOL BUT TRYING TO GET THROUGH TO HIM IS LIKE TRYING TO GET THROUGH TO A BRICK WALL. HE IS PROVINCIAL AND HIGHLY CYNICAL. I THOUGHT I WAS BAD WITH CYNICISM BUT HE TAKES THE CAKE.
THE SYSTEM ISNT A FRAUD BUT ITS NOWHERE NEAR PERFECT EITHER. IT IS NEEDED. IF WE DIDNT HAVE IT, OUR COUNTRY WOULD BE A THIRD WORLD COUNTRY.
KAYNE
big_bad_buff
New member
supernav said:
hook my brother up with job...at 3 in the moring he will Fix your server and suck your dick
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Warik
Guest
KAYNE said:
I've stated my point, reasoned it out logically and have come to the conclusion that I'm right. If I were so wrong, you could easily prove me so and I would yield to your advanced intellect on this matter. You haven't been doing a good job, though, since people like supernav (who have actually played the role of the employer at one point or another) confirm my conclusion along with people like MP5 (who are graduates with experience in their fields) whereas the only people who disagree with me seem to be the ones who either don't have their degrees yet or never tried/intend to. Your argument is not very sound at this point.
KAYNE said:
So, people are coerced into spending anywhere from $12,000 to $120,000 on a 4-year or more education equivalent to that which they could have obtained in less than a year on the Internet or in a library. After receiving this education, they are under the impression that they are qualified for any job and that this education somehow guarantees them a position. Finally, after obtaining this degree, they realize that they are in the same position someone else who spent a year on the Internet or in the public library is in, except that other person isn't $12,000 - $120,000 in the hole.
And that's not a fraud?
Ok.
-Warik
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KAYNE
Guest
NAV
MY POINT SEEMED TO GO RIGHT OVER YOUR HEAD. I'LL REWORD IT FOR YOU. CONSIDER TWO SIMILAR PEOPLE (ALL OTHER THINGS HELD CONSTANT) WITH SIMILAR WORK EXPERIENCE. ONE HAS A DEGREE, ONE DOESNT. THE ONE WITH THE DEGREE GETS THE JOB EVERY TIME.
WARIK
LOL...I'M NOT EVEN GOING TO WASTE MY TIME ARGUING WITH YOU. AS I SAID BEFORE, YOUR VIEWS ARE PERPETUALLY SARDONIC AND INSULAR. BUT I ESPECIALLY LIKE THE PART WHERE YOU SAID: "I'VE STATED MY POINT, REASONED IT OUT LOGICALLY AND HAVE COME TO THE CONCLUSION THAT I'M RIGHT"!!! THAT SENTENCE RIGHT THERE PROVES MY PREVIOUS STATEMENT (AS WELL AS THIS ONE) ABOUT YOU.
KAYNE
MY POINT SEEMED TO GO RIGHT OVER YOUR HEAD. I'LL REWORD IT FOR YOU. CONSIDER TWO SIMILAR PEOPLE (ALL OTHER THINGS HELD CONSTANT) WITH SIMILAR WORK EXPERIENCE. ONE HAS A DEGREE, ONE DOESNT. THE ONE WITH THE DEGREE GETS THE JOB EVERY TIME.
WARIK
LOL...I'M NOT EVEN GOING TO WASTE MY TIME ARGUING WITH YOU. AS I SAID BEFORE, YOUR VIEWS ARE PERPETUALLY SARDONIC AND INSULAR. BUT I ESPECIALLY LIKE THE PART WHERE YOU SAID: "I'VE STATED MY POINT, REASONED IT OUT LOGICALLY AND HAVE COME TO THE CONCLUSION THAT I'M RIGHT"!!! THAT SENTENCE RIGHT THERE PROVES MY PREVIOUS STATEMENT (AS WELL AS THIS ONE) ABOUT YOU.
KAYNE
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Warik
Guest
KAYNE said:
Uh, no. The one with MORE work experience gets the job. You said similar, not same. You can pose hypothetical situations all you want, but in the end it never works out that way. Unless you are fresh out of college and your resume is half a page long because of no work experience, no one is going to give a shit about your education.
KAYNE said:
lol
You've done the same. You stated your point, i.e. "you need a degree," you reasoned it out logically, and you have come to the conclusion that you're right. You've done exactly what I've done, except I can defend my point. My point holds water in the real world. Yours is backed by hypothetical situations. People who have actually interviewed/hired people support my claim and argue that there are dozens of other factors aside, and more important than, education that contribute towards whether someone is hired or not.
Sorry, you're wrong.
-Warik
ZenMachine
New member
Educational level is often used as the gate keeper as to whether or not you are even further considered for a job.
Most professional level jobs will required minimum qualifications. Those min quals often have an educational requirement.
If someone was an accounting genius, but had picked up his education through the aforementioned year at the library, and I were to both apply for the same job. Genius most likely would not get interviewed.
Your degree in and of itself doesn't mean much, but it is often instrumental in getting in the door.
Zen
Most professional level jobs will required minimum qualifications. Those min quals often have an educational requirement.
If someone was an accounting genius, but had picked up his education through the aforementioned year at the library, and I were to both apply for the same job. Genius most likely would not get interviewed.
Your degree in and of itself doesn't mean much, but it is often instrumental in getting in the door.
Zen
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KAYNE
Guest
WARIK
SORRY, NO I'M NOT. YOU JUST WONT ADMIT WHEN YOU ARE WRONG B/C YOUR CYNICISM BLINDS THE REALITY OF IT ALL. I'M A REALIST (AS I ASSUME YOU ARE) SO I'LL BE THE FIRST TO ADMIT IF SOMETHING IS A FRAUD. HOWEVER, YOU KNOW, AND I KNOW THAT EDUCATION IS AN INTREGAL PART OF GETTING AHEAD IN LIFE. THERE ARE EXCEPTIONS SO NO NEED TO POST ABOUT SOME BUMB WITH NO EDUCATION STRIKING IT RICH BY STARTING BUSINESS OUT OF HIS GARAGE.
KAYNE
SORRY, NO I'M NOT. YOU JUST WONT ADMIT WHEN YOU ARE WRONG B/C YOUR CYNICISM BLINDS THE REALITY OF IT ALL. I'M A REALIST (AS I ASSUME YOU ARE) SO I'LL BE THE FIRST TO ADMIT IF SOMETHING IS A FRAUD. HOWEVER, YOU KNOW, AND I KNOW THAT EDUCATION IS AN INTREGAL PART OF GETTING AHEAD IN LIFE. THERE ARE EXCEPTIONS SO NO NEED TO POST ABOUT SOME BUMB WITH NO EDUCATION STRIKING IT RICH BY STARTING BUSINESS OUT OF HIS GARAGE.
KAYNE
KHMER ROGUE
Banned
supernav said:
Tell that to Bill Clinton.
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KAYNE
Guest
Warik said:
REALLY? B/C OUT OF ALL THE BUSINESS PEOPLE I KNOW (AND THATS A GOOD BIT) THEY SEEM TO SAY JUST THE OPPOSITE. ARE YOU TALKING TO PEOPLE WHO HIRE FOR MCDONALDS? OF COURSE EDUCATION DOESNT MATTER FOR FLIPPING BURGERS.
A FRIEND OF MINE IS A SUCCESSFUL BUSINESS MAN IN THE FINANCE FIELD. I TALKED TO HIM A WHILE BACK ABOUT POSSIBLE GETTING SOME TYPE OF JOB WITH HIM. HE TOLD ME THAT HE WOULD CONSIDER IT ONCE I HAD MORE SCHOOLING UNDER MY BELT. I WAS GREEN THEN AND DIDNT KNOW THE FIRST THING ABOUT FINANCE.
ANOTHER GUY I KNOW OWNS A BUSINESS DEALING WITH VIDEO POKER MACHINES. HE IS ALSO VERY SUCCESSFUL. HE AND I WERE TALKING IN THE GYM JUST LAST WEEK. HE THROWS RESUMES IN THE GARBAGE IF HE ISNT SATISFIED WITH THE EDUCATION.
YOU WERE SAYING SOMETHING ABOUT HOLDING WATER IN THE REAL WORLD??? MY POINT HOLD MUCH WATER IN THE REAL WORLD.
YOU KNOW, ITS NOT THE END OF THE WORLD IF ONE OF YOUR VIEWS IS FLAWED. YOU WILL STILL LIVE.
KAYNE
work for me. six figure income. 100 hour work week.. American dream.
It's tough right now and i like what Warik and SuperNav have to say.
I majored in Actuarial Science and Risk Management. I think it is a plus if you have demonstrated good Quantitative Skills. My last 3 yrs of undergrad, i worked for an investment advisory firm. quickly worked my way from data entry to trading assistant. I learned everything I possibly could from investment advisory to back office work. I use to stay up to 2-3am (while having a 7am class), to just read and to find someway to separate myself from the pack.
I have passed the following exams: Series 7, 63, 55, 24, while working for a broker here in NY. i had 6 months to pass the Series 7, if I would have failed, my employement would have been terminated.
Exam info: http://www.stcusa.com/ click on classes, this is where i was sent to help prepare for exams.
I'm not having fun anymore. Financials/Investing was a hobby for me, and I made my hobby (something i enjoyed), into a career. things have never been more stressful.
1. Make sure all bills and credit is in order. i know several who have been released due to delinquent credit or claiming bankruptcy. bankground checks on all registered brokers, have been more critical lately due to current conditions (ie., Enrons, worldcoms, adelphia). Where i work, anything negative on the credit report, and you will be called in to review the situation.
Here's a list of the type of disclosures that can be reported (taken from the NASD web site)
Types of Disclosure information include, but are not limited to:
criminal events (e.g., felony convictions, certain misdemeanor charges and convictions, such as theft of money, bribery, etc.)
financial disclosure events (e.g., bankruptcies, unsatisfied judgments and liens),
regulatory actions (e.g., suspensions, bars),
customer complaints/certain consumer-initiated arbitrations, and
civil judicial events (e.g., injunctions).
2. a friend was hired by JP Morgan, here in NY. she worked 14 - 16 hour days easy. salary was over $70k, after 2nd year out of undergrad. they would give her car service home on her later days. she is stressed and have no personal life. a possibility one needs to consider in choosing this path.
3. a friend use to work for a discount broker in Philly. he worked 6 days per week. he literary was asked to open the phone book,and to start making calls, looking for people to invest. also, he was told to go around to family members and to bring their funds into the brokerage. in the beginning he was excited about having such an opportunity, but the novelty quickly wore off.
the salaries are not bad, and you can really learn a lot and excell in this industry, but the ass kissing that is involved with this, does not suit my personality. My parents didn't teach me to kiss ass, but to work hard for what i want and respect others.
My point to all this, is to make sure you do your research. I had plenty of mentors that gave me great advice. IMO if you want top dollar, you may want to consider the CFA (chartered financial analyst) route. I know very few people making under $250k,with this here in NY.
2ez
I majored in Actuarial Science and Risk Management. I think it is a plus if you have demonstrated good Quantitative Skills. My last 3 yrs of undergrad, i worked for an investment advisory firm. quickly worked my way from data entry to trading assistant. I learned everything I possibly could from investment advisory to back office work. I use to stay up to 2-3am (while having a 7am class), to just read and to find someway to separate myself from the pack.
I have passed the following exams: Series 7, 63, 55, 24, while working for a broker here in NY. i had 6 months to pass the Series 7, if I would have failed, my employement would have been terminated.
Exam info: http://www.stcusa.com/ click on classes, this is where i was sent to help prepare for exams.
I'm not having fun anymore. Financials/Investing was a hobby for me, and I made my hobby (something i enjoyed), into a career. things have never been more stressful.
1. Make sure all bills and credit is in order. i know several who have been released due to delinquent credit or claiming bankruptcy. bankground checks on all registered brokers, have been more critical lately due to current conditions (ie., Enrons, worldcoms, adelphia). Where i work, anything negative on the credit report, and you will be called in to review the situation.
Here's a list of the type of disclosures that can be reported (taken from the NASD web site)
Types of Disclosure information include, but are not limited to:
criminal events (e.g., felony convictions, certain misdemeanor charges and convictions, such as theft of money, bribery, etc.)
financial disclosure events (e.g., bankruptcies, unsatisfied judgments and liens),
regulatory actions (e.g., suspensions, bars),
customer complaints/certain consumer-initiated arbitrations, and
civil judicial events (e.g., injunctions).
2. a friend was hired by JP Morgan, here in NY. she worked 14 - 16 hour days easy. salary was over $70k, after 2nd year out of undergrad. they would give her car service home on her later days. she is stressed and have no personal life. a possibility one needs to consider in choosing this path.
3. a friend use to work for a discount broker in Philly. he worked 6 days per week. he literary was asked to open the phone book,and to start making calls, looking for people to invest. also, he was told to go around to family members and to bring their funds into the brokerage. in the beginning he was excited about having such an opportunity, but the novelty quickly wore off.
the salaries are not bad, and you can really learn a lot and excell in this industry, but the ass kissing that is involved with this, does not suit my personality. My parents didn't teach me to kiss ass, but to work hard for what i want and respect others.
My point to all this, is to make sure you do your research. I had plenty of mentors that gave me great advice. IMO if you want top dollar, you may want to consider the CFA (chartered financial analyst) route. I know very few people making under $250k,with this here in NY.
2ez
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Oh yeah, we are going through a freeze now. however, during interview time, i really didn't care if one went to an ivy league school or not.
actually, i found those from the Ivy's a little to much for the environment i wanted to foster here. i paid more attention, to the work experience / internships, classes, clubs and my employer is big on those individuals who are socially responsible.
i would ask a prospect what was their favorite class, and ask them to describe a particular group project to see if they have an leadership qualities or how they interact in a group setting .
my 2cc's
actually, i found those from the Ivy's a little to much for the environment i wanted to foster here. i paid more attention, to the work experience / internships, classes, clubs and my employer is big on those individuals who are socially responsible.
i would ask a prospect what was their favorite class, and ask them to describe a particular group project to see if they have an leadership qualities or how they interact in a group setting .
my 2cc's
W
Warik
Guest
You should get a job with JT Marlin. You'll be a millionaire within your first 6 months. You might not be qualified though since you've already passed your Series 7.
-Warik
-Warik
Warik said:
Not familiar with JT Marlin. to show you how serious i was about leaving the job, i asked one of the IT's guys here for one of their Tech books. read the entire book in 2 months and then went to Verizon, and sat for the Tech exam...LOL i passed that shiat, and was called in for the job. but the damn guy, told me I would have to start at $24k/yr...now keep in mind that i live in NY and have a 7yr old daughter in private school...WTF ! ! no way in hell could i have survived off of that.
2EZ
Ever work for CSFB? You sound like someone I know.
Ever work for CSFB? You sound like someone I know.
K
KAYNE
Guest
2EZ2BRICH said:
HE IS REFERRING TO THE MOVIE "BOILER ROOM" WITH BEN AFFLECT, VIN DEISEL, AND GIOVANNI RIBISI.
KAYNE
KAYNE said:
I guess i'm a little slow...LOL that movie boiler room, reminds me of Olde Discount Brokers and another brokerage that went out of Business, Blinder and Robinson...(aka Blind em and Rob em)
Hey MattSkywalker,
never worked at CSFB, but I have many friends there.
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