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Advice for a jobless Finance major since one year after graduation? - Page 4

post #46 of 63
4/19/11 at 10:22am
As much as I hate retail brokers, it may not be the worst thing in the world. Its a good way to get contacts at high levels within various companies and well help you get a feel for managing other peoples money (regardless that you are extremely limited as to what you can recommend). That said, getting clients at your age will be a bit of a struggle. Now with that in mind, any firm that will hire you without an interview is not one which you should associate with.
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post #47 of 63
4/19/11 at 11:26am
Not sure I agree with that, I feel that as a salesperson you need to offer value to your clients. The day I no longer provide value to my clients is the day that they find someone who can do a better job. The same can be applied to this, where I would work with an FA who is willing to do the homework well ahead of working with one who I am buddy-buddy with.

Aside from all of that, I'll give you the same bit of advice that I received while on my job search. If you start working in sales you'll always work in sales. That is not necessarily a bad thing, but it doesn't appear to be what you want for yourself.
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post #48 of 63
4/19/11 at 12:53pm
Quote:
Originally Posted by SkinnyGoomba View Post
Not sure I agree with that, I feel that as a salesperson you need to offer value to your clients. The day I no longer provide value to my clients is the day that they find someone who can do a better job. The same can be applied to this, where I would work with an FA who is willing to do the homework well ahead of working with one who I am buddy-buddy with.

Aside from all of that, I'll give you the same bit of advice that I received while on my job search. If you start working in sales you'll always work in sales. That is not necessarily a bad thing, but it doesn't appear to be what you want for yourself.

Fine, but from my short time at a retail bulge bracket branch, there is very little leeway as to what recommendations you can make. You are not expected or encouraged to come up with any personal recommendations and all recommendations must match those provided by the Firm's equity research analysts. You are basically just a front man for the firm.

If he were to run an independent branch through one of the hundreds of independent firms, he may get more creative, but without a big name behind him and no experience, he may find that customers are not breaking down his door. Further, this also requires some start up capital and is generally tailored to those with an established book.
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post #49 of 63
4/20/11 at 3:20am
Thread Starter 
Quote:
Originally Posted by SkinnyGoomba View Post
Aside from all of that, I'll give you the same bit of advice that I received while on my job search. If you start working in sales you'll always work in sales. That is not necessarily a bad thing, but it doesn't appear to be what you want for yourself.

This is my general understanding of people in sales, though there are outliers, this is what I want to avoid. Why build up a business and then throw it away? In two-three years of selling and broking you are bound to be making an easy 100k-200k yearly depending on the market. Most of your commission comes from fixed assets and the rest of the year is focused on tackling challenges (this is after acquiring a client base). You are free to play golf, eat out, take long vacations and etc.. after you have established 7-10 years of business with retaining your clients.

And most clients do stick with people they are familiar with. Smart ones shop around for someone better, but most people are willing to stick with what they have if its good enough.

Irregardless working as a rep is admirable and can net you a great lifestyle and a lot of money if you are good and persistent in picking up clients, I know a guy who makes at least $200k all from mutual fund management. Everyone I know that does this in my area has lived in my area all there life.


On another note: I got an interview with someone for a Stock Market Analyst position, looks decent. Is more of a research and report and provide analysis for the news. Over the phone what was said to me was that they needed someone with talent in researching, analyzing, being able to pick up on trends, good writing skills, and identifying opportunities in the market. In a sense I would be doing a lot of research and reporting on the stock market that gets published and sent out to investors/subscribers. I think its a good opportunity, hopefully I can make the best out of it.

I'll keep you guys filled in! Appreciate the support.
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post #50 of 63
4/20/11 at 4:10am
What were you offered at HP?

Sounds like your Dad is pretty high up. You should take the hookup IMO. I was in a somewhat similar situation. Engineering grad with average GPA from not being motivated at age 18. I wasn't unemployed for a full year but it did take me about 5 months of hitting the career boards hard before I found a good job. At the time of the search, I personally felt guilty/embarrassed about pushing the connections too hard, but that was really stupid. In this economy that's how the majority of people get good jobs without experience. I know I could have went this route if I wanted and that would have made things a lot easier. I found it very hard explaining my unemployment, and yours is now over twice as long, so I really think you ought to end that.

I have a few fraternity brothers who graduated with ~3.0 GPAs in majors like Economics, Finance, and even one guy in Sports Management who got jobs at Capital One in Dallas. They started off low but were able to move up very quickly by working hard and being personable. One of the guys in particular is now pulling in very good money at 25. Obviously you can then do the MBA thing in a few years, so I guess what I'm saying is don't rule out a position just because it isn't ideal. I'm not knowledgeable about such industries but I'd be shocked if you got a job in IB or consulting after being unemployed for a year. That doesn't mean you can't do very well for yourself down the road.

I definitely would steer clear of sales if you don't have the personality for it though.
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post #51 of 63
4/20/11 at 10:59am
Quote:
Originally Posted by Saturdays View Post
In two-three years of selling and broking you are bound to be making an easy 100k-200k yearly depending on the market.

completely, utterly false.

the average registered representative, especially those in smaller, less affluent areas, makes about $50k. Even the better ones can make maybe 80 to 90...and this is not 2 years into their career.

If you think that the average broker is running around with $100k to $200k of income within 3 years, you're mistaken.

In fact, the burnout rate is so high particularly because its hard to survive the first few years. The competition in this market is fierce.

Good luck on your interview though, sounds like a better match for you.
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post #52 of 63
4/20/11 at 12:13pm
Apply to every company in the S+P 500. No, I'm not kidding.
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post #53 of 63
4/20/11 at 6:54pm
don't mean to thread jack but i will be in similar situation after this fall, only difference is i will be coming out with 2 degrees (financial economics + quantitative management (stats)) tbh, i really didn't learn much from both subjects other than the bare minimum. like if someone was to ask me a question, i probably would not be to give them an answer immediately without looking back into my reference i.e. books. my gpa is above 3.5, and i had a minor internship doing research (stats related). i do not ever see myself in sales, i am pretty soft spoken in general. i always thought about a job in consulting even though i knew very little about the field. just imagine working with clients, and in that sense provide them with the information that i have researched, give them a conclusion and worst/best case scenario. i love research out of everything, writing papers etc. and making analysis/inferences am i too all over the place?
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post #54 of 63
4/20/11 at 7:11pm
Quote:
Originally Posted by gettoasty View Post
don't mean to thread jack but i will be in similar situation after this fall, only difference is i will be coming out with 2 degrees (financial economics + quantitative management (stats))

tbh, i really didn't learn much from both subjects other than the bare minimum. like if someone was to ask me a question, i probably would not be to give them an answer immediately without looking back into my reference i.e. books.

my gpa is above 3.5, and i had a minor internship doing research (stats related).

i do not ever see myself in sales, i am pretty soft spoken in general. i always thought about a job in consulting even though i knew very little about the field. just imagine working with clients, and in that sense provide them with the information that i have researched, give them a conclusion and worst/best case scenario.

i love research out of everything, writing papers etc. and making analysis/inferences

am i too all over the place?

Become a researcher.
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post #55 of 63
4/20/11 at 9:05pm
Thread Starter 
Quote:
Originally Posted by austinite View Post
What were you offered at HP?

Sounds like your Dad is pretty high up. You should take the hookup IMO. I was in a somewhat similar situation. Engineering grad with average GPA from not being motivated at age 18. I wasn't unemployed for a full year but it did take me about 5 months of hitting the career boards hard before I found a good job. At the time of the search, I personally felt guilty/embarrassed about pushing the connections too hard, but that was really stupid. In this economy that's how the majority of people get good jobs without experience. I know I could have went this route if I wanted and that would have made things a lot easier. I found it very hard explaining my unemployment, and yours is now over twice as long, so I really think you ought to end that.

I have a few fraternity brothers who graduated with ~3.0 GPAs in majors like Economics, Finance, and even one guy in Sports Management who got jobs at Capital One in Dallas. They started off low but were able to move up very quickly by working hard and being personable. One of the guys in particular is now pulling in very good money at 25. Obviously you can then do the MBA thing in a few years, so I guess what I'm saying is don't rule out a position just because it isn't ideal. I'm not knowledgeable about such industries but I'd be shocked if you got a job in IB or consulting after being unemployed for a year. That doesn't mean you can't do very well for yourself down the road.

I definitely would steer clear of sales if you don't have the personality for it though.

Was never offered the job which was the problem with HP. I went through 5 or 6 interviews for an entry level job. Even though my dad is high up they were obviously bull shitting me through the interviews, hiring freezes, giving me more interviews, follow up next week please, etc.. etc.. ended up being 4 months of me being somewhat gleeful (yes thats the term I decided to use) of my prospects of getting the job, only to find out I did not get it, but they were nice enough to say keep following up and if you see another job mention that when you follow up. Since then HP has had a very small amount of jobs opening in the Houston area with that team.

Quote:
Originally Posted by Quadcammer
completely, utterly false.

the average registered representative, especially those in smaller, less affluent areas, makes about $50k. Even the better ones can make maybe 80 to 90...and this is not 2 years into their career.

If you think that the average broker is running around with $100k to $200k of income within 3 years, you're mistaken.

In fact, the burnout rate is so high particularly because its hard to survive the first few years. The competition in this market is fierce.

Good luck on your interview though, sounds like a better match for you.

I know the burnout rate is very high, but I was always under the impression that the majority of brokers were making 6 figures.

It makes sense if in smaller areas they make $50k. So I can not argue that point, not that I'm trying to argue...is this an argument?

Anyway.. Thanks for wishing me good luck!
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post #56 of 63
4/20/11 at 9:51pm
^ are there any opportunities in the finance industry for research. i'm sure there is but any that can translate into a career in consulting? or am i just going to be the facilitator of information?
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post #57 of 63
4/20/11 at 10:04pm
Quote:
Originally Posted by gettoasty View Post
^ are there any opportunities in the finance industry for research. i'm sure there is but any that can translate into a career in consulting? or am i just going to be the facilitator of information?

Well if you want to do consulting, do consulting. But you said you loved research. Consulting is not research. It's heavy on client interaction, long hours, and dealing with corporate crap on two levels, both within your own team and within the company/business unit/organization you're working for. It certainly isn't a job for people who purely like to crunch numbers or perform research.
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post #58 of 63
4/20/11 at 10:23pm
Quote:
Originally Posted by Saturdays View Post

I know the burnout rate is very high, but I was always under the impression that the majority of brokers were making 6 figures.

It makes sense if in smaller areas they make $50k. So I can not argue that point, not that I'm trying to argue...is this an argument?

Anyway.. Thanks for wishing me good luck!

Oh no, not an argument, just want to be clear on FA compensation. Its a tough business until you build the book. Furthermore, its tough for people planning for retirement to take a 22 year old kid seriously when discussing their financial future. I've found the most successful FAs are those that worked in other industries, built a big rolodex of high level friends/colleagues/acquaintances, and then made the switch. The truth is that most brokers know very little about securities.

Quote:
Originally Posted by gettoasty View Post
^ are there any opportunities in the finance industry for research. i'm sure there is but any that can translate into a career in consulting? or am i just going to be the facilitator of information?

where do you live, where did you go to school, and do you have any networking connections at the big consulting firms (bain, mckinsey, bcg, etc)?
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post #59 of 63
4/20/11 at 10:32pm
i understand the client interaction. what i mean is that you must have something to present to the client e.g. your research, or at least that is how i figured it out to be. i have little to no exposure. just working out a plan at my own pace. little to no exposure = no connections. only people perhaps are part of my extended family, but not really looking for a handout.
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post #60 of 63
4/20/11 at 10:36pm
Quote:
Originally Posted by gettoasty View Post
i understand the client interaction. what i mean is that you must have something to present to the client e.g. your research, or at least that is how i figured it out to be. i have little to no exposure. just working out a plan at my own pace.


little to no exposure = no connections. only people perhaps are part of my extended family, but not really looking for a handout.

That's not a good approach. Use your connections, whatever they may be. No one will think less of you for it. We all rely on people for a variety of things that benefit us. It doesn't mean it's a bad thing, necessarily. I lived with my parents until I was in my mid twenties so I could save money and get set financially early in my career. I don't consider that "a handout" especially since I'd do the same for my child. If you have connections you can benefit from, use them.
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