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Best/Good position in Accounting/Finance?

jase12

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Originally Posted by lifersfc
I certainly appreciate your optimism, but you are being a little bit absurd about the prospects for financial advisors.

Financial advisors are purely service providers, and do the legwork themselves. The only reason partners in other service industries earn these sorts of salaries is that they get leverage from the underlings they employ. Financial advisors do not have this same leverage.

Assuming you earn an annual fee of 1% and have no expenses, you would need to manage $40MM in assets to generate that kind of revenue. While not impossible, this is certainly pushing toward the high end of what is possible. How many clients can you manage? 10? 20? 30?


to be fair i think some here are overestimating the earning capacity of financial advisers and some are underestimating. $40m under management is great but not really not that unachievable. I am a financial planner for a small dealer group in australia (granted it is not exactly comparable but from what i have read there is not a huge difference between the structure of investments and fee systems from the US to AUS), and we recently passed $1b fum for around 60 advisers australia wide. thats an average of around $16m per adviser or $160,000 per year based on 1%. over a 15 year period that is 5 new clients per year with $200,000 to invest. if you include retirement funds, insurance commissions and all other areas of their finances it adds up quickly.

what you also have to remember is that very few advisers work on $0 salary and 100% commission and that they often work on clients 'owned' by the principal of their office.

you also not going to earn 400k before your 30 unless your donald trump jnr!
laugh.gif
 

vitaminc

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Originally Posted by SkinnyGoomba
Financial Advisor,

One who spoke during a professional selling class i took was 29 years old making 400k/yr and working 30 hour weeks, she was also african american and started in the business with next to no connections.

Her first year she made 40k, second year 90K and now she's making a fortune every year.

The requirements for such a position are usually a 4 year degree, and having to pass a series 7 exam, it also helps to be outgoing and friendly, but i've met financial advisors who were more introverted.

Your salary as a financial advisor comes from a small % cut of the money you bring into the business, so it may take some time to really start earning, but it accumulates, so when you're in your 40's and the rest of the idiots on this board are working 80-100 hours a week, you'll be golfing for most of the week and working a good 20 hours in the office.

But they'll tell you thats impossible.


marsupialed comment.

direct marketing selling mary kate lipsticks to housewives could also net someone $10m per year.

400k/year is at a private client group level, not the typical american express financial advisors who need to study for series 7 (a joke btw).
 

Johnny_5

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What is the general consensus on Internal Auditing? My school offers an IA major through the accountancy program.... From what I have heard this is a rapidly growing field since Sarbanes Oxley was passed. Can anyone chime in on this?
 

Wooh

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Jul 15, 2008
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Originally Posted by otc
I never understood why the investment banks dont just hire a few more analysts...have a 2nd shift--it's not like they don't turn down plenty of top-quality candidates who would do it even if there was a bit less money... Work that requires any kind of serious thought suffers from a very sharp decline in quality and productivity with those kinds of hours (of course if all you are doing is playing excel-monkey and formatting pitch books, maybe it doesnt require so much thought).
Because there is a value to having a single person who knows it ALL, and who can perform when **** is on the line. It's simply not a career where you can get away with anyone who has a "work ends at 5" mentality. You need people who can pull an all nighter and get **** done. It's something I've thought about a lot, as I'm going to be an iBanker starting in July...
 

forsbergacct2000

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Sep 20, 2008
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Originally Posted by Serg
You are in the minority, most of the time Big 4 looks better.


Big 4 is a way personnel directors who are not accountants can separate out resumes unfortunately.

However, it is very easy to be slotted and get limited experience in one of those firms. I have worked with some people who came out of those environments and was not impressed. (Others have been quite impressive. In the end, a lot of times, it's what a person DOES with the experience that is most important. Also, interpersonal skills become more and more important the longer you are out of school.)

Big 4 is more impressive on a resume. A lot of times you get more varied and higher level (more decision-making) experience in the smaller environment. Once you get your foot in the door at any company, your performance is usually more important than your resume. If you have a variety of experiences and more decision making, you could easily become a better and more valuable accountant in the long run.
 

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