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Career trajectory for position in 401k/retirement group

BBSLM

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A recruiter ran these two jobs by me:

First one, reconciling transfers from investment accounts to DDA accounts for the Wachovia/Wells conversion. This is a high risk position and ideal candidate must have extreme attention to detail. Some CS assisting with transfers, but do not need retirement experience. Candidate does need reconciliation experience, or be a very smart new grad. Long term position, but not definite time of contract. 8-5 M-F, may have to work weekends and OT.

Second one: Customer service based, dealing directly with the clients and their 401k questions.
Both are temp jobs paying $13.50/hr, which is disappointing, but I can manage if the position could likely lead to something permanent and more lucrative. The recruiter talked up how either position would be a great 'foot in the door' and 'networking opportunity', but I get the feeling that this is standard recruiter hyperbole, although I don't know one way or the other.

For those more familiar with industry, do these sound like promising opportunities, or dead-end indentured servitude? If I excelled at either one of these positions what kinds of jobs could I potentially leverage the experience into? I have a BS in Finance and have been trying, unsuccessfully, to get in with a bank ever since graduation. I, like most finance grads, would like to end up in corporate finance or another high-paying area such as wealth management, IB, or PE (which may be unrealistic for me), so I obviously don't want to head down a career path that's going to prepare me for a lifetime of customer service call center management or the like.
 

Lord-Barrington

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Originally Posted by BBSLM
A recruiter ran these two jobs by me:



Both are temp jobs paying $13.50/hr, which is disappointing, but I can manage if the position could likely lead to something permanent and more lucrative. The recruiter talked up how either position would be a great 'foot in the door' and 'networking opportunity', but I get the feeling that this is standard recruiter hyperbole, although I don't know one way or the other.

For those more familiar with industry, do these sound like promising opportunities, or dead-end indentured servitude? If I excelled at either one of these positions what kinds of jobs could I potentially leverage the experience into? I have a BS in Finance and have been trying, unsuccessfully, to get in with a bank ever since graduation. I, like most finance grads, would like to end up in corporate finance or another high-paying area such as wealth management, IB, or PE (which may be unrealistic for me), so I obviously don't want to head down a career path that's going to prepare me for a lifetime of customer service call center management or the like.


If you want to end up in IB, PE, or WM the way to get your foot in the door is not through some crappy retail banking job.
You don't just stumble into these types of jobs. Moreso than almost any job out there, IB requires a serious plan on how to get from point A to point B. If you don't have that mapped out yet, you're pretty much out of your depth.
 

BBSLM

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Originally Posted by Lord-Barrington
If you want to end up in IB, PE, or WM the way to get your foot in the door is not through some crappy retail banking job.
You don't just stumble into these types of jobs. Moreso than almost any job out there, IB requires a serious plan on how to get from point A to point B. If you don't have that mapped out yet, you're pretty much out of your depth.


That's pretty much what I figured.

Realistically, what kind of career path could one expect by starting from one of these jobs?
 

Lord-Barrington

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Originally Posted by BBSLM
That's pretty much what I figured.

Realistically, what kind of career path could one expect by starting from one of these jobs?


It's not my field so I couldn't tell you specifically. I imagine it would be the usual customer service career path i.e. customer service agent - supervisor - manager, etc.
 

BBSLM

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Originally Posted by Lord-Barrington
It's not my field so I couldn't tell you specifically. I imagine it would be the usual customer service career path i.e. customer service agent - supervisor - manager, etc.

Meh. Also what I figured.

Thanks.
 

Souper

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Hmm,


Maybe do PWM and try to climb the ladder; become an FA eventually, or maybe do risk/ops/trade support at a hedge fund or securities firm and try to network that into front office somehow. will probably require a higher degree to make the jump after you make associate.

Do corpfin at an f500 or treasury/finance at any bank, get some relevant stuff on there
 

BBSLM

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Originally Posted by scientific
working at a call center is not a career

I was told by the recruiter that it wasnt a call center job, even though it sounds like one. It's supposed to be a 'standard banking environment.'

Originally Posted by Souper
Hmm,


Maybe do PWM and try to climb the ladder; become an FA eventually, or maybe do risk/ops/trade support at a hedge fund or securities firm and try to network that into front office somehow. will probably require a higher degree to make the jump after you make associate.

Do corpfin at an f500 or treasury/finance at any bank, get some relevant stuff on there


Financial analysis was my original goal coming out of school, but no dice. I think risk/ops/trade support is going to be unattainable for me at this point. Any type of wealth management position is probably out of the question as well.

I absolutely want to get a higher degree eventually, but it would be a waste of time at this point with no experience. I know I need to start somewhere, but these temp jobs don't seem like they will provide me with the meaningful experience I need. I would imagine they are for people that are just desperate for any type of paycheck, which Im not.
 

Souper

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I don't know your situation, but I don't know why you would say any of those are out of the question. There are tons of boutiques and funds with small AUM's that could use ops/risk people. Cold email them, and make it clear to your HH that this is what you want.

Alternatively, like I said, corp fin at an f500, cold email FA's at legit PWM shops and ask about openings, make friends with HR and recruitment at every bulge/middle market/boutique place you can find, reach out to alumni who have jobs you are interested in. Buy everyone coffee - network and get out there. you have nothing to lose and if you have the time(aka are unemployed) this is how I would go about it.

most importantly, when you do see openings that you would want, apply to them. Goes without saying, I guess. Stop thinking you are underqualified, if you land an interview you are practically on equal footing with every other candidate

for reference, I am an undergrad at a finance target entering banking this summer. you should really start sending out emails and making phone calls and leads will start rolling in.
 

ginlimetonic

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Operations/Back Office job, not an analytical role, but a monkey job.

next career progression woudl probably be middle office operations... not a good job to start off.

STart off the best you can.
 

BBSLM

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Originally Posted by Souper
I don't know your situation, but I don't know why you would say any of those are out of the question. There are tons of boutiques and funds with small AUM's that could use ops/risk people. Cold email them, and make it clear to your HH that this is what you want.

Alternatively, like I said, corp fin at an f500, cold email FA's at legit PWM shops and ask about openings, make friends with HR and recruitment at every bulge/middle market/boutique place you can find, reach out to alumni who have jobs you are interested in. Buy everyone coffee - network and get out there. you have nothing to lose and if you have the time(aka are unemployed) this is how I would go about it.

most importantly, when you do see openings that you would want, apply to them. Goes without saying, I guess. Stop thinking you are underqualified, if you land an interview you are practically on equal footing with every other candidate

for reference, I am an undergrad at a finance target entering banking this summer. you should really start sending out emails and making phone calls and leads will start rolling in.


Thanks for the tips. I've been applying through job boards and company websites without luck, but I will try finding some email address and phone numbers to get in contact with the right people.

I dont necessarily think that Im underqualified - Im confident I can excel in any entry-level position - but Finance grads without experience are a dime a dozen so it will be a tough differentiating myself.

BTW, whats AUM?

Originally Posted by ginlimetonic
Operations/Back Office job, not an analytical role, but a monkey job.

next career progression woudl probably be middle office operations... not a good job to start off.

STart off the best you can.


Thanks. I don't either of jobs would be considered doing that. I've thanked my recruiter and told that Im uninterested in these openings.
 
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I tend to think the best way here is to just get out and about and meet people. People overthink networking events - and yes, they have their place - but get out and meet people who turn out to be the X in charge of X at Y, and as you tell your story two things tend to happen.

1. you learn that people actually do want to help you once they find out you are not an incompetent fuckwit (hint: don't be an incompetent fuckwit) and
2. everyone remembers what it's like to be in your shoes. Speaking as someone who is probably 15 years older than you - we do. We remember what it was like being a grad with a certificate and not much else, and having only a sketchy idea of where to now. Interestingly, it is one of the things we talk about and look back on. None of us have forgotten it. You can play to that. Fuck, ask us about it, you will get a lot of interesting stories about how people got their start.

But, the first step is to get out and among and meet the people. Yes, there are networking events in every industry, and you should be at them. You will feel awkward and like you have nothing to say. You still should be there.

There are also bars in certain neighborhoods that lend themselves to a certain sort of person. Befriend some dude. Nohomo.

But - and IME this has typically been easier - there are also running clubs, martial arts classes, language classes, softball leagues, cooking schools, whatever...these at least are a more natural setting to meet people without a 'so ya hire me' agenda, and get talking to them.

At my level that becomes less about job hunting and more about building professional networks, a client base etc etc (and I've had to do it a bunch of times when I have moved around with my career) and have typically found it a more fertile hunting ground (both as hunter and hunted).
 

BBSLM

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Originally Posted by Matt
I tend to think the best way here is to just get out and about and meet people. People overthink networking events - and yes, they have their place - but get out and meet people who turn out to be the X in charge of X at Y, and as you tell your story two things tend to happen.

1. you learn that people actually do want to help you once they find out you are not an incompetent fuckwit (hint: don't be an incompetent fuckwit) and
2. everyone remembers what it's like to be in your shoes. Speaking as someone who is probably 15 years older than you - we do. We remember what it was like being a grad with a certificate and not much else, and having only a sketchy idea of where to now. Interestingly, it is one of the things we talk about and look back on. None of us have forgotten it. You can play to that. Fuck, ask us about it, you will get a lot of interesting stories about how people got their start.

But, the first step is to get out and among and meet the people. Yes, there are networking events in every industry, and you should be at them. You will feel awkward and like you have nothing to say. You still should be there.

There are also bars in certain neighborhoods that lend themselves to a certain sort of person. Befriend some dude. Nohomo.

But - and IME this has typically been easier - there are also running clubs, martial arts classes, language classes, softball leagues, cooking schools, whatever...these at least are a more natural setting to meet people without a 'so ya hire me' agenda, and get talking to them.

At my level that becomes less about job hunting and more about building professional networks, a client base etc etc (and I've had to do it a bunch of times when I have moved around with my career) and have typically found it a more fertile hunting ground (both as hunter and hunted).


Good stuff. Thanks. I really do need to get out and meet people, as my network is essentially nonexistant. It's good to know that peoples' beginnings arent forgotten along the way.
 

Lord-Barrington

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Originally Posted by BBSLM
Good stuff. Thanks. I really do need to get out and meet people, as my network is essentially nonexistant. It's good to know that peoples' beginnings arent forgotten along the way.

You might also try shooting for something other than IB/PE/wealth management as well. Those jobs are incredibly competitive and the type where you have to be "on the train" when it pulls out of the station. If you aren't, you should start looking elsewhere.
 

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