I am a jr finance major working for ML as a GWIM intern. I worked hard, brought in clients, and was given the green light for full time employement in 2015. I am estatic and couldn't be happier as jr.
One question on my mind: Should I go into ML's PMD program out of undergrad?
If you're interested about my situation:
Almost everyone has advised against it -- turnover, cold calling, etc. My boss even sat me down and advised me to think about exit opps for the immediate future, advising me to come back years later.
The intense work coming out of school is not an issue as I fully embrace the 40+ hours as a finance major.
Issues I see through my narrow scope of vision as an intern:
1) Networking -- most FA's around the office grew up with taste and subsequently already know much of the wealthy around TX.
The work scenario: I work with three others -- X, Y, and Z. X was hired by Y's dad. Y was given dad's clients. Z grew up with the wealthy and has an extensive network in Dallas.
My scenario: I grew up in the suburbs of Los Angeles, CA and got involved in gangs, etc when I was little. After moving to Dallas for high school, pure motivation/networking got me into a well respected non-target university in Dallas. I have no connections or even an idea of the wealthy culture (I'm just now immersing myself).
2) Fit -- I thouroughly enjoy the culture of the demograph I work with. I really, really do. However, I can't help feel out of place when I'm out at lunch with 40yr+ millionares while wearing a cheap suit and sporting an Asian-American smile. I am 20 years old and the only minority working in the entire office (not to mention the entire Dallas area). I get constant stares/blatant head to toe checks of confusion both in and out of the office.
3) Trust issues due to age -- you can know everything but living through it is different. I'll be 21 when I start calling door to door. Who would trust a kid with their money?
Really, this is a question for those who have been in my shoes. Can someone young with my background succeed in the PMD program right out of school? The grim numbers and tangible evidence around my own office are really pushing me to run away. I do not fear work but I do fear unrealistic goals (hard work seems like only a fraction of the equation in the PMD program). I feel as though my chances of making it after yr 3 are especially slim simply due to the nature of the program/industry and my own background. I thoroughly enjoy my work (except cold calling but who does) and really feel ML upholds one of my most sacred virtues in the work force -- freedom.
Any advice/insight from the veterans? "To be, or not to be, that is the question-"
Note: A major draw for me is the promise to be put on my current team immediately but w/o leads.