career advice please!

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brothaK's picture
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Joined: 2006-04-18

I will be graduating from college in december with a math degree specializing in statistics and a minor in managment.

I dont even know where to start? I've looked into becoming an
actuarist, a financial advisor, and an accountant. The financial
advisor was most appealing to me, however, even though i feel i can
succeed at anything, ive been told it is close to impossible to be an
FA at my age.
If there is anything you all can comment on, whether on these careers
or any other ideas, I would greatly appreciate the feedback. I have the summer free any recomendations on what to do with it to be most productive, beside the obvious of getting a job. I already have one and I wouldnt mind dropping it as long as the new job will be worth while for my future.
I am making this thread because I want to ask for advice, ideas and
opinions from the experienced, not decisions on my life. Thank you.
Feel free to PM me if you like.

anonymous's picture
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Joined: 2005-09-29

Don't believe that crap that a young kid can't succeed.  It's B.S....unless you actually believe it and then it becomes true.

om_nupe's picture
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Joined: 2005-12-16

Whether you believe you can or believe you can't, either way you're right. I agree with anonymous. You can succeed but only if you want to. It can be challenging and stressful job in the beginning, but anything worth having is worth working for. One more word of advice: "If you work harder in your first few years like most people won't, you'll live the rest of your life like most people can't." I wish you much success in whatever career path you decide on.

RecruitingAce's picture
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Joined: 2006-06-22

Brothak -
My sincere advice is to get on with one of the "minor league" firms first.. hang out there for a couple of years just long enough to get your licenses and learn the business and gather as many assets as you possibly can.  Plan to work your butt off to get those assets, and then, when it's time, go to a major league company and get into one of their training programs.
Some good "minors" with the best probability of success are:  Ameriprize, AXA Advisors, and maybe a strong insurance firm like Prudential.   Earning a strong "batting average" here will make it easier for you to get in with Merrill, UBS or Smith Barney down the road where you can really launch your career.
 

Slim2None's picture
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Joined: 2006-04-14

brothaK wrote:I will be graduating from college in december with a math degree specializing in statistics and a minor in managment.

I dont even know where to start? I've looked into becoming an
actuarist, a financial advisor, and an accountant. The financial
advisor was most appealing to me, however, even though i feel i can
succeed at anything, ive been told it is close to impossible to be an
FA at my age.
If there is anything you all can comment on, whether on these careers
or any other ideas, I would greatly appreciate the feedback. I have the summer free any recomendations on what to do with it to be most productive, beside the obvious of getting a job. I already have one and I wouldnt mind dropping it as long as the new job will be worth while for my future.
I am making this thread because I want to ask for advice, ideas and
opinions from the experienced, not decisions on my life. Thank you.
Feel free to PM me if you like.
I just quit a summer internship. For the three credits I was going to get, it just wasn't worth it. I got my series 7 and 63 (I paid the fees and the bought the books).The big dilemma I see for the Investment banking industry in recruiting new blood is this:They have to find a candidate who is smart enough to pass the exams, yet dumb enough to work for 300 dollars a week gross (after taxes, it doesn't cover train fare and lunch), reading a script to hapless cold call victims ten hours a day. I was driven to tears of boredom. I felt like I was gonna need a drool cup, thumbing through recycled index cards with sarcastic comments written on them from previous "trainees", and getting tips on how to lie to the secretary so she'll put you through to some guy who tells you to "fck off" even if she falls for your line of BS.

Starka's picture
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Joined: 2004-11-30

brothaK, I mean no sarcasm with this, but what exactly do you think will be different starting anywhere else?

troll's picture
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Joined: 2004-11-29

RecruitingAce wrote:
Brothak -
My sincere advice is to get on with one of the "minor league" firms first.. hang out there for a couple of years just long enough to get your licenses and learn the business and gather as many assets as you possibly can.  Plan to work your butt off to get those assets, and then, when it's time, go to a major league company and get into one of their training programs.
Some good "minors" with the best probability of success are:  Ameriprize, AXA Advisors, and maybe a strong insurance firm like Prudential.   Earning a strong "batting average" here will make it easier for you to get in with Merrill, UBS or Smith Barney down the road where you can really launch your career.
 

I could not disagree more. There's no point in hiding in the minors, unless it's because you think you can't make it in the bigs. And if that's the case, you probably can't make it anywhere. Furthermore, most managers in "the bigs" will consider those minors  named as, well, suspect, to be polite.
IMHO, if you think you can succeed, then you can. The next step is to decide if you want to go big (or just go home).

Biasedrecruiter's picture
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Joined: 2006-04-04

 Amen!!

BrokerRecruit's picture
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Joined: 2005-04-19

If you need a good place to start and get to the big leagues if they won't initially hire you, I would, frankly, avoid AMP and AXA like the plague.  They're not viewed in the same light as regionals or smaller, quality BDs that teach an FA to build a comprehensive business outside of their "niches" and poor platforms, filled with proprietary products.
I will echo what mikey said - if you want to be with a prime-time player, go for it.  If they don't hire you, then look at the firms that come in column B.  Don't settle for what you would consider a sub-standard firm in your mind. 

tjc45's picture
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Joined: 2005-05-06

In 1989 two low time pilots flew their USair 737 into Flushing Bay. It turned out that it was the very first flight for each of the pilots as Captain and First Officer. Actually flew is the wrong term as the plane never made it into the air. Turns out that the pilots, each on their maiden flight as Captain and First Officer had forgotten to reset the elevator trim tab. As the plane accellerated it veered off the runway, went over an embankment and into the bay. Unfortunately, not everyone survived the crash.
So what happened here? The obvious pilot error of not resetting the trim tab was the primary cause of the crash. There were also other factors, primarily the weather, it was snowing, and the crew's lack of coordination in working together. USair got tagged for putting to inexperienced pilots together on their first flight. But what really happened was a failure of good judgement. These guys were in over their head weather wise. The flight was repeatedly delayed as they deiced the plane several times. They should have cancelled the flight. Yet the pressure to leave was too great for two rookies on their first night in their newly attained positions. Off course they aren't the first pilots to make that mistake and they won't be the last.
The question is did their age and inexperience cause the crash?
Now here's the tricky part. Regardless of how you answer that question the perception is that it did. Of course these two pilots were highly qualified to fly that plane. Pilots don't make it into the cockpit of a jet of that size without an extensive resume. Yet they pushed away from the gate when they shouldn't have, a judgement error. They skipped an entire section of their pre flight check list, which goes to their demeanor. They were frustrated by the weather, the pressure to leave, the pressure to please their bosses, and their clients. Would experience have changed that? Well, one answer is that their plane was the only one to crash that night. So?
The perception is when you fly, you want someone with some gray hair at the controls. On those dark stormy nights when you wish you were on the ground you don't want a rookie at the controls do you?Even though the rookie may be every bit as good a pilot as the old hand. That's just the way it is. Perception is reality.
Our business shares a common bond with the airline industry. That is, it's built on trust. As a 22 year old you are welcome to enter our industry and work your butt off. And you may succeed. Understand this, you will be at a competitve disadvantage because of your age. You will have to convince prospects to let you manage their life's savings versus giving it to Joe Bluehair, a Senior VP, with Trustworthy Investments who has 25 years experience. Every day of your life this will be your reality. Clients want to know that the person piloting their portfolio knows what they are doing. Especially when the market is having one of its mood swings. You'll need to convince them that you are that person. That's a huge mountain to climb for all rookies. Yet, the 30 something rookie will have an easier time of it than the under 25 rookie. Why? Because the obvious youth of the under 25 rookie is a giant neon sign that reads "Inexperienced".
I was 31 when I started in this biz. My experience rarely came up. When it did. I had my prior successful business experience to fall back on. For you, your experience will come up every day. What will you fall back on to give the prospects comfort in your ability?
You'd do better trying to get sales experience outside the industry or to work for a team.
 
 
 
 

JCadieux's picture
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Joined: 2005-01-23

mikebutler222 wrote:I could not disagree more. There's no point in hiding in the minors, unless it's because you think you can't make it in the bigs. And if that's the case, you probably can't make it anywhere. Furthermore, most managers in "the bigs" will consider those minors  named as, well, suspect, to be polite.Agreed.  The pedigree of your first brokerage will set the stage for the rest of your career.  Try to get into a big firm with a good reputation before you even look at the "B" players.

maybeeeeeeee's picture
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Joined: 2005-02-24

Slim2None wrote: brothaK wrote:I will be graduating from college in december with a math degree specializing in statistics and a minor in managment.I dont even know where to start? I've looked into becoming an actuarist, a financial advisor, and an accountant. The financial advisor was most appealing to me, however, even though i feel i can succeed at anything, ive been told it is close to impossible to be an FA at my age.If there is anything you all can comment on, whether on these careers or any other ideas, I would greatly appreciate the feedback. I have the summer free any recomendations on what to do with it to be most productive, beside the obvious of getting a job. I already have one and I wouldnt mind dropping it as long as the new job will be worth while for my future.I am making this thread because I want to ask for advice, ideas and opinions from the experienced, not decisions on my life. Thank you.Feel free to PM me if you like. I just quit a summer internship. For the three credits I was going to get, it just wasn't worth it. I got my series 7 and 63 (I paid the fees and the bought the books).The big dilemma I see for the Investment banking industry in recruiting new blood is this:They have to find a candidate who is smart enough to pass the exams, yet dumb enough to work for 300 dollars a week gross (after taxes, it doesn't cover train fare and lunch), reading a script to hapless cold call victims ten hours a day. I was driven to tears of boredom. I felt like I was gonna need a drool cup, thumbing through recycled index cards with sarcastic comments written on them from previous "trainees", and getting tips on how to lie to the secretary so she'll put you through to some guy who tells you to "fck off" even if she falls for your line of BS.
Extremely well said.  Every new, 22 year old, should read this.  I give you props for going thru this.
I have yet to see ANY kid succeed out of college unless they get $2m or so from family.  And these are good, hard working, smart, people.  Honestly, to make the numbers they set in 12 months is tough.
You have alot going for you if you have your license.  If you still want to be in the business, find a BIG indy guy who needs help, or go to a bank.
Best of luck.  You are an honest and smart guy.
 

NASD Newbie's picture
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Joined: 2005-08-01

maybeeeeeeee wrote:
I have yet to see ANY kid succeed out of college unless they get $2m or so from family.  And these are good, hard working, smart, people.  Honestly, to make the numbers they set in 12 months is tough.

And Maybeeeee has been in the business for close to 2,000 hours so you can be assured that she's seen a lot of kids come and go.

brothaK's picture
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Joined: 2006-04-18

how about starting off as an independent and taking all the exams yourself, learn everything yourself etc etc
while at the same time have another job to support your financial advising career (mostly the marketing side of it) seminars, brochures, and the million other things etc
the other job would obviously be a very low key job, 40-50k a year which can have the privacy to be able to talk to clients

Slim2None's picture
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Joined: 2006-04-14

maybeeeeeeee wrote:Slim2None wrote: brothaK wrote:I will be graduating from college in december with a math degree specializing in statistics and a minor in managment.I dont even know where to start? I've looked into becoming an actuarist, a financial advisor, and an accountant. The financial advisor was most appealing to me, however, even though i feel i can succeed at anything, ive been told it is close to impossible to be an FA at my age.If there is anything you all can comment on, whether on these careers or any other ideas, I would greatly appreciate the feedback. I have the summer free any recomendations on what to do with it to be most productive, beside the obvious of getting a job. I already have one and I wouldnt mind dropping it as long as the new job will be worth while for my future.I am making this thread because I want to ask for advice, ideas and opinions from the experienced, not decisions on my life. Thank you.Feel free to PM me if you like. I just quit a summer internship. For the three credits I was going to get, it just wasn't worth it. I got my series 7 and 63 (I paid the fees and the bought the books).The big dilemma I see for the Investment banking industry in recruiting new blood is this:They have to find a candidate who is smart enough to pass the exams, yet dumb enough to work for 300 dollars a week gross (after taxes, it doesn't cover train fare and lunch), reading a script to hapless cold call victims ten hours a day. I was driven to tears of boredom. I felt like I was gonna need a drool cup, thumbing through recycled index cards with sarcastic comments written on them from previous "trainees", and getting tips on how to lie to the secretary so she'll put you through to some guy who tells you to "fck off" even if she falls for your line of BS.
Extremely well said.  Every new, 22 year old, should read this.  I give you props for going thru this.
I have yet to see ANY kid succeed out of college unless they get $2m or so from family.  And these are good, hard working, smart, people.  Honestly, to make the numbers they set in 12 months is tough.
You have alot going for you if you have your license.  If you still want to be in the business, find a BIG indy guy who needs help, or go to a bank.
Best of luck.  You are an honest and smart guy.
 Thanks alot. It's people like you that prevent me from losing my faith in humanity. Success does not require one to compromise their integrity or their dignity. Sadly though, for many, those two virtues are the first things thrown out the window, in pursuit of the Mercedez Benz.

NOBRAKES's picture
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Joined: 2006-05-26

NASD Newbie wrote:maybeeeeeeee wrote:
I have yet to see ANY kid succeed out of college unless they get $2m or so from family.  And these are good, hard working, smart, people.  Honestly, to make the numbers they set in 12 months is tough.

And Maybeeeee has been in the business for close to 2,000 hours so you can be assured that she's seen a lot of kids come and go.What is the deal with this kid? Do you have anything positive or even at least neutral to say about someone or something! The car insurance business must stress you out!!!

Slim2None's picture
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Joined: 2006-04-14

NOBRAKES wrote:
NASD Newbie wrote:maybeeeeeeee wrote:
I have yet to see ANY kid succeed out of college unless they get $2m or so from family.  And these are good, hard working, smart, people.  Honestly, to make the numbers they set in 12 months is tough.

And Maybeeeee has been in the business for close to 2,000 hours so you can be assured that she's seen a lot of kids come and go.What is the deal with this kid? Do you have anything positive or even at least neutral to say about someone or something! The car insurance business must stress you out!!!There are definitely some people on this board who are insecure about something (the size of their penis would be my first guess), and so they try to compensate for it by anonymously, verbally abusing and harangueing rookies.

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