Career Change into becoming an IR

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JustThinking's picture
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Joined: 2005-10-18

Hello All -
I have been reading this forum for the past week or so and see so many slams against EDJ. It is making me think twice about getting into the B/D biz.  I'm currently an IT Manager and looking for a career change (I wanted to become a B/D 7 yrs ago, didn't feel ready for it). I mention EDJ, since I took their Psyche survey and have had two recruiters calling me to get my application in.  But after reading this forum, I'm not sure if I will accept an offer If I make it that far.
So what is the best firm to apply to, to get in the Securities career? The hardwork isn't bothersome, since being an IT guy, I have to read, read, read and study new technologies, etc.. I'm 28 yrs old. 
Does anyone have any advice?
- Kindly,
JustThinking

Help's picture
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Joined: 2005-07-30

In my opinion, go to one of the big three firms (Merrill, Smith Barney, UBS) and you will learn the culture, the dress, the language and the habits to succeed.  There are big differences between an IT guy and a financial consultant (my brother in law is an IT guy). 
An IT guy gets phone calls to fix problems with the computer.  He will have to read and read magazines about new technology and doesn't have to be a people person.   
A financial consultant must build a clientele by calling whoever (business owners, executives, self-employed people, etc.. ).  You must be PEOPLE PERSON.  I have seen people who read, read, and read about finances fail at being a financial consultant because they were to analytical.  Engineers suck at being financial consultants because they over analyze.  The truth is that these people scored higher than I did on the Series 7 and were much smarter.  They were just were not good in front of people.   I have also met people who were not very smart but very charismatic, knew the market (stocks and bonds not hedging strategies) and they make a hell more than I do for their clients and themselves.   By the way, I'm above average in intelligence but not brilliant.

executivejock's picture
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Joined: 2005-06-29

I say one should be diverse, good with people, have an established network and the back bone to be rejected often.

Mr Magnificent's picture
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Joined: 2005-05-27

If this is what you want to do...  Just go for it...  you can always go back to IT if it dosen't work out.

ezmoney's picture
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Joined: 2004-11-30

A nearly impossible task these days. Think long and hard before you put yourself and family onto this roller coaster ride.

jones-sniper's picture
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Joined: 2005-04-05

I did it. In feb 2000 i started the 'Jones program. Was an engineer for 13 years. Had paid any debt we had, saved about 70,000 at that time. READ CAREFULLY...That 70k is gone. I am in the biz today. Doing very well at this point. Being a newbie with the worst possible timing created a strain on my wife and kids and extended family. I was 3 months late on my mortgage at one point and my kids were eating ramen nooodles. I still am in that house, I am still married because my wife is committed as I am but 9 out of ten would have bolted in the tough times. THINK LOND AND HARD BEFORE DOING IT. My biz is solid now and it is growing through referrals. Let me put it this way:  My wife likes me again. I paid my dues. Would I do it again...probably.
goodluckandgoodselling
 

doberman's picture
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Joined: 2005-02-22

Good post, jones-sniper!
In my opinion, if you want a good introduction into what the business is like, try selling "chamber of commerce" memberships by phone and person-to-person. And imagine paying yourself a percentage of whatever you sell, say 35%.
If you like the work, can deal with the rejections, and can make a "pretend" living off what you sell, you might make it in the business. Not to mention the fact that a few months of this kind of selling will give you some valuable business contacts to help you get off to a good start!
The only hindrance I can see, from your background, is the fact that you come from a very "logic-oriented" career. A lot of this investment business deals with individuals who are not very logical in their approach to investing. This will be very frustrating to someone with your background. (This also applies to engineers.)
Good Luck!

executivejock's picture
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Joined: 2005-06-29

YEAH NICE POSTS....
Since I have no kids I am excited to make my destiny. The fact is if one makes 60-80k now they can get a job for 60-80k in 2 or 5 years. So if your deeply believe that you can take rejection in a cut throat enviorment then go for it!!!! Make the choice and make it happen.
When the career sucks think that a man making 30k in IRAQ works a lot harder then you and you can do it!
Although I state the fact that one can go back to old career I think one has to think there is no other option but success!!! Play EYE of the TIGER when things get tuff and work out!!! Make it happen!! 

xej1984's picture
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Joined: 2004-11-30

JustThinking,
EJ Psyche survey ?? Please do not take this as an insult but, they have a high pass rate on this. A friend was a TL (team leader) in FS (field supervision a.k.a. as an EJ Branch Manager) and some of worst knuckle dragging individuals get through (and some even become GPs) so I would not put alot of credence into that.
Having said that it's a good place to start (but not to stay).  Jones-sniper paints also a very accurate picture.
Best of luck.

the_optimist's picture
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Joined: 2005-10-23

xej1984 wrote:
JustThinking,
EJ Psyche survey ?? Please do not take this as an insult but, they have a high pass rate on this. A friend was a TL (team leader) in FS (field supervision a.k.a. as an EJ Branch Manager) and some of worst knuckle dragging individuals get through (and some even become GPs) so I would not put alot of credence into that.
Having said that it's a good place to start (but not to stay).  Jones-sniper paints also a very accurate picture.
Best of luck.

The way I think of it personally is that it probably is true that Jones will accept just about anyone who seems like they would be a good fit. I guess from there the individuals who cannot make it would weed themselves out due to lack of success.
Since Jones isn't paying much unless you're producing, there's no loss in it for them.

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