How will being let go affect my U4 and future job prospects

5 replies [Last post]
harkkam's picture
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Joined: 2011-09-23

Hey guys, I am anticipating being let go from ML, in the next 30 days after reciving a warning letter today.

My question is that if I am let go what happens on my U4?

My reasoning for being let go, is being able to apply for unemployment benifits, because if you leave on your own then your case for these benifits becomes shaky.

I've realized that financial advising isn't for me and I'm going back to school for a Masters in Financial Engineering, I'm more of an analytical person.

After my Masters I am looking at working as a quant trader or analyst. I won't be doing anything related to sales or financial advising.

However will my U4 follow me to the firms that I apply to after I graduate the program?

Will being terminated for lack of production work against me when applying for these types of jobs?

I really need the unemployment benifits while I go to school in the evening, and I plan on looking for work during the day.

But until I find work, I still need to pay my bills and thats why unemployment benefits are very important to me.

Should I resign on my own to protect my U4, or be let go to have a better shot at getting these benefits.

 

Thanks guys

mstudy's picture
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Joined: 2011-10-05

I don't think your reason for ending employment goes on the U4. The form asks for your employment history but unlike job applications, there is no reason for leaving part. The unemployment benefits issue is personal. Obviously it looks better to leave voluntarily but if you need the money...

CashMonger9000's picture
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Joined: 2012-04-06

The FIRST thing I would do is try to step it up. Do everything you can to impress the decision makers and try to keep the job that you have NOW. Why not? You're already there. Then I'd have a real conversation with your boss, like "Are you guys going to fire me, because if you do, my child won't eat and we'll be living out of a garbage can," ...either he'll say that you're on your way out, he'll say you have some time, or hell, maybe you'll score some sympathy points and he can help you out for what's next (another job?). If he's just going to kick your ass out the door, I would resign before I let the ax fall on my head. Unemployment benefits are crap... it's what you'd make working P/T at Micky D's. I think you're better off protecting your employment history.

Ulairi's picture
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Joined: 2011-11-17

CashMonger9000 wrote:
The FIRST thing I would do is try to step it up. Do everything you can to impress the decision makers and try to keep the job that you have NOW. Why not? You're already there. Then I'd have a real conversation with your boss, like "Are you guys going to fire me, because if you do, my child woin't eat and we'll be living out of a garbage can," ...either he'll say that you're on your way out, he'll say you have some time, or hell, maybe you'll score some sympathy points and he can help you out for what's next (another job?). If he's just going to kick your ass out the door, I would resign before I let the ax fall on my head. Unemployment benefits are crap... it's what you'd make working P/T at Micky D's. I think you're better off protecting your employment history.

The training programs don't leave much room for local management. it's all up front and on paper.

BondGuy's picture
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Joined: 2006-09-21

This is a legal question. The best answer will come from an attorney specializing in RR issues.

Most who start this career find it is not for them, so you have lots of company.

That said, It is my opinion that being shown the door for lack of success will not hinder your pursuit of other career options within the industry. Hell, most sales failures are prime management material! Their inabilty to succeed at the FA level doesn't slow them down as they move up the corporate ladder. Seriously, I don't think you've got anything to worry about. Good luck in school!

tuneseo's picture
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Joined: 2012-12-13

It is slightly difficult and can create stress in your mind while facing issue will happen for doing both work.if you can manage then no need to worry.
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