Merrill Lynch PMD Programme Interview with Complex Director

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Mint's picture
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Joined: 2012-03-03

Hi Guys,I have progressed to the penultimate stage of the hiring process. I will be meeting with the Complex Director and I wanted to ask what sort of interview this may be?I have a detailed business plan and I know what I will be getting myself into. Does anyone have any advice, tips, pointers they may proffer? Any suggestions will be much appreciated.Mint

Hacksaw's picture
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Joined: 2010-03-27

Mine with ML was 2+ years ago but here is what mine was:
He will try to talk you out of it. See how you do with rejection. He will ask you with a fail rate of 80% and targets so much more difficult today, what makes you think you will succeed?
That is in addition to the regular/standard questions (who do you know with money? How will get them to give you their money?)

Mint's picture
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Joined: 2012-03-03

Thanks for your response Hacksaw. Are you still with ML, and did you go through the programme?If so, what was the most challenging aspect of the role? What characteristics do you believe is required to succeed? I know the turnover rate is extremely high and one has to have a very large reservoir of motivation and courage in the face of constant rejection.

Ulairi's picture
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Joined: 2011-11-17

Mint wrote:Thanks for your response Hacksaw. Are you still with ML, and did you go through the programme?If so, what was the most challenging aspect of the role? What characteristics do you believe is required to succeed? I know the turnover rate is extremely high and one has to have a very large reservoir of motivation and courage in the face of constant rejection.   I'm a new ML trainee and the hardest part is getting people with money and you may not get any moral support from others in your office. A lot of FAs are sociopaths. Just stay positive and do your best.

Mint's picture
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Joined: 2012-03-03

  

Mint's picture
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Joined: 2012-03-03

Ulairi, how did you find the panel interview.

Ulairi's picture
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Joined: 2011-11-17

Mint wrote:Ulairi, how did you find the panel interview.I didn't have a panel interview. My interview was with the complex director for about 15 minutes and I got the job offer a couple days later. 

Hacksaw's picture
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Joined: 2010-03-27

Mint wrote:Thanks for your response Hacksaw. Are you still with ML, and did you go through the programme?If so, what was the most challenging aspect of the role? What characteristics do you believe is required to succeed? I know the turnover rate is extremely high and one has to have a very large reservoir of motivation and courage in the face of constant rejection.
I went to a different wirehouse. Failed out and went to work with a Indy shop.
Hardest thing for me was not finding money, it was getting the money to move on my time-table.
Biggest characteristic of success I saw, was a large $ network. Whether it be family or previous career.
My office had 7 trainees in my 2 years there. 2 are left and one of those is looking to get out. One had wealthy family, other was early 50s career changer with a large network. Shortest was 2 months, and longest was 32 months (was also 50s and career changer).
Nationally, I knew of only 2 guys who were under 30 in my class that made it had longer than me. One lived in very wealthy area and cold-called selling muni bonds. But it was also his second firm. Other had his almost his whole office leave and switch firms one weekend. It left him, another newbie, and one solo guy. He came in Monday morning with a $185mm book. He has since kept (they left) about $24mm that he was able to transfer most to fee-based.
The key is to first think if this is what you REALLY want. It will be the hardest thing mentally you will ever do work wise. If you have a family it will likely put a strain on that. You have to know there is a high chance you will fail. Work your ass off. Keep your book lean and portable (sell you, not the firm). Build a huge list of prospects and start shortly after production making connections at other firms. This way if things look bleak, you can find a landing place quickly.
This job is hard. But IF you make it, you can make a living beyond any other business.

Hacksaw's picture
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Joined: 2010-03-27

Ulairi wrote:Mint wrote:Thanks for your response Hacksaw. Are you still with ML, and did you go through the programme?If so, what was the most challenging aspect of the role? What characteristics do you believe is required to succeed? I know the turnover rate is extremely high and one has to have a very large reservoir of motivation and courage in the face of constant rejection.   I'm a new ML trainee and the hardest part is getting people with money and you may not get any moral support from others in your office. A lot of FAs are sociopaths. Just stay positive and do your best.
Read my post in longshot's journal. I truely believe if you need moral support from others, you will fail in this business.

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