Not yet a rookie

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genie62's picture
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Joined: 2007-07-29

I'm glad that I found this place. I have two opportunities in front of me.
I have the opportunity to go back to school full-time, all expenses paid to get my MBA. Even my milage is going to be paid for. I will be getting my unemployment benefits for the entire duration.
I had contacted Edward Jones to inquire about internship/externship opportunities. They responded by making an appointment for a telephone interview. I was taken aback because my background is NOT in sales, NOT in finance or anything like that. My BS is in Management with a specialization in MIS. My MBA major will be Finance. The screener told me that this is not for employment at a future date, but for immediate hire. (30-45 day process). She said that I would not be able to work on my MBA, but work exclusively on training for EJ.
If EJ were to offer me a position and I accepted it, I would lose this MBA opportunity. Even though I would like to be a Financial Advisor, I think I'd be better qualified with the MBA. I am 45 years old and have never worked in Finance. I also don't like the idea that the base salary is less than what I am currently receiving in unemployment benefits by about 5K per year.
I am not afraid of working 50-60 hour weeks to get things done. I've been there/done that already, just not in sales. The posts on here quote a 60-70 hour work week with EJ. I'm not even 100% sure that I want to be a Financial Advisor. I am planning on doing some leg work to research the banking industry.  
I am considering canceling my Tuesday telephone interview. If EJ is that interested in me now, then they should still be interested post-MBA. I just may not be interested in them. I can only think of one reason for them to try to pressure me into signing on now.  Perhaps they are afraid that I would be worth too much with an MBA and are too cheap to pay for more qualified people.
The old cliche says "If it seems too good to be true, then it probably is" keeps coming to mind.
If you were in my shoes, which direction would you choose and why? (EJ vs MBA)
 

Cowboy93's picture
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Joined: 2005-05-10

MBA...but if you want to be an FA, EJ isn't a bad place to start. A graduate
degree (even an MBA) is almost useless in the field however, so spending
two years in school and then going to any firm, especially EJ, doesn't
make any sense. An MBA as an FA is best for saying that you have an
MBA to impress other people w/an MBA.

I almost went to b-school before starting in this business, although about
20 years younger than you are...I got into a top 20 or so program and
was torn. I am glad I decided to enter the FA field given its flexibility if/
when you succeed.

But I had to get over the fact that my educational background/potential
probably had me "overqualified" to be an FA---but there are plenty of
people just like that in this business. They/we have used this to their
advantage in coming across as a professional, well educated person who
can handle the responsbilities of guiding others with their hard earned
dollars. The bar to entry in our industry appears low at times (at EJ in
particular, in many cases), but if you can get someone to listen to you it is
easy to set yourself apart.

troll's picture
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Joined: 2004-11-29

First of all, you don't need an MBA to do well in this business.  That said, EDJ is an ok place to start, but is an inferior firm.  If you are not able to get hired at a better firm, then get the MBA and re-apply when you have it.

troll's picture
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Joined: 2004-11-29

genie62 wrote:
I'm glad that I found this place. I have two opportunities in front of me.
I have the opportunity to go back to school full-time, all expenses paid to get my MBA. Even my milage is going to be paid for. I will be getting my unemployment benefits for the entire duration.
I had contacted Edward Jones to inquire about internship/externship opportunities. They responded by making an appointment for a telephone interview. I was taken aback because my background is NOT in sales, NOT in finance or anything like that. My BS is in Management with a specialization in MIS. My MBA major will be Finance. The screener told me that this is not for employment at a future date, but for immediate hire. (30-45 day process). She said that I would not be able to work on my MBA, but work exclusively on training for EJ.
If EJ were to offer me a position and I accepted it, I would lose this MBA opportunity. Even though I would like to be a Financial Advisor, I think I'd be better qualified with the MBA. I am 45 years old and have never worked in Finance. I also don't like the idea that the base salary is less than what I am currently receiving in unemployment benefits by about 5K per year.
I am not afraid of working 50-60 hour weeks to get things done. I've been there/done that already, just not in sales. The posts on here quote a 60-70 hour work week with EJ. I'm not even 100% sure that I want to be a Financial Advisor. I am planning on doing some leg work to research the banking industry.  
I am considering canceling my Tuesday telephone interview. If EJ is that interested in me now, then they should still be interested post-MBA. I just may not be interested in them. I can only think of one reason for them to try to pressure me into signing on now.  Perhaps they are afraid that I would be worth too much with an MBA and are too cheap to pay for more qualified people.
The old cliche says "If it seems too good to be true, then it probably is" keeps coming to mind.
If you were in my shoes, which direction would you choose and why? (EJ vs MBA)
 

I would kill myself. You are a loser who plans his life around unemployment "benefits."  Why waste other people's time and money getting an MBA? It's not like you'll use it to get a job or or anything like that. Call Jones and cancel. No sense in them wasting their money and providing you with another avenue to leach off of society.

troll's picture
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Joined: 2004-11-29

Dont even entertain a position as an FA or FA trainee, until you are absolutely convinced it is a career path you really really want.
If you dont really want it, you will probably fail.
In addition, Cowboy93 is right, an MBA, while a worthwhile persuit, is worthless as an FA. So if you really want to be an FA, go for it (although I am not a fan of starting out at EJ, rather start at a wirehouse, where you will not only have a structured training program, but be in an office with a lot of other people, not just you in your branch with an assistant.

ShoreDog's picture
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Joined: 2007-05-14

Bobby Hull wrote:
I would kill myself. You are a loser who plans his life around unemployment "benefits."  Why waste other people's time and money getting an MBA? It's not like you'll use it to get a job or or anything like that. Call Jones and cancel. No sense in them wasting their money and providing you with another avenue to leach off of society.

I love it. I am a newbie and I know tha BH and others are sometimes rough on the newbies. That said, I have to say that if you are comparing any opportunity for employment, work, or business to your unemployment benefits you should go get a union job where you are more focused on your rights and what is coming to you instead of what you are able to contribute.
Unemployment INSURANCE is something WORKING people pay for to get them though a rough time until they are able to work and contribute again. It is not a scholarship program, or a freebie. Go to work for the government. What good will an MBA do?

GoingIndy????'s picture
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Joined: 2007-07-01

At 45, it's sh*t or get off the pot time! If you want to be an FA, then do it now.  Don't waste 2 years getting the MBA which is not needed.  Any good firm will train you.  The MBA is needed if you're going into management, but as a rookie, you'd be far from it.  If you really want the MBA then focus on getting a corporate gig afterwards and not an FA position.  Network with classmates on open positions and other options. Either way, you're moving forward now.  And I do agree with Bobby above.  If you base this decision on any lack of unemployment benefits, then you think like an employee, and the FA position is not for you.  It shouldn't even be a consideration.

Dust Bunny's picture
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Joined: 2007-05-07

You can LEGALLY collect unemployment while going to college and dodging getting employed!!!! I don't think so. 
 

genie62's picture
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Joined: 2007-07-29

It is legal to collect unemployment while attending approved educational program. My position was outsourced to another country. It's called TAA benefits.
I am late in the career game because I stayed home with my children during most of their childhood. I'm not looking to take Wall Street by storm. I'm just looking to make the most out of the next 20 to 25 years before I reach retirement age.
I'm most certainly not a loser as I am happy with the choices that I've made so far. Perhaps it may help someone's self-esteem issues to make personal attacks on others, but it is definitely not productive. Losers are pathetic people that gain pleasure from sucking the joy out of others. They are miserable and want to make everyone else around them miserable. 
My comparison of the EJ pay vs Unemployment pay was an illustration of how low the EJ base pay is. My previous pay was considerably higher than the Unemployment Insurance that I'm now receiving.  I'm not naive enough to think that I can live on unemployment indefinitely. I would however like to make as much money, if not more.
For those of you who gave genuine good-intentioned replies, thank you.

troll's picture
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Joined: 2004-11-29

genie62 wrote:
It is legal to collect unemployment while attending approved educational program. My position was outsourced to another country. It's called TAA benefits.
I am late in the career game because I stayed home with my children during most of their childhood. I'm not looking to take Wall Street by storm. I'm just looking to make the most out of the next 20 to 25 years before I reach retirement age.
I'm most certainly not a loser as I am happy with the choices that I've made so far. Perhaps it may help someone's self-esteem issues to make personal attacks on others, but it is definitely not productive. Losers are pathetic people that gain pleasure from sucking the joy out of others. They are miserable and want to make everyone else around them miserable. 
My comparison of the EJ pay vs Unemployment pay was an illustration of how low the EJ base pay is. My previous pay was considerably higher than the Unemployment Insurance that I'm now receiving.  I'm not naive enough to think that I can live on unemployment indefinitely. I would however like to make as much money, if not more.
For those of you who gave genuine good-intentioned replies, thank you.

You're welcome.

Edward Pwns's picture
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Joined: 2007-05-23

Free MBA or job as door to door salesman?  How hard a decision is that?  Is the B-school any good?
 

OldLady's picture
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Joined: 2006-11-19

This can be a wonderful career but it is terribly difficult for at least the first three and more likely the first five.  Call up some female advisors in your area and ask them if they would spend 20 minutes visiting with you in person about what they do and how they feel about it.  Be sure to seek out people at wirehouses (Merrill is the mother, but any of the others will do), if there is a female Edward Jones rep close, certainly talk to her.  Also track down, if possible, a few female indepdent advisors (either RIAs or affiliated with independent broker/dealers). 
Ask them how they came into the industry, what advice they would give you, what they love about it, and the pitfalls.  Spend some time finding out what the job is about, in all its various colors. 
I'd also suggest you do the same type of research regarding the type of job you would be seeking post the MBA.  Since you're late coming into a career, you can't really afford to go off in the wrong direction and correct later, like a 22 year-old can. 
Good luck! 
 

vbrainy's picture
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Joined: 2006-07-26

This is a SALES job and you have to ask friends, family and complete strangers to give you their money.  Then you have to develop a sound financial plan so you don't blow it all.
Are you ready to take that on?  Seems like a salary job would be better for you.
PS.  Jones is horrible.

troll's picture
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Joined: 2004-11-29

vbrainy wrote:
This is a SALES job and you have to ask friends, family and complete strangers to give you their money.  Then you have to develop a sound financial plan so you don't blow it all.
Are you ready to take that on?  Seems like a salary job would be better for you.
PS.  Jones is horrible.

Maybe you're not so stupid, afterall.

troll's picture
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Joined: 2004-11-29

Bobby Hull wrote:vbrainy wrote:
This is a SALES job and you have to ask friends, family and complete strangers to give you their money.  Then you have to develop a sound financial plan so you don't blow it all.
Are you ready to take that on?  Seems like a salary job would be better for you.
PS.  Jones is horrible.

Maybe you're not so stupid, afterall.

I disagree.

troll's picture
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Joined: 2004-11-29

Ferris Bueller wrote:Bobby Hull wrote:vbrainy wrote:
This is a SALES job and you have to ask friends, family and complete strangers to give you their money.  Then you have to develop a sound financial plan so you don't blow it all.
Are you ready to take that on?  Seems like a salary job would be better for you.
PS.  Jones is horrible.

Maybe you're not so stupid, afterall.

I disagree.

I'm just wondering if we're confusing gay with stupid. Maybe he's gay AND stupid.

vbrainy's picture
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Joined: 2006-07-26

IGNORE BOBBY HULL
IGNORE FERRIS BEULLER

farotech's picture
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Joined: 2007-01-05

So here's the deal:
the advisor job is a SALES position. asking tons of people, all day long, for their money, and hearing NO. is that something you want to do? if not, then DON'T DO IT.

troll's picture
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Joined: 2004-11-29

vbrainy wrote:
IGNORE BOBBY HULL
IGNORE FERRIS BEULLER

If you do what BankFC did, you'll get what BankFC got. I suggest you go away forever, little girl.

DirtyDeltaBro's picture
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Joined: 2006-10-05

Vbrainy:

Bobby just made you his +++++….

Genie62:

If it is hard to swallow someone busting you in the ribs on this forum, you
will crash and burn as an FA..

Best of luck with making your decision

DirtyDelta

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