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Entrance Strategy: Advice for a Novice

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Aug 20, 2008 6:22 pm
babbling looney:

[quote=wind3574]Ice?..You put your degree’s on your business card? Thats actually a really good idea for us younguns’. But how did you do it so it doesn’t look cheesy? lol. That could come off as arrogant, but i can tell ya, i am only 25 and beginning my career. I have a B.A and an M.B.A. It would definitly help me to have it on there…

  I didn't think you are allowed to put MBA  or BA designations on your business card for compliance reasons.  At least at my firm it is prohibited.  Check with your own compliance depts.    CFP   CFA and a bunch of others are allowed but for some reason CPA is not.[/quote]   Unless you are at a firm that allows practicing CPA's (usually just certain indy firms), they don't want you to hold yourself out as one.
Aug 20, 2008 6:44 pm

Ice …you are correct Masters of Business Administration …others are Masters Degree in History , Geography etc. for the specific area of study. As in PHD is not a Doctor in Medicine it is Doctorate in Science etc. …they are called Doctors but they are not going to assist me in my health issues

Aug 20, 2008 6:48 pm

 I think it is a wise idea to stay away from putting MBA after your name on a business card, others may disagree.  I saw this done by an Ameriprise agent in a newspaper ad and I think it looks strange, as it has little relevancy.  Although I think it is a conversation piece to bring up if a prospect or interviewer asks, "So tell me a little bit about you.”   An MBA will not "make" or "break" you, in my opinion; but, it can help with networking.  This could be another thread topic because no one can prove or disprove the perceptions of the majority unless a poll was administered.

Aug 20, 2008 7:48 pm

Airborne - I think that was my point in my original post. How relevant to most people…really

  If somebody had their Doctor of Divinity ( PHD ) and was defocked would they still be a Doctor
Aug 20, 2008 7:49 pm

[quote=iceco1d]

I've never heard of MBA's in media, or hospitality, or computer science.  Mine is in finance...maybe that's why I'm permitted to use it (I had to fax copies of my transcripts to compliance before they approved it?). 

I don't consider MBA an "elite" degree...but having one is better than not having one in most people's eyes.  Just like a college degree of any kind being (generally) viewed better than just a high school diploma. 

PS - You can get an MBA from Duke online as well.

[/quote]   ICE, I am not discounting the value of the degree to your career or your knowledge base.  I think obtaining ANY degree is admirable.  I am purely looking at it from a consumer's point of view.   25 years ago, I bet having MBA on your card would have carried weight (as it was less common).  Today, it's a slight step above putting BS or BA on your card.  Part of it may be because I live in an area where half my friends and clients have PhD's (on top of their MBA's and BS's), so are not all that impressed (I live in a region of many scientists, engineers, and educators).  And they didn't get those degrees online .
Aug 20, 2008 7:53 pm

[quote=Airborne]

 I think it is a wise idea to stay away from putting MBA after your name on a business card, others may disagree.  I saw this done by an Ameriprise agent in a newspaper ad and I think it looks strange, as it has little relevancy.  Although I think it is a conversation piece to bring up if a prospect or interviewer asks, "So tell me a little bit about you.”   An MBA will not "make" or "break" you, in my opinion; but, it can help with networking.  This could be another thread topic because no one can prove or disprove the perceptions of the majority unless a poll was administered.

[/quote]   Part of it may also depend on the region you live.  I would expect that people in parts of California and the Mid-Atlantic and NorthEast Coasts (both which have large pockets of very highly educated individuals) might not be that impressed with an MBA on your card.   I know a CPA in my area that puts "MBA, CPA" on his card.  It just looks funny.  Now, if he had JD, CPA, then I think "Tax Attorney".  If I see PhD, CPA, I think "smart CPA, maybe tax professor", if I see "CPA, CFP" I think CPA that knows financial planning.  I see "MBA, CPA", I think....CPA that's trying to add letters to his title.
Aug 20, 2008 8:06 pm

For those concerned about Designations ( Canadian Version )

1) BA - Bachelor of Arts - SO WHAT? 2) MBA -Masters of Business Administration - BIG DEAL? 3) MA - Masters Degree - ANOTHER BIG DEAL? 4) BA , LLB - OH YOU ARE A LAWYER? 5) BSC , MSC & PHD - YOU STUDIED WHAT? I am NOT calling you Doctor. 6) BSC & MD - YOU ARE MY DOCTOR? And I still don't call you Doctor. 7) BBA & CA - YOU ARE A CHARTERED ACCOUNT? YOU CAN SIGN OFF ON COMPANY     FINANCIALS.   The village idiot I mentioned before wanted on his Business Card 1) His Postion & Company Details , 2) His BA & MA ( Public Administration ), 3) The University Name and 4) Diplomas. The Office Manager told the person the Standard Business Card was not able to fit all the information. What a
Aug 20, 2008 8:07 pm

I would have to disagree with most that a Master’s in Business Administration is pretty irrelevant. I studied most of the stuff i am taking on the Series 7 right now, IN my MBA program. Not only what it was, but how it affects business, their accounting, and their profit, not just how it affects Jones or whatever firm. It’s very relevant, in fact i believe everyone should have one thats in this field. Alot of people are getting them, because they ARE important. Of course i will hear its all about numbers and contacts, which it is. But i guarantee you i can convince someone to purchase with me especially as young as i am, if they know i have business knowledge along with the Series 7. Of course a little drive helps that too!

Aug 20, 2008 8:23 pm

Wind - don’t get caught up in the Designation/s or Age. Present yourself as a Professional and if you do so, that is what the Propect will see and then they will become a Client.

Aug 20, 2008 9:57 pm

Oh i know and i understand that. I’m a very driven person and i know i will succeed in this business. I am just being realistic with the book knowledge i have. After all, i did pay for it and worked my ass off for it, why not use it if its relevant. Thats all i am saying. And in all honesty, i really think it could help a young buck like me break into clients quicker, if they know im highly educated as well…

Aug 20, 2008 10:26 pm

How things affect a business is a completely different discussion than how things affect a client.  If I were to go back to college, knowing what I know now about what I do for a living, I would have double majored in psych and finance.  Business Admin even at the MBA level is a nice accomplishment if you want to climb the corporate ladder.  However, in this biz there are no ladders to climb.  If you want to show people you’re knowledgeable and intelligent focus on the CFP.  I promise that will open more doors than an MBA.

  What you learned in college is great as a background.  You're not a complete rookie when it comes to the tests and jargon.  But you studied business theory, not financial planning.   Your clients don't care if you took a class on Strategic Cost Accounting or Managerial Economics (straight from the Wash U MBA curriculum).  That doesn't matter to them.  What they care about is your ability to look them in the eye, and with conviction in your voice, tell them that their money is safe with you.  That you are the man to walk with them through the rest of their financial life.  To hold their hand.  To explain the ups and downs.  To make sure that their money outlasts them, not the other way around.  Whether you're 22 or 62, if you can pull that off with conviction, nothing stands in your way.  Like I said, psych and finance.   
Aug 21, 2008 12:37 am

Well Spiff…thats funny that you say that becuase my B.A is in Psych lol. I got my degree in Psychology w/ minor in criminology just because it is such a universal degree these days. I plan on continuing my education past my M.B.A. I have been looking into CFP but i know that will be awhile. I also wouldn’t mind getting a culinary degree, but thats for my benefit unless i have some really schweet seminars! lol

Aug 21, 2008 2:34 am

Agreed!..but a degree in culinary arts would “knock-out” some schweet seminars! lol

Aug 21, 2008 3:46 am

I am so doing that!..Thats brilliant!..I wanted to get my culinary arts degree just because i love cooking, but that is original.

Aug 21, 2008 9:22 am

I do not have an MBA, although I completed graduate studies in a non-finance area. One problem with academic degrees as opposed to designations is that there is no standardization. We all know what a CFA, CFP, CPA, etc indicates because the issuing body is always the same. That’s not to say that some MBAs aren’t as good or better (Stern, Wharton, HBS, etc) but just that one doesn’t know without the institution of note. There are just too many regional programs, executive part-time programs that muddy the waters. I have had an MBA client ask me what a hedge fund is so it’s obviously possible to get out of such a program with little to no knowledge of finance if one focuses on another area. In general I believe there are so many financial designations that all are devalued.

Aug 21, 2008 9:27 am

P.S., Let me say that I really respect a lot of finance MBAs that I’ve met. A colleague of mine who went to Columbia is sharp as a tack on options theory, corporate balance sheets and numerous quant areas way beyond the level necessary for a sales role. The MBAs that I consider to be total jokes are the ones who focused on “management” which to me says that you went to school 2 more years to network, learn how to wear a power suit and pontificate about something you know nothing about, eventually get to an executive level through nepotism and destroy shareholder value while theorizing about “leadership skills” or “taking charge” while passing any relevant decision on to a consulting firm. It really pisses me off how some of these clowns think they need to know nothing about the industry they are supposedly “managing.” One need only bask in the glow of their inspirational diatribes. The only solution a self proclaimed non-owner manager will come up with is to increase layers of management.

Aug 21, 2008 2:55 pm

Xbanker - in a general sense I do agree with your observations. If an individual graduated from ie. Western University ( London , Ontario  ) with a MBA , their Business School well regarded in Canada and internationally. I have met and dealt with numerous individuals that have their Masters in Manangement One recent example is an individual I hired that had his Masters In Public Administration to wit ONLY Civil Servants would take the program. He had been hired to SELL. He was a retired Civil Servant and was looking for a second career ( early retirement ). I was involved with preparing a company Business Plan…when he got wind of this…can I assist me in the project? He wanted to set up meetings , reviews and ADD more middle managers. I burst his bubble and suggested he should consider getting out and SELLING and that his Masters ( Public Administration ) had absolutely no bearing on private industry. Suffice to say he was not a happy camper.

Aug 21, 2008 7:36 pm

There you go norway…jesus. It just seems that the “manager” consensus is to increase layers of gridlock to prevent anything from getting done while simultaneously avoiding the need to “own” any decision. I’m sure this is compounded exponentially for those whose previous experience is government related. Our problem in business today is that “managers” have no accountability. We need more activist shareholders to take over boards, fire non-performing executives and eliminate the positions entirely of several layers of middle management.

Aug 21, 2008 7:51 pm
xbanker:

I do not have an MBA, although I completed graduate studies in a non-finance area. One problem with academic degrees as opposed to designations is that there is no standardization. We all know what a CFA, CFP, CPA, etc indicates because the issuing body is always the same. That’s not to say that some MBAs aren’t as good or better (Stern, Wharton, HBS, etc) but just that one doesn’t know without the institution of note. There are just too many regional programs, executive part-time programs that muddy the waters. I have had an MBA client ask me what a hedge fund is so it’s obviously possible to get out of such a program with little to no knowledge of finance if one focuses on another area. In general I believe there are so many financial designations that all are devalued.

    I agree with you on the myriad designations out there.   Unless it's CPA, CFA or JD (possibly CFP), I completely ignore their prominently-displayed acronyms. They don't mean squat.
Aug 21, 2008 7:56 pm
Borker Boy:

[quote=xbanker]I do not have an MBA, although I completed graduate studies in a non-finance area. One problem with academic degrees as opposed to designations is that there is no standardization. We all know what a CFA, CFP, CPA, etc indicates because the issuing body is always the same. That’s not to say that some MBAs aren’t as good or better (Stern, Wharton, HBS, etc) but just that one doesn’t know without the institution of note. There are just too many regional programs, executive part-time programs that muddy the waters. I have had an MBA client ask me what a hedge fund is so it’s obviously possible to get out of such a program with little to no knowledge of finance if one focuses on another area. In general I believe there are so many financial designations that all are devalued.

    I agree with you on the myriad designations out there.   Unless it's CPA, CFA or JD (possibly CFP), I completely ignore their prominently-displayed acronyms. They don't mean squat.[/quote]   In us advisors' eyes, Yes.  In prospects eyes, they don't ignore it sometimes...especially if we make them take notice to it.