Hiring w/o college degree
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[quote=Shmer33]
It is next to impossible to get an offer from any of these firms with out a BA/BS:
Merrill
Wachovia
Smith Barney
UBS
Goldman Sachs .. Hard even with an MBA
Morgan Stanley
Try Edward Jones or Ray Jay..
Sorry to join the discussion late. I'm surprised at the number of people who read this forum over the weekend...
As I mentioned earlier, about 15% of our placements do not have college degrees. Shmer and NASD are correct in saying that is is very difficult to join a top firm at entry level without any degree. However, it is not impossible if you have some previous real-world sales or financial experience (especially experience as a successful FA at a "B" or "C" level firm).
That's not to say that education is not important. We place more people with MBAs than people without. Every firm and every branch manager has their own criteria. Some are very picky about degrees and some are not.
No degree necessary. All the majors will hire those with the right background.
Our biz is primarily sales. Like any good salesperson in any other industry it's important to become an expert in the products sold, the markets to which they are sold, the demographics of the target market, and the competition. Of course for us this means becoming an investment expert. The reason for the high drop out rate is the total misunderstanding of the job's primary task-sales. Well meaning highly educated candidates who believe that the primary task is consulting are contributing to the higher than ever failure rate we are experiencing today. Of course that leads to the question: If their so smart why didn't they know that this is a sales career?
Don't confuse education and designations with ethics. There is no correlation between the two. Ethics is the most important factor relating to investor success.
Serious investors don't care how much you know until the know how much you care. There will always be a smarter, more articulate, better dressed, more highly degreed advisor driving a nicer car at your client's door. Insulate yourself by showing your clients how much you care about them. Take an interest in what's important to them. Get to know them. Help them in other ways, outside the business. My wife cooked dinner for one client, after she got out of the hospital. I took another client's car for an oil change. I've helped countless clients in a variety of situations. From recommending doctors, to getting jobs for family members, to using political connections to get out of line neighbors in line. Become a resource for your clients and that smooth talking well dressed dude with the Harvard MBA won't get past the front door.
[quote=Shmer33]
It is next to impossible to get an offer from any of these firms with out a BA/BS:
<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Merrill
Wachovia
Smith Barney
UBS
Goldman Sachs .. Hard even with an MBA
Morgan Stanley
[/quote]
I’m a newbie and I’ve already seen a number of people with existing books get recruited into my office. Will the companies listed take on a non-degreed FA if they are coming in with a book of business?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
[quote=WealthManager][quote=Shmer33]
It is next to impossible to get an offer from any of these firms with out a BA/BS:
<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Merrill
Wachovia
Smith Barney
UBS
Goldman Sachs .. Hard even with an MBA
Morgan Stanley
[/quote]
I’m a newbie and I’ve already seen a number of people with existing books get recruited into my office. Will the companies listed take on a non-degreed FA if they are coming in with a book of business?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
[/quote]
Yes and they will pay them big bucks, give them fancy offices and make sure they have that warm fuzzy member of the club feeling. So, the answer is yes. Have a big enough book and they don't care if you made it out of the sixth grade. It's about money.
[quote=WealthManager][quote=Shmer33]
It is next to impossible to get an offer from any of these firms with out a BA/BS:
Merrill
Wachovia
Smith Barney
UBS
Goldman Sachs .. Hard even with an MBA
Morgan Stanley
[/quote]
I’m a newbie and I’ve already seen a number of people with existing books get recruited into my office. Will the companies listed take on a non-degreed FA if they are coming in with a book of business?
[/quote]Yes. People coming in with a book are getting 70% to 120% of their trailing 12 months' production in up front compensation. Top producers are getting up to 200%.
The minimum assets under management for this kind of deal is $15M in portable assets (but this varies with the quality of your book). It's possible to negotiate a salary or other concessions if you have a smaller book.
These last few comments have been very good i think. No one on here i think is downplaying a good education, but i think for the most part that people would agree that this job is about sales and building relationships and not primarily what degree you have.
NASD made a comment that my clients are doomed because i don't have a degree. What a narrowed-minded comment. I have been an advisor for a few years now and have had some good success. You might as well say that since i am of african american descent that i am stealing my client's money and am buying drugs and plenty of bling-bling. Let's try to keep the postings business related and not be so quick to judge people without knowing them nor their circumstances.
[quote=bjack73]
These last few comments have been very good i think. No one on here i think is downplaying a good education, but i think for the most part that people would agree that this job is about sales and building relationships and not primarily what degree you have.
NASD made a comment that my clients are doomed because i don't have a degree. What a narrowed-minded comment. I have been an advisor for a few years now and have had some good success. You might as well say that since i am of african american descent that i am stealing my client's money and am buying drugs and plenty of bling-bling. Let's try to keep the postings business related and not be so quick to judge people without knowing them nor their circumstances.
[/quote]
As I said, your clients don't have a chance. My opinion is formed because you are not well educated, you communicate like a moron, and you whine.
This is a business that every so often becomes very very challenging, and it appears as though you have never risen to the challenge--so why should you be able to rise to that one?
I'm just disappointed to realize how many functionally illiterate types are in the business--somehow I can't imagine that the industry as a whole is as poorly educated and poorly spoken as this forum is.
If it is God help us, because those of your ilk are going to oversee the loss of billions of dollars--we don't need to see the loss of trillions of them.
Of course, it certainly helps to be a member of the lucky sperm club, right NASD Newbie?
You see boys and girls, Put/Big Easy/NASD Newbie is a member of this club. Unless he's a liar, his Dad is a retired general, so sonny-boy had a leg up when it came to jobs, clients, etc.
With all that going, he still lasted a mere six years in production.
So listen close...a lot of wisdom and knowledge there.
[quote=Philo Kvetch]
Of course, it certainly helps to be a member of the lucky sperm club, right NASD Newbie?
You see boys and girls, Put/Big Easy/NASD Newbie is a member of this club. Unless he's a liar, his Dad is a retired general, so sonny-boy had a leg up when it came to jobs, clients, etc.
With all that going, he still lasted a mere six years in production.
So listen close...a lot of wisdom and knowledge there.
[/quote]
A general who I did not talk to at all from the time I was a college senior until I his sixtieth birthday when I was thirty five and went home at the urging of my mother. I had precisely zero accounts with him or any of his friends.
What he did for me was teach me that the impossible takes a little longer and that I should volunteer every time a superior officer wanted something done.
One doesn't need to be in production more than six years to learn what it is about--but to learn how interesting this business actually is you have to expand your horizons far beyond retail production.
Poor Starka--who will come back as Philo and sneer again--is so jealous he can't see straight.
What happened anway, Put?
Did you blow up all of Dad's friends in six years, so Dad got you into another firm's middle management?
C'mon, Put. You're among friends here.
Oh wait, it's the Philo character who is whining. My mistake, he normally only whines about my father as Starka and I wasn't paying attention.
[quote=Philo Kvetch]
Too bad, Putsy. Too bad.
Doesn't Dad have any more contacts for you?
[/quote]
Not any more than your Dad has for you. Do you know who your Dad is Starka?
[quote=NASD Newbie][quote=Philo Kvetch]
Too bad, Putsy. Too bad.
Doesn't Dad have any more contacts for you?
[/quote]
Not any more than your Dad has for you. Do you know who your Dad is Starka?
[/quote]
You see, Putsy? I own you. I can spin you up any time I want.
Middle management my a$$.
[quote=NASD Newbie][quote=Philo Kvetch]
Of course, it certainly helps to be a member of the lucky sperm club, right NASD Newbie?
You see boys and girls, Put/Big Easy/NASD Newbie is a member of this club. Unless he's a liar, his Dad is a retired general, so sonny-boy had a leg up when it came to jobs, clients, etc.
With all that going, he still lasted a mere six years in production.
So listen close...a lot of wisdom and knowledge there.
[/quote]
A general who I did not talk to at all from the time I was a college senior until I his sixtieth birthday when I was thirty five and went home at the urging of my mother. I had precisely zero accounts with him or any of his friends.
What he did for me was teach me that the impossible takes a little longer and that I should volunteer every time a superior officer wanted something done.
One doesn't need to be in production more than six years to learn what it is about--but to learn how interesting this business actually is you have to expand your horizons far beyond retail production.
Poor Starka--who will come back as Philo and sneer again--is so jealous he can't see straight.
[/quote]
Nasty Newbie- Philo's got you so shook you don't make sense...and YOU the Master Of Sentanceology...The Commander of Communication... The Emperor of Education...
Try therapy. Just because daddy didn't love you doesn't mean you always have to be an a$$-whole.
[quote=Shmer33]
It is next to impossible to get an offer from any of these firms with out a BA/BS:
<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Merrill
Wachovia
Smith Barney
UBS
Goldman Sachs .. Hard even with an MBA
Morgan Stanley
Try Edward Jones or Ray Jay..
[/quote]
Not really.
I have worked for one of the three and gotten offers from 3 of the others without a degree. A degree is simply a piece of paper that clearly states that "I have wasted 4 years of my life".
[quote=newkid]You will be hard pressed to find a firm that will risk putting someone through a training program that does not have a college degree. The reason is because most firm want to know that you have the proper qualitative and quantitative ability that college will teach you. This business is not just "sales", you must have the ability to analyze financial statements and break down a 10-K or similar literature as well as send well formed correspondence to not only clients but possibly your peers in your firm. In a nutshell, an individual creates an even larger liability in this industry without a college degree than they would have even if the had a BA/BS. [/quote]
This business is PURELY SALES and relationships and as long as you can understand algebra II you will be find. There are no complex statements to read in the world of a retail broker. Perhaps you are confusing this career with that of a financial analyst.
[quote=menotellname]
Not really.
I have worked for one of the three and gotten offers from 3 of the others without a degree. A degree is simply a piece of paper that clearly states that "I have wasted 4 years of my life".
[/quote]
How many of you who are smart enough to have graduated with a degree, or degrees, agree that they are nothing more than pieces of paper that clearly state that you wasted four years of your life?
If you believe this guy works for a wirehouse and had offers from three others please contact me regarding buying the Brooklyn Bridge which was recently put up for sale by a cash strapped City of New York.
First Investor might have hired him, perhaps Waddell & Reed. But there is no way for a top six firm.
Perhaps SW Bach--are they still around?