Interview at NYC Broker/Dealer - Worth it?

Hey WSO,

I got a call for a broker/dealer trainee program. It's supposedly heavily involved in equity research, and the company is a solid boutique in NYC (not a scam, as I initially thought).

Is this worth my time? What are the exit opps as a broker? I've searched the forums but most topics are an argument of "I've never done it but I heard it sucks," vs "I've done it and it's great." Is it really a dying industry?

Anyone with experience care to chime in?

 

Depending on where you are, it's easily the slimiest side of the business. A buddy of mine worked as a trainee in the city and it was extremely shady with super high turnover. You will prob be cold calling all day to qualify some potential clients. (Smile and Dial)

'We're bigger than U.S. Steel"
 
Best Response

Definitely not a dying industry, but is tough to make a living. Some people are REAAALLLLYYYY good at it, most aren't, and probably 99% of the punks on this site talking about "eating what you kill" have never actually worked a 100% commission job. I've worked on commission (before I came to finance) and wouldn't do it again, but that's me...some guys I know are literally pulling in seven figures after a couple of years, but most struggle to survive.

If you have nothing else going on, try it, you'll learn a lot about yourself. The only real exit ops are to get involved with some other area of the company by networking and even that's a long shot (hi I suck at my job can I come work for you?). This is a sales job and it can be very lucrative and looks good on a student resume, but if you SUCK at it then get out. I know a retard that's been through every broker program possible for the last ten years and can't even afford to buy gas for his car but still thinks he's going to get rich quick someday: don't be that loser.

Get busy living
 

I worked a straight commission job for a while, and I'll tell you that it takes a very specific person to be successful in it. The most successful guys are really good at what they do (top .5-1%). The rest that stay in the game just make up a bunch of bullshit and say anything to get someone to buy their product.

You kind of have to be a piece of shit in any straight-commission job, unless you were born a natural salesman.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Basically everyone I've talked to in the industry agrees with these statements. If you are really good at what you do, you will make a huge amount of money. If you are good, you will do very mediocre. Anything less than you're out.

 

Nihil nisi et harum. Rerum cupiditate cumque amet pariatur itaque qui beatae. Sit est ab esse ut magnam. Qui beatae veniam totam neque omnis. Inventore veniam et ut pariatur omnis eos.

I eat success for breakfast...with skim milk

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (199) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
dosk17's picture
dosk17
98.9
5
Secyh62's picture
Secyh62
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
kanon's picture
kanon
98.9
9
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”