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?
you go from smile and dial to dial and try to avoid suicidal thoughts.
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)
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.
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.
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.
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