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Can anybody give me any insight into Merrill Lynch's PMD program? I'm currently going through the interview process but not sure it is something I want to do. How much training do they really give you? What is the starting salary like while you go through the training? Are you basically just cold calling people all day long?

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Comments (8)

  • Bromando's picture

    Check out http://forums.registeredrep.com/and search "ML PMD"

    Also read "The 500 Day War" to get an idea of how to make it as an FA. Here is the link:
    http://forums.registeredrep.com/forums/prospecting...

    Hope this helps, PM me if you have any questions.

    I have come here to chew bubblegum and kick ass... and I'm all out of bubblegum.

  • vr4mitsu's picture

    Grant1021, just curious if you took the position at Merrill, if so, could you give me your thoughts?

  • whysopoor's picture

    From speaking with the PMDs that were working there while I interned: the first few months, you're paid to study for your series 7/63 licenses. They have all the study materials and practices tests you need, and they expect you to ace it on the first try. Once you go through the study process and get those, it's a sales job where you are paired up with an FA as your "mentor" and start learning to cold-call. As you progress, you have various benchmarks to meet and the field thins dramatically. The full program is supposed to last 3-4 years, but only 1-3 of every 30 PMDs or so will make it. Most of your day is picking up the phone, calling someone, pitching, hanging up, and picking up the phone again.

    Annualized pay is 50k and phases into commision-based over the course of the program. Someone else mentioned having a rich uncle that will give you a couple million to play with. I'd say that's very likely the only way to get through it.

  • vr4mitsu's picture

    Thanks for the insight. Just out of curiosity, what state did you intern in? Also, where did you ultimately start with your first job?

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