Stick with WM long term after college?
Hello,
I'm a 23 year old recent student-athlete graduate from a tier 3 school that is currently a trainee in WM at ML in a program to get 7, 66 and insurance licenses along with CFP and CRPC. If successful after the two year program I join a book as a FA. Also in a suburban city.
A few days ago a colleague told me about an opportunity to apply for at NT as a consultant and could get a CFA while there. However I was told to stay in WM for the long haul if you really want to make it and be profitable, and that a JD CFA MBA wouldn't necessarily advance you, it's something for people to do who don't know really know what they want to do. Joining a book would be easier to make it in a high turnover job as a broker in WM to start, except I guess after cold calling 300 times a week, it could possibly hurt my business in a team setting? Also is it true that WM in an urban city is much more profitable than a suburban city, or can you be profitable long term in both settings?
I'm a past student-athlete and always wanted to be in WM, but never looked into other areas of finance. I don't know what I truly would be great at, but I'm looking for peace of mind. I started thinking about it after I read a few forums on how WM is a glorified sales job on the sell side, something I could see fitting my personality though.
After reading that getting a CFA with an analyst type job from a good firm/bank can lead into a good MBA program, then possibly from there getting into Equity Research, then maybe even IB or corporate finance outside of that. You could also throw a financial modeling course as well.
I didn't come from a tier 1 school but I networked with a past IB team mate who said I could break into IB if I did an analyst job for a couple years before breaking in, however at the time I told him I was interested in WM, and he helped me get into a good program at ML. Maybe I should ask about getting a CFA or do a financial modeling class as well if I pass my other tests, while at ML? I'm not sure if they would care for that or not.
I'm not sure what type of income can be made from sticking with WM or going else where in the finance industry, while being realistic with myself. Also being 23, I heard that it's smart to try different avenues then end up in one down the road. But then I read being a FA doesn't help you get an analyst job if you decide you don't like what you're doing, unless you said something along the lines of, I thought it was for me, I tried it and I didn't like it. Or maybe if you get all the licenses and throw in a modeling course or CFA while as a FA, that clearly wouldn't hurt you too bad.
I know it's early talking about this while in the program, but my colleague told me I have to apply relatively soon, so I thought this was a good place to brain storm.
Since IB is very challenging to break into and considering I have a 3.0 total gpa, major gpa 3.2 from a tier 3 undergrad university with an interdisciplinary studies with a cognate in economics major, so I really had to think hard about how to advance. Any help would be much appreciated. Also didn't perform that much more stellar in my junior and senior years in comparison to my freshmen and sophomore years. But I'm ready to focus more on a job and education/grades after college, I really spent a lot of time focusing on my sport during college.
Really looking for a logical realistic perspective/system on how to properly research different areas in finance and be happy with what I choose long term. Thank you for your time.
Bubs23-- I am a little confused about what you are trying to figure out. As a veteran in the WM field let me comment on a few of your points and then please feel free to follow up.
You are young (you are half my age) and just starting out. No amount of analysis is going to give all the right answers or spell out which career path you should take. Experience, time, hard work and failures will provide the insight you are looking for....what worked for me might be the receipe for failure for you. Start off with what you like, where you want to get to and then work backwards from there.
Wm is a long term career and it generally sucks the first 5 years you are in it. Joining a team, getting a book, etc..sounds great but there are a million variables you need to look at that will determine the value of what you'll receive after your 2 years of work. 20million fee based might provide you a 120k income and 20 million of dead assets might provide you with 12k....you need to understand what you are looking at.
Income potential is high if you are successful. Plenty of brokers I know make well in excess of 500k, a few will break 1mm and then a very select few will make considerably more. I am friends with an FA that takes home 3MM per year.
CFA, MBA or other credentials mean little in my world. Sure, some have them but it certainly isn't what makes someone successful.
What else can I answer?
SF
Stick with WM long term right after college? (Originally Posted: 02/06/2017)
Hello,
I'm a 23 year old recent student-athlete graduate from a tier 3 school that is currently a trainee in WM at ML in a program to get 7, 66 and insurance licenses along with CFP and CRPC. If successful after the two year program I join a book as a FA. Also in a suburban city.
A few days ago a colleague told me about an opportunity to apply for at NT as a consultant and could get a CFA while there. However I was told to stay in WM for the long haul if you really want to make it and be profitable, and that a JD CFA MBA wouldn't necessarily advance you, it's something for people to do who don't know really know what they want to do. Joining a book would be easier to make it in a high turnover job as a broker in WM to start, except I guess after cold calling 300 times a week, it could possibly hurt my business in a team setting? Also is it true that WM in an urban city is much more profitable than a suburban city, or can you be profitable long term in both settings? I'm a past student-athlete and always wanted to be in WM, but never looked into other areas of finance. I don't know what I truly would be great at, but I'm looking for peace of mind. I started thinking about it after I read a few forums on how WM is a glorified sales job on the sell side, something I could see fitting my personality though. After reading that getting a CFA with an analyst type job from a good firm/bank can lead into a good MBA program, then possibly from there getting into Equity Research, then maybe even IB outside of that. You could also throw a financial modeling course as well. I didn't come from a tier 1 school but I networked with a past IB team mate who said I could break into IB if I did an analyst job for a couple years before breaking in, however at the time I told him I was interested in WM, and he helped me get into a good program at ML. Maybe I should ask about getting a CFA or do a financial modeling class as well if I pass my other tests, while at ML? I'm not sure if they would care for that or not. I'm not sure what type of income can be made from sticking with WM or going else where in the finance industry, while being realistic with myself. Also being 23, I heard that it's smart to try different avenues then end up in one down the road. But then I read being a FA doesn't help you get an analyst job if you decide you don't like what you're doing, unless you said something along the lines of, I thought it was for me, I tried it and I didn't like it. Or maybe if you get all the licenses and throw in a modeling course or CFA while as a FA, that clearly wouldn't hurt you too bad.
I know it's early talking about this while in the program, but my colleague told me I have to apply relatively soon, so I thought this was a good place to brain storm.
Really looking for a logical realistic perspective/system on how to properly research different areas in finance and be happy with what I choose long term. Thank you for your time.
Meant to say corporate finance after equity research instead of IB. Since IB is very challenging to break into. Also, considering I have a 3.0 total gpa, major gpa 3.2 from a tier 3 undergrad university with an interdisciplinary studies with a cognate in economics major, so I really had to think hard about how to advance. Any help would be much appreciated.
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