got an offer need some help
so iv been interning at MSSB since last summer, and since i commute to school they asked me to stay on during the school year since I have class only 3 days a week. They want me to come on as a CSA with them when I graduate after this semester....
my question is is this a decent starting point in the finance industry? I don't have the grades to get into IB, sounds like a good first job opportunity. Pay is ok.
Is being a CSA for a few years a good way to become an FA, or can you jump right into being an FA, something i wnat to get into in the future.
I looked this all up on the search didn't find what i was looking for
You can start as an FA when you graduate however do you have a list of 100 people with 100K to invest? Minimum account needs to be $250K to count towards your production if im not mistaken. How deep is your network of HNW people? If it's not deep you would probably have to cold call 200-300 people a day and pitch muni bonds for the first 18 months just to meet your hurdles. If you miss your hurdles during your training period, you'll get canned.
Working as a CSA will be good experience dealing with clients and understanding their issues/needs. You can do that for a year or two and then switch over once you have a larger network of HNW prospects.
If you don't have the network, and you start as an FA, your day will most likely look something like this:
http://wealthmanagement.com/forums/prospecting-marketing-and-selling/50…
Hope this helps!
^ yea Bromando had good advice.
If you take the CSA route and have the drive to get to where you want to be then it should be a good experience (assuming you want to work in wealth management).
1) get Series 7, series 66 (63 and 65), life insurance, etc. Learn the business, come in earlier than everyone, stay later than everyone, put yourself out there to take on new projects/responsibilities instead of sitting and waiting for someone to give them to you, etc.
2) senior team members now trust you, know you can handle the work, etc, maybe you can start pushing to get into the Investment Associate/Wealth Strategy Associate/FInancial Advisor Associate type role or start helping them more on the investments and advisory side instead of just straight CSA work (admin, servicing accounts, etc.) ... this is a great stepping stone to either becoming an FA with your current firm or bolstering your resume when applying to other firms.
I lay it all out like this because the CSA role will not train you on how to be an Advisor or offer much exposure to the "sexy" side of the business. BUT if you do want to be in wealth management it will help you learn a lot of the ins and outs and behind the scenes stuff that is crucial to understand, and you may not get that if you jump right into being an FA with a high turnover like edward jones or ameriprise.
^ Also solid advice. The wire houses basically hire en mass, throw you against the wall, and whatever sticks makes it.
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