Is Working For A Discount Broker A Resume Killer??
I know it's not the ideal place to start, but I've been working for a discount broker for 3 years in a couple of different roles. I spent one year in customer service, but have been working in the company's fixed income department for the last two years. We get to make recommendations for clients although it is limited in scope. I ultimately would like to be an analyst on the buy side and have spent the past year studying for the CFA. I'm taking level III in June and should have 4 years experience shortly thereafter to become a charterholder. I have also been studying for the GMAT and having been scoring in the 690-720 range on the several practice tests I have took so far. I'm not really sure if I even want to go to business school, but I will if I have to. I also have very impressive returns on my personal investment account over the past 5 years, around 30% CAGR, albeit most of the returns stem from Beta plays in 09 and 10. I have written up several reports though and the recommendations have turned out to do very well. Given all this, how big of a deal is it to start out at a discount broker and can it be overcome? Keep it mind I'm not shooting for IB and potentially PE... I just want to be an analyst at a MF or HF.
I understand where you're coming from... I'm not gonna lie and say it's not a resume killer, but it certainly is still possible to get good interviews, it just really depends on everything else that you've done. A friend of mine has been working at a shitty broker dealer for 2 years now, but he still gets interviewed for decent positions at BBs and better brokerage firms. For context, he graduated from lower Ivy with decent GPA and is currently doing "Institutional Equity Sales" at this third-tier (not even) firm, and his capacity right now does include initiating relationships on top of the usual (setting up road shows, cold calls, etc etc.)
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