Institutional Sales - Should I Take the Job?
Have an offer for an institutional sales assistant position at a lower tier MM bank. It only pays 25k a year and I have to open 20 accounts, which I will receive a 10% commission on any business the accounts do during my first year. In year two I'll have someone else opening accounts for me so I'll be getting more than 10% commission and then in year three I split all the commissions made from everyone with the other senior guys on the desk.
The head of the desk told me that theres a guy on the desk in his 3rd year who was making nothing before and now is pulling in over 300k mostly from commissions. (prob bs, but could be possible)
Should I take this job? I'm trying to move into nyc asap, but 25k is gona get me no where. Also, they need me to cram for the Series 7 for about a month and then start working but im currently studying for the GMAT right now and very close to breaking 700, so thatll make me postpone my gmat studying, (planning to take the test at the end of september). I feel like with a solid GMAT on my resume I'll be able to get a better job offer elsewhere.
My previous internship experience is really good (ive been able to get interviews at BX, GS, and MS for front and middle office full time positions and made final round at one of them), the only thing holding me back is my 3.0 gpa, so a high gmat should make up for that
bump
if you really want to get into the industry and this is your best offer and it is a legitimate institutional sales job i would take it. I'd probably look for an apartment far away from the city (cheaper rent) or in the hood if you are willing to live there
Why does this sound like JT Marlin lol
Yes, take the job. Institutional Sales is one of those jobs that you really need hands on experience. Once you get good at it you can make serious money.
and as soon as you get the opportunity you can transfer to a better firm
Seems like these fixed income institutional sales guys are killing it right now. I know a few guys who do it and they all make over 500k.
Really? I ended up linking up with an alum from my school who was a BB director and tried to look up some info on the position and couldn't find too much. It sounds like a pretty sweet gig from the limited info i have, anyone want to expand.
Sorry for hijacking the thread
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