Needing Advice

Hi guys, new to the forum (hope it isn’t as bad as Wall Street Oasis),

Registered for CFA level 1 in June. Went to top 50 university, sub 3.0 GPA, was interested in Finance/Marketing however took an Literature major because I couldn’t handle the courseload of the business school, not to mention I had great “finance” internships lined up for me so I felt set.

Long story short, the “finance/portfolio management/wealth management” internships turned out to be insurance sales. I was a naive college kid looking for a foot in the door, and I thought I had found it. I did/am doing fairly well given my cards (purchased leads, paid for my licenses, no training), but I am looking for a way out. I figured I’d get my CFA level 1 to establish some financial credibility so I can apply for some corporate finance roles.

My strengths are: communication, interpersonal skills, upbeat attitude, work ethic, reading, public speaking, and writing. Financial models and analysis is not my strength, but I’m at the point where I’m willing to quit my job to get the CFA level 1 (my job is commission only).

I’m looking for a job, anywhere, anyplace. Is getting the CFA level 1 a step in the right direction for me to gain SOME financial credibility? Right now my resume has “financial advisor” with a series 6 and 63 license. What even sounds like a good career for me?

Thanks in advance

I was in an eerily similar position once upon a time.

First, remember that you won’t be able to only do CFA while not working. If you start now, it’s a 2.5 year process. You need to find a job.

Second, I found (when I was in your position) that you probably won’t have many opportunities other than in retail. Sorry to burst your bubble, but that’s the truth.

What I did (when I was in your position)–I went back to school. I concurrently took a lot of the upper-level accounting classes and finished an MS in Finance. Then I took the CPA exam. Then I took the CFA exam. I did it full time, and it has been 1000% worth it. That’s what I’d recommend.

EDIT: I don’t know that I’d recommend doing the whole CPA thing. I did that because I thought you needed to be a CPA do to taxes, and you needed to do taxes to manage private wealth. I was wrong on both counts. Don’t misunderstand me–being a CPA has opened up a whole world to me that the CFA charter probably wouldn’t. I’m not saying NOT to do the CPA thing. I’m just saying that if you have a market for finance professionals and aren’t interested in being an accountant, you might not consider it.

Thanks for the advice! I’ve been considering going back to school, but can you elaborate on what the point would be? I’m looking for my CFA level 1 to act as my unofficial “finance” degree.

Can you also elaborate on what you did after school, what better “retail” jobs wold be available to me, and the like? I’ve also considered joining the miitary.

I’m only looking to not work until June to ensure that I pass the exam. If that happens, I’ll start networking, possibly looking at other industries, the military, etc.

Thanks again

That was quick. Make sure you read my edit.

The point would be to get a degree and learn what you’re doing. If you’re like I was, you don’t have any idea what a discounted cash flow is, what an NPV calculation is, or what a financial statement is. These are all things you need to learn. Sure, you can learn it by doing the CFA exam, but that will be a LOT of studying. By going to school, you get to st

I don’t know that there’s a lot of value of putting “passed Level 1” on your resume. There are probably a hundred million people who can put “passed Level 1” on their resume. Level 1 is not hard. Level 1 is the application for admission.

I don’t know. I didn’t like the retail side, so I bounced. Maybe instead of being a full-service broker/advisor, you could go be a sales assistant to one of the “big dicks” at Morgan Stanley or Merrill Lynch or something. Or go work in a bank. Knowing the ins-and-outs of W-9’s and what not won’t hurt.

Been there, done that. I hated it. If you have a brain, you will probably hate it too.

Good luck. I would get back into school and work toward a business degree. Go part-time and find a job, or go full-time. I wouldn’t study full-time and put all my eggs in the CFA Level 1 basket.

And don’t read WSO. Those guys are idiots who have no idea what they’re talking about. They are interesting to read, however.

“I couldn’t handle the courseload of the business school” - What exactly do you mean by this? Unless things have changed a lot or I’m some kind of super genius, which is not out of the realm of possibility, business school is not particularly difficult.

You say financial modelling is not one of your strengths, but you want to work in corporate finance. What exactly do you think people in corporate finance do?

I don’t want to be a tool, but I’d hate to see you waste time and energy trying to get into an industry that doesn’t seem a good fit based on those statements.

I disagree with going part time MBA and praying it will propel you instantly to an awesome job. The mindset of “continuing income” + “part time MBA” = “awsome new full time FO job” rarely works

Depending on what exactly your goals are, you may not be in that bad of a situation. If your end goal is to work for a hedge fund or a PE firm then you got a whole lot of work to do. You really should just forget about the CFA program and just start studying for the GMAT and start volunteering places to build up your ec’s. However, if you want to end up in PWM or something you’re not in terrible shape. The first thing I would do would be to get out of insurance sales and look for a financial advisor/investment consultant role. You could go full service or discount. If you go full service you’re going to have a harder time, but will gain a little more experience meeting clients, building a book, networking, et cetera. If you go discount, you will not get as much experience but will make more money initially and have a ton of warm leads. I would encourage you to go discount because ideally you would not want to be in this position very long (2-3 years) and you will most likely make 6 figures starting out in this job. The whole time you’re doing this, you should be progressing through your CFA exams. A couple of things to keep in mind… you are not going to learn much about finance in a FA/IC role. You very well may get burned out doing it. You will not get any respect from people on this forum and WSO. It may even be humiliating depending on your social status and if your circle of friends work in finance. On the bright side you will build people skills. Additionally, once you become a charterholder it still is going to be difficult to transition to a non sales role, but not impossible. You may have to take a paycut initially, but hopefully you will have saved well and can afford to do so. That being said I think it is very likely you could be managing HNW accounts in the next 4-5 years if you take this road. Good Luck!

Iteracom and I frequently disagree on these type of things.

I don’t believe that a part-time MBA will lead to being the next incarnation of George Soros. But this guy went to a top-50 school, and got his degree in Literature. Do you really think that MIT’s really going to beat down his door to offer him a graduate scholarship? Probably not.

Let’s focus on the things that we have control of. You probably won’t get into a “good” MBA program. So let’s try to get into a part-time one. You’ll never make partner at KKR, but you might make a good valuation analyst.

I got so caught up in the “6/63/insurance license” bit that this whole part eluded me.

It does seem odd that you started in finance/accounting, but that was too hard. So you left. Now you want to take a test in finance/accounting. Why is it different this time? The CFA exam will certainly be no easier than your undergrad. Actually, that’s what the CFA level 1 is–the comprehensive final for the finance undergrad.

If “people skills” are your strong suit, retail is probably better for you. And if you want to stay in retail, don’t do the CFA. Do the CFP instead. It’s easier and more relevant, and will probably have more notoriety in the retail world.

Best answer so far…dude I’m not even close to intelligent enough to break into a hedge fund or PE firm or anything prestigious like that, plus im WAYYY behind. PWM sounds good. I am a great cold caller, ambitious, and energetic. Would you please elaborate on the different between “disccount” and “full service” FA?

I really don’t want to forget about the CFA program. i want credibility! Whether it is with my clients, the industry, whatever. I also need the knowledge (without going back for another 4 years of college.)

Respect on this forum…pftttttttt…what is even my name? Social status not very high as well.

Any ideas about Mid-office at an investment bank? i networked with an alum that said his job was pitching to hedge funds, with good hours.

Best answer so far…dude I’m not even close to intelligent enough to break into a hedge fund or PE firm or anything prestigious like that, plus im WAYYY behind. PWM sounds good. I am a great cold caller, ambitious, and energetic. Would you please elaborate on the different between “disccount” and “full service” FA?

I really don’t want to forget about the CFA program. i want credibility! Whether it is with my clients, the industry, whatever. I also need the knowledge (without going back for another 4 years of college.) Might look good on B school.

Respect on this forum…pftttttttt…what is even my name? Social status not very high as well.

Any ideas about Mid-office at an investment bank? i networked with an alum that said his job was pitching to hedge funds, with good hours.

Full Service- Merrill Lynch, Morgan Stanley, etc.

Discount- Scottrade, Schwab, Etrade…

It’s possible to get into non FO roles right now for you. If you wanna take that route I would get involved with as many headhunters as possible. No matter what people tell you, going through them is a great way to get your foot in the door. I encourage you to look into both the CFA and CFP. You may decide that the CFP is the better way to go. If you went to a top 50, no matter what your major you can certainly become a CFA charterholder if you try. However, it is very time consuming and may not be worth wasting a couple of years in your 20’s. The CFP is way more relaxed and may be just as valuable in certain roles. If you’re looking for more information on getting a job at one of the places above shoot me a PM.

Respect on a forum vs. respect in the real world is like comparing monopoly money vs. real money.

Should I think about unpaid internships after I pass level 1?

I don’t think I can private message people.

to be realistic, if you could not handle the work load in school, i don’t think investment banking in any shop is for you.

you do not really need a finance degree to be a financial advisor. a CFP may be more beneficial for you

Precisely the advice that I would expect from a WSO user. Have you even thought about external factors while in school? I’m admittedly not 30 years old, but couldn’t you say that maturity plays a factor in your college vs post college experience? What if I didn’t know that I wanted to do business/finance when I was in college? (I didn’t.) Just because I wasn’t ready for something when I was 19 years old doesn’t automatically mean that I won’t be ready for it in later years.

I don’t want to be a financial advisor, I want to make a transition, that’s why I’m taking the CFA and asking for advice. Maybe I’ll meet you one day, ask how many chicks you banged in HS, and then determine if you’re likely to pick up a girl at a bar.

Thanks to everyone who gave me advice, especially about the discount brokerages. Sounds like a solid idea from here and I will definitely look into it.

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This doesn’t exactly have upper-level management at Goldman Sachs written all over it. Frank is trying to do you a favor–he thinks (and I agree) that you don’t have what it takes to pass the exam. Nor do you have what it takes to be a good security analyst or portfolio manager.

Exactly what are your strengths? “Upbeat attitude, reading, writing, public speaking, communication, and interpersonal skills” aren’t what people are looking for in the world of high finance. These are skills that are valuable in the retail side. To work in the analyst side, You need financial modeling with Excel and a good understanding of a financial statements.