What’s the deal with firms like this… 5k deposit…90% pull on profits. the guy told me someone is making 650k after 2 years there… the guy said only 4 out of 3000 resumes were hired last go-around. legit?
Its BS. They will take as many people as are willing to put down $5K. These companies make money charging you a mark-up on execution fees and if you burn through your $5K deposit (some of them like to call it a good faith deposit), they will ask you for more. If you dont have and if you have not made more money for them on the spread they are earning on your fee mark-ups then you are losing in your account, they will fire you. Very high turnover because all these places want is for you to go in and break-even after paying fees (commissions) because thats what makes them money. Most people lose or do not make enough to buy a metrocard to make it in to the office.
so maybe I should put a bit more stock in my interview with ml on friday to be a client assistant…better starting point? Also, the 4 hires out of 3000 resumes…blatant lie, right. after he said it, i was thinking to myself, why would they limit how many people are willing to cough up 5k? It’s incredible how many scammers there are out there. Some people just have no shame…
It’s all in the wording… Out of 3000 resumes, only 4 were willing to front the money… as a result… these 4 were hired.
lol, i just posted the same thing on the first forum i posted this question on…elitetrades… “lol…it’s amazing how many scumbags there are out there…shameless. i do believe there are people there making money, i just think that they are all trustfund babies that started a hedgefund. for everyone else, there’s a revolving door for the 5k candidates…it’s a pyramid scheme. i have an interview with merrill on friday. i have also worked at lehman doing temp work for 4 months and am pursuing an entry level position there as well. lehman is so incredible. i am gonna stick to the real deal and pursue my cfa and mba and learn the industry from people who know it. if the guy calls me back tonight to ask me if i have decided to drop another 5k into his grubby fingers, he’s gonna get an earful from me…” maybe the 4 out of 3000 wasn’t a lie…except the 4 people were picked because they were the only ones dumb enough to stick around long enough to be “hired.” Man, sometimes this world makes me sad…people these days…"
JRonasCFA Wrote: ------------------------------------------------------- > lol, i just posted the same thing on the first > forum i posted this question on…elitetrades… > > “lol…it’s amazing how many scumbags there are > out there…shameless. > > i do believe there are people there making money, > i just think that they are all trustfund babies > that started a hedgefund. > > for everyone else, there’s a revolving door for > the 5k candidates…it’s a pyramid scheme. > > i have an interview with merrill on friday. i > have also worked at lehman doing temp work for 4 > months and am pursuing an entry level position > there as well. > > lehman is so incredible. > > i am gonna stick to the real deal and pursue my > cfa and mba and learn the industry from people who > know it. > > if the guy calls me back tonight to ask me if i > have decided to drop another 5k into his grubby > fingers, he’s gonna get an earful from me…” > > maybe the 4 out of 3000 wasn’t a lie…except the > 4 people were picked because they were the only > ones dumb enough to stick around long enough to be > “hired.” > > Man, sometimes this world makes me sad…people > these days…" Well, it’s just like the monkey/dartboard stockpickers that you heare about. If you have a bunch of monkeys making individual picks, you’ll probably be able to find one that outperforms. In general, never trust someone who makes claims similar to “someone is making 650k after 2 years there…”.