So here is my complaint… My qualifications: MBA - Investment Finance & International Biz Passed Level 1 CFA this past Dec And what am I doing now? Opening accounts as a stock broker. All the brokers at my work are pure dumbasses, and I mean PURE DUMBASS SPECULATORS (who ruined their client portfolio’s during the current market downturn) yet they have no problem opening client accounts. WTF, I cannot open one god dam account thru cold calling? Apparently I have to dumb myself down, and treat the clients on the other end as 10 year olds. I try talking to clients based on portfolio theory and all I get is a huh!!! How I am wasting my life 
CAN ANYBODY HELP MY SOUL…HOW DO I SUCCEED AT COLD CALLING? PS: I know I could be in another sector and doing pretty well, but I am here now.
one thing I have noticed, is that at least 75% of this board’s regular contributors are not working in ER, AM or Ibanking even. But rather, BO, DB, retail the list goes on, and trying to break in. It’s really quite depressing, is it because of the market or what? I really have no clue how people got into the field in the first place, not everyone went to Harvard or Yale~! I’m actually get pretty sick of this my self, you spend alot of time applying to good jobs and get s***. No one looks at you because you don’t have experience, you don’t have experience because no one will hire you in the first place to get that exp. It’s a viscous and disturbing cycle. Sorry for thread jacking with a bit of my own rant.
Hey Sweft, Its great that you have all of that kind of education, but in brokerage it doesn’t mean crap! Learn how to sell. Selling gets you paid…Most of the brokers you work with only have a series 7.
wow…a broker with a SOUL ???
Actually, don’t get me wrong. I think that from Strockbroking lies an excellent future as a money manager of a small buziness. However, the costs are rather high to this. Plus I like my brokerage house and the growth opportunity in my particular market. JUST THAT COLD CALLING SUCKS. We need to get some sort of network going in NYC for connecting with the right people. Any thoughts?
i’m a broker too. it sucks.
CFA Halifax…I hear what you’re saying!! I got a job in the BO of a pretty bank right out of school, and for the life of me can’t get the hell out of here!! I mean, all I want is a chance. Is it just me or is a 2.0 from Harvard more reputable than say (hypothetically speaking of course) a 3.6 from Pitt? Again, that was completly hypothetical. I wish my dad didn’t have to bust his A$$ for a living, and instead had the luxury of playing golf with IB’s, Traders, and PMs…seems like this is the only way to get a f*(%*ing interview.
this kid I knew graduated from a low end school in undergraduate studies or some crap like that and gets a IB analyst job in NY right of school because of his Dad. It all who you know.
CFA_Halifax Wrote: ------------------------------------------------------- > one thing I have noticed, is that at least 75% of > this board’s regular contributors are not working > in ER, AM or Ibanking even. But rather, BO, DB, > retail the list goes on, and trying to break in. > > It’s really quite depressing, is it because of > the market or what? I really have no clue how > people got into the field in the first place, not > everyone went to Harvard or Yale~! > > I’m actually get pretty sick of this my self, you > spend alot of time applying to good jobs and get > s***. No one looks at you because you don’t have > experience, you don’t have experience because no > one will hire you in the first place to get that > exp. It’s a viscous and disturbing cycle. > > Sorry for thread jacking with a bit of my own > rant. Amen to that. I graduated Summa Cum Laude from a solid public university. All I could land was BO work. I even had undergraduate experience in handling real assets (10 of us managed 1 million). To address the original poster: It’s been proven that cold calling works. I know I could never do it. I suppose you just play the numbers game. The more people you call the more business you will get, even if you have a 5% success rate. Funny story to illustrate the point of connections. My stepbrother graduated college (same school as me) with a crap GPA in a bullsht major. Like a 2.5 or something. Anyways he was doing contstruction/carpentry after school because he couldnt land a job. One of the houses he was doing carpentry on was owned by this brilliant man who used to work for NASA as a rocket scientist who had all of these connections. He says “Oh you need a job? You can work at Merril Lynch” Picks up the phone, makes a call, done.
You guys need to take up Golf…it works nicely.
I’ll tell you what … let’s go get this so called level II. I’m dead ready to work my ass off again. It felt good passing Level I, though most of it was a repeat of MBA (Investment Finance). I think Golf is a good idea. Where do the big biys hang out :), St. Andrews? Guys, I had this one opportunity with a hedge fund. Initially they were going to hire me as an intern for 6 month. Job description was computer related finance and some excel work. Moved up to NY (at my own cost {still hurts}), and went for interview. Next, they send me home with this SQL based computer test. Submit it, and don’t hear back from them for a week. Now I’m thinking I had got the internship. Next thing they call me in for another interview. Turns out, they had reconsidered me for a junior debt trader position. So in the interview, i am told the job is mine if I want it and can start right then. I turned it down (GOD ONLY F’IN KNOWS WHY)! Anyways so I end up at this brokerage house instead. YES, ONLY A FOOL WOULD DO SUCH A THING! But again, if I accepted the hedge fund job, I would have been starting it in Oct, leaving no time for the CFA. Hence, why passing the CFA felt even better! So any networking spots out there that are recommended?
CFA_Halifax Wrote: ------------------------------------------------------- > one thing I have noticed, is that at least 75% of > this board’s regular contributors are not working > in ER, AM or Ibanking even. But rather, BO, DB, > retail the list goes on, and trying to break in. > > It’s really quite depressing, is it because of > the market or what? I really have no clue how > people got into the field in the first place, not > everyone went to Harvard or Yale~! > > I’m actually get pretty sick of this my self, you > spend alot of time applying to good jobs and get > s***. No one looks at you because you don’t have > experience, you don’t have experience because no > one will hire you in the first place to get that > exp. It’s a viscous and disturbing cycle. > > Sorry for thread jacking with a bit of my own > rant. Absolutely agreed. I graduated with a cum laude last Dec, cleared my CFA but sh** I can’t get my dream job because I have 0 experience! Darn. I do agree that everyone has to start somehow right? If you are not givign me the chance to gain the ER/AM experience, how the eff am I supposed to get it? Geez, and I thought that situation was unique only to Singapore (that’s where I come from… ) Damn, I shudder at the thought that I might have to start off in an operations role, though I am hopign that I do get my credit analyst/ fixed income research job at a lesser known bank and then gain the relevant experience instead of doing some crap operations job at barclays
Pissing into the wind about ER / AM / IB hiring practices and whining about the harvard kids getting jobs probably won’t make you a more attractive candidate. Studying harder, getting the write skills, and getting yourself in front of the right people will. Hear me now and believe me later - you are making excuses that will not bring your closer to your goal. The market cares about your skills and what you can do, not what you want to do. “Shudder at the thought of an operations role?” Please, for all of us, never say that in an interview. Sweft - Be sure that the firm is right for you. Some dipshit from Edward Jones just called my brother just trying to move 10K in bonds for a single company. My brother said no, so the ftard switched to a variable annuity. Either the broker was a lying, cheating, scheming bastard who should be unemployed or he doesn’t have the education to understand that he just tried to rip my brother’s face off. Since they have a social connection, I suspect the guy doesn’t even know better than what his managers are telling him to move. If the guys succeeding in your shop are of the former, run (unless you’re a bastard, which doesn’t seem the case). If they are of the latter, then it could be useful to learn their sales skills and then blow them out of the water with your knowledge. I had two years sales experience in a product completely unrelated to finance, and now those skills are paying off ludicrously well for me even though my area is research. Good luck.
Nah I am a member of a private club…i cant stand tee times, st.andrews is ok but the rounds are too long…end up just drinking too much and then driving home from the middle of nowhere. sweft Wrote: ------------------------------------------------------- > I’ll tell you what … let’s go get this so called > level II. I’m dead ready to work my ass off again. > It felt good passing Level I, though most of it > was a repeat of MBA (Investment Finance). > > I think Golf is a good idea. Where do the big biys > hang out :), St. Andrews? > > Guys, I had this one opportunity with a hedge > fund. Initially they were going to hire me as an > intern for 6 month. Job description was computer > related finance and some excel work. Moved up to > NY (at my own cost {still hurts}), and went for > interview. Next, they send me home with this SQL > based computer test. Submit it, and don’t hear > back from them for a week. Now I’m thinking I had > got the internship. Next thing they call me in for > another interview. Turns out, they had > reconsidered me for a junior debt trader position. > So in the interview, i am told the job is mine if > I want it and can start right then. I turned it > down (GOD ONLY F’IN KNOWS WHY)! Anyways so I end > up at this brokerage house instead. > > YES, ONLY A FOOL WOULD DO SUCH A THING! But again, > if I accepted the hedge fund job, I would have > been starting it in Oct, leaving no time for the > CFA. Hence, why passing the CFA felt even better! > > So any networking spots out there that are > recommended?
I was in financial services sales back in the day (mutual funds, annuities, insurance, etc…). We were ostensibly selling “financial planning.” Some of the people who were the biggest producers where manipulative snake oil salesman who’d sell their grandma’s down the river for a sale. But others (and those were the people who had a very loyal client list) were selling based on “need”. But they could still SELL. Being successful in a position like yours requires sales skill more than finance knowledge. It’s possible to do it honorably and still be successful. It’s just harder. Possible, but harder. So, get yourself some sales training. Tom Hopkins has a book on mastering the art of selling. While while hokey at times, it does have a lot of good info. BTW - while I was a pretty good "educator"as a salesman, I couldn’t close sales very well. So, while I did o.k., I saw the writing on the wall and moved on. You’ll probably do the same at some point. But in the meanwhile, paying the bills is a good thing.
What is it with everyone that has a degree and above avg stats thinking that there is something wrong with the world because they arent in the front office. I mean ok, you have perfect stats from a top 10 MBA school, extra currics in school, are A-type, etc, I can understand being frustrated if your doing recs all day in the BO, but common…this is finance after all…these jobs that pay multiple six digits arent supposed to be easy to get.
I’m not whining about being at this brokerage house or being a broker. What I am whining about is how can I get successful at COLD CALLING. I hate it, and I know there is another way to get clients rather than COLD CALLING. Networking in certain places works a charm, but where are these places? I think that either way, the brokerage house I work at is rather cool. We can sell whatever we want as long as it in the the asset classes that they approve off. Nothing comes direct from top management as to what to “push”. Ok going to call another potential client, break is up 
Sweft, just to make sure I understand…you didn’t turn down the job because you needed time to study for Level 1, did you?
I have undergrad in FInance and am Magna Cum lauda graudate, inverviewed at merrill lynch. Went trough 3 interviews which included a 3 hour economics test. Pass all interviews. got to the last interview and the guy said he would call me to let me know something. He called and tole me that he dicieded not to hire me at that time because it would be a huge strain on his resources, and he told me that he needed someone who is money hungry.(as if I am not) During his interview I streased that I was interest in taking care of the clients gaining trust form the client etc. I supose instead he was interested in someone that can increse his commissions. I have no respect for that branch. If you are a CFA then Merrill is not for you at that branch. That was in montgomery alabama. they were going to start me at this sallary. 40 thousand salary 50 thousand bonus after 12 months if can complete all thraining levels required such as insurance, 7 and 66 liscencse, and merrly financeial advisor trainging. 100 thousand merry stock to be given at 12 months total worth of 190 thousand for first 12 months. They also told me during the interview that everyone in that office made an average of 250 thousand
“a huge strain on his resources” I mean, c’mon. Obviously, you just didn’t fit in with the personality/character type they were looking for - I wouldn’t take it personally, sounds like you’re a smart person to get through all the interviews.