[Dubbedoutbimmer]

I am considering getting into the field and want some feed back!!

[andyffer]

Investment Banker.
Get Into It

[phantom330]

Now isn't a great time to be getting into the field unless you've got some backup income while you get established. What kind of feedback are you looking for? There is big earning potential but the success rate is rather low, so unless you are sales driven and not shy in the least I'd say it isn't for you. 9/10 people fail in the investment field.

[unagi1]

As explained above, right now is not that hot of a time you are competing with people that have years in the field and are out looking for a job. Also, grads out of school with Bs in Econ etc. out there are a dime a dozen. If you don't have an inside track (right now it's who you know) then time to hit the books. Plenty of three letter degrees to choose from MFE, CFA, MBA, etc. to stand out from the crowd.

[Dubbedoutbimmer]

Originally Posted by phantom330

Now isn't a great time to be getting into the field unless you've got some backup income while you get established. What kind of feedback are you looking for? There is big earning potential but the success rate is rather low, so unless you are sales driven and not shy in the least I'd say it isn't for you. 9/10 people fail in the investment field.

well long story short my two best friends work for one of there GF's father who own a investment,estate planning,insurance firm, so I was invited up to the beach house in maine (3.5 million dollar "Beach House") and after seeing my friend who @ 28 owns 3 propertys and then his boss's beach house which by the way is worth only half of what his regular his is! I am thinking hard about it! I am willing to put in time and effort! I also bartend so there I guess would be my second job! I am awesome @ sales and have done quite well but I deff see a huge pay difference like he said....each year your base pay is increased based of what you made last year... so my question is starting can I at least make 50K??? and also whats a ball park for future pay ????
he also said screw school most places will take a go getter like my self and mold and teach me what I need to know!1

[GreenThree]

There are places that should be able to start you at $50K however more times than not these types of jobs are "commission only." That can be very difficult to start from scratch, build your practice and work only on commish. Those guys did not get that right away. This is a biz that takes time. (building relationships, referrals, learning the sales process, etc.) The only way they got there was extremely hard work. And thats what it takes in this biz. You need to know that you need to be extremely driven and good at sales. You need to have patience and network. and build your practice through referrals and repeat biz. Its also very important who you know and build business realtionships with. This IS NOT the field for you if you are not going to work hard, and work smart. I would look for a place that will pay you base plus rips. IMO this is the easiest way to get started. Good luck!

[Dubbedoutbimmer]

Originally Posted by GreenThree

There are places that should be able to start you at $50K however more times than not these types of jobs are "commission only." That can be very difficult to start from scratch, build your practice and work only on commish. Those guys did not get that right away. This is a biz that takes time. (building relationships, referrals, learning the sales process, etc.) The only way they got there was extremely hard work. And thats what it takes in this biz. You need to know that you need to be extremely driven and good at sales. You need to have patience and network. and build your practice through referrals and repeat biz. Its also very important who you know and build business realtionships with. This IS NOT the field for you if you are not going to work hard, and work smart. I would look for a place that will pay you base plus rips. IMO this is the easiest way to get started. Good luck!

How long have you been in the business? and has it been rewarding? I have always worked really hard in the car biz I never took a day off for weeks at a time but my sale were equal with 30 year veterans....and when you say networking do you mean cold calling? after I talked to the owner of this company he said he knew some one at North Western Mutuals.....two days later some one called from that number but I dont have VM on this stupid loaner cell phone.....

[GreenThree]

pm sent

[Dubbedoutbimmer]

Originally Posted by GreenThree

pm sent

thank you for the info..and awesome you live one town over start coming to the meets on thursdays

any one else have good story's or bad one's?

[denlin68]

Major financial firms are currently not hiring because the market isnt so good. basic finance position should start u 45-55k per year with some bonus

[mrwma237]

You should understand what you want to do first.

Saying that you want to work in the financial industry, investments is way too broad.

It's like saying if I want to work in the automotive industry. Am I going to sell a car? Am I going to wash a car? Am I going to fix a car? Am I going to tune a car? Am I going to manufacture things for cars? Am I going to make stickers for cars?

[aasd]

Originally Posted by denlin68

Major financial firms are currently not hiring because the market isnt so good. basic finance position should start u 45-55k per year with some bonus

+ 1

Most of top-tier banks require very competitive background that is reflected in your resume. If you are looking to get into IB or GAM as an analyst or associate if you have an MBA, make sure that u meet their qualifiations. Otherwise, its a waste of time.. The PWM side is less demanding with the backgournd, but it definitely like the other divisions consumes most of your time (about 75-85hrs/week)... go to www.vault.com or www.wetfeet.com and do some research there... I work for UBS and I know they're not hiring at all. Wirehouses have taken a huge hit, they're cost cutting like mad...Oh, another area that is equally as demanding, but more rewarding IMO, is the consulting frield... look up BCG, Bain, Booz Allen Hamilton, and if you meet the criteria, even Mckinsey (but..heh, you wont see much of your car anymore, i can tell u that much!)..good luck..

[Dubbedoutbimmer]

Originally Posted by mrwma237

You should understand what you want to do first.

Saying that you want to work in the financial industry, investments is way too broad.

It's like saying if I want to work in the automotive industry. Am I going to sell a car? Am I going to wash a car? Am I going to fix a car? Am I going to tune a car? Am I going to manufacture things for cars? Am I going to make stickers for cars?

well my friends are into estate planning and life insurance, wealth managment etc... I think that nitch market is where I want to be where you help better's some one financial freedom and well being??? not looking for traditional banking or lending i.e I was already a Mortgage broker ...those days are shot to hell lol

[aasd]

Originally Posted by Dubbedoutbimmer

well my friends are into estate planning and life insurance, wealth managment etc... I think that nitch market is where I want to be where you help better's some one financial freedom and well being??? not looking for traditional banking or lending i.e I was already a Mortgage broker ...those days are shot to hell lol

ooh.. so you want to be a private wealth manager.. that's what I do, and I can tell you one thing, there's nothing niche about this market... there are more than 50,000 advisors in the US competing for the same ppl...lots of cold-calling, networking, and grunt work... your first few years (3-4) you're overworked and underpaid, unless you are very well-connected with an affluent community who really trust you with their money.. ironically, ppl would trust their childern with you before they trust you with their money.. once u make it however, sky's the limit..you have deadlines and numbers to meet..no exceptions, no game...give it a try.. you might like it. Oh... a piece of very invaluable advice, find a firm right now that carries a positive market sentiment.. and forget about working at a boutique firm.. you'll never win.

[Dubbedoutbimmer]

Originally Posted by aasd

ooh.. so you want to be a private wealth manager.. that's what I do, and I can tell you one thing, there's nothing niche about this market... there are more than 50,000 advisors in the US competing for the same ppl...lots of cold-calling, networking, and grunt work... your first few years (3-4) you're overworked and underpaid, unless you are very well-connected with an affluent community who really trust you with their money.. ironically, ppl would trust their childern with you before they trust you with their money.. once u make it however, sky's the limit..you have deadlines and numbers to meet..no exceptions, no game...give it a try.. you might like it. Oh... a piece of very invaluable advice, find a firm right now that carries a positive market sentiment.. and forget about working at a boutique firm.. you'll never win.

By Boutique you mean like a small mom and pops shop? and the first 3/4 years can I easily bring in @ least 60K ?? I know it wont be easy but I do know alot of affluent client from working with BMW and most of my clients have either invited me to the house or call me to shoot the shit etc.. so I may be able to network that way also??

[aasd]

Originally Posted by Dubbedoutbimmer

By Boutique you mean like a small mom and pops shop? and the first 3/4 years can I easily bring in @ least 60K ?? I know it wont be easy but I do know alot of affluent client from working with BMW and most of my clients have either invited me to the house or call me to shoot the shit etc.. so I may be able to network that way also??

boutique firms are those that focus on a very specific segment of the market. They are also categorized by their net worth and size...

with respect to your 60K, most firms require you to bring about $7,000,000 the first year and up to $25,000,000 at the end of year three. You have a small base salary that quickly fades away after year (with the assumption that you have your numbers)... hope that helps. Your base salary starts around 55 and depending on your previous income can reach up to 80... Your fees and comission with the abovementioned numbers can reach up to 30K (pre-tax) for your portion (rest goes to the firm)... so yea first year if you bust your a$$ off you can make 100K+... or as little as 60K... After year 3 and a fully faded salary, you should be making 150-250K depening on the size of your book.

[Dubbedoutbimmer]

Originally Posted by aasd

boutique firms are those that focus on a very specific segment of the market. They are also categorized by their net worth and size...

with respect to your 60K, most firms require you to bring about $7,000,000 the first year and up to $25,000,000 at the end of year three. You have a small base salary that quickly fades away after year (with the assumption that you have your numbers)... hope that helps.

oh no worries im a hussler I love fast paced work and love networking!! what would you say the base salary is? really want to make the jump

[aasd]

Originally Posted by Dubbedoutbimmer

oh no worries im a hussler I love fast paced work and love networking!! what would you say the base salary is? really want to make the jump

sorry, read my previous post.. I updated it...

[Dubbedoutbimmer]

Originally Posted by aasd

boutique firms are those that focus on a very specific segment of the market. They are also categorized by their net worth and size...

with respect to your 60K, most firms require you to bring about $7,000,000 the first year and up to $25,000,000 at the end of year three. You have a small base salary that quickly fades away after year (with the assumption that you have your numbers)... hope that helps. Your base salary starts around 55 and depending on your previous income can reach up to 80... Your fees and comission with the abovementioned numbers can reach up to 30K (pre-tax) for your portion (rest goes to the firm)... so yea first year if you bust your a$$ off you can make 100K+... or as little as 60K... After year 3 and a fully faded salary, you should be making 150-250K depening on the size of your book.

wow you have made my day and been most helpful!! so, what company's should I be looking at? im in the boston area

[aasd]

Originally Posted by Dubbedoutbimmer

wow you have made my day and been most helpful!! so, what company's should I be looking at? im in the boston area

my pleasure!

UBS
Morgan Stanley
Merril Lynch
Smith Barney


and if you ever get a chance dont think twice and join Goldman Sachs..Forget about the rest (no JP Morgan, Schwab, Fidelity, Wachovia, and all that crap)...

[Dubbedoutbimmer]

Originally Posted by aasd

my pleasure!

UBS
Morgan Stanley
Merril Lynch
Smith Barney


and if you ever get a chance dont think twice and join Goldman Sachs..Forget about the rest (no JP Morgan, Schwab, Fidelity, Wachovia, and all that crap)...

what about North Western Mutual?

[fermion]

one of the biggest factors investment banks consider when recruiting is intelligence. its basically a straight out brain game. thus, you need to have an economics, applied math, or computer science degree from one of the top ten universities in the US to have a chance at landing one of the top jobs. Even then, its not easy. I'm at one of these top schools and when Goldman Sachs comes to recruit, they still take less than a quarter of the people who submit resumes.