Soon to be College Graduate
I am interested in being a broker but have little to no idea where to
start. My degrees are in history and political science, but everyone i
spoke to agrees that my ability to sell a product is useful (i run
promotions for several companies on my campus and neighboring college
campuses, easy money and fun work). Anyway, I have access to Pass
Perfect study material for the Series 7, should I bother studying that
now (i graduate in Dec. ) or should i concentrate on other aspects,
like learning about the job some more?
I know i want to do this, so far i have set up an interview with a
friends boss at AG edwards, mainly i want to ask questions about the
business, get an idea as to "what a day in the life of " is really
like. Anyway, i'm all over the place right now so would really
appreciate any help from you all....
Do It!! If your a young guy out of school.....you don't have a lot to lose. Kill yourself to make it happen, and when your 35, with a personal net worth of 1 million bucks, making $400,000 a year - you will be thankful. If you absolutely hate it -(stick with it for a couple of years, nobody enjoys this time in the business), but you can always do something else.
Personally I wouldn't bother spending any serious time with the series 7 prep stuff unless you just want to spend some time with the material just for your own learning benefit. Assuming you get a trainee offer w/ a substantial firm like Edwards you'll have ample time through their training program to get the 7.
Also, there are a couple threads somewhere on this forum listing some recommended books to read. Take a look at those as well.
I'd focus on informational interviews like you're doing w/ the Edwards manager. Try to set up similar ones with other managers. Also, ask your friends' parents & your parents' friends for the names of the brokers they work with and try to set up informational interviews with them to learn how they do business, etc. Besides using these interviews for knowledge gathering & advice, make it a point to also use them as an opportunity to sell yourself to some degree. Certainly the selling you've done during college is an attribute & I'd emphasize your success with that. If you come across as bright, energetic, committed, and focused on success, these reps may well be impressed enough to say something to their manager about you and/or develop a personal interest in your success.
It's difficult to get a trainee position with a major firm right out of college, but it can be done. Usually though, firms strongly prefer to take on trainees with more life & job experience. So, should you not get any interest at this stage, don't despair. Line up a good sales job when you graduate. Keep in touch with those you've had informational interviews with. Let them know of your progress & your continued interest in our business. Once you've got two or more years of successful sales experience behind you, you'll be much more marketable to our industry.
I did it right out of school...it's hard, but do everything you can to make them forget your age. Dress well, wear glasses (even non prescription if your eyes are good), and speak with confidence...the fact is, you have little to nothing to lose, and much to gain.
Get a subscription to Registered Rep. It is nice to start reading material that most brokers read because over time it will give you a good feel for what is going on in a general sense in the industry. That is the magazine that ends up in most brokers mailbox each month.
I have two friends that started fresh out of college. Both ended up being superstars. Big producers 12 years later. One lives in a "no joke," 10,000 sq ft house now. So it can be done. Your maturity, work ethic and ability to sell will be important.
I started right out of college at 21. It sucked! But you stick it out long enough and things start happening. Work Hard.... and I don't mean 8am - 6pm. I mean 7am to 7pm and go to every event you can so you can meet people. It's tough being a young person in this business, but after 3 or 4 years, it's very rewarding.