Considering EJ offer

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Jun 1, 2009 7:34 pm

Hey everyone, I'm sure I'll get flamed for this post since I've seen a bunch of "EJ journey" type posts getting ripped apart but seriously I'm trying to get some advice from you guys.

My situation is I'm 24 and just graduated with my mba (finance major) from a nothing special school, I've always have been summa cum laude and successful in everything else I've been involved in.  I've been having a hard time finding a position as I have no applicable work experience. I looked into the financial advisor position and have done a lot of research and also spent some time on here reading old posts. Long story short I've gone through the interview process with EJ and just got a phone call back with a job offer.  My question is this; can I get some honest opinions on whether or not this is a decent place to start a career?  Also, are they as selective as they pretend or am I excited over the offer for no reason?
I'd like to get the opinions of some people that don't have anything to gain from me taking the job as opposed to the people I've talked to at jones.

Thanks in advance for your help.

Jun 2, 2009 11:45 am

Does the EJ business model work in major metropolitan areas where apartment buildings outnumber private homes 100 to 1?



Jun 2, 2009 12:41 pm

OK, now I am convinced that these are all the same trolls.  Same story, change the details.  This is getting silly.

Jun 2, 2009 1:54 pm

Iceco1d: thank you very much for your comment, I appreciate your insight.
mac2: please leave as you are detracting from any serious comments
b24: I am not a troll, just a young guy seeking information anywhere he can find it

Jun 2, 2009 4:07 pm

I am actually quite serious about pursuing EJ and have no problem going door to door. it is a legitimate question and I'm grateful in advance for any insight from the vets on this board.



my background is 10yrs non sales professional experience, 4yr college degree from reputable university.



apologies if this thread has been discussed somewhere else.



Jun 2, 2009 7:41 pm

Your academic acomplishments may help get your foot in the door at EDJ but it what they want more than anything is the aggresive type A personality. The position of FA in the early days will be 85% salesman and 15% finance professional. The percentages will swap the more succesful you become. If you really want this and are willing to endure rejection all day everyday you will become succesful. Good Luck.

Jun 2, 2009 7:47 pm

You have an MBA, man. Don't waste your degree. 

Jun 3, 2009 6:38 pm

Thank you all for your comments.

I realize this is going to be a very tough career but I'm looking forward to it. I've never had a problem with putting in my maximum effort and I am very much type A.

I've heard several people tell me that I'm wasting my mba.  I don't really agree cause some of the other positions I've looked at don't give me the level of involvement, nor the compensation I'm looking for. I like dealing with people and the idea of being a positive part of a community.

Also, while I feel my mba has given me a great basic understanding in several areas that would be helpful in a career in finance (investment analysis, quantitative analysis, financial management) I don't feel I have had enough specialized education to qualify me for a "good" salaried job in this type of job market. I say this with confidence because this has been the running theme in my rejection letters

That being said, anyone else care to chime in about how they feel about starting a career as an FA with EDJ? Any pitfalls I should look out for?  Any suggestions for what to look for in a city when choosing an office location? I'm still young and very mobile so picking a location has been difficult for me as I don't really have any strong ties to anywhere.

Jun 3, 2009 7:51 pm
Witty Name:


Also, while I feel my mba has given me a great basic understanding in several areas that would be helpful in a career in finance (investment analysis, quantitative analysis, financial management) I don't feel I have had enough specialized education to qualify me for a "good" salaried job in this type of job market. I say this with confidence because this has been the running theme in my rejection letters



You'll do absolutely no analysis, you're a door-to-door prospector/salesman. No reason to sugar coat it, if you're good at it then you're golden. If not, then it's going to suck.

An MBA, hell a Bachelor's degree doesn't make you any better of a salesman. Being hungry does.

Jun 3, 2009 8:04 pm

I appreciate your candor. I understand that it's a sales position. I wasn't trying to say that having an mba will make me a better FA. All I was saying is my mba is not getting me some other stellar job that I have to pass on so there's no opportunity cost.
The only potential benefit I see coming from my mba is I might be better prepared to learn about the products I'd be selling than others who are just starting out.

Jun 3, 2009 8:20 pm

Your problem getting other jobs is not that your MBA doesn't prepare you for other finance related jobs, it's because you are wet-behind-the-ears and have no experience.



Either take a low-paying entry level job, or figure something out on your own. You have an MBA - start using it. You will NOT use it working for another company.



The products you use at Jones are very basic. Your MBA does not give you step up.

Jun 4, 2009 3:31 pm

Read the contract carefully before you sign it.  Three year non-compete, one year non-solicit.

Jun 4, 2009 4:55 pm
mac2:

Does the EJ business model work in major metropolitan areas where apartment buildings outnumber private homes 100 to 1?





Of course not. 

Jun 4, 2009 7:08 pm
Witty Name:

I appreciate your candor. I understand that it's a sales position. I wasn't trying to say that having an mba will make me a better FA. All I was saying is my mba is not getting me some other stellar job that I have to pass on so there's no opportunity cost.
The only potential benefit I see coming from my mba is I might be better prepared to learn about the products I'd be selling than others who are just starting out.



You don't need an MBA to sell the products, having an MBA won't give you an edge. All you're required to have to sell is a 7, & 66 for advice. If you start spouting off MBA type crap to clients they're going to think you're a know-it-all asshole and won't give you the time of day.

EDJ is a career, don't think it's a stepping stone. You're going to have to be in it for the long haul.

Jun 4, 2009 11:22 pm

To tell you the truth, the only reason I mentioned the mba thing was part of my original post was asking if EDJ is as selective as I've been told and I wanted to include some simple background info on me.

I'm very interested in making this a career.  I wouldn't bother if I thought this were a stepping stone or something that I was half-hearted about.  From what I gather the first few years are extremely difficult and many people fail. This is why I have a lot of respect for you guys who are successful and I came here to listen to what you have to say. I'm admittedly ignorant on a lot of the finer details but I am very hungry, metaphorically and physically takes bite of pizza.
So, is there anyone out there who'd like to give me some advice? Maybe something you wish you knew about EDJ, or the position in general when you were starting out?

Jun 5, 2009 8:18 am
Witty Name:

To tell you the truth, the only reason I mentioned the mba thing was part of my original post was asking if EDJ is as selective as I've been told and I wanted to include some simple background info on me.

I'm very interested in making this a career.  I wouldn't bother if I thought this were a stepping stone or something that I was half-hearted about.  From what I gather the first few years are extremely difficult and many people fail. This is why I have a lot of respect for you guys who are successful and I came here to listen to what you have to say. I'm admittedly ignorant on a lot of the finer details but I am very hungry, metaphorically and physically takes bite of pizza.
So, is there anyone out there who'd like to give me some advice? Maybe something you wish you knew about EDJ, or the position in general when you were starting out?

 
I'm through my first year at EDJ, and it is both worse and better than you would expect. If you are married or have a family you will put them through some hell the first couple years, no matter how you try to prepare yourself mentally, emotionally, financially, etc. There was one month that I made $500. My rent is twice that. Like many EDJ people, I too was successful before coming here. It doesn't matter, don't assume that it will matter for you either. A majority fail their first year, and nobody thinks it will be them. Assume it will be you, statistics indicate that it will be you. In fact, a smart guy like you will probably throw your hands up about two months into doorknocking and wonder why the hell an MBA would subject himself to this.
 
It is better in that there are months that you make more money than you probably (given your age) have ever made in a month, maybe in 6 months. The nice thing about EDJ is that as long as your little dot is above the little line, nobody bothers you (and if your dot is ever below the line, you should quit...the standards at Jones are not that high). In fact, I am within reach of qualifying for my first Div Trip (I am knocking on wood right now). I come and go as I please, nobody ever gives me any grief. I never deal with some @$$hole for whom I make boatloads of money with my hard work with no direct benefit to my own paycheck. I earn what I earn. I control that.
 
If you are really ready to eat s**t for a couple years (it will suck worse than you think), then it is a good fit. Jones, for all the things they don't do well, is a good place to start a career if you really want it.