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Oct 18, 2009 4:32 am

Hello everyone,

 
I'm really asking questions here and I have very little knowledge about jobs in the finacial services field. I've been in IT for the last 8 years. I'm 33 and really looking for change. I love the stock market, love it. I could look at tickers all day. I love listening to talking heads on TV and radio. My job in the IT field was more customer service driven than I expected and wanted, but I was good at that part. I've recently left my last place of employment. I've decided that now is the time to consider my options. I've alway wanted to be a part of this field in one way or another. I've be told about the broker dealer route, getting a S7 or S66. What I want to know is do you like your job? Money does not matter to me after my previous experiences. I'm looking to do something I enjoy.
 
Are the other jobs in financial services industry that are needed, but people don't know about? Any info would be useful as again, I want to start a new life, money is not the goal.
Oct 18, 2009 8:55 am

lionel - you want to be an analyst. Trust me. Take the CFA exams, and then maybe CMT or CAIA. A lot of companies like guys with IT experience.



You do NOT want to be an advisor.



Btw - By the time you are done with those programs, you won't want to listen to the talking heads anymore.

Oct 18, 2009 9:03 am

Yep, what he said.
Being an advisor is sales and service.




Oct 18, 2009 11:06 am

+!

Lionel - as i was reading your post i was saying to myself - this guy would be an utter failure as a retail advisor. But probably wants to be an analyst, and would probably be good at it.
Moraen said it and was dead on  -  find a way to make a living while you go for your CFA  and or CMT .
Oct 18, 2009 12:31 pm

I sure it's like the mafia but I had a few indy friends really push me to become a floor trader when I expressed interest in this field.

L, the reason these guys said you don't want to go the retail route is you'll spend NO time checking out the ticker.  You pay guys to do that for you because you are busy building a business. 

Oct 19, 2009 12:09 am

Thanks for the responses everyone. I don't have an economics degree or any accounting experience, just a BS in Information Tech. Can anyone recommend some resources for looking into the analyst field ?

 
Also, I've found that I'm good at customer service, this came naturally to me in IT, even though it was the last thing I wanted to do when I started. I'll never be a high pressure guy, but if I believe in the product it shows. I think I can help some people. So a part of me thinks I'd be good as an advisor of some sort. Anyway, I appreciate the input and respect the experience here, so I will surely take it to heart. Life too short to be miserable, best of luck to everyone. I'll be keep lurking and reading posts.
Oct 19, 2009 7:26 am

If you want to be an advisor and want to give it a go then do it.  You'll find out fast if its for you or not.  Then if you want to stay in the industry but as an analyst or something else, you can branch out that way. 

 
Go fill out your Edward Jones application this afternoon. 
Oct 19, 2009 8:03 am
lionel:

Thanks for the responses everyone. I don't have an economics degree or any accounting experience, just a BS in Information Tech. Can anyone recommend some resources for looking into the analyst field ?



Also, I've found that I'm good at customer service, this came naturally to me in IT, even though it was the last thing I wanted to do when I started. I'll never be a high pressure guy, but if I believe in the product it shows. I think I can help some people. So a part of me thinks I'd be good as an advisor of some sort. Anyway, I appreciate the input and respect the experience here, so I will surely take it to heart. Life too short to be miserable, best of luck to everyone. I'll be keep lurking and reading posts.





lionel - you don't need an accounting or economics degree. Likely your basic understanding of those subjects will help you with the CFA.



Go to cfainstute.org. There is some information on that site.

Oct 19, 2009 8:21 am

I will disagree a bit here. All the advice here is great advice, advisors face a notoriously high failure rate. With that, the first few years of your career as an advisor will be spent cold calling, knocking on doors, attending networking events, and putting on seminars, not doing a whole lot with the market.

However, as you establish a client base and you need to prospect less, you can spend more time studying the markets for the benefit of you clients. I have found some very smart advisors both posting on this board and in my sphere of influence that do a lot of market study and have a keen understanding of the markets.

Anyway, just understand that being an advisor is client first, market second, though that does not exclude market. I imagine (I don't know any CFA's personally) that analysts spend very little time with people outside of making presentations of their research, and the rest crunching numbers and doing research. If you like dealing with people, that may not be the route for you.

Oct 19, 2009 9:08 am

Lionel - I'll respectfully disagree with Sometimes here. Analysts actually spend a lot of time outside of the office doing research, speaking with accounting firms, dealing with the companies they cover. Also, you are more likely to BE on of the talking heads on TV if you are an analyst.



That said, if you want to go the advisor route, listen to Baldy. You'll get some of the best training around at EJ. Just take it for what it is though, don't drink too deeply of the kool-aid, and you'll be fine.



Of course it is your decision, but I think if you LOVE the market, the advisor route is not for you. I thought I liked dealing with clients, but you spend most of your time as a financial psychologist when dealing with clients and not really getting nitty gritty with the market.

Oct 19, 2009 10:08 am
Moraen:

Lionel - I'll respectfully disagree with Sometimes here. Analysts actually spend a lot of time outside of the office doing research, speaking with accounting firms, dealing with the companies they cover. Also, you are more likely to BE on of the talking heads on TV if you are an analyst.



That said, if you want to go the advisor route, listen to Baldy. You'll get some of the best training around at EJ. Just take it for what it is though, don't drink too deeply of the kool-aid, and you'll be fine.



Of course it is your decision, but I think if you LOVE the market, the advisor route is not for you. I thought I liked dealing with clients, but you spend most of your time as a financial psychologist when dealing with clients and not really getting nitty gritty with the market.



Hadn't thought about that.

And that is very true.

Be careful about Jones, though. I work with EDJ, and they will train you how to do their brand of selling, but teach you very little about "the market". You will need to learn yourself here, which it sounds you already have an interest in.

Oct 20, 2009 1:36 am

Seems like both routes are a head first jump into water? I guess the one question I have though is who likes the job? I'll have a look a both careers. Both appear to have equal plus and minuses on the surface. One thing I know, I don't think I want to be in IT anymore. The last job did me in for that.

 
 
 
EDIT:
 
Ever since posting this this I've seen 3 or 4 Jones commercials, I don't know if I've noticed one in years.