Financial Advisor to Financial Analyst?

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Mar 25, 2009 7:30 pm

If I become a financial advisor and pass my series 7/66, what would the similarities be to a financial analyst? Basically I want to be a financial analyst, and was wondering if I became a financial advisor first and got my series 7/66 would it be easier to get a job as a junior financial analyst of some sort and hopefully have my employer sponsor me for the CFA.

Also after becoming a financial advisor and getting your series 7/66 would it help me in getting a role in the financial industry that is not related to sales/client servicing?

I am a recent college graduate with no post-undergraduate work experience. I have been job hunting for over a month now and its depressing and I need some sort of instant financial relief. I have absolutely no interest in sales of any type, I suck at selling and I hate dealing with clients. What I am hoping for is to just get some sort of base salary, training, and sponsorship for the series 7/66/CFP as a financial advisor and then jump ship once I get that in hopes of bolstering my resume. I ultimately want to work at a big reputable financial firm but don't seem to qualify right now. All the reputable financial firms are all hiring experienced employees and as a fresh college grad that is not from an ivy league it seems nearly impossible.

BTW, as a rookie financial advisor what can I expect in terms of compensation? training? license sponsorship? What would I be doing at my job once hired?

Sorry for all the questions! Serious critiques, answers, and comments are all much appreciated!

Mar 25, 2009 8:29 pm

I think you should get a cosmetology license before you become a financial advisor. 

Mar 25, 2009 8:49 pm

The CFA is overkill for you at this point. Find a senior adviser and work under his/her wing for a while. How did you get a 7/66 without a sponsoring company? Someone, somewhere gave you the green light.

Get in the business before you decide if the CFA in right for you.
That's my 2 cents.
Mar 25, 2009 9:00 pm
Blitzkrieg Bop:

I think you should get a cosmetology license before you become a financial advisor. 



Your not happy with life or something? Most of your posts on this forum are nonconstructive criticism and a lot of your posts are personal attacks against people posting questions/problems here. I do appreciate your time replying with nonsense though, now I feel special . This forum definitely needs more helpful members like you that has so much time on their hands amusing others with such great posts. Now I feel much better of a person. Thanks!

Mar 25, 2009 9:02 pm
entice:

If I become a financial advisor and pass my series 7/66, what would the similarities be to a financial analyst? Basically I want to be a financial analyst, and was wondering if I became a financial advisor first and got my series 7/66 would it be easier to get a job as a junior financial analyst of some sort and hopefully have my employer sponsor me for the CFA.

Also after becoming a financial advisor and getting your series 7/66 would it help me in getting a role in the financial industry that is not related to sales/client servicing?

I am a recent college graduate with no post-undergraduate work experience. I have been job hunting for over a month now and its depressing and I need some sort of instant financial relief. I have absolutely no interest in sales of any type, I suck at selling and I hate dealing with clients. What I am hoping for is to just get some sort of base salary, training, and sponsorship for the series 7/66/CFP as a financial advisor and then jump ship once I get that in hopes of bolstering my resume. I ultimately want to work at a big reputable financial firm but don't seem to qualify right now. All the reputable financial firms are all hiring experienced employees and as a fresh college grad that is not from an ivy league it seems nearly impossible.

BTW, as a rookie financial advisor what can I expect in terms of compensation? training? license sponsorship? What would I be doing at my job once hired?

Sorry for all the questions! Serious critiques, answers, and comments are all much appreciated!

 
I think it's funny that you are saying you want to work at a "big reputable financial firm", have you been living under a rock or what? Prostitutes have better reputations than most firms right now, not even being a jerk about this but it's a truely "new college grad" comment to focus on the brand name/reputation of where you will make photocopies 40 hours a week as opposed to doing meaningful or interesting work. Get out there and get dirty, then you'll look back on this post and wonder how much weed you really smoked tonight.
Mar 25, 2009 9:11 pm
llcoolj:

The CFA is overkill for you at this point. Find a senior adviser and work under his/her wing for a while. How did you get a 7/66 without a sponsoring company? Someone, somewhere gave you the green light.

Get in the business before you decide if the CFA in right for you.
That's my 2 cents.



Hmm I didn't say I was trying to take my CFA anytime soon, that is going to be way down the road. I never said I got the 7/66. You might've misread my post, sorry if I wasn't being clear enough kinda wrote it as thoughts were flowing out.

I'll try to briefly iterate myself again, if I accept an offer to be a financial advisor, what can I expect from base salary, training, sponsorship for series 7/66 or other licenses/certs.

After I complete my training and get all my licenses etc. I am gonna basically quit after 1 year? I was wondering if my series 7/66 etc. would increase my chances in getting a non-sales/retail/client servicing role within the financial industry, I am aiming to get a position as some sort of junior financial analyst or something similar. Eventually I would hope to get my CFA.

Mar 25, 2009 9:16 pm

This is weirdly sad that a college could turn out somebody who wants to be a financial analyst but has no idea of how to go about doing it.

Mar 25, 2009 9:21 pm
smokescreen agent:
entice:

If I become a financial advisor and pass my series 7/66, what would the similarities be to a financial analyst? Basically I want to be a financial analyst, and was wondering if I became a financial advisor first and got my series 7/66 would it be easier to get a job as a junior financial analyst of some sort and hopefully have my employer sponsor me for the CFA.

Also after becoming a financial advisor and getting your series 7/66 would it help me in getting a role in the financial industry that is not related to sales/client servicing?

I am a recent college graduate with no post-undergraduate work experience. I have been job hunting for over a month now and its depressing and I need some sort of instant financial relief. I have absolutely no interest in sales of any type, I suck at selling and I hate dealing with clients. What I am hoping for is to just get some sort of base salary, training, and sponsorship for the series 7/66/CFP as a financial advisor and then jump ship once I get that in hopes of bolstering my resume. I ultimately want to work at a big reputable financial firm but don't seem to qualify right now. All the reputable financial firms are all hiring experienced employees and as a fresh college grad that is not from an ivy league it seems nearly impossible.

BTW, as a rookie financial advisor what can I expect in terms of compensation? training? license sponsorship? What would I be doing at my job once hired?

Sorry for all the questions! Serious critiques, answers, and comments are all much appreciated!

 
I think it's funny that you are saying you want to work at a "big reputable financial firm", have you been living under a rock or what? Prostitutes have better reputations than most firms right now, not even being a jerk about this but it's a truely "new college grad" comment to focus on the brand name/reputation of where you will make photocopies 40 hours a week as opposed to doing meaningful or interesting work. Get out there and get dirty, then you'll look back on this post and wonder how much weed you really smoked tonight.



Haha, your absolutely right. "big reputable financial firm" might seem to be a contradictory statement at a time like this. Anyways that is not the main focus of my questions, its actually irrelevant to the questions I asked so maybe I should just edited that part out...

Mar 25, 2009 9:45 pm
buyandhold:

This is weirdly sad that a college could turn out somebody who wants to be a financial analyst but has no idea of how to go about doing it.



I also want to be a CIA agent, an astronaut, or maybe a child life specialist! I am assuming you went to a college that taught you well, so you must know how to be anything in the world. So how do I become one of those? Which professor and course taught you how to be a child life specialist?, maybe I should go take a course in that.

So you care to elaborate on how to be a financial analyst?

My take on becoming a financial analyst would be some sort of degree/mba on a related field, and exams (CFA, 7/63). So maybe you can enlighten me some more? Where in my post was I asking how do I become a financial analyst?

Mar 25, 2009 10:01 pm
entice:
Blitzkrieg Bop:

I think you should get a cosmetology license before you become a financial advisor. 



Your not happy with life or something? Most of your posts on this forum are nonconstructive criticism and a lot of your posts are personal attacks against people posting questions/problems here. I do appreciate your time replying with nonsense though, now I feel special . This forum definitely needs more helpful members like you that has so much time on their hands amusing others with such great posts. Now I feel much better of a person. Thanks!



His real name is Bobby Hull (actually not his real name, just his first screen name), he is the town bully. We tolerate him here, have for quite some time. Every once in a while he steps over the line and the Admin bans him. Then he morphs into someone else, and reappears under a new screenname.  It is always clear who he is when he comes back, because his name changes but his attitude doesnt change and shines right thru. Its too bad, because he is a very smart guy with a lot to contribute, but he cant help himself. Always needs to be the big d***.
So dont take him personally. Or seriously.

Mar 25, 2009 10:09 pm

A month isn't very long, not in this environment where skilled, educated, licensed & qualified people cannot find work.  6 months to a year is probably a reasonable outlook for something entry level. Entry level normally means client service.  You learn as you go. You aren't the expert first and then back in spouting your expertise off to everyone. You go in as rookie, with some education, and you become skilled from there. The situations hit you and you have to resolve them.  


The reality is that most firms are laying off FAs right now, or peeling back the payouts to the bone for bottom rung producers to encourage people to leave. They are looking to right their ships in this environment; stay profitable and stay in business. Supporting recent college grads to pass the 7/66 and then leap ship just isn't their plan right now. (truth be told, it never was their plan, either). Most aren't even hiring experienced people WITH Ivy League backgrounds right now. There is no incentive for them to bring on new blood, or to offer new training because the industry is being subjected to a lot of scrutiny; and the regulatory environment and business models will be changing quickly in order for the firms to adapt and survive within the new environment.  
 
THEN - most firms won't hire someone just out of college for an FA role. Usually it's people with a few years of sales or finance experience and a masters degree they want, and even then it's a tough business. I've seen some very capable people, with stellar educations and strong sales backgrounds fall flat on their face in this business. ( & enjoyed it )  Even teams don't bring on people just out of a bachelors program.  It's tough work - they need to know that they are bringing on someone who can take the heat in the kitchen.  
 
Remember, it costs in the range of 200k for a firm to hire and train a producing broker and plenty of time to recover that investment. If you are hired  - you will sign a contract for the training and that precludes you from being able to jump ship without being on the hook for the education they provide and the licensure they sponser.  Think of it as a cheap MBA - but you will still be on the hook for 40 - 50 k with most reputable firms if you jump early and then...you don't even have an MBA.  It is naive to think that you can just have anyone train you and pay you and then leapfrog into something else.

The CFA is different, very different from the CFP and an entirely different skill set in many regards from what an FA does. The analysts are in the firms they are researching and might be on teams working to support a mutual fund - or, (in case you didn't know this) - many of them end up as wholesalers to the FAs via the direct sales model, business to business, from mutual fund and insurance companies.  They didn't make it as FA's, or CFAs and now they sell to us. They start internally (hint  - entry level - means client service) for a few years and then get on the road after a few years.   There are a lot of well educated, CFAs out there who are road warriers schlepping product to the FAs (who, by the way, become the "clients" and can be worse than "real" clients on their reps)


There is no real value in being an FA and then getting a CFA, it makes no more sense than becoming an FA to become a CPA. FAs are for the most part, sales people and you won't stay afloat once licensed if you don't learn to love to sell. You'll fail out and then where will you be? With a license you can't hang, and probably not enough time in the business to make enough of a dent to qualify for the experience part.
 
Get a starter job and get some experience - it's a career, like a marathon, it's not a sprint.

The Institute web site will tell you everything you need to know about becoming a CFA.

http://www.cfainstitute.org/
 
 
Mar 25, 2009 10:13 pm

Financial, analyst:  Assets=Liabilities+equity....There is more, much more, on the income side.  Spent many, many MANY hours at that, in the commercial banking side.  That part of the business, is basically frozen and low paying, why do you even want it?

Mar 25, 2009 10:30 pm
Sportsfreakbob:
entice:
Blitzkrieg Bop:

I think you should get a cosmetology license before you become a financial advisor. 



Your not happy with life or something? Most of your posts on this forum are nonconstructive criticism and a lot of your posts are personal attacks against people posting questions/problems here. I do appreciate your time replying with nonsense though, now I feel special . This forum definitely needs more helpful members like you that has so much time on their hands amusing others with such great posts. Now I feel much better of a person. Thanks!



His real name is Bobby Hull (actually not his real name, just his first screen name), he is the town bully. We tolerate him here, have for quite some time. Every once in a while he steps over the line and the Admin bans him. Then he morphs into someone else, and reappears under a new screenname.  It is always clear who he is when he comes back, because his name changes but his attitude doesnt change and shines right thru. Its too bad, because he is a very smart guy with a lot to contribute, but he cant help himself. Always needs to be the big d***.
So dont take him personally. Or seriously.



Thanks for the heads up!

Mar 25, 2009 10:32 pm

OK, I will comment on this once, after that blather I just read.  I work for Jones.  I am neutral so far on the experience.  Is it the bomb?  So far no, but it has been mildly surprising and inspiring.  But is it bad?  Glad I didn't accept that Wachovia offer...In my opinion, why Jones people rank it so high, is that we are recruited from diverse career paths.  In that sense, some of you guys dont even know what a bad job constitues.  I sit there and look at my Field Trainer and say, why didn't I do this sooner.  That, regardless of the firm, is the bomb.

Mar 25, 2009 10:35 pm

www.nasa.gov

 
www.cia.gov
 
See....simple.
Mar 26, 2009 12:03 am

My experience has been that analysts with little experience usually will have an MBA with a focus in finance or an undergrad with a really high GPA. Going back a couple of years, a bunch of the EJ analysts were level 2 candidates or had completed the program but lacked in the necessary work experience. EJ is a great place to start to learn the industry if you really have no work experience, (they hired me), but there is no way in hell you'll get a CFA starting at Jones, especially in the first 5 years.

Mar 26, 2009 8:41 am
entice:
Blitzkrieg Bop:

I think you should get a cosmetology license before you become a financial advisor. 



Your not happy with life or something? Most of your posts on this forum are nonconstructive criticism and a lot of your posts are personal attacks against people posting questions/problems here. I do appreciate your time replying with nonsense though, now I feel special . This forum definitely needs more helpful members like you that has so much time on their hands amusing others with such great posts. Now I feel much better of a person. Thanks!




It's the old "stupid question/stupid answer" thing. Don't worry about me...I'm doing great.

Mar 26, 2009 11:08 am

Not to be harsh, but is sounds like you want to be a leech. I may be wrong, but a Series 7 license won't do you a whole lot of good outside of selling investments. There is no easy way into that line of work. Either go back and get your MBA, or put some time in the trenches. For every college grad looking for the easy route, there is a seasoned vet that has put the work in looking for a new opportunity.

 
The best way to 'polish your resume' is to actually do the work.
 
Mar 26, 2009 11:34 pm

If you want to become a real  financial analyst you will learn nothing related to the job by being a stock jockey. You do not need to be sponsored for the CFA exam -- just masterthe contents of about 12,000 pages of academic finance, pass three 5 hrs exams over 3+ years. Good luck.

Mar 27, 2009 8:38 am

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JSR Solution