Have Series 7/66 but no exp

or Register to post new content in the forum

23 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 15, 2009 4:25 am

Hello all,

 
I started at Waddell and Reed 3 months ago. I just passed my series 7/66. I don't have any full time experience (they hire anybody.) I was wondering if there are any firms I should apply for. Also, my undergraduate degree is not in finance, it's in math.
Aug 15, 2009 9:49 am
victore07:

Hello all,

 
I started at Waddell and Reed 3 months ago. I just passed my series 7/66. I don't have any full time experience (they hire anybody.) I was wondering if there are any firms I should apply for. Also, my undergraduate degree is not in finance, it's in math.



did you get fired?

Aug 15, 2009 1:49 pm

I didn't get fired, I just wanted to use W&R as a sponsor for series 7 so I could get normal 40 hour /week job in finance. I'm looking for a financial firm or bank with entry level positions.

Aug 15, 2009 7:23 pm

Did you want to become a broker? Because that's what the Series 7 and 66 is about...they're not licenses in finance.

Aug 15, 2009 7:27 pm

Either be a broker or do financial planning. Maybe one day go for a CFP.

Aug 15, 2009 9:50 pm

Just because you have a 7 & 66 it doesn't qualify you for anything.  Starting at W&D was a mistake if you were only using them to get licensed.  A license doesn't offer any value to any firm out there....it just says you can pass a couple test.  If you want to build a business then you need to sell.  If you want to be a back office person then you should have pursued that route.  Not sure your plan makes much sense. 

Aug 15, 2009 10:21 pm

My plan probably wasn't the best idea, but I figured I would have a better chance of getting a 9-5 financial advisor job if I had something to bring to the table. I also thought that if there were firms willing to hire entry level and train for the licenses, a candidate with the licenses already would catch their interest. I don't know, though. Do any firms, banks hire entry level?

Aug 15, 2009 11:56 pm

Wow. Nice. No one would hire you based on this.  Firms in this business are sensitive to resource use,  you and you not only are saying  but your resume will show that you used the resources of W&R to get licensed and then want to jump ship before producing for them.   That's waste, a BIG waste. It can cost a firm between 50 and 100k to get someone licensed and operating. That's the price of an MBA. Your post says you don't value what you have already gotten.

 
Most hiring managers at reputable firms will see right through this ploy and not give you the time of day.  They will see you have the licenses, but you are what your score says you are. Your score, given you aren't being productive for W& R, says you are nothing.
 
 W& R gave you an entry level opportunity. Yes they aren't Goldman, but they are a firm with good people and decent product.  Produce for them, then consider jumping ship in two years or so when you have some experience and a bit of a book.
 
Otherwise, you are as useless as tits on a bull.
 
Aug 16, 2009 5:43 am

victore07, one of the biggest things that employers look for is a track record of success.   By quitting W&R, you will be showing a track record of failure.  The fact that you passed your 7 is not bringing something to the table.  Any bozo who is willing to study will pass the 7.

 
Have you been a huge success in your 3 months at W&R?  If not, the best way to get a different job is to become a huge success and then start looking.
 
Also, striving to get a 9-5 job isn't exactly the type of ambition that people are looking to hire. 
Aug 16, 2009 6:38 am

Victore07...you're getting some good advice here (albeit, a kick in the a$$). If you can do the work, at least one year (nothing less) at W&R is absolutely your best option. If you can't do that, you're going to need to build some work experience before any decent firm will hire you as a financial advisor...or any job.


Aug 16, 2009 1:52 pm

By 9-5, I mean a stable income while I learn the ropes. I don't want to gamble on my own for the next few years.

Aug 16, 2009 1:54 pm
victore07:

By 9-5, I mean a stable income while I learn the ropes. I don't want to gamble on my own for the next few years.





Then Victor my friend, this isn't the job for you. Everybody here takes a chance to one degree or another. Some with a small salary that steps down, some with a decent salary that goes away fairly quickly. Some with no salary.



If you want stable income, you need a different job.

Aug 17, 2009 2:02 am

Grow a set. If older guys with a family and a mortgage could do it, we sure as hell can. Your making recent college grads look bad, specifically me. Financially speaking this is the best time in our lives to do this. The next five years are going to be the cheapest years of our lives, relative to years to come. If you don't have the balls to do it now, you won't have them when you have to save for little victors college education. Man up. 

Aug 17, 2009 7:56 am
Takingnames:
 Otherwise, you are as useless as tits on a bull.




Fantastic quote - been awhile since i heard that one.
 
FYI - your mailbox is full!
Aug 17, 2009 9:39 am

I suppose that makes some sense. I still feel like our branch manager (whom I've only spoken to three times) is leaving us out to dry. Oh well...

btw, "Victor" is not my name. Just a confusing screen name.

Aug 17, 2009 10:10 am

I know for a fact that Scottrade is looking to hire Series 7 licensed individuals to sit in their local branches and do customer service for basically 45-50k. Nothing more, nothing less. They need people with have a brain to help with any trade execution orders. It is 9-5 M-F, absolutely no opportunity for upward movement. One of my bankers thinks its a great opportunity, LOL !!!

Aug 17, 2009 10:16 am

This also reminds me of the scene from Boiler Room where the arrogant rookie sits in the first new trainee meeting.

 
Ben Affleck (Jim Young) asks, " Are any of you Series 7 licensed?"
 
Dude confidently raises his hand, " Yes, I am Series 7 licensed."
 
Affleck, " Great, get the f**k out of here! We train brokers here, we don't hire them. Get out. "    
 
I don't know if that is the exact quote, but close. Just classic.
 
 
Aug 17, 2009 11:20 am

Degree in math?  Go be an actuary.  Huge demand and good paying jobs.  No sales involved.

Aug 17, 2009 12:47 pm

I will look into the Scottrade thing. I don't want the "safe 9-5" forever just for a few years while I get experience. 

Aug 17, 2009 12:54 pm
Ron 14:

This also reminds me of the scene from Boiler Room where the arrogant rookie sits in the first new trainee meeting.

 
Ben Affleck (Jim Young) asks, " Are any of you Series 7 licensed?"
 
Dude confidently raises his hand, " Yes, I am Series 7 licensed."
 
Affleck, " Great, get the f**k out of here! We train brokers here, we don't hire them. Get out. "    
 
I don't know if that is the exact quote, but close. Just classic.
 
 
 
That movie is a rip-off of Glengarry Glenross, and Ben Affleck is a choade.