Help Please: Career Path

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May 12, 2007 8:26 am

I have been reading the forum for the last few days and am impressed by many of your insightful posts. I am looking for some guidance.

I am a Bond Trader in the Midwest, 30's, who has their Series 7,63, and 55. I also have a Series 24 (principal) and Series 53 (municiapl principal). I make about 80k a year after salary and bonuses. My profession is getting outsourced everywhere that I look, however. I haven't lost my job, yet, but I am being proactive about the possibility. I am almost complete with classes for my CFP and test this November. (My firm paid mostly for the CFP classes, so I thought I would get the designation on the company's dime and check out the field.)

I am really not sure what to do with my career path. I have thought about being a rep, but most firms won't even tell you that you will make 40k your first year. Also, a lot of the producers who I trade for, are  rich and well-connected, which doesn't describe me. I also thought about the CFA, which is atleast a 3 year path, but I know so many smart people who failed Level One. (I would say that I am more hard working and motivated, than a genius.)

I know money isn't everything, but I have a mortgage and dependents to think about.  I would like to be making atleast my income a year or better. Any advice about being a rep. or another career path?

I sincerely appreciate your consideration to my post. Thank you

May 12, 2007 9:08 am

Follow your heart.

May 12, 2007 10:01 am

A wirehouse will pay you more than 40k. Depending on the firm, location and branch manager, you can negotiate a salary, as a trainee, of between 40-70, maybe higher at some firms. Of course to get near the top of the range, the BOM will need to have a very strong feeling about you.

I know at my firm, a major wirehouse, I saw one person (earning 100k at her current job, start with a trainee salary of 70k.

On top of that, after you are licensed, about 6 months in, you will earn commissions, and if you hit your numbers, bonuses.

This is a great job, and what it takes to succceed are three things : drive, intelligence, and discipline. But you have to really want it, because the first few years can be torture.

May 12, 2007 10:06 am

[quote=pratoman]

This is a great job, and what it takes to succceed
are three things : drive, intelligence, and discipline. But you have to
really want it, because the first few years can be torture.

[/quote]



The OP said she is already licensed. I’d look for joining an Indy
office or something similar. Having a expert on bonds on hand could be
very useful for an office that does real money management.
May 12, 2007 12:13 pm

[quote=AllREIT]


The OP said she is already licensed. I'd look for joining an Indy office or something similar. Having a expert on bonds on hand could be very useful for an office that does real money management.
[/quote]

I think that's a good direction to check-out, AllREIT. Even a wirehouse team that needs a bond expert might be a good secondary choice, as well. 

Good luck!

May 13, 2007 7:38 pm

I just submitted my business plan to a ML associate complex director. He wants to meet with me ASAP, what does this mean, what can I expect is coming? Thanks for any help.

May 14, 2007 12:27 pm

I am a female in the business too.

Do the math.  If you are REALLY good, in the first years you will draw 1% of your assets under management---and then some payout off of that.

So do you think you can bring in $5million?  Hope you said yes.  Then you will generate $50,000 revenue and your payout as a trainee will be about 20 to 30 %.  You will have a small salary on top of that.

This is a SALES job.  Can you ask people for their money?  Will they give you their money???

You will need about $30 million AUM before you can feed yourself.  How long will it take you to reach that much?

May 14, 2007 12:46 pm

Thank you for the responses. I appreciate your experienced viewpoints!

Maybeee... I tried to PM you back but your mail box is full.