MBA vs CFP/CFA

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Feb 14, 2006 6:36 am

Education and Salary










Interesting averages.

Feb 14, 2006 8:53 am

Where does it say MBA?  Nowhere..



"Masters degree" includes everything from Master's of History to
Master's of Philosophy...i.e. people who make no money.  That
figure is much lower than what an MBA is making.



Not sure what your point is, but you're saying that a broker working
towards his CFP has a 10% chance (industry success rate) of one day
making $76,605?  WHAHOOO!!!!!!!!!!!!!  OMG THAT IS SO MUCH
MONEY!!!!!




Feb 14, 2006 9:11 am
ShortNakedPuts:

Where does it say MBA?  Nowhere..

"Masters degree" includes everything from Master's of History to Master's of Philosophy...i.e. people who make no money.  That figure is much lower than what an MBA is making.

Not sure what your point is, but you're saying that a broker working towards his CFP has a 10% chance (industry success rate) of one day making $76,605?  WHAHOOO!!!!!!!!!!!!!  OMG THAT IS SO MUCH MONEY!!!!!



It's more than you'll make as a bank teller.





If I quit ML and go to work at a bank, but not as a broker, will ML come after me for repayment of training costs? 

I would be in a corporate & investment banking development program at the bank; does that constitute "leaving the industry?" 

Or do I have to "make" them fire me? 

Feb 14, 2006 9:58 am

lol Dirk.

Feb 14, 2006 10:44 am

RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?!!


SNP, I'll lay pretty good odds that the average CFP will make more money in in an investment advisory career than the average MBA.  It's all about relevance and the MBA is just not very relevant to investment management and financial planning.  I'm sure MBAs do fine in other career areas, but I wouldn't plan on that being your meal ticket in this industry.


DD...that was actually pretty snappy...much better than some of your past work

Feb 14, 2006 3:41 pm

Indy - I totally agree. 



I was just commenting that we new guys are working a job with a 10% success rate that has an average income of only $76,000.



Would any of you buy a stock that has a 90% chance of going to zero,
and has only modest appreciatation potential on the upside?  It's
risk/reward people!  And from the looks of Rightway's post, the
reward is seriously lacking!!  That's why I'm getting out!



Dirk- I didnt know they start "bank tellers" at 60k right out of
college.  Because that's what I was offered and I turned it down
to come roll the dice here for 30k...

   

Feb 14, 2006 3:45 pm

I have a MA in BS.

Feb 14, 2006 4:59 pm

[quote=Indyone]

RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?


This is due to the large amount of CFP's coming out of college making 30K as paraplanners.  Check the FPA salary report which shows the average CFP with 10yrs is something like 220K... (something close to that)

Feb 14, 2006 6:48 pm

I just found it interesteing, noting the decrease that Bankrep pointed
out.  I am an advocate of all education, I just found this and
thought it was interesting...mostly that a good salesman in a bank
program with a license eclipses ALL of these degree figures.  I
don't think averages mean anything anyway.  My CA makes more than
the Doctorate.   

Feb 14, 2006 9:05 pm

BR...thanks for clearing that up...I had a thought that it might have something to do with an influx of less experienced CFPs, but hadn't heard that.  At the same time, these folks at the bottom of the food chain still have to have three years industry experience, right?!!

Feb 14, 2006 9:58 pm
bankrep1:

[quote=Indyone]

RW...am I reading this right...the CFP average actually went DOWN 18K from 2003 to 2004?


This is due to the large amount of CFP's coming out of college making 30K as paraplanners.  Check the FPA salary report which shows the average CFP with 10yrs is something like 220K... (something close to that)



Don't those paraplanners work in the bank's trust department primarily?

Feb 15, 2006 3:08 pm

Nog...posting on the evening of the 14th?!!  Didn't you have anything better to do?!!!

Feb 15, 2006 4:47 pm

He already took care of it. 5 minutes, and he didnt even have to leave his computer.....

Feb 15, 2006 6:29 pm

Yeah get a doctorate and become a liberal or a professor. Dude thank you for not posting some of my posts.

Feb 15, 2006 6:30 pm

I meant dirk... My nickname for a while...

Feb 15, 2006 7:45 pm

The number of CFP's now exceeds 50,000 up 40% over 3 years, most are trying to find a fee based job (can't) so they work as paraplanners for a fee based advisor basically a secratary with a CFP.  This is why salary #'s are down, it amazes me what some of these people are willing to do to "learn", I say build it and convert