I just jumped through the last MS hiring hoop. I am expecting an offer from them by the end of next week. Having said that I am completly new to the industry. Having been a successful Realtor/Mortgage Broker since 1995. I value the insight of those who have come before me, so what are your suggestions in relation to a training and/or prep program so I can pass the 7 the first time out? Any career advice would be helpful as well.
First bit of advice is to know that you'll be fired if you don't pass it on the first time out. Study material is provided.
Treat the 7 and any test after that like it's your only job. Keep yourself accountable by charting your progress on excel if you want. Don't let people tell you that if you get more than a 70, you've studied too hard. Take a crash course if you feel you'll benefit after you've gone through all the chapters...it will help clarify things.
Snag Thanks. I looked into the Kaplan Financial course which are 3 day prep courses. MS gets a discount so I am leaning that way.
On another note I am concerned about my timing of this career move. In this new market I am assuming that gathering the assets to hit my numbers in the first 24 months is going to be pretty tough. Any suggestions on a gameplan post licensing?
This a great time to enter. When people are losing money, they listen.
Also, you have no track record with your clients and the 30% returns you show from the bounce off this bear market will make you look like a superstar.
I hope you're speaking prophetically. As I have said in previous posts, you don't know what you don't know. Since I am completely new I am going to bank on the fact that hard work and treating people like people is going to pay dividends down the road. A $5MM account would not hurt either.
Thanks again everyone for all your help.
Just to give you a heads up I took a series 7 class and it helped a lot securitiestrainingcorp.com is where you can go for class info. It was better than any online testing and any reading material. I just took a series 66 course through Kaplan and it was not as informational as STC. I hope this helps I passed my series 7 with a 72% and I take my 66 next week.
I wish you well because I also came from a real estate background and I had the same fears. But you know what they say if you can't take the heat get out the kitchen, so meet me, The Head Chef!!!
it is a great time to enter, that being said just know that in a bear market trainees are a major "put" on any branch P&L. If you are not in top half of your class by month 4 you will be put on a plan and have 60 days to right the ship. Especaily at Morgan Stanley (I used to be a BM there) MS has always had the mentality of throw enough on the wall and something will stick.
Hey... Did you get an offer? If you did, Congrats!
I have been going through the process for Morgan Stanley's Reach For Excellence program and I found out they discontinued it on 11/24 and going with a more bank like Account Executive model. Their fiscal year end is 11/30 and that's up to change too. The office I interviewed at will not be hiring until December for the new program.
I already have an active Series 7 and they have my background check already done. I just no how maddenning it can be to wait, so I though I'd let you know.