New BOA

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Jun 29, 2006 3:36 pm

Hello - New to this site and employment field. I have over 15 years administrative/management skills. However, I have answered an ad for a BOA at EJ. What would you think would be a good starting wage/salary? I have skills, they just have to be molded into the company's style. Any suggestions? What should I ask for? I was surprised at how low the figure was that they discussed.

Jun 29, 2006 4:07 pm

The figure is low but do you realize the great opportunity you are about to experience? No email, 7 mutual fund families , bond aggregate rules, 1970's technology, the best equity research on the planet, inclusion and sexual harrasment tapes. What more could you ask for?


Sammy...explore the threads before getting sucked into the cult.


May God help you

Jun 29, 2006 4:13 pm

It really depends on what part of the country and what size city/town you live in.  It is supposed to be based on the going rate in your marketplace, but it does seem pretty low to me.

Jun 29, 2006 4:20 pm

Maxstud:

It really depends on what part of the country and what size city/town you live in.  It is supposed to be based on the going rate in your marketplace, but it does seem pretty low to me.


Max is right...it does depend on what part of the country you live in. If it rains alot make sure you have reading material because you sure hell wont have a signal from that Star Trek system.

Jun 29, 2006 4:24 pm

It will be lower.  I know of a couple here in the midwest that are making $9/hr.  Seems pretty crappy to me, but they're probably making more than the IRs they work for (couldn't resist).

Jun 29, 2006 4:26 pm
BrokerRecruit:

It will be lower.  I know of a couple here in the midwest that are making $9/hr.  Seems pretty crappy to me, but they're probably making more than the IRs they work for (couldn't resist).


ENCORE...ENCORE

Jun 29, 2006 4:36 pm

Sammy - I was paid well. (well, well for me - we are simple folk) We are in CA. My rep was generous, however and we knew one another in our other lives before Jones. It also depends on the IR, his/her segment, etc.


There is another Jones IR here in town who lost a really good BOA because he told her "Jones wasn't allowing IR's to give their BOAs raises this year...sorry" But then she found out from myself, and others not true. So there are other variables, because staff pay comes can impact a branches profitability.


A rep might want to see how much *ss you can kick before he wants to slice off a peice of his to pay you.


My $.02

Jun 29, 2006 4:38 pm

Sammy


Can you smell the java yet?

Jun 29, 2006 4:38 pm
Devoted SA:

So there are other variables, because staff pay comes** from P&L ultimately, which can impact a branches profitability.


My $.02



fumble fingers

Jun 29, 2006 5:21 pm

I started my BOA out at 10.50 an hour which was the top of the pay scale for our area. She was worth every penny, and yes, she did make more than I did in the first year. 


The BOA job has nothing to do with sales and is basically and admnistrative, client service, right hand person kind of job.  BOAs don't have to buy into the "cult" like the IRs do, so ignore that stuff.  The BOA's biggest and hardest job is to be a cheerleader for her IR and keep the IR's sl*gging spirits up when the job seems to be tougher than we can stand.


Jun 29, 2006 10:54 pm

good response Looney...the other posts were poor. Most BOAs are VERY happy.

Jun 30, 2006 12:53 am

Hey thanks alot Peanut.  


Sammy - there will be a probation period you will have to complete your training. (6 months) Get in there, and kick some butt, get good scores; use the skills you have with the training you will get. At the end of the 6 months your IR can give you a raise. But it's done on a point system.


For example - the review will ask about your abilities in : Understanding the Business and based on how your IR thinks you do he/she can score you oh I don't know 1-3 pts. etc etc then at the end all pts are added together and based on your score you would be eligible to earn a raise within a certain range (again based on your market).


It will be a happy job for you. I hope you partner up with someone good!

Jul 1, 2006 3:03 pm

My BOA is making $10.25 and she is thrilled.  Of course, I take her to lunch at the Chinese restaurant next door at least once a month.  I also make sure I buy her lots of surprise candy for her desk and gift certificates to the Dollar Tree two doors down.