New Edward Jones Applicant Here... This Sounds AWESOME
OK, I'm pretty ****ing psyched about all of this! This sounds like some pretty wild and amazing shit. Maybe it's because I've spent that last 5 years or so being straight up POOR, living in attics and driving to sweat shops in unsafe automobiles so I could barely bring in 2K per month... but I'm reading this stuff and drinking the kool aid and I have to tell y'all, I'm LOVING the way it tastes. AVERAGE salary seems to be 60K for 1st years? Can get as high as 100K? Crazy trips to foreign lands where I just have to pay for the tax? SIGN ME UP BABY, LETS DO THIS! I'll knock on doors until my hand is bleeding! And lets be real, from the sound of it, if I CAN'T pull in 60K, I'm probably not meeting the expected numbers or whatever, so they'll just send my butt packing and they'll call it a day. Then what? I'll be poor again? Back to business as usual. LETS DO THIS!
Anyway, quick question. While I'm sitting AT HOME, in my underwear, studying for my Series 7 and the other one, what are they going to pay me? Will it be a fixed salary, hourly? What factors will come into play when they decide a number?
Also, how many people make it through this application process? At what point can I really sit back and be like, "Yeah, I got this."
So freakin' excited right now. Can't wait to bring in the cash and start packing for epic vacations!
I'm a fairly recent hire, so I though I'd use my first post to respond to this. I'm not sure how far along you are in the hiring process, but they weed out a ton of people over their 2 month hiring process. Also, if you're applying now you'll be going through the new hiring process, which few people have any experience with (myself included). As far as studying for the series 7, they pay ~$11 hour, supposedly depending on where you live, but there is no negotiatng.
And chill a little on the koolaid, I'm about as big of an EJ fan as you'll find and it's great you're excited, just relax a little.
Sorry. I was / am a little excited about the possibilities.
Mongoose... Can I ask you a couple of things?
The Series 7... Did you take / pass the exam yet? What is the test like? What sort of study materials did you get? Have you had to go to Arizona or St. Louis yet? What was it like??? Where did you stay? What was the traveling like?
Your "salary" only exists for the first 12 months of production. In North GA, mine was $24,000 for the year. With commissions and all I brought in just over $50k in my first year and was exceeding expectations. Your salary gradually ratchets down every 4 months until in month 13 you're flying on just commissions, new account bonus, and milestone bonuses.
Your level of excitement is great, but not sustainable. Think strategy, not obliterating doors.
PathChanger, thank you for the reply - both in this post and my other one. I wish the hiring process was a bit faster. They told me 30 - 40 days but at this rate it's going to be even longer than that, unless things start happening quickly. I may end up having to pick up a part-time job during the hiring process just to pay my bills! I also dropped applications to Merrill, SmithBarney, Raymond James and sent a message to a local RBC FA expressing interest. I like Jones becuse of all the training and support they have. This is sort of a career change for me so I like all of that. Ugh... back to waiting by my phone. Being unemployed sucks.
Hey Monger...are you going to do this 'yo boy' bit in front of prospects? Good luck..they are going to figure out what you are ALL about real quick..and run.
Your "salary" only exists for the first 12 months of production.
Recent changes in New FA compensation, you get a salary, decreasing every year, for the first three years. Net new assets bonuses replace new account bonuses, including a deferred compensation bonus on net new assets, paid 2 yrs later (if you're still around), and you only have to be 75% of standard to recieve a milestone bonus, 100% or better yeilds an "enhanced milestone bonuse". Tradeoff is commision payout the first year is only 18-20% the first year, gradually increasing to 36-40 by yr 3, as your salary decreases.
So I recently began the hiring process with EJ and this is what brought me to your forum. The humor, sarcasm, and insight made me want to join. I hear so much negative about EJ and wonder why they boast they are in the top 50 places to work for. I am looking to get sponsored for my 7 and 66. Is there a better way? Is Jones that bad for a newb? If im hust gonna find myself fucked in 3years like I did selling mortgages than I might as well sell Hondas. Any advice is appreciated please
Every EJ FA that I've spoken to in the field is CRUSHING IT. At least, that's what they're telling me. As one would expect, they also tell me that during the first "couple of years," you work your ASSSSSSS off, but after that, it's smooth sailing, baby. I think what it really comes down to is... are you willing to put yourself through the meat grinder to get to that place. If you can't / won't do the work, then you become one of the statistics. But hell, like I said initially, WTF? Why not give it a try. After 3 years, if you crap the bed, at least you have your Series 7, right?
Have you moved forward in the process yet?
I'll message you.
Been w/ Edward Jones since early 2013. Made it through Series 7 the second time. Went to KYC in St. Louis. Taken Series 66 twice with a third time coming up shortly. Quite a bit hard I think than the 7 was.
Pay is alright until you get your CSD. After that, you start earning commissions and bonus checks. After 3 years, you are strickly commissions. They say if you do the work, you will be pulling in 100K after 3 years. There is one guy in my region that made $110k after 2 years and we have a couple million dollar producers in our region.
Make it very clear from the beginning that you want a committed Field Trainer, opportunity to take over an office or a Goodnight, and a territory that have not been picked over/burned (just knocked), especially if you are a career changer with business/legal/accounting experience.
Kiss the Leadership Teams ass as hard as you can and get in the inner circle. Make sure everyone knows your name and how much you like the EDJ Kool Aid, it could save you.
PS. The Regional Meeting was very cool and the newbie meetings were boring but useful because of other newbs sharing info.