Training program salaries?

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Jul 5, 2005 10:16 am

any idea on what kind of salaries the big wirehouse firms offer for trainees, and for how long?

Jul 5, 2005 10:32 am
ValuePlayer:

any idea on what kind of salaries the big wirehouse firms offer for trainees, and for how long?





Sure, but why would that have anything to do with a lifetime career decision?

Jul 5, 2005 11:06 am

Being at the bottom of the barrel is not easy when you've got bills to pay. However, I am willing to suffer in the present to live well and enjoy what I do long-term.


I'm just dipping my toes in the water to know what to expect. Obviously, if Merrill pays 40k and Morgan pays 30k, all things considered, I'll go with Merrill.

Jul 5, 2005 11:24 am
ValuePlayer:

Being at the bottom of the barrel is
not easy when you've got bills to pay. However, I am willing to suffer
in the present to live well and enjoy what I do long-term.


I'm just dipping my toes in the water to know what to
expect. Obviously, if Merrill pays 40k and Morgan pays 30k, all things
considered, I'll go with Merrill.





So, what you're saying is you're a whore--willing to sell your services to whatever firm is willing to pay the most?



Would you drive an extra half hour each way for an additional $10,000 while you're a trainee?



Is Morgan, JP Morgan or Morgan Stanley, Dean Witter or Morgan Keegan?

Jul 5, 2005 11:57 am

I meant Morgan Stanley. And no, I'm not a whore. I live in New York, so branch offices are within blocks of each other.


The reason I would go with Merrill over Morgan Stanley for 10k while a trainee, is because as I mentioned, all things considered I feel the firms provide me with similar, if not identicial, advantages to each other.


At this point, I will not settle for less than a major wirehouse because my I will not compromise my future for an easier ride initially. However, my short term financial health is a priority to me, and I do not take it lightly. Therefore, I am considering Morgan Stanley, Merrill Lynch, Wachovia, UBS, Edward Jones, Raymond James, SG Cowen, JP Morgan, Smith Barney, and AG Edwards. Please be kind enough to let me know if I overlooked a wirehouse that may suit what I want.

Jul 5, 2005 12:00 pm

Also, a friend in the industry recommended Oppenheimer to me. I recognize the name obviously, however, I am unfamiliar with their F.A. policies and practices. Any opinions on whether or not that is worth my while?

Jul 5, 2005 12:06 pm
ValuePlayer:

I meant Morgan Stanley. And no, I'm not a whore. I live in New York, so branch offices are within blocks of each other.


The reason I would go with Merrill over Morgan Stanley for 10k while a trainee, is because as I mentioned, all things considered I feel the firms provide me with similar, if not identicial, advantages to each other.


At this point, I will not settle for less than a major wirehouse because my I will not compromise my future for an easier ride initially. However, my short term financial health is a priority to me, and I do not take it lightly. Therefore, I am considering Morgan Stanley, Merrill Lynch, Wachovia, UBS, Edward Jones, Raymond James, SG Cowen, JP Morgan, Smith Barney, and AG Edwards. Please be kind enough to let me know if I overlooked a wirehouse that may suit what I want.



LESS that a wirehouse? Wirehouses suck. If you want to be treated like a child, go with a wirehouse. If you insist, AG Edwards is the best. Oppenheimer is awful. Good luck.

Jul 5, 2005 12:06 pm
ValuePlayer:

I meant Morgan Stanley. And no, I'm not a whore. I live in New York, so branch offices are within blocks of each other.


The reason I would go with Merrill over Morgan Stanley for 10k while
a trainee, is because as I mentioned, all things considered I feel the
firms provide me with similar, if not identicial, advantages to each
other.


At this point, I will not settle for less than a major wirehouse
because my I will not compromise my future for an easier ride
initially. However, my short term financial health is a priority to me,
and I do not take it lightly. Therefore, I am considering Morgan
Stanley, Merrill Lynch, Wachovia, UBS, Edward Jones, Raymond James, SG
Cowen, JP Morgan, Smith Barney, and AG Edwards. Please be kind enough
to let me know if I overlooked a wirehouse that may suit what I want.





How in the world did SG Cowen get into your thought process?



You mention Oppenheimer in another message--unless I'm wrong what you'll find there is little more than a phone center.

Jul 5, 2005 12:37 pm

I've heard Oppenheimer has a regular F.A. structure now, but I'll bank on MS, ML and SB.


I'm not going to bother with emailing resumes, I'll just call the office managers directly and show them what I've got.


Appreciate your help Put.

Jul 5, 2005 12:47 pm

If you're not yet thirty years old do yourself a favor and ignore the
urge to get involved.  You'll find the business to be far more
rewarding if you are old enough to have the credibility it takes to
make it.



Additionally, don't go to work anywhere that you've never heard of--and
use Google to see what you can find.  Go on AOL to see what
investors are saying.  Do your homework.



Finally, don't make a decision based on things that will soon enough go
away--like the amount of salary you're being paid as a rookie. 
What matters is where you are--emotionally and financially, not
physically--ten and twenty years from now.

Jul 5, 2005 1:30 pm

Thanks for the advice Put. I am in my mid-20s, however, I am convinced I have the crudentials and real world practical experience to give me an advantage over the average clumsy 20-something. I personally founded or co-founded two successful software business which are profitable, and because of corporate relationships I established through this business, I have the ability to sit down and contact numerous executives at hundreds of companies. Also, I am involved in numerous political and charitable organizations, where I am in constant contact with wealthy individuals and decision makers. It was through these contacts that I raised the seven figure initial investments in my previous ventures, which are on cruise control now. With this said, I'm convinced I have a leg to stand on, but in the end, there is no substitute for hard work.



Thanks again Put.

Jul 5, 2005 1:46 pm
ValuePlayer:

Thanks for the advice Put. I am in my mid-20s,
however, I am convinced I have the crudentials and real world practical
experience to give me an advantage over the average clumsy
20-something. I personally founded or co-founded two successful
software business which are profitable, and because of corporate
relationships I established through this business, I have the ability
to sit down and contact numerous executives at hundreds of companies.
Also, I am involved in numerous political and charitable organizations,
where I am in constant contact with wealthy individuals and decision
makers. It was through these contacts that I raised the seven figure
initial investments in my previous ventures, which are on cruise
control now. With this said, I'm convinced I have a leg to stand on,
but in the end, there is no substitute for hard work.

Thanks again Put.





Welcome to the business and good luck.  Entrepreneurial types are always welcome.

Jul 5, 2005 2:02 pm

Thank you for your kind words and your advice Put, you were very helpful. Good luck to you as well.

Jul 5, 2005 2:18 pm
ValuePlayer:

Thank you for your kind words and your advice Put, you were very helpful. Good luck to you as well.





Value-P, I would recommend a private message to P.Eminence-grise,
suggesting an intimate rendezvous at a cafe or one particular
"Apartment-Hotel" (cue the Midnight Cowboy soundtrack, please), where
you could recieve your own personalized seven-figure (btw, standard
conversions to metric would be considered a compliment to El Pio)
career consultation. Good luck.

Jul 5, 2005 2:25 pm

The readers should know that elsewhere on the Internet this Mojo soul
brags, "I sell insurance, I don't sell securities.  Never have,
never wanted to, never will."



He knows nothing about what interests you and me.

Jul 5, 2005 2:42 pm
Put Trader:

The readers should know that elsewhere on the Internet this Mojo soul
brags, "I sell insurance, I don't sell securities.  Never have,
never wanted to, never will."



He knows nothing about what interests you and me.





Putz, your malevolent rantings concerning my online and "real" life
only continue to highten your "zero-worship" complex. Inferiority,
paranoia, manic outbursts, and hearing voices ("I sell insurance...")
only paints you further into a corner of isolation. Free your heart,
Putzy, and, it may, free your mind.

Jul 5, 2005 3:50 pm
Put Trader:

The readers should know that elsewhere on the Internet this Mojo soul
brags, "I sell insurance, I don't sell securities.  Never have,
never wanted to, never will."



He knows nothing about what interests you and me.





P-oser, reading "old posts" is akin to sifting through your girls old
love-letters...like the pitter-patter of a stalkers first steps.



P-shunt heal thyself.

Jul 5, 2005 5:16 pm
Mojo:
Put Trader:

The readers should know that elsewhere on the Internet this Mojo soul
brags, "I sell insurance, I don't sell securities.  Never have,
never wanted to, never will."



He knows nothing about what interests you and me.





P-oser, reading "old posts" is akin to sifting through your girls old
love-letters...like the pitter-patter of a stalkers first steps.



P-shunt heal thyself.





Regardless, the fact is that you're an insurance guy--nothing more, nothing less.



It's no wonder you are in awe of a wirehouse SVP with thirty plus years of experience, and a life in Gotham.



Envy is such an emotional roller coaster.  You should do yourself
a favor and stop worrying about me and go sell somebody a policy.

Jul 5, 2005 5:45 pm

I missed you yesterday, ClerkBoy.  Then I alertly remembered that the New York Public Library was closed, so you couldn't post.


Maybe if they give you another chance at production, you could make enough to buy a used computer of your own!

Jul 5, 2005 6:09 pm

Putzy, add this to your "scrapbook" of tid bits : I am a native son of San Francisco.



Having worked for "da man" traveling across our fine nation, with two
foreign assignments to brag about, I'd hardly call the que forming for
the next Greyhound eastcoast-express to be formative here in the fog
city. Now, I can not begin to count the number of "escape from NY"
transplants who have made my backyard into their little piece of heaven.



Average temps of 70 degrees, best food outside of Provence, and the
views of virgin landscapes mixed with thoughtful planning which
continue to be the envy of the world.



The only complaint I might have would be a nice slice of pizza. Do you deliver, P-boy?



I like being called an Insurance guy. Thanks. Nothing more, nothing less.