Typical 1st year salary for EJ
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Does anyone have any insight into what the typical 1st year salary EJ offers new FA with professional exp.? (i’ve been in banking with a strong sales focus for 7+ years)
Somewhere in the low twenties, but of course you can earn more based on your sales.
Not meant to scare you but, when I was @ EDJ there was a running joke that went something like this…
What's the difference between a large peperoni pizza and a new EDJ IR? The pizza can feed a young family of four. Having said that, no firm in this business is going to pay you a large amount of money in the form of a salary to start. They want you to be hungry for business and go out and earn it.[quote=exEJIR]
Having said that, no firm in this business is going to pay you a large amount of money in the form of a salary to start. They want you to be hungry for business and go out and earn it. [/quote] ML is paying between 75k-55k right now.EDJ equates to about $2K a month, but that is depending on what part of the country you live in, and it is decreasing after get through their eval/grad program… Something like 20% decreases every quarter…
[quote=exEJIR]Not meant to scare you but, when I was @ EDJ there was a running joke that went something like this…
What's the difference between a large peperoni pizza and a new EDJ IR? The pizza can feed a young family of four. Having said that, no firm in this business is going to pay you a large amount of money in the form of a salary to start. They want you to be hungry for business and go out and earn it. [/quote] That's just plain wrong...but true.AGE paid me 5k while in training, 4k when production started for 6 months then declines for the next 18 months. Thay cant pay you less than minimum wage.
I got a letter from Merrill Lynch regarding moving forward in the interview process. They want me to take a FIAT exam to predict my series 7 results / results as a FA.
When you say $55k+, are you talking total comp or simply the base? If that's the base, I'm guessing commissions must be relatively low? Or are they doing a little testing after the BoA takeover?