Wma @ ms

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Apr 10, 2006 12:57 pm

Hi all,



    I'm new to the forum. I couldn't find any other posts really addressing

this topic, but if I missed them, I apologize.



    I've just had a 2nd round interview for the position of Wealth

Managment Analyst at MS. I understand what the job function is, but I still

have a few questions that I'm hoping someone with any MS experience, or

specifically WMA experience, could answer.



1) Unlike other BB firms, MS doesn't hire analysts for Private Wealth

Management, only associates. With the corporate changes at MS, is the

WMA position turning into the equivalent of a PWM analyst at other firms

(as far as compensation, competition, and prestige)?



2) In the geographic area that I'll be working, a registered 1st year

financial sales assistant earns a base salary of roughly 40K. A financial

analyst earns a base salary of roughly 55K. This is the 75th percentile,

which i'm assuming MS is a part of. Since WMA seems to be a

combination of the 2 jobs, what pay can I expect? Also, this is a 1 year

position, what type of signing bonus and/or end of year performance

bonus is there?



3) This is my first corporate job. I know it's a bad idea to bring up salary

before an offer is discussed. When is an appropriate time? This is a job

that I definitely want, but it will be very hard to say yes if the salary is in

the high 30's/low 40's. The cost of living here is extremely high, and the

hours for this job are much longer than those of a typical rookie broker.

(They said 60 hrs/week is likely for the first year). I think this justifies a

salary closer to that of the financial analyst's, but I don't want to ruin my

chances by fighting for more $$$.



Any and all insight would be appreciated.



Thanks.

Apr 10, 2006 1:26 pm
johnnieblack:

The cost of living here is extremely high, and the hours for this job are much longer than those of a typical rookie broker. (They said 60 hrs/week is likely for the first year). I think this justifies a salary closer to that of the financial analyst's, but I don't want to ruin my
chances by fighting for more $$$.

Any and all insight would be appreciated.

Thanks.


Oh no, they're expecting you to work 60 hours a week?


I'll bet most of those who post on this forum wish they could work so little.

Apr 10, 2006 1:35 pm

...I should have said any and all constructive insight would be

appreciated.



Like I said, I'm new to the forum, and this is my first job out of school. I'm

just going off of what the 2 wealth advisors i've talked to said to me. The

first said that FA's don't spend nearly as much time in the office as the

analysts and the second said to expect at least 7-7, 5 days a week.



Now can you answer my questions, or do you just post here to practice

sarcasm?

Apr 10, 2006 1:42 pm

In this business your pay is based on performance.  Also, the hours you work.  NO matter what others say, the two are not always connected.


I see young brokers work 10 hour days and WASTE most of it.


At my office, bringing in money and revenue cures everything.  As long as I do that, my branch manager leaves me alone.  I probably work 35 hours in the office per week.  But I am always prospecting everyday every time I meet someone.


good luck.

Apr 10, 2006 1:51 pm

Thanks,



    I understand the whole performance side of the business. I'm all for a

meritocracy...which is why I'm excited about the changes at the firm. My

concern is for this first year. WMA is a training position, and I won't be able

to start building a book if/when I become a FA.

Apr 10, 2006 4:50 pm
johnnieblack:




3) This is my first corporate job. I know it's a bad idea to bring up salary
before an offer is discussed. When is an appropriate time?



There is nothing wrong with asking about a position's salary range at any time in the process.

Don't expect them to commit to a certain number until the offer phase, but it's okay to ask for a salary range before or during the first interview.  Believe me, they won't mind telling you.   If the job is below your salary range then you're wasting everybody's time.

Regarding fairness, the salary ranges for entry-level jobs tend to be pretty firm.  If they lowball you and you think you can get more elsewhere, then thank them for their time and move on.  Be sure to let them know that compensation is the key reason for your rejection, since it will help them understand that they're below market.  Maybe they'll fix it for the next person.





Apr 10, 2006 6:12 pm

FA's work out of the office johnnieblack. Not all clients want to make a trek downtown to see their broker. Office hours and work are not mutually exclusive. Meeting clients is what it is about. Most of the time you can't do that in the office.

Apr 10, 2006 6:17 pm

The position you are looking at was only created a year ago.  It is Morgan Stanley's attempt to build verticle teams.  If you work hard and prove your worth, a successful rep will most likely add you to his team.  If you don't get invited to hook up with someone, they may give you the option to go it alone in the training program.  Working in a verticle team will greatly improve your chances of success, however, it will also limit your upside.