Requirements
Anyone know if Edward Jones requires a college degree in order to be offered a “Financial Advisor” position? Have an interview lined up for next week and would like to know if I should bother or if they are ok with limited college experience.
Thanks![quote=bil]Anyone know if Edward Jones requires a college degree in order to be offered a “Financial Advisor” position? Have an interview lined up for next week and would like to know if I should bother or if they are ok with limited college experience.
Thanks![/quote] Minimum 2 years of graduate school required...unless you can prove you have significant learning disabilities.No. Sturdy knees and a long tongue help.
Do a lot of studying up, are you ready to become a door to door salesman?
Can you do any ciphering?
I think it's more a lack of gag reflex than long tongue, but it's all good.No. Sturdy knees and a long tongue help.
Do a lot of studying up, are you ready to become a door to door salesman?
You can read right on their web site where it says a degree is not required.
http://careers.edwardjones.com/us/fa/ExperiencedFinancialAdvisors/TheOpportunity/FAQs/index.html#faq12 So - Read Pursuit of Happyness or watch the movie and let us know how the interview goes.The guys you want to talk to on this thread are B24 and Spaceman Spiff. PM them. I am sure they would like to get a new hire credit so they can vacation together in Hawaii and talk about American Funds and Ron’s negativity.
OK, this is just getting stupid. Not sure who decided a few months ago to start spoofing “new Jones FA’s” and “looking to join Jones” and “just graduated from high school and got a job with Jones” lines, but it’s become way to obvious.
For those of you that are still buying it, have a blast.[quote=Takingnames]You can read right on their web site where it says a degree is not required.
http://careers.edwardjones.com/us/fa/ExperiencedFinancialAdvisors/TheOpportunity/FAQs/index.html#faq12 So - Read Pursuit of Happyness or watch the movie and let us know how the interview goes. [/quote] Good...glad to hear. I've been on like 15 interviews the past month and have nary a bite. Right now I'm looking for just about anything. What is the average salary for someone as a new hire? What do you have to accomplish and by when for your 1st raise? And how big are the raises?[quote=bil][quote=Takingnames]You can read right on their web site where it says a degree is not required.
http://careers.edwardjones.com/us/fa/ExperiencedFinancialAdvisors/TheOpportunity/FAQs/index.html#faq12 So - Read Pursuit of Happyness or watch the movie and let us know how the interview goes. [/quote] Good...glad to hear. I've been on like 15 interviews the past month and have nary a bite. Right now I'm looking for just about anything. What is the average salary for someone as a new hire? What do you have to accomplish and by when for your 1st raise? And how big are the raises? [/quote]worst post ever
Worst troll ever. Spears, is that you? Seriously.
[quote=Takingnames]In most firms - you prospect, bring in client assets, sell them into something - either a transactional product or fee based and that is production. You get paid a % of production.
Wire houses - normally pay between 20 and 40% of production depending on your level of production, some independents and others go to 90 - 92% but you are paying overhead. You create your income by what you do.[/quote] Some places require you to get your own clients? Which companies provide you with clients already? I'm looking for somewhere I could come in, earn something like a $70,000-$80,000 salary, manage clients, and maintain the portfolios within their accounts.Are you a CFP? Only CFPs can get that kind of a gig.
Oh boy. Zoinks, Bil. No. No no no no no, grasshopper.
Ominous is not even half kidding either. He joked that you must be a CFP, because CFP are notorious for not closing business, but managing concepts and no one gets paid if they can't close business. Further - the CFP requires a 4 year degree ("Candidates for certification must have a bachelor's degree (or higher), or its equivalent, in any discipline, from an accredited college or university in order to obtain CFP® certification". - taken from the CFP web site) and an additional set of classes and tough exams and then you also have to be licensed in most environments. That involves significant time and costs. Firms sponsering you to take the Series 7 and train you on their systems and processes are dropping 150k - 200k just to get you trained and it can take 2 years for them to break even on that investment because of the regulatory requirements and complexity of the business. No one hands you anything. People even sign agreements to pay back all or part of the training costs in the event things don't work out when they start in some firms. You want to interview for a job with EJ with no degree to become an FA and you want accounts and a salary? Jeepers. Any of the Jones folks on this board can tell you that isn't the way it's set up at Jones. This business doesn't run that way. Even the bank platforms aren't going to be paying you a salary to sit around and manage portfolios and clients. They need profits and that happens by reducing costs and driving revenues. You're talking to trained killers here who can track, kill, strip, cure and eat what they hunt and flip a leveraged ETF on a dime while chiming a covered call on one phone and pitching a muni bond a minute later, as needed, to a client as they watch the beautiful diamond we call the market spin and reveal opportunities for making money in the market. You want to know where you should go to find a fat herd where you can sit and stay fat and happy earning a cozy salary without a degree? That's giving up before you even start. You might as well stop looking. You're up against people with multiple degrees, and post graduate degrees and certifications with years in this business, some with extensive business experience (development, M&A, law, executive management, senior sales, R&D, pharmaceutical) or strong military backgrounds who give up everything they have already done to start from scratch and build a book of business that produces a million dollars a year in revenue or more. Further - each one of them is looking at their book of business and asking themselves in this post apocalyptic environment saying "what do I have to do to help my clients and help myself in this environment" Even then, some of these advisors, good producers, skilled, educated and tough as nails are facing layoffs in the environment where the firms are valuing efficiency and profitability with less liability in their businesses. Think long and hard about whether you are cut out for this. Get informed about the realities and let us know how you make out on the interviews. A degree isn't required but an entreprenuerial spirit and the will to work harder than you ever imagined is.Takingnames, you are being played.
I know.
I’ve got a buddy whose a concrete worker getting laid off at the end of August because of the slow economy here. He’s been talking for years about wanting to get into a “sales” job like mine and how he thinks he’d kill it.
1. Banker’s Life and Waddell told him he could come and interview in July if he wants to try this field. He wanted to come to my firm but he doesn’t have any education above a high school diploma and no experience outside the construction industry in the 8yrs since we graduated so that was out of the question. Should I recommend him to interview at Jones?
2. He also does small residential concrete jobs for cash when the weather’s nice. I’d imagine most real compliance departments wouldn’t allow that, but evidently Bankers & Waddell will allow it, will Jones?
I think Jones would be a good place for my buddy as he sold knives at a Sam’s Club over the winter awhile back and did really well and he’d like the door-to-door sales.
I have pretty limited college experience but good work experience if you have some compensating factors and you have common sense you should get hired
Well I was able to latch on with Waddell and Reed. It took quite a few interviews and many different firms but Waddell was able to provide what I was looking for. The minimum requirements look do-able, the hours don’t look bad and they said if I’m consistently coming in and working a full 8 hours a day I should be making six figures within 2 years or so. The management seemed to be impressed with my drive, and I’m actually looking forward to the study process. Does anyone know the percentage of people that pass the series 7 and 63 on the 1st try?
Well I was able to latch on with Waddell and Reed. It took quite a few interviews and many different firms but Waddell was able to provide what I was looking for. The minimum requirements look do-able, the hours don’t look bad and they said if I’m consistently coming in and working a full 8 hours a day I should be making six figures within 2 years or so. The management seemed to be impressed with my drive, and I’m actually looking forward to the study process. Does anyone know the percentage of people that pass the series 7 and 63 on the 1st try?
Wasn't there somebody else who said the same thing a few months ago. Six figures and all? Eight hours a day?
Please tell me this is a joke.
How else are they going to recruit people…Like Niche networking, you know who are at chamber events, more poor people…Good luck to them in 60 days when they realize 8 hrs doesn’t get them anywhere and 2 yrs to $100K is a pipe dream… Even if you were doing $200K at the end of the second year, you are still at $80K at best.
Well I was able to latch on with Waddell and Reed. It took quite a few interviews and many different firms but Waddell was able to provide what I was looking for. The minimum requirements look do-able, the hours don’t look bad and they said if I’m consistently coming in and working a full 8 hours a day I should be making six figures within 2 years or so. The management seemed to be impressed with my drive, and I’m actually looking forward to the study process. Does anyone know the percentage of people that pass the series 7 and 63 on the 1st try?
Minimum requirements? Full 8 hours? Aim low much? Good luck with that.
8hrs a day? i’m expecting to work from 7-8am to 9-10pm 6 days a week with sunday at a chill 8 hours. I need some time to myself…
Crap, its commission… so why the hell not work… right? its all about the mighty green and i want a treeful of that stuff.
On wall street there’s a saying, “It aint about the title you have, its about how much money you make.”
You realize your schedule just put you at 92-94 hours a week?8hrs a day? i’m expecting to work from 7-8am to 9-10pm 6 days a week with sunday at a chill 8 hours. I need some time to myself…
Crap, its commission… so why the hell not work… right? its all about the mighty green and i want a treeful of that stuff.
On wall street there’s a saying, “It aint about the title you have, its about how much money you make.”
You realize your schedule just put you at 92-94 hours a week?[/quote] Work hard, but don't act like you will be able to do those kind of hours and be productive. If you honestly do this, you will burn out and fail.[quote=NumbersGeek] 8hrs a day? i’m expecting to work from 7-8am to 9-10pm 6 days a week with sunday at a chill 8 hours. I need some time to myself…
Crap, its commission… so why the hell not work… right? its all about the mighty green and i want a treeful of that stuff.
On wall street there’s a saying, “It aint about the title you have, its about how much money you make.”
You realize your schedule just put you at 92-94 hours a week?[/quote] Work hard, but don't act like you will be able to do those kind of hours and be productive. If you honestly do this, you will burn out and fail.[/quote][quote=3rdyrp2][quote=NumbersGeek] 8hrs a day? i’m expecting to work from 7-8am to 9-10pm 6 days a week with sunday at a chill 8 hours. I need some time to myself…
Crap, its commission… so why the hell not work… right? its all about the mighty green and i want a treeful of that stuff.
On wall street there’s a saying, “It aint about the title you have, its about how much money you make.”
I'll slow down after a while and cut back the hours.
yeah like two weeks later when you quit or burn out…There is nothing you can do in your office after 9pm unless you plan on calling the west coast(assuming you don’t live there)
But i think 7-8pm M-F and then 8-2 on saturday(if need be) is ok.
Not to offend anyone, but in my opinion I think a college degree should be required to be in this business. I think you can do fine without one if you can sell but giving people financial advice is serious business and if you have not put the effort to at least attain a college degree you should not be allowed to direct someones life savings. I wonder if down the road clients will start to demand more like CFP, CFA, MBA, ChFC, something that shows you know what you are talking about.
Why would you want to work more than you are required to? If you can do 8 hours of work in 8 hours, why do that much work over a 12 hour period? I don’t understand everyones obsession with working 23 hour days, when you are getting paid to make stock trades and give advice. That can’t be done in 8 hours? Maybe I just went to the school of “work smarter, not harder”. I guess if you spend all day posting stuff on a blog then it would take 23 hours to do all that work.
I wonder if down the road clients will start to demand more like CFP, CFA, MBA, ChFC, something that shows you know what you are talking about.
I've seen people with those not know what they are talking about (with the exception of the CFA - I haven't seen any dummies pass that).
If clients start to demand that people know what they are talking about the ranks will be thin indeed. My guess is that if you are a good salesman, it won't matter.
Further, what sort of degree? Does it have to be in Finance? What about Education? Or Sociology? Psychology? Engineerings? Biology?
Also, I have an intern my office right now (Literally, right NOW) who just finished his MBA and knows absolutely NOTHING about building a portfolio. Sure, he can spout definitions of MPT and EMH. But no real understanding. He is the graduate of a top 25 school btw.
[quote=LA Broker] I wonder if down the road clients will start to demand more like CFP, CFA, MBA, ChFC, something that shows you know what you are talking about.
I've seen people with those not know what they are talking about (with the exception of the CFA - I haven't seen any dummies pass that).
If clients start to demand that people know what they are talking about the ranks will be thin indeed. My guess is that if you are a good salesman, it won't matter.
Further, what sort of degree? Does it have to be in Finance? What about Education? Or Sociology? Psychology? Engineerings? Biology?
Also, I have an intern my office right now (Literally, right NOW) who just finished his MBA and knows absolutely NOTHING about building a portfolio. Sure, he can spout definitions of MPT and EMH. But no real understanding. He is the graduate of a top 25 school btw.
[/quote]
Is he cute? Ron might be interested.
I wonder if down the road clients will start to demand more like CFP, CFA, MBA, ChFC, something that shows you know what you are talking about.
I think you got it right...it's what clients demand. If they start responding to FAs who stand street corners with a Bozo the Clown suit, then we'll all need to start shopping for floppy shoes... (except for me, cause I don't have a job).
[quote=voltmoie]
[quote=Moraen] [quote=LA Broker] I wonder if down the road clients will start to demand more like CFP, CFA, MBA, ChFC, something that shows you know what you are talking about. [/quote]
I’ve seen people with those not know what they are talking about (with the exception of the CFA - I haven’t seen any dummies pass that).
If clients start to demand that people know what they are talking about the ranks will be thin indeed. My guess is that if you are a good salesman, it won’t matter.
Further, what sort of degree? Does it have to be in Finance? What about Education? Or Sociology? Psychology? Engineerings? Biology?
Also, I have an intern my office right now (Literally, right NOW) who just finished his MBA and knows absolutely NOTHING about building a portfolio. Sure, he can spout definitions of MPT and EMH. But no real understanding. He is the graduate of a top 25 school btw.
[/quote]Is he cute? Ron might be interested.[/quote]
My marketing director thinks he is. But I think she likes Asian kids.
Does anyone know the percentage of people that pass the series 7 and 63 on the 1st try?
At Jones: I believe it's above 90% (92 seems about right). Outside of Jones ... maybe 70? Of course, you need to be able to get into Harvard to get into Jones.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/requirements