Career changer here. Should I get an MBA?
My wife and I will be re-locating in 4-years and I would like to use this opportunity to start a 2nd career. Academically, I have a B.A. in History, however, I recently took my GMATs and did ok. Should I pursue an MBA in the meantime? Will having an MBA help me out in this profession? Any suggestions on what I can do in meantime (4 years) would be appreciated.R.W.-
Start networking and introducing yourself to key individuals in the area you propose to move to.
I live in the Chigaco area and we’re moving to NYC in 4-years (wife is from there originally and she wants to move back after her residency and fellowship [internal medicine]).I have the opportunity to attend the University of Chicago part-time MBA; it's a top-10 program. I'll be getting little financial support, so the whole degree will cost around 85k (I'll be working for another 30+ years though).
How in the heck should WE know what you should do? Don’t you have a mind of your own?
An MBA in all reality will do nothing for you in this career. This is a sales position which involves networking with others. I would take courses or get a job that involves learning to sell since that will help you more than anything.
[quote=CashFlow]An MBA in all reality will do nothing for you in this career. This is a sales position which involves networking with others. I would take courses or get a job that involves learning to sell since that will help you more than anything.[/quote]
Either that or get a job with a history firm.
How about getting a sales job with a company that offers a really good sales training program? Something like a pharm or medical rep?
How about getting a sales job with a company that offers a really good sales training program? Something like a pharm or medical rep?[/quote]
This would be beneficial. You can gain business exposure and work on both networking and your sales approach. By the time you are ready to leave you will be comfortable in the sales aspect, and you will have enough business contacts in the area that you can comfortably have two areas for your advisor business.
Nothing wrong with getting more education. However, not needed for this profession.A career as a Financial Advisor is a sales career. Before you can advise on the money you have to find the money. Finding the money is all sales. The top producers in our industry are not necessarily the best advisors. They are the best salespeople.
[quote=BondGuy]Nothing wrong with getting more education. However, not needed for this profession.A career as a Financial Advisor is a sales career. Before you can advise on the money you have to find the money. Finding the money is all sales. The top producers in our industry are not necessarily the best advisors. They are the best salespeople.[/quote]
What he said.
No one will care in the least about your academic background in this career. I have an MFA in an obscure arts field and even though you would think that sticks out like a sore thumb, it never even gets mentioned. This is a SALES role. That said, I’m sure you could have other doors opened with a Chicago MBA, including doors within the financial industry. Depends on what you want.
This is about SALES and SELLING. The formal education gets you the ability to know how much you still have to learn to succeed in business an/or life. Have met several individuals that despite their academic creditials could not " Line up a one car funeral properly ".In fact very few people discuss education unless it comes up in a general discussion that in probability has nothing to do with business. It's a " nice to know " NOT a " need to know " thing.
While I can't answer if it is beneficial or not (as I am just entering the industry) I can tell you that I started pursuing my MBA last year and decided that though it isn't necessary for this career the education never hurts...Also - I think the main reason why I am going to continue with my MBA program is that it is a great place to network. I am in a city of 300,000. There is only one place to get your MBA (unless you go online of course). The people in my MBA class are from a variety of industries and age/income levels - great resources for future business and professional contacts (the MBA Alumni are very active in our city). Also - my whole MBA program only costs $13k (state school) - I probably would stop pursuing it if it was over 30k. Good luck with your decision.
The history of Designations versus the recent history of putting Academic Qualifications on Business Cards.Certian Professions have held Special Status in law and this status has been recognized by national and international governing bodies. In recent years , virtually every organization has promoted their Industry and to attain some type of Certification or Standard have developed Programs. ie. P.M.A.C. in Canada the Purchasing Management Association of Canada. Buyers take the program and receive the Designation P.M.A.C. Back to my original point....Professions such as CA ( Chartered Accountant ) , MD ( Medical Doctor ) , P.Eng ( Professional Engineer ) and LLB ( Lawyer/Solicitor ) have been able to identify themselves or in law " Hold themselves out to the public " by identifying themselves with the Professional Designations. Note with right to " Hold themselves out to the public " they are bound by laws and regulations and must be Members of Good Standing with their respective Governing Organizations and subscribe to both legal and ethical standards. Now to the issue of placing on your Business Card.....to place BA , MBA etc. means " before the law " absolutely zero/nothing. You are not holding yourself out to the public as anything from a legal perspective. You are simply saying you have this degree or that degree. The fact you attended Oceania University in the Maldives means nothing and holds no legal qualifications/standards that qualify you for anything.
[quote=Rodee]I have the opportunity to attend the University of Chicago part-time MBA; it's a top-10 program. I'll be getting little financial support, so the whole degree will cost around 85k (I'll be working for another 30+ years though).[/quote]
I started at Merrill Lynch days after receiving my MBA from NYU Stern School of Business. Next month I will be graduating from Merrill Lynch’s POA training program. While the MBA was a great experience that opened my mind to new ways of thinking, it has done little to help me get this far in my financial advisor career.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Where are you now in your career change? Are you a new FA or are you just considering becoming an FA soon or some time after graduation?
I feel that one’s time would is better spent going for the CFP rather than an MBA (I hold both). It is my opinion that the competencies required to obtain the CFP should be the minimum requirements to call oneself a financial advisor. Unfortunately that is not the case so we have annuity pushers calling themselves financial advisors.
If you still want to go for the MBA and you are looking to network with HNW individuals then I would suggest that you consider an executive MBA program. There are a greater percentage of more seasoned professionals (i.e. those with assets) in an executive MBA program than in a traditional full or part-time program.
By the time U get your degree stock broker jobs will have all disappeared, replaced by an entirely new distribution channel, which wil be in conjunction with the conversion of the likes of ML and LEH into commercial banks. Do you need an MBA? Probably not but an advanced degree in mathematical statistics may help more.
At Chicago nobody shows up to recruit stockbrokers -- Y would anybody want to start as a $35k broker when $125k jobs from private equity and hedge fund outfits are available? If you can get in -- why are you interested in finace anyway?
Do you have any previous real world biz experience? You know chicago is an extremely quantitative place too? No case studies either. The downtown program is not as well regarded either as the Hyde Park program, and recruiters know this, so try for the regular school not the exec program (or whatever it's called). The downtown program is mainy for local area -- Chicagoland -- wanna B's too.
Course with a MD wife I don't know what U R worrying about in the first place??
[quote=MinimumVariance]By the time U get your degree stock broker jobs will have all disappeared, replaced by an entirely new distribution channel, which wil be in conjunction with the conversion of the likes of ML and LEH into commercial banks. [/quote]
You certainly sound like a Chicago quant jock. Good with numbers but not much else.
Your prediction is just plain silly. Cite one single tangible development to support your crazy notion that retail brokerage (ML) and investment banking (LEH) industries are somehow magically going to be converted into commercial banks?!
Go back to running linear regressions and calculating covariances. It’s more up your alley.