Help Please: Career Path
I have been reading the forum for the last few days and am impressed by many of your insightful posts. I am looking for some guidance.
I am a Bond Trader in the Midwest, 30's, who has their Series 7,63, and 55. I also have a Series 24 (principal) and Series 53 (municiapl principal). I make about 80k a year after salary and bonuses. My profession is getting outsourced everywhere that I look, however. I haven't lost my job, yet, but I am being proactive about the possibility. I am almost complete with classes for my CFP and test this November. (My firm paid mostly for the CFP classes, so I thought I would get the designation on the company's dime and check out the field.)
I am really not sure what to do with my career path. I have thought about being a rep, but most firms won't even tell you that you will make 40k your first year. Also, a lot of the producers who I trade for, are rich and well-connected, which doesn't describe me. I also thought about the CFA, which is atleast a 3 year path, but I know so many smart people who failed Level One. (I would say that I am more hard working and motivated, than a genius.)
I know money isn't everything, but I have a mortgage and dependents to think about. I would like to be making atleast my income a year or better. Any advice about being a rep. or another career path?
I sincerely appreciate your consideration to my post. Thank you
A wirehouse will pay you more than 40k. Depending on the firm, location and branch manager, you can negotiate a salary, as a trainee, of between 40-70, maybe higher at some firms. Of course to get near the top of the range, the BOM will need to have a very strong feeling about you.
I know at my firm, a major wirehouse, I saw one person (earning 100k at her current job, start with a trainee salary of 70k.
On top of that, after you are licensed, about 6 months in, you will earn commissions, and if you hit your numbers, bonuses.
This is a great job, and what it takes to succceed are three things : drive, intelligence, and discipline. But you have to really want it, because the first few years can be torture.
This is a great job, and what it takes to succceed
are three things : drive, intelligence, and discipline. But you have to
really want it, because the first few years can be torture.
The OP said she is already licensed. I’d look for joining an Indy
office or something similar. Having a expert on bonds on hand could be
very useful for an office that does real money management.
The OP said she is already licensed. I'd look for joining an Indy office or something similar. Having a expert on bonds on hand could be very useful for an office that does real money management.
I think that's a good direction to check-out, AllREIT. Even a wirehouse team that needs a bond expert might be a good secondary choice, as well.
I just submitted my business plan to a ML associate complex director. He wants to meet with me ASAP, what does this mean, what can I expect is coming? Thanks for any help.
I am a female in the business too.
Do the math. If you are REALLY good, in the first years you will draw 1% of your assets under management---and then some payout off of that.
So do you think you can bring in $5million? Hope you said yes. Then you will generate $50,000 revenue and your payout as a trainee will be about 20 to 30 %. You will have a small salary on top of that.
This is a SALES job. Can you ask people for their money? Will they give you their money???
You will need about $30 million AUM before you can feed yourself. How long will it take you to reach that much?
Thank you for the responses. I appreciate your experienced viewpoints!
Maybeee... I tried to PM you back but your mail box is full.