Advice for a jobless Finance major since one year after graduation?

[seeker24]

I don't think that there is something wrong in pursuing your dream job from another job. get one while making arrangements to switch to a new one you love when it clicks before you lose out at both ends.

 

[Saturdays]

Originally Posted by superego

(1) Move to NY if you want to do finance other than the FA thing.
(2) Keep your options open, take what you get and continue looking for something better while you do. You're not in a position to be rejecting offers, IMO. If that's too much work for you (ie, you'd rather reject offers), perhaps finance isn't for you.
(3) The job market in finance is incredibly tight right now, even moreso outside of NYC and even moreso with a run of the mill pedigree. My general advice is to take what you can get (it's just your first job, afterall) and keep looking.

I've only declined offers that were positions that would simply be me selling insurance to companies and individuals, and FA positions. A few of these positions I was given the job during the interview and an offer within 3 days.
Edward Jones is a great company but the fact that they make you go door to door every day for 2 years straight to build up your business is very stupid, quite humiliating, and in my area an already tapped market; not to mention that Charles Schwab reserves the right to turn down the job after 2 years and take all the business you have built up by making you sign legal documents to get the job in the first place.
Once you start in FA you usually end in FA from what I've seen.

Originally Posted by Bane

^^ Take what full time position you can get, within reason.
- Consider consulting firms: Accenture , E&Y and the like. They have incredible turnover rates and you might be able to slide in full time or secure a winter internship.
- Remember insurance firms. They tend to be hungrier for candidates. Not sure if you can get sponsored for the series 6 with an internship or part time, but it's worth a try if you can't find full time. Once you snag the 6, get the 7.
- Don't up and move without adequate living expenses (~6 months). Try crashing on a friend's couch in a closer, larger market like Chicago rather than taking off for NY. Once you're inside a major corporation you can always transfer to their NY office.
- Volunteer. Anything that makes this gap appear productive.
- Keep your head up. Nothing screams "don't hire me" like desperation.

I do my best to apply to consulting firms since it is a pretty hot job on the market. I have applied to several companies that have consulting arms, Dell, HP, Accenture, E&Y, PwC etc.. However I never actually got an interview for a consulting position. Its quite an appealing job, mainly because my dad works at EDS/HP as an Exec Consultant for Cloud Services and deals with pretty large global corporations. Its a shame that an Internship usually requires a candidate to be getting credit in school.
I have been keeping my head up, if its one thing I can do is look good, professional and keep my cool, stay classy y'know.
I have been working as a Business Manager part time for a physician.
I can move to Chicago, Dallas or Boston pretty inexpensively since I have friends/family there. NY would be tough obviously but I have parents who can help for the most part.

Originally Posted by seeker24

I don't think that there is something wrong in pursuing your dream job from another job. get one while making arrangements to switch to a new one you love when it clicks before you lose out at both ends.

yes you are right, this is what I am trying to do. trying to get a position that can help me get to the dream job. This is the hardest part it seems and I am definitely not limiting myself to applying to my dream job, I have been applying to consulting, analyst, IB, supply chain, marketing, and etc.. jobs , knowing full well that once I am working I can easily move around a company after a year or two years of working hard.

 

[Matt]

I like this kid, he listens well and considers options. A bit short-on-direction, but ****, he's 22.

Good luck with it Saturdays.

 

[Saturdays]

Originally Posted by Matt

I like this kid, he listens well and considers options. A bit short-on-direction, but ****, he's 22.

Good luck with it Saturdays.

Thanks. I find it important to consider people's advice, especially if they've been there and done that. Like you said I'm only 22 and stil inexperienced compared to the lot of you.

 

[SkinnyGoomba]

Originally Posted by Pennglock

The world needs ditchdiggers too

LOL, they're making 225K in AUS.

Saturdays,
If you do end up going the FA route try and make it happen with a worthwhile company like Wells Fargo or Bank of America for ML. My understanding is that WFC has a great commission structure for advisors and they're allowed to cross sell and sell other banking products. I know a PNC advisor who switched to WFC and is happier.

If you become an advisor at a bank that doesn't require aggressive knocking down of doors than you might be fine with it. Most of the advisors that I've spoken to dont do a very good job of selling, they're a bit lazy and want you to do all of the work. I think if you really work for your clients you'll do quite well.

I would skip the insurance companies and the like, I wouldn't buy any of the products they sell, so I personally wouldn't want to sell them.

I love finance, love the stock market, ect. I hated working in the industry, I'm much much happier working where i am now.

 

[Lord-Barrington]

Originally Posted by SkinnyGoomba

LOL, they're making 225K in AUS.

Saturdays,
If you do end up going the FA route try and make it happen with a worthwhile company like Wells Fargo or Bank of America for ML. My understanding is that WFC has a great commission structure for advisors and they're allowed to cross sell and sell other banking products. I know a PNC advisor who switched to WFC and is happier.

If you become an advisor at a bank that doesn't require aggressive knocking down of doors than you might be fine with it. Most of the advisors that I've spoken to dont do a very good job of selling, they're a bit lazy and want you to do all of the work. I think if you really work for your clients you'll do quite well.

I would skip the insurance companies and the like, I wouldn't buy any of the products they sell, so I personally wouldn't want to sell them.

I love finance, love the stock market, ect. I hated working in the industry, I'm much much happier working where i am now.

Serious question, but does anyone aside from the rainmaker MDs actually like working in finance? It seems like the crappiest industry ever.

 

[SkinnyGoomba]

Excel jockeying wasn't much fun.

 

[Quadcammer]

heres an idea that is a bit off the wall, and will pay like total dogshit for a while.

Have you considered a job at some of the bigger institutional buyers in your area? such as pension funds, government finance operations, hell even university endowment management.

You will be crunching numbers for dogshit pay, but if you're intelligent and you bust your ass, you may be able to get your name out there and you'll at least have some dealings with the buy side firms.

Then you may be able to make the jump.

That said, these firms are either in boston, ny, or california, so michigan is a tough place to start this up.

 

[superego]

Originally Posted by Saturdays

...
Once you start in FA you usually end in FA from what I've seen.

The bulk of everything you said in response to my post seems reasonable, and it is ultimately your decision to make, except for that statement. My first job out of school was as a glorified FA--I started as a bond broker with a no-name brokerage house. I did it for about 6 months, got my 7 and 63 and hated every ******* minute of it, but I continued looking and found and got about as good a job as I could have even dreamed about at that time. I ultimately went back to grad school and work at a quant fund now. So doing the FA thing isn't a life sentence if you work your way out of it.

I'm not telling you to take a door to door sales job, but IMO, you've gotta start somewhere and SOME job is better than no job if I'm a potential employer. GL, dude.

 

[superego]

Originally Posted by Lord-Barrington

Serious question, but does anyone aside from the rainmaker MDs actually like working in finance? It seems like the crappiest industry ever.

I do.

 

[eez]

I was in a very similiar situation as you. I graduated with a BA in Biz Econ from UCLA, with a 3.5 GPA. Unemployed for 6+ months after graduation and recently just accepted an offer from a large mid-tier securities brokerage in the back office/operations department. They are licensing me with series 7 and 66, which is a great plus, but I am getting **** pay considering my alma mater and GPA. I'm just working here to gain experience and to eventually go to Business school to pursue a more analytical role. I also had 2+ years of experience during college at a private equity fund, and ended up here in a brokerage environment.

***** tough man espiecially in large cities. Just hang in there and don't give up. Finance majors like us are out of luck in this economy, its like a catch 22. Firms won't hire you without at least 2-5 years of experience, even entry-level roles. MBA programs won't take us without any experience, the **** are we supposed to do?

 

[cromulated]

Originally Posted by Lord-Barrington

Serious question, but does anyone aside from the rainmaker MDs actually like working in finance? It seems like the crappiest industry ever.
i do. then again, i work for an extremely profitable, well run bank.

 

[Liquidus]

Originally Posted by Quadcammer

heres an idea that is a bit off the wall, and will pay like total dogshit for a while. Have you considered a job at some of the bigger institutional buyers in your area? such as pension funds, government finance operations, hell even university endowment management. You will be crunching numbers for dogshit pay, but if you're intelligent and you bust your ass, you may be able to get your name out there and you'll at least have some dealings with the buy side firms. Then you may be able to make the jump. That said, these firms are either in boston, ny, or california, so michigan is a tough place to start this up.
Why would the pay be so bad when working for an institutional investor? I think that they would pay for someone competent to work with multi-billion dollar portfolios. Plus, the work environment should be better.

 

[Quadcammer]

Originally Posted by Liquidus

Why would the pay be so bad when working for an institutional investor? I think that they would pay for someone competent to work with multi-billion dollar portfolios. Plus, the work environment should be better.

haha, think about where he is located.

Not only is the state of michigan broke as a joke, but companies are leaving at a record pace. you think state pension departments or even corporate finance departments are gonna pay a BS in b.admin more than $35k?

The demand for those entry level jobs is much higher than the supply, so ergo, the wages are in the toilet.

 

[Saturdays]

Originally Posted by eez

I was in a very similiar situation as you. I graduated with a BA in Biz Econ from UCLA, with a 3.5 GPA. Unemployed for 6+ months after graduation and recently just accepted an offer from a large mid-tier securities brokerage in the back office/operations department. They are licensing me with series 7 and 66, which is a great plus, but I am getting **** pay considering my alma mater and GPA. I'm just working here to gain experience and to eventually go to Business school to pursue a more analytical role. I also had 2+ years of experience during college at a private equity fund, and ended up here in a brokerage environment. ***** tough man espiecially in large cities. Just hang in there and don't give up. Finance majors like us are out of luck in this economy, its like a catch 22. Firms won't hire you without at least 2-5 years of experience, even entry-level roles. MBA programs won't take us without any experience, the **** are we supposed to do?
yeah i know what you mean about the catch 22, its very frustrating. I have a friend who works in GE financial and said that I should ignore it if they say 1-3 years, because some companies are still open to individuals that are entry level without the 1-3 yrs.

Originally Posted by Quadcammer

haha, think about where he is located. Not only is the state of michigan broke as a joke, but companies are leaving at a record pace. you think state pension departments or even corporate finance departments are gonna pay a BS in b.admin more than $35k? The demand for those entry level jobs is much higher than the supply, so ergo, the wages are in the toilet.
Exactly. I was offerred a job over email, did not even do an interview, for a sale side rep job. One company's goal, according to the interviewer, was to hire 100 reps per season. Then they weed out the lowest contributors and keep the few that are making the most sales. Looks very bad if you can't survive in that sort of job. i'm sorry that I'm picky on that end, but its not for me, especially in Michigan, a old and tapped out market. I'm still applying not giving up, found some good positions in Detroit (Not that i'm limiting myself here) for Ally and PNC, as well as some Stock Market Analysis, hopefully they respond back!