finally did it....

[F16fixer]

juice

Peoples goals and reality can sometimes be a long ways apart. Good luck with that and hopefully they don't pull you from inactive reserve. They don't care what your trying to be.

 

[Almerick07]

Passed the series 66 2 days ago, next up is only a week long class and ill be good to go.

 

[Almerick07]

Well it is a done deal, finished with training. Im now officially a financial advisor!!! It feels so rewarding to actually be helping these people that have no idea how to save or come up with plans to reach financial goals. Just the other day convinced an elderly couple they DID have the resources to fully retire, never saw a smile so big from a little old lady when I told her she could give up her Wal-Mart job. On a side note, havnt been in an airplane since early Feb. miss it so if anyone in the PHX area wants to take me flying Ill hook you up with your portfolio.

 

[Swass]

I decided to pass on the airlines when i left the military last summer. instead, i chose business school. I would highly reccomend it as a long term route. You can make 200+ your first year as a trader at at a top firm. I was lucky enough to get into a top school, Columbia which is key. In the long run, if you have the time, don't mind the debt and are willing to move, i think it's a great option. I'll make more my first year out than I would as a senior captain at SWA.

Dude, I hope you are at the top of your game and as good as you think you are, you're gonna find out real quick how it really works out there. Good luck.

 

[Alamanach]

Finally got sick of my fat, stupid, overbearing, repressed-lesbian boss, and quit my overpaid job as an inspector. Thinking I might go be a pilot. Wondering what QOL in that line of work might be like. Anybody know any flight schools?

 

[PimpJuice]

Dude, I hope you are at the top of your game and as good as you think you are, you're gonna find out real quick how it really works out there. Good luck.

...I am

 

[Swass]

Let me know after you've been out and working for a year.

Been there, brother. In fact, still there. Just in a new capacity

You're right that if you have what it takes to go down that road (mine was EE Benefits, not trading, although I do some) then you can make pretty good coin. I worked hard and got lucky. I've seen countless that had as much talent or more doing what I do fail miserably, usually within the first year. Your degree isn't worth crap, other than opening a door to a firm. Outside of that forget what you learned in your fancy school, the real education is just beginning.

It's once that door is open that you will find out what it's really like. All the backstabbing, politics etc. are far more brutal than you have any idea about, especially at a large firm. Everyone that you are employed with is out to see you fail, it's that competetive. Everyone at your firm is going to have as much talent as you, if not more and better connections. Connections and favors go a long way, trust me.

I'm not saying don't go give 'em hell, just the opposite. I wish you the best and hope that you really are as good as you think. Like I said, let us know how you do after a year of employment.

 

[PimpJuice]

Let me know after you've been out and working for a year.

Been there, brother. In fact, still there. Just in a new capacity

You're right that if you have what it takes to go down that road (mine was EE Benefits, not trading, although I do some) then you can make pretty good coin. I worked hard and got lucky. I've seen countless that had as much talent or more doing what I do fail miserably, usually within the first year. Your degree isn't worth crap, other than opening a door to a firm. Outside of that forget what you learned in your fancy school, the real education is just beginning.

It's once that door is open that you will find out what it's really like. All the backstabbing, politics etc. are far more brutal than you have any idea about, especially at a large firm. Everyone that you are employed with is out to see you fail, it's that competetive. Everyone at your firm is going to have as much talent as you, if not more and better connections. Connections and favors go a long way, trust me.

I'm not saying don't go give 'em hell, just the opposite. I wish you the best and hope that you really are as good as you think. Like I said, let us know how you do after a year of employment.

The significance of an MBA is truly weighted to the school you go to. Getting one from a top five school really doesn't just open doors, it blows them open. The average starting salary out of Columbia is in the six figures. Over 1/2 the class will go into sales/trading or I Banking where first year associates are well over 200k (if you stay on Wall Street). Yes, nothing is a given, there are pitfalls and no future is secure. That being said, while I'm no genius, I'll take those numbers and odds over an airline career in a heartbeat. And trust me, I truly am a rock. I put together a good story out of the Navy, studied hard for the GMAT and luckily (not deservedly) got into a top school. Getting in is the hardest part.

I would never talk anyone out of a flying career. Just don't do it for the money or job security. Do it for the lifestyle and love of flying. I thought about it carefully.The flying to me looked boring, the top end of the pay chart too low and job security too weak. My path is not for everyone, I'm just laying it out there for others. After all, this thread is "Civilian Transition".

 

[Almerick07]

update

after being in the field for a couple of months this is no cake walk. I have been incredibly succesful/lucky thus far but it shouldnt get any easier for the next couple of years. It is more than worth it, we just had a regional meeting and numerous of the veterans (10+ yrs) are averaging 40k per month plus bonuses, profit sharing and partnership payouts which equals atleast 1-2 million per yr. Our firms top producer averages 70k per month, has been with the firm for 17 yrs. I also get to wake up in my bed everynight, do something I enjoy and afford a lifestyle that was out of reach previously. Just so everyone knows, when youre new into this industry nobody give a sh*t about you. A degree doesnt get you anything, if anything just puts a target on your head and expectations that you will fail. Like someone else said get ready for a real education, text books and professors who have been out of the industry for more than 6 months wont teach you a damn thing. Get ready for the real thing, and that 200k paycheck is not dependent on your degree not one tiny bit...no matter what people tell you

 

[PimpJuice]

after being in the field for a couple of months this is no cake walk. I have been incredibly succesful/lucky thus far but it shouldnt get any easier for the next couple of years. It is more than worth it, we just had a regional meeting and numerous of the veterans (10+ yrs) are averaging 40k per month plus bonuses, profit sharing and partnership payouts which equals atleast 1-2 million per yr. Our firms top producer averages 70k per month, has been with the firm for 17 yrs. I also get to wake up in my bed everynight, do something I enjoy and afford a lifestyle that was out of reach previously. Just so everyone knows, when youre new into this industry nobody give a sh*t about you. A degree doesnt get you anything, if anything just puts a target on your head and expectations that you will fail. Like someone else said get ready for a real education, text books and professors who have been out of the industry for more than 6 months wont teach you a damn thing. Get ready for the real thing, and that 200k paycheck is not dependent on your degree not one tiny bit...no matter what people tell you

I don't sit on the other side of an interview desk (for an associate position) at Goldman Sachs without an MBA from a top five school. Period. Yes, you have to perform. However, an average guy from a top school has a huge if not unfair advantage in certain segments of the finance industry over a smarter guy with no MBA or one from a mediocre school. Not one of my friends over three years out of school in sales and trading are making less than 400 K a year. Some are over a 1 mil. The top producer at your firm after 17 years makes 70k a month. That is common for guys at top investment banks on Wall Street in 1/2 that time and most of them have the MBA.

Now, all that aside, I'll likely be on the street selling shwetty balls for a nickle in five years.

 

[Almerick07]

comparing wall street firms to my firm is like comparing apples to oranges and here is why...after some time in the business guys at my firm work no more than 40 hours per week, live just miles from their own office and help individual investors in their communities acheive their financial goals. I get atleast 2-3 calls per day from head hunters looking for brokers for the goldman sachs, ubs, and merril lynches of the world. Last week infact merril lynch offered me 200k signing bonus to jump ship and join their team. But the bonus was contingent upon me bringing 75% of my book and producing at a minimum 250k in gross commissions by year 2 or i would have to pay every nickle back and loose my job. Im not in this business to work 80-100 hours per week sell my soul to live in NYC all for whats cost of living adjusted maybe 150k more per year. Im my own boss, set my own hours and live my own life.to say you need an MBA from a top 5 school to get a foot in the door at GS is rubbish, youve got to sell your ass off to get a foot in the door anywhere and thats the bottom line. On a side note I also happen to work for the 5th largest brokerage firm in the country so this isnt some mom and pop shop. When you start getting into the institutional side of trading its a whole different ball game, much more about who you know and dedicating your life to the almighty dollar. me personally id rather enjoy life, that is the main reason i made the jump from aviation into financial services. When you get into your high paying hot shot stock jockey job just sit back and look at all the back stabbing, greed and other cancerous attitudes that will be all around you. You couldnt put a dollar price on that to make me give up what ive got, oh yea hope you can talk on a phone for 14 hours a day....I dont mean to attack to dream you have or demean anything youve accomplished Im here and Im doing it and can tell you it isnt all riches and glory, there are success stories but far far many more failures. Just keep it in perspective

 

[PimpJuice]

"to say you need an MBA from a top 5 school to get a foot in the door at GS is rubbish"

"Just the other day convinced an elderly couple they DID have the resources to fully retire, never saw a smile so big from a little old lady when I told her she could give up her Wal-Mart job.


yeah right, Merrill Lynch wanted to pay you 200K plus for Grandma's piggy bank. you have a lot of opinion for 1/2 a month in the business. my corporate finance class was three times longer than that. i checked some of your old posts. you're what, 22 yrs old? not quite ready to offer advice based on "experience". we'll agree to disagree. good luck, though.

 

[Swass]

"to say you need an MBA from a top 5 school to get a foot in the door at GS is rubbish"

"Just the other day convinced an elderly couple they DID have the resources to fully retire, never saw a smile so big from a little old lady when I told her she could give up her Wal-Mart job.


yeah right, Merrill Lynch wanted to pay you 200K plus for Grandma's piggy bank. you have a lot of opinion for 1/2 a month in the business. my corporate finance class was three times longer than that. i checked some of your old posts. you're what, 22 yrs old? not quite ready to offer advice based on "experience". we'll agree to disagree. good luck, though.

All this from a kid who is still in school? Man you've got it figured out.

I started my own company from scratch. Zero. Commission only sales. Either you sell or starve. My first group was a three person machine shop that gave me a chance. In three years they were over 200 EE's. Any other salesman from one of the large brokerage firms would come in and try to get their business were shown the door, they only dealt with me. I was lucky that they believed in my little company that grew along side with them. I was 26 going on 27 then. I went from scratching two pennies together to close to 40 million in premium in 6 years. My commission averaged 5 percent, you do the math. I have since sold the company and remained as a consultant, work when I want. The buyer bought my company, my aircraft and pays me handsomely to close and renew business for them and to train their sales managers and producers. I have since gone into other realms and have a startup I'm working on in TX.

I have a bachelors degree, no fancy MBA from a top five school. I am also the last person on Earth you want competing against you in my field. If you are learning so much from your MBA program you must already know that to really make coin you need to work for yourself, since you say your that good it shouldn't even be a question.

 

[PimpJuice]

All this from a kid who is still in school? Man you've got it figured out.

I started my own company from scratch. Zero. Commission only sales. Either you sell or starve. My first group was a three person machine shop that gave me a chance. In three years they were over 200 EE's. Any other salesman from one of the large brokerage firms would come in and try to get their business were shown the door, they only dealt with me. I was lucky that they believed in my little company that grew along side with them. I was 26 going on 27 then. I went from scratching two pennies together to close to 40 million in premium in 6 years. My commission averaged 5 percent, you do the math. I have since sold the company and remained as a consultant, work when I want. The buyer bought my company, my aircraft and pays me handsomely to close and renew business for them and to train their sales managers and producers. I have since gone into other realms and have a startup I'm working on in TX.

I have a bachelors degree, no fancy MBA from a top five school. I am also the last person on Earth you want competing against you in my field. If you are learning so much from your MBA program you must already know that to really make coin you need to work for yourself, since you say your that good it shouldn't even be a question.

Look, my point is not that success is dependent on an MBA and that others haven't gotten there without the degree. What I'm saying is that it is an excellent investment and a great launch pad into many stellar careers. This is especially true for younger guys thinking of leaving aviation but with no other real formal skill set and who may be willing to go back to school. Trust me, there is a real demand for this degree right now in finance. An MBA from a top school will get you an associate position at a top investment bank or trading firm, a job as a management consultant at a top firm, a job in marketing or brand management or general management with a blue chip company, etc. Can you ultimately get a job like this without a degree? Yes but the road is much longer and your chances much slimmer. I left the Navy, strongle considered the airlines and than decided to go for something else. I could have likely gotten a decent paying job somewhere but was motivated to go higher. An MBA is a great ticket to get punched. Is a lot of it just a credential? Yes. You will learn a lot and some it is a waste of your time and some of it is clearly practical and useful but nonetheless, most of us are there for the name and the degree.

I look forward to competing against guys like you. I have my whole life.

 

[Almerick07]

1/2 month in the business...equals about 5 years of school. youre right, im 22 years old. the youngest broker EVER in the history of my region and so far the most succesful fast starter to date. Im not here to brag about myself or tell someone to not get a degree or MBA for that matter, what Im saying is to get to the top its gonna take more than a fancy degree from a high dollar school. On another note what you dont realize is that the average age into the industry is 40 years old...the silverback giving you your investment advice might not be as seasoned as you think nor should he be. I sell the same investments that guys in the business have been selling for years and years. Its funny how you brag about all the time in the business youll have but something tells me ive got you beat on that, everyone has to start somewhere. to discount my input because of my age is a dire mistake and it is my "experience" that is just trying to shed some light into the industry for you. I was in your shoes too, only heard the success stories and have come to find out MBA or not there is a 70% fail rate on the series 7 alone and a 60% washout rate beyond that. To disregard those facts is dillusional, just keep your guard up when your branch manager is stealing your trails (if youve learned about those in school yet) or when they back charge your commissions for their credit because after all they can just fire you if you raise a stink. Sounds like wall street is right up your alley maverick