careers in finance

[amerikajin]

After a nice four-year working holiday of sorts (let's face it, teaching my native language in a foreign country, while fun, is hardly real work)...I'm looking closely at a career in finance.

 

My question is, in case anyone out there has any experience in this field, is it really necessary to go back to school to get a degree in finance, or can I just enter a company at the ground level? I'm particularly interested in building a career in investments/retirement planning. I see jobs for financial advisors, but many of them require at least two years of financial experience, the old "Well, you can't get the job because you don't have any experience, but I can't get any experience because I can't get a job," catch 22.

 

Any advice would be much appreciated.

[HokeyReligions]

Try a different approach. Look for companies you would like to work for and see what they offer.

 

I ended up as a tax accountant responsible for all the Ad Valorem taxes for a fairly large O&G company before I even had my bachelors degree! I could have gone further in that area if I wanted and the company would have paid for my college tuition while I was working----but I hated it!

 

Talk to some headhunters and to HR people in various companies -- when you find some that you like look at what you can go into right now and work your way into a financial position.

 

Try the Bank of Montreal -- they have branches all over and I know that they have tuition reimbursement and will move people around within the company.

[Craig]

Do some research, find the best, most successful financial planners/advisor you can (someone that you would like to emulate) and then approach them with the goal of becoming their assistant. You'll earn while you learn and get experience doing things the right way. Soon you'll have the experience and can get your position of choice.

[Art_Critic]

Craig has some good advice..

 

Call a financial planner and have a pow wow with him.. They will sit down with you..

The planner I use has 1-2 assists depending on the time of year and I think they have no experience..

 

But they all have boobs..

 

By the way.. good to see you back.. haven't seen you post in a while

[Outcast]

You should check with firms you're interested in. More and more occupations require some sort of courses/professional certification nowadays and here Financial Planners do now.

[alphamale]

My question is, in case anyone out there has any experience in this field, is it really necessary to go back to school to get a degree in finance, or can I just enter a company at the ground level? .

It depends AMERIKAJIN....I have a finance degree and have worked with financial software for the past 15 yrs. The degree definately helped a lot cause I've worked for a few large companies including IBM...

 

If you want to get into investment and retirment stuuff you most likely need a degree in acctg. or finance. If you want to sell mortages or work in the finance dept of a car dealer then it is different. But when you are working with other people money they like the right credentials usually.

 

But you could get a certificate in financial planning but I know they require some type of degree but i don't know if it has to be in business..,

[amerikajin]

Wow!

 

Thanks for all the responses, everyone. I guess I've got a few ideas to chew on now.

 

I think you guys are all probably spot on, and I had thought along similar lines but I guess I was just looking for feedback. But Hoke's advice is also handy, and I have thought in the past about working for companies like, say, Bloomberg, just to throw out a name. There are others that I admire as well.

 

Again, thanks.

[cosmogal]

Everyone faces the ''catch 22" ordeal at some point in their lives. I must say, it's very hard attempting to begin a career, and many companies want experienced people! They really are too busy to take the time out to train you to learn your new job, they want you to walk in the door and know what to do. It's tough, but eventually, something comes around, and now you have the opportunity to learn what you want.

 

The one very good thing about finance is there are so many positions in it. You may have to start out entry-level though...maybe as a Staff Accountant, Finance Asst, A/R&A/P Clerk, etc. Although these positions don't pay high, it's a good foot in the door, and you can move up fairly quickly.

 

Also, I would go to an Employment Agency first. At agencies, they usually give you *pointers* for your resume, so you can gear it towards a position you are seeking w/no experience. They can also help you out w/your cover letter too. You may want to link things towards the principals of finance. Such as a big part of teaching enabled you to have excellent problem-solving skills....of course, i'm just shooting out something from the back of my mind brielfy, but use key words the financial dept is looking for. Good luck!

[alphamale]

The one very good thing about finance is there are so many positions in it. You may have to start out entry-level though...maybe as a Staff Accountant, Finance Asst, A/R&A/P Clerk, etc. Although these positions don't pay high, it's a good foot in the door, and you can move up fairly quickly.

I would agree with the above. In addition, Finance (in general) is a good area cause not too many folks are good with numbers and money so there are always good positions all over the place. And....if youre in a large company many of the CEOs and high level people originate from a finance-related background. After all, its the bottom line that is most impt in a big company.

[amerikajin]

I'd eventually like to work so that I can be my own boss. What's the old saying? "Nobody takes care of you, like you"

[HokeyReligions]

amerikajin, from all of your posts I think you could have an excellent career in finance. You know how to research and analyze and use what you have learned and build on it. You take what others tell you and think about it before you respond so to me you seem to be a very thorough and detail oriented person.

 

I could see you in an investment firm or as a financial planner or working with large corporations and their investments and financial management and then going into business for yourself.

 

When I was at the bank I was on the Portfolio Management side and those folks were sharp. They handled billions of dollars for some very large companies and they made some big bucks and big bonuses! I processed some of the paperwork there I know that one of the guys on the investment/trading side had a bonus that rivaled winning a lottery! He worked for the company, but at his own pace and in his own way -- very much self-directed.

[ButtonPusher]

There has been some good advice here for you american ninja, and I don't want to dishearten you, but jobs in finance are amongst the most competitive around, at least in major cities. Don't expect to walk into a decent job at an investment bank. You either have to be an exceptional graduate with work experience or you have to be willing to start at the bottom. And I mean RIGHT at the bottom. I know of people that started in the mail room of large banks, and then were given better jobs later on through connections they made.

 

So I guess the secret is to either be one of the 1% of outstanding graduates that have the qualities investment banks seek, or make connections with as many people as possible and get your foot in the door.

[amerikajin]

There has been some good advice here for you american ninja, and I don't want to dishearten you, but jobs in finance are amongst the most competitive around, at least in major cities.

 

Something I've learned is, any job worth having is competitive. Want money? Want success? You're gonna have to fight for it. If you can't or don't want to, then settle for whatever it is you're willing to live with. There have been times in my life where I've been ambitious and I've gone out and achieved some of my goals, and there have been other times when I've been not so driven. I think a person has to know what he/she wants, he has to know what their realistic likelihood is of achieving their goals, and then he has to just get after it. If someone is always discouraged by saying "Meh, it's too competitive," then they probably won't achieve too many of their dreams. No, you're right, I shouldn't expect to walk into a job at an investment bank - nor should anybody expect to walk into any job worth having. I have to prove I'm worth a flip, just like everybody else.

[ButtonPusher]

You go girl!!!!

[JS17]

Found the thread! There was some good advice on this thread. Interning in finance is a good way to get your foot in the door (similar to what Craig said). For Investment Planning there isn't a need for a degree in business. They look for personality more so than business sense. IPs are glorified salesmen, you're pushing their products. So you need to have an understanding of the product and be able to sell it....coming out of college I recall that they pushed for a lot of English majors.

 

Until you build your client base it will be a lot of grunt work...cold calling and mailers. People will get pissed at you for calling them at home and you'll probably get 1 response for every hundred calls. Of that probably 1 out of 50 will actually become a client.

 

To start, the best way to get into this is to go to seminars that the IPs have themselves...the bait and hook presentations. Learn about the products and talk to them about what they do. Once you have your basic knowledge down develop a relationship with bankers at an organization that you like. Your best bet starting out is to get into a partnership with some older men that will likely retire within 5-10 years and leave you their client base when they go.

 

In your free time right now I would start learning some of the basic terms and investing information that's available if you're not already familiar with it.

[amerikajin]

JS17,

 

That was golden. Thanks.

[Stone]

I am in finance I am a rep for Allianz, one of the biggest companies in the world! best job ever it's flexible, competitive, rewarding and exciting.. and I have no formal education. You have to take your series 7 to be a financial advisor and your series 6/63/2.5 to be a financial planner.

most companies will sponsor you and pay for training. Check out Edward Jones, you can study at home and get paid 7K to do so.

 

Let me know if you have anymore questions.

[amerikajin]

Thanks, stone!

 

<taking notes>

 

really, I appreciate everyone's advice here.

[Stone]

I am an independant financial planner so I make all of the comissions, usually about 10% this way I only really need to make 5-10 sales a year and I am still doing very well.

 

There are several marketing firms that support independants, I fuigure if your going to do it, do it on your own, you will work just as hard with a large firm like Meryl Linch, AG Edwards and have to meet a quota, then they usually only pay about 4-5%, if you don't meet your quota you lose your job!!

 

On the other hand, the experience & sales support is great. I started out in Insurance series 2.5 this way you can sell Life witch is a great tax shelter, Annuities witch is a security and grow from there, this way when you are learning the business you can still make a great living. Most firms will have you take your series 7 1st, then go for the others. Also banks will usually train and support series 2.5 and 6 at entry level.

 

I started out with AFLAC, got great sales experience and moved on.

[amerikajin]

Stone,

 

Actually, more than anything, that's the kind of opportunity I'm after. I know that I'll have to bust @ss no matter which company I'm affiliated with, but I'm honestly not too enthused about the idea of working for one of the big boys, being subjected to quotas and being pressured to sell their products, especially when I know there might be a better deal for my customer.

 

If you don't mind, how easy is it to become and independent rep, and do you find it more difficult than having a big name behind you like ML or R.James?

[Stone]

All you have to do is get licensed and the marketing firms will support your sales, I get seminars designed by marketing firms and they work just great.

 

i always tell my client I work for YOU not an individual company, being a broker, I can choose witch product is most sutible for you not like a big named company.

 

i would recommend get your insurance license 1st, once you sell someone a life policy there your client forever, then you can add services as you grow. With the 2.5 you can advise on LTC, Disibility, Health Insurance for individual and group, Group Term Life, Mortgage Life, Equity Indexed products for Annuities and Life witch are amazing. ect.

 

My home office is with a CpA firm, Whole Life Insurance is a wonderful tax shelter. Once you start doing seminars you become a " Teacher, professional" in the public eye. I am doing them at local Chamber of Commerence meetings and making a killing. My 1st year I only worked a total of 60 hours and made 55K.. it's a great deal being independant because all the money goes in your pocket.Let me know what state you are trying to get licensed for and I'll see what I can find

[amerikajin]

At this point, not exactly sure as I am still living overseas. I'd like to be close to family, so I've thought about moving back to closer to home but preferably in a large market. Possibly Houston or DFW.

 

Again, still very much in the getting ideas stage here. Any info you can pass along would be great, though.

 

Thanks.

[Stone]

Check out edward jones, American Financial Marketing for independant brokers, Aflac, State Farm or AllState. Those you are independant and have the possibility to run your own independant firm.

 

 

Also Morgan Stanley & AG Edwards are always looking for Trinees put your resume on Monster.com stating that you are intrested in Finance/ Independant Financial planner and you will get offers, I think that is the biggest market on Monster, just stay FARRRRRR away from primeAmerica and Ameriquest.. they are scam cults.. you don't EVER want a position where they want you to sell to faimly and friends

[Raven9595]

There are plenty of opportunities out there in Finance. I ahve worked in Finance for 10yrs and ahve 3 maters degrees (MBA, MS & MS) now and in my experience there is A LOT of demand for intelligent people that speak a second or third language. It is EXTREMELY useful in investment banking, trading, etc. Also, while your background may not seem like much it is interesting and that is what employers look for when hiring in lower to middle positions. What you did is basically leadership and that is what management does! Additionally, if you are going to back for a graduate degree and want to work in finance the most sought after people are ones with mathematical degrees such as MS in Financial Mathematics or Finacial Engineering. These degrees are mathematical based and they teach you the business part, therefore you do not need a business background to attend. When I went for my MBA a kid in my class tought English in Japan for 3 yrs before coming back to the US. Also, you have the best shot if you are in a financial center such as NYC, Philadelphia, Boston or Chicago.

 

Best of Luck to you!