Broker (investment, stock, whatever, etc)

[IHateMyJob2004]

I am sick of engienering, know everything I'll ever want to know about investing.

I know I'd have to learn more to be a broker, but I also am pretty sure I just need some sort of certification.

Anyways, can anyone tell me what it takes?

 

[KLin]

Pass the series 7 and you're set.

 

[Vegito]

Let me know when you pass... and good luck

EDIT:

http://www.investopedia.com/professionals/FAQs/Series7/archive.asp

harder than i expected.. good luck x2

 

[Epic Fail]

do you want to become a broker or an research analyst?

to be a good broker, you have to be able to bring in big clients.

 

[IHateMyJob2004]

Originally posted by: yamadakun
do you want to become a broker or an research analyst?

to be a good broker, you have to be able to bring in big clients.

Want to be a broker. Analyst would also be nice...even might have some connections to get that kind of job.

As for the series 7 comment, thanks for the info....I'm assuming after engineerin g, anything else is a snap. I know engieners that got a law degree and laughed at how easy law degrees are to get.

 

[dirtboy]

Most brokers don't need to know as much about investing as they do cold calling and selling.

I know a guy who went to work for a big investment firm with the idea that he'd be making investment recommendations. They helped him get licensed and told him to start making calls. So far he's not been that successful.

Make sure you're a good salesman; learning the other part is relitively easy.

 

[IHateMyJob2004]

Originally posted by: forcesho
Let me know when you pass... and good luck

EDIT:

http://www.investopedia.com/professionals/FAQs/Series7/archive.asp

harder than i expected.. good luck x2

Wow, I'm starting to read about this. I might actually motivate and do it.

ignoring my nickname ..... anyone here in CT willing to hook me up with a job....preferably in the hartford area

 

[IHateMyJob2004]

Originally posted by: dirtboy
Most brokers don't need to know as much about investing as they do cold calling and selling.

I know a guy who went to work for a big investment firm with the idea that he'd be making investment recommendations. They helped him get licensed and told him to start making calls. So far he's not been that successful.

Make sure you're a good salesman; learning the other part is relitively easy.

That's a bummer ... I don't want ot do the cold calling thing. I want ot help people, and i understand how living off of commissions can hamper that.

I suppose being an analyst is a better idea. Time to ponder ....

 

[JEDI]

Originally posted by: KLin
Pass the series 7 and you're set.

lol.. if you know nothing about the investment field, then the CCIE would be easier to pass if you spend the same amount of resources. and you're guarenteed 6 figures w/ccie once you get that piece of paper.

cant say the same for Series 7

 

[IHateMyJob2004]

Originally posted by: JEDI

Originally posted by: KLin
Pass the series 7 and you're set.

lol.. if you know nothing about the investment field, then the CCIE would be easier to pass if you spend the same amount of resources. and you're guarenteed 6 figures w/ccie once you get that piece of paper.

cant say the same for Series 7

Guarenteed 6 figures?

OK, I'll start my research into that.....

How hard is it to get a job if you are CCIE certified?

EDIT:
THIS IS A THREAD INTENDED ON FINDING A CAREER IN FINANCE! not Cisco!

 

[JEDI]

yup. ccie = 6figures

failure rate on 1st try = 80%

each test = $1k

avg to pass = 4 tries

and cisco keeps revising the test to make it harder w/each revision. so if you passed, do not let your cert lapse!

there's no such thing as a paper ccie. there's a 2 day lab portion (8hrs/day)

Fiannce-> Ever see the movie "Boiler room"

 

[dirtboy]

Originally posted by: IHateMyJob2004
That's a bummer ... I don't want ot do the cold calling thing. I want ot help people, and i understand how living off of commissions can hamper that.

I suppose being an analyst is a better idea. Time to ponder ....

I know banks around here have investment people that are securities licensed. From people I know who have been to them, their advice is not that great; although I am speaking from a specific perspective. Perhaps for a young person investing they are much better.

The point being is that I don't believe these people market themselves much. I think that is the banks job to put people in front of the. I doubt they can make as much as an independant salesman, but one never knows.

As someone who used to be a network admin/engineer who now works for investments, I can tell you if you want to make more than 35k a year, you should probably be a good salesman or know someone who will hand you clients consistently (doesn't happen too often).

 

[JEDI]

you can also make a $1B/year by managing a humongeous mutual fund.

yes, 1B to the head fund mgr per year

 

[Doggiedog]

Originally posted by: JEDI
you can also make a $1B/year by managing a humongeous mutual fund.

yes, 1B to the head fund mgr per year

Where do you guys get this misinformation?

$1B a year to head up a mutual fund?!? The top guy in the hedge fund world took in $1 billion. No mutual fund manager will ever get $1 billion.

Getting a series 7 is no guarantee you'll do well either. Heck, I've got a series 7 and a 63 and an 86 and an 87. All it means is that you are allowed to work in the industry in some capacity. How do I know this? I've worked on Wall Street for over 10 years.

Back on topic though. You do not want to be a retail broker. Trust me. That is the bottom of the food chain on Wall Street. It is not the glorious occupation that you see in the movies or TV. If you think you can succeed cold calling as a telemarketer, then maybe you can try retail brokerage because that's what you'll be doing. Calling people up randomly for business.

If you want to go the research route, then I can give you some advice as that's what I've done for the last 10 years. In fact, I know 2 guys that are looking for research associates in my firm right now. Unfortunately, unless you have a rock solid background in finance, you won't be fit for the position.

 

[JEDI]

sorry.. he was a hedge fund mgr

Link

"Edward Lampert of ESL Investments was the world's highest-paid hedge-fund manager last year -- earning an estimated $1.02 billion"