So a Harvard grad who cant sell sh-t, is going to get the job over someone who went to a "random" state school but has better selling ability?.. I guess coming from money has its perks.
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Discount broker salary
- Thread starter cashmoney69
- Start date
So a Harvard grad who cant sell sh-t, is going to get the job over someone who went to a "random" state school but has better selling ability?.. I guess coming from money has its perks.
Quote from RICKTHESTICK:
Sure... but if your plan is too become a good trader you need a basic knowledge of the markets and you will not get it doing the monkey hitting keystrokes in a chop shop...
I'm not quite sure what you mean by "chop shop," but if you mean prop firm or leverage providing broker advertising as a prop firm - even shady, sleezy prop firms- you'll learn 100 times as much about the market, even if left all alone to watch a Level II and TAS than you ever would working as a customer service representative at ScottTrade or wherever. If you actually can find some successful traders to talk to, work with, trade with, or get mentoring from, then you're realllly far ahead.
Please tell me what basic knowledge of the market someone will get being a customer service rep at a retail broker? The knowledge that a lot of investors are dumbasses?
Thats right.
All the recruiters hit the top campuses and if you have that Harvard degree, your already through the doors of the top brokers.
You have to remember a few things about Harvard though. Getting into Harvard (and staying in) is more then about simply getting good grades. There are reasons why these people are at Harvard and thats because they have proven themselves to be able to execute. If you have ever met someone who went to Harvard then you would know exactly what I mean. These guys are highly motivated heavy hitters and they knew what they wanted to do from the time they were in elementary school. Believe me, they will sell.
This doesnt mean everyone who went to an Ivy League school is truely talented (i.e. George W. Bush). However, Im willing to bet the vast majority have proven themselves in one form or the other.
If you graduated from a state school, then its not a total loss, but I dont think anyone is going to be holding the front doors of Morgan Stanley open for you. I think you will have to sneak in through the service entrance.
If I was going to be a broker, discount or otherwise, then I wouldnt go with Scott-trade. I would apply to Morgan Stanley's or UBS financial advisor program. They recruit so many people that the chances of getting the job are great. In addition, "Morgan Stanley" looks more impressive on a resume then "Scottrade". Once Im there, then I would make contacts from within the company and attempt to transfer to the trading area. Im betting that it would be easier to transfer from within the company then applying from outside. Thus "sneaking through the service entrance".
Making contacts from within the company is not hard. Its just matter of picking up the telephone and being bold. Find out who works at the trading desk through the company directory, call them up and ask them if you can go to lunch or get some drinks at happy hour.
The front doors will be held open for the Ivy Leaguers while the rest of us will have to sneak through the service entrance.
All the recruiters hit the top campuses and if you have that Harvard degree, your already through the doors of the top brokers.
You have to remember a few things about Harvard though. Getting into Harvard (and staying in) is more then about simply getting good grades. There are reasons why these people are at Harvard and thats because they have proven themselves to be able to execute. If you have ever met someone who went to Harvard then you would know exactly what I mean. These guys are highly motivated heavy hitters and they knew what they wanted to do from the time they were in elementary school. Believe me, they will sell.
This doesnt mean everyone who went to an Ivy League school is truely talented (i.e. George W. Bush). However, Im willing to bet the vast majority have proven themselves in one form or the other.
If you graduated from a state school, then its not a total loss, but I dont think anyone is going to be holding the front doors of Morgan Stanley open for you. I think you will have to sneak in through the service entrance.
If I was going to be a broker, discount or otherwise, then I wouldnt go with Scott-trade. I would apply to Morgan Stanley's or UBS financial advisor program. They recruit so many people that the chances of getting the job are great. In addition, "Morgan Stanley" looks more impressive on a resume then "Scottrade". Once Im there, then I would make contacts from within the company and attempt to transfer to the trading area. Im betting that it would be easier to transfer from within the company then applying from outside. Thus "sneaking through the service entrance".
Making contacts from within the company is not hard. Its just matter of picking up the telephone and being bold. Find out who works at the trading desk through the company directory, call them up and ask them if you can go to lunch or get some drinks at happy hour.
The front doors will be held open for the Ivy Leaguers while the rest of us will have to sneak through the service entrance.
Quote from cashmoney69:
So a Harvard grad who cant sell sh-t, is going to get the job over someone who went to a "random" state school but has better selling ability?.. I guess coming from money has its perks.
The same way you worship Harvard grads I used to worship business students. They're normal people. Harvard is full of people with degrees like art history, sociology, English, not everyone there works for a hedge fund. Not only that but people are not full tilt 100% of the time.
When I was 18 I didn't care about next week while they were studying their balls off, I give them that.
When I was 18 I didn't care about next week while they were studying their balls off, I give them that.
I guess studying for a series 7 was a waste of time if I'm not going to be allowed a chance at the larger companies. OH well..on to the next venture.
Start your own hedge fund.
Anyone can run a hedge fund. Just take all of your client's money, stick it into the SPY and IWM and then take a 1 year vacation. If it goes up 10% and you have 1 billion under management, you make 20 million in management fees and 20 million in incentive fees for a total of 40 million. Even if it goes down a little, you still make close to 20 million just in management fees. You can even write covered calls to rake in some extra premium.
Now the tough part is trying to raise that $1 billion to play around with.
Anyone can run a hedge fund. Just take all of your client's money, stick it into the SPY and IWM and then take a 1 year vacation. If it goes up 10% and you have 1 billion under management, you make 20 million in management fees and 20 million in incentive fees for a total of 40 million. Even if it goes down a little, you still make close to 20 million just in management fees. You can even write covered calls to rake in some extra premium.
Now the tough part is trying to raise that $1 billion to play around with.
I had been a broker at a few shops and know brokers from many. It is all the same thing everywhere except for the schwabb guys. At morgan and goldman, they put much more focus on complex sales techniques that only the diligent can convey. I have worked at shops where kids were on the phone that probably should not have been. But its a capitalist economy? bad for business in my perspective.
It is understandable that someone would like to get experience in the markets, however, one should look at developing his own critical observation when applying various techs to various markets before opm is at play. I personally would go to a prop firm that will train you and give you capital and much needed observation since it is those inexperienced times that blow up in your face. If you had experience you would know exactly what you should do at that point, and supervision would be unecessary.
Then say you would like to broaden your outlook and learn to sell. Then I would go to a firm, and learn the logic of selling. Their sales programs all come from the same place- lehman b. You will not however learn anything useful about the markets. They program to be bulls, when in reality, markets go up and down, this is where the cunning mind of the well versed trader comes in. You will make money if you 1) get acounts everyday 2) BUY LOW SELL HIGH otherwise you can kiss your sanity goodbye 3) Always think big and never churn your book, success is a marathon not a sprint. 4) just because everyone else is involved with an idea, does not give any justification whatsoever for you to do the same- everyone knows diddly- as in fiction- you would be disgusted believe me. 5) buy liquid stocks- people who have large nw generally do not like to step into a company they can own outright, no small cap fly by nights. Take a company like gg, and buy every single dip in size or fro, which pays a hefty div, and build a large position while selling otm calls to enhance profit. another might say boring, but making money consistently is never boring. Do not get anastheticized by companies themsleves, they are all inflated literal peices of garbage. Hold 50k shares for 10 points and charge 5% and have a 75k month.
It is understandable that someone would like to get experience in the markets, however, one should look at developing his own critical observation when applying various techs to various markets before opm is at play. I personally would go to a prop firm that will train you and give you capital and much needed observation since it is those inexperienced times that blow up in your face. If you had experience you would know exactly what you should do at that point, and supervision would be unecessary.
Then say you would like to broaden your outlook and learn to sell. Then I would go to a firm, and learn the logic of selling. Their sales programs all come from the same place- lehman b. You will not however learn anything useful about the markets. They program to be bulls, when in reality, markets go up and down, this is where the cunning mind of the well versed trader comes in. You will make money if you 1) get acounts everyday 2) BUY LOW SELL HIGH otherwise you can kiss your sanity goodbye 3) Always think big and never churn your book, success is a marathon not a sprint. 4) just because everyone else is involved with an idea, does not give any justification whatsoever for you to do the same- everyone knows diddly- as in fiction- you would be disgusted believe me. 5) buy liquid stocks- people who have large nw generally do not like to step into a company they can own outright, no small cap fly by nights. Take a company like gg, and buy every single dip in size or fro, which pays a hefty div, and build a large position while selling otm calls to enhance profit. another might say boring, but making money consistently is never boring. Do not get anastheticized by companies themsleves, they are all inflated literal peices of garbage. Hold 50k shares for 10 points and charge 5% and have a 75k month.