Finance Grad - for what it's worth:
1) Don't go into retail, it is a dying business. The internet has made sure of that. Unless you have 10+mm of family money that will come immediately with you and you think you can raise another 30mm in 2-3yrs, you will find it incredibly difficult to make it in that business. Retail is NOT ABOUT the market. It is about bullshting other people into giving you their cash. Is that what you want to do?? A sales job in this field has nothing to do about the market. In fact if you truly do this job correctly, you should be on the phone 9 hours a day solliciting money instead of looking at charts and trying to prognosticate the nxt move. If you care and are passionate about the market - it is a good way to get your foot into the Wall Street door, but it is not the career path you will want to take for the long term.
2) You need to immediately realize that you are NOT GOING TO MAKE ANY MONEY RIGHT OUT OF UNDERGRADUATE SCHOOL. LEARN THIS FACT NOW. Do not get caught in the fact that somebody threw you a low bid. As the gentlemen mentioned earlier, welcome to the real world. Someone earlier also mentioned go with a good firm - absoluletly if you are so lucky to be offered a job by one. A good firm with a big global presence will offer you many options internally (from a career perspective) down the road. Lots of opportunity inhouse. Your goal should be to get your foot in the door first and foremost! If you do that, the money will come. Don't think that "you are a college graduate and you are entitled to a high salary". You are not entitled to sht. And this is a grunt business with dedicated people willing to do a lot more for a lot less just because they love it that much. Your future employer knows that if you don't want it for a certain price, there are a lot of other guys/gals right behind you that will hit that bid running. Just get a job at a good firm, if you love the market and work hard - the rest will take care of itself.
3) Get the CFA. I can not express this enough. The test is brutal, but our business is becoming more and more competitive everyday. This will separate you from the others, and it carries weight in the field from an employment standpoint. Although the CFA will teach you ABSULUTELY NOTHING on trading, it is a hell of a backup and marketable bullet point for future employers. My suggestion - go into the Level 1 right out of college since you are still in the studying mode. The test is hard - so good luck. You are young, so God willing you get the CFA by 25-26, and trust me you will be glad you did it. TRUST ME YOU WILL BE GLAD YOU DID IT!! As Marty Schwartz says, ensure your family's security. You will do that by getting the CFA. If you want to trade later in life (thinking 30 and trust me it will come sooner than you can freakin imagine), having a CFA is a great backup in case you fail.
So in summary, this is what I would suggest. 1) Graduate 2) Get entry level job into New York firm if possible and 3) get your new employer to pay for you to start the CFA via Level 1 immediately if you have reservations about trading on a desk. This will buy you time, which as a college graduate time is something you have.
Now if you are sure that you want to trade in life, and if you can get a junior trader position on a great desk - HIT THAT BID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The hell w/the money - Next - We're done - when do I start!! You will learn more in 6months on a desk than 4yrs in a classroom. You are about to learn about the real world, especially if you decide to go into this business. It's brutal and it's going to knock you on your ass, but you'll love it bc it's the best business in the world. Go for it and never settle - Always push yourself. And go institutional over retail at all times. That's the best trade you can make right now.
P.S. For our Junior in College boy - Although I love the passion, a piece of advice for you too. GO OUT!! get hammered with friends and enjoy these last 2yrs of your life. Because you are going to spend the next 50 years wishing you could go back there buddy.
1) Don't go into retail, it is a dying business. The internet has made sure of that. Unless you have 10+mm of family money that will come immediately with you and you think you can raise another 30mm in 2-3yrs, you will find it incredibly difficult to make it in that business. Retail is NOT ABOUT the market. It is about bullshting other people into giving you their cash. Is that what you want to do?? A sales job in this field has nothing to do about the market. In fact if you truly do this job correctly, you should be on the phone 9 hours a day solliciting money instead of looking at charts and trying to prognosticate the nxt move. If you care and are passionate about the market - it is a good way to get your foot into the Wall Street door, but it is not the career path you will want to take for the long term.
2) You need to immediately realize that you are NOT GOING TO MAKE ANY MONEY RIGHT OUT OF UNDERGRADUATE SCHOOL. LEARN THIS FACT NOW. Do not get caught in the fact that somebody threw you a low bid. As the gentlemen mentioned earlier, welcome to the real world. Someone earlier also mentioned go with a good firm - absoluletly if you are so lucky to be offered a job by one. A good firm with a big global presence will offer you many options internally (from a career perspective) down the road. Lots of opportunity inhouse. Your goal should be to get your foot in the door first and foremost! If you do that, the money will come. Don't think that "you are a college graduate and you are entitled to a high salary". You are not entitled to sht. And this is a grunt business with dedicated people willing to do a lot more for a lot less just because they love it that much. Your future employer knows that if you don't want it for a certain price, there are a lot of other guys/gals right behind you that will hit that bid running. Just get a job at a good firm, if you love the market and work hard - the rest will take care of itself.
3) Get the CFA. I can not express this enough. The test is brutal, but our business is becoming more and more competitive everyday. This will separate you from the others, and it carries weight in the field from an employment standpoint. Although the CFA will teach you ABSULUTELY NOTHING on trading, it is a hell of a backup and marketable bullet point for future employers. My suggestion - go into the Level 1 right out of college since you are still in the studying mode. The test is hard - so good luck. You are young, so God willing you get the CFA by 25-26, and trust me you will be glad you did it. TRUST ME YOU WILL BE GLAD YOU DID IT!! As Marty Schwartz says, ensure your family's security. You will do that by getting the CFA. If you want to trade later in life (thinking 30 and trust me it will come sooner than you can freakin imagine), having a CFA is a great backup in case you fail.
So in summary, this is what I would suggest. 1) Graduate 2) Get entry level job into New York firm if possible and 3) get your new employer to pay for you to start the CFA via Level 1 immediately if you have reservations about trading on a desk. This will buy you time, which as a college graduate time is something you have.
Now if you are sure that you want to trade in life, and if you can get a junior trader position on a great desk - HIT THAT BID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The hell w/the money - Next - We're done - when do I start!! You will learn more in 6months on a desk than 4yrs in a classroom. You are about to learn about the real world, especially if you decide to go into this business. It's brutal and it's going to knock you on your ass, but you'll love it bc it's the best business in the world. Go for it and never settle - Always push yourself. And go institutional over retail at all times. That's the best trade you can make right now.
P.S. For our Junior in College boy - Although I love the passion, a piece of advice for you too. GO OUT!! get hammered with friends and enjoy these last 2yrs of your life. Because you are going to spend the next 50 years wishing you could go back there buddy.