Really need some advice on career change...

Num369 · Feb 15, 2012

Hi everyone,
I am currently working as a FA. I don't believe this is where my heart is. I really like to trade and look at the market in a technical sense. I thought perhaps i can get a sense of the financial world by working as a FA, but all i am doing right now is opening accounts for my senior broker. What i want to do is perhaps move on to the commodity side of the business. I am willing to learn the business and work hard but i don't know where to start in looking for a reputable trainee position. Do i need to go back to school for an MBA before looking for a commodity or trading position? If this question has been answered, i apologize. I simply don't have the time to read up hundreds of pages of threads.

Roark · Feb 15, 2012

Quote from Num369:

I simply don't have the time to read up hundreds of pages of threads.

You should probably look into a Walmart career. They appear to have very low standards and will even consider really lazy people.

cyoungmark · Feb 16, 2012

I don't have much advice into breaking into a different part of the business. It good though, that you realized being a FA isn't necessarily the way to break into exciting world of trading and what not.

reid5525 · Feb 16, 2012

Get the MBA first. That will be your safety net. While you are at it, print out intraday charts. Take them to bed with you. If you love them, then see how you would trade them. But, if all you can see is randomness, get to heck outa dodge.

FrankSlaughtery · Feb 16, 2012

to the op, i was in your EXACT same positions years ago. i didn't last long (less than a year) b/c i realized being a FA has NOTHING to do w/ trading and everything to do w/ selling which i don't want to do.

my advice is to find a job where you can learn the trading side of the business but i realize that's not always possible. so another route is to find any other job that pays the bills and allows you to save money to start trading (after you have a plan of course). if you're making decent money where you are my advice is to stay unless you can get another job making better money BEFORE you leave your current job.

in the meantime while you're saving, soak up all the information you can.

feel free to pm me.

Num369 · Feb 16, 2012

Quote from Roark:

You should probably look into a Walmart career. They appear to have very low standards and will even consider really lazy people.

Thanks for the reply but those two characteristics don't apply to me.

Num369 · Feb 16, 2012

Quote from reid5525:

Get the MBA first. That will be your safety net. While you are at it, print out intraday charts. Take them to bed with you. If you love them, then see how you would trade them. But, if all you can see is randomness, get to heck outa dodge.

I read a thread somewhere that firms would consider hiring a person with a CFA. But do you think commodity firms will consider that as well? Thanks.

cfu · Feb 16, 2012

The MBA market is soooooo diluted, especially these days with everyone who isn't working deciding to go back to school. The best bet is to get one from a top 10 - 20 name, but tuitions have skyrocketed and those programs go from at least $90k+. To boot, there is no guarantee that you will get a job after you graduate or even get one with any jump in salary, so you run a great risk of piling up debt. All these schools touting average salaries after completing the program (Cornell and Columbia say their MBA grads make $250k+) include stats from very different economic times.

Remember, student loans CAN NOT be marked down even if you declare bankruptcy.

I'm sure the CFA market is inflating too, but not to the point where MBA's are now. Besides, you can't put MBA after your name, but you can have CFA there.

newwurldmn · Feb 16, 2012

Quote from cfu:

The MBA market is soooooo diluted, especially these days with everyone who isn't working deciding to go back to school. The best bet is to get one from a top 10 - 20 name, but tuitions have skyrocketed and those programs go from at least $90k+. To boot, there is no guarantee that you will get a job after you graduate or even get one with any jump in salary, so you run a great risk of piling up debt. All these schools touting average salaries after completing the program (Cornell and Columbia say their MBA grads make $250k+) include stats from very different economic times.

Remember, student loans CAN NOT be marked down even if you declare bankruptcy.

I'm sure the CFA market is inflating too, but not to the point where MBA's are now. Besides, you can't put MBA after your name, but you can have CFA there.

An MBA from a good school (top 15) is a virtual guarantee to at least a 100,000/year job. And many of those guys (like 30-40%) end up going to wall street or consulting where the pay is closer to 175-200. This is total comp (end of year bonuses, etc). Those 250 numbers always included second year tuition payment for interns, etc.

Anyway, for the OP, he just needs to just interview.

cfu · Feb 16, 2012

Quote from newwurldmn:

An MBA from a good school (top 15) is a virtual guarantee to at least a 100,000/year job. And many of those guys (like 30-40%) end up going to wall street or consulting where the pay is closer to 175-200. This is total comp (end of year bonuses, etc). Those 250 numbers always included second year tuition payment for interns, etc.

Anyway, for the OP, he just needs to just interview.

I am quite confident in challenging that notion. In a different economic environment of yesteryear, it is a virtual guarantee to pull those numbers. Not so these days.

Will you have a better chance of landing one with a top 15 MBA now? Of course. But in a Wall Street world constantly under political and social scrutiny, shrinking profits, ever increasing counterparty exposure, insolvency (let's not forget that their books only look like they do now because FASB rule 157 was suspended) those numbers are much more difficult to land TODAY. Banks used to up the ante to retain talent, but nowadays they have no problem letting them walk.