Stock Broker and CFA and beyond

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peanutbutterjelly

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I have been in finance for quite a while, started in commercial banking and now as a stock broker. I have been thinking of the CFA exam and transitioning to a different area in finance. I have been feeling stuck and feel I could do more and even willing to start from the bottom, if given the opportunity.
I could stay as a broker and make more than decent amount of money but the sales part of it does not really engage me to be in it for the long haul. Money is great but I’ve also realized that it really doesn’t motivate me. I do have a good grasp of finance and economics. My knowledge can be describe as a mile wide and a foot deep. I believe that the CFA designation is a foot wide and a mile deep in terms of teaching you the inner workings of finance, which really interests me.
Anyways, the CFA charter route is 2-3+ years, which I am willing to spend grueling hours studying. I suppose my point is, for people who are in finance like me (and might I add not so young, I’m 31 have a bachelors in business, based in NY, series 7/63, 11 years of financial experience) and are thinking of getting the CFA designation at this point in their career:
- How competitive is it to get a job as an analyst or research?
- What ares in finance do you think might complement such experiences?
- Are the pastures outside New York be greener?
 
CFA is not a foot wide and a mile deep. After you get through the whole program, it will feel a mile wide and a mile deep. Take a look at the course syllabus on the website to get an idea of what kind of things you’ll learn.
If you are using CFA to transition to another job, I say you should turn back now :)
We all want that. If you spend any amount of time on this site, you’ll see that most people are suffering in roles they don’t like, have passed one or more levels, and still can’t break in. It’s not impossible to transition, but it is very difficult. And this job market in particular makes it much harder. Proceed with caution.
 
Are you married? Kids? If no, I’d say roll with it. It will be a tough road (the exams are one component that’s tough, but actually getting one of these positions is tough as well), but I’d think already being FINRA licensed and having a decent sales background you should be able to get into something on the sell-side?
Hopefully you’d be networking while passing the exams and get an opportunity. Good luck either way.
 
You will have a stain (stigma) attached until you can get that first job. Much like accountants, stock brokers are not highly regarded as finance professionals and often pigeonholed when trying to make a more into “real” finance.
A CFA won’t hurt, but being 31 with 11 years under your belt isn’t an attractive candidate for an entry-level position. I’m sure you can find something other than being a stock broker, but if you want a more highly sought after position then you’re going to need to leverage your connections (you should have a ton with that many years in a sales position) or go for a top MBA (you’re getting a bit old for a full-time program, but if you could get in to NYU part-time then it would be a good start).
Time is a tickin’… you better get moving if you want to make a move into finance. The good news is you have plenty of time for other career fields.
 
Not married, no kids. That’s why I’m debating between an MBA and CFA. I’m thinking doing both but that’s kinda suicide.
I just got comfortable throughout the years having no debt and going for an MBA would mean acquiring debt.
But thanks for the thoughts.
 
SuperiorReturn Wrote:
——————————————————-
> ive done both.
> wtf. cowboy up u pussy
HAHA, exactly, I felt like a pussy for the past few years. LOL
 
i think ur still young though to make a change.
but idontthink CFA alone will be enough for achange up.
i graduated with people who made the jump into capital markets though.
they levereaged their network within their firm prior to b-school ie informational interviews, coffees etc , went to school, than turned those connections to internship, graduated and were hired fulltime
 
Depends what type of position you’re going for, ‘goes to eleven’. There are plenty of positions you can start after 30 (stock broker is one). At my current company I doubt they’d consider a 30 year old for a pre-MBA position. They’d only consider someone without an MBA for a post-MBA position if they had very attractive work experience (my case).
 
listen, i just said 30 was young to make him feel better.
you dont have to be an a sshole. your a gigantic a sshole.
 
I’m 41 and have Series 7/63 and am considering taking the CFA - which I’m sure is considered a pipedream from the comments I’ve seen, so I think that PBJ, you should give it a shot - it’s cheaper than an MBA and to me seems more respectable to have the CFA.
 
SuperiorReturn Wrote:
——————————————————-
> listen, i just said 30 was young to make him feel
> better.
> you dont have to be an a sshole. your a gigantic a
> sshole.
lol !
 
If you have a decent client list maybe you can leverage that into an independent wealth advisory? Then, once you’re up and running you can think about clients needs and develop a proprietary product to fit those needs.
 
I got my CFA aged 35 and became a PM after that.
You are never too old to learn or change what you are doing in life. These kids think they know something. They know jacksh.t other than a pampered lifestyle paid for by the bank of mommy and daddy. You could set up your own shop if you have the connections and sufficient knowledge.
 
Muddahudda Wrote:
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> I got my CFA aged 35 and became a PM after that.
>
> You are never too old to learn or change what you
> are doing in life. These kids think they know
> something. They know jacksh.t other than a
> pampered lifestyle paid for by the bank of mommy
> and daddy. You could set up your own shop if you
> have the connections and sufficient knowledge.
What was your prior experience and education ? Top MBA ? Are you in the US ?
 
What type of shop are you a PM at? Guy selling coffee on the corner can call himself a PM.
What type of experience did you have? That’s the real discussion going on. If you received your CFA at 35 but had 10+ years of relevant experience, then you’re not a great comparison to the OP.
Not sure where kids and pampered lifestyle came into the discussion. I’m discussing the scenario as presented by the OP and making reasonable assumptions. You’re bringing in what someone’s allowance was at 12.
Maybe the OP is a stud, maybe he has great connections, maybe he can sell the sh*t out of an idea and get into a top shop. Who knows. All we do know is he has 11 years of experience as a stockbroker - try to make relevant recommendations based on that little tidbit and what his chances are of breaking into a competitive field.
 
I know a bunch of people from unrelated fields who went to business school in their early 30s, and then ended up in equity research, trading, or even IB. Of course, a lot of this depended on the quality of their work experience and academic backgrounds, regardless of field.
 
Go for it, OP.
I’m 32, have been in back office and treasury for my entire career, and recently had a 2nd interview for a fixed income analyst/trader role after adding “Passed Level III” to my resume. I am terrible at networking and have zero contacts at this particular bank. (In full disclosure, I don’t think I got the job, but I’m optimistic that more opportunities will come along).
The age thing makes it harder, but far from impossible. I’m assuming you have some networking skills if you’re in sales. That will help you immensely.
 
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