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juliocesar View Drop Down
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    Posted: Jul/17/2013 at 10:16pm
Hello, all.

I'm not currently in the industry, but today I aced my first in-person interview at a Morgan Stanley branch.  I guess this means I get to choose between going back to school for my Masters and going all in on a sales career.

19 out of 20 FAs go tits up in the surf zone, so I've come here to see what I can do to make sure I'm the 1 who doesn't.  I don't expect you'll hear too much from me.  I'm here to read and learn.

Thanks for providing this resource.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/18/2013 at 7:05am
Welcome.

FA or not, I generally recommend getting some career experience between your undergrad and masters - depending on the field of course.
When money is speech, speech isn't free.
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juliocesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote juliocesar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2013 at 10:20pm
You're definitely right on that.  I spent the last three years working my up in marketing in a small tech firm - steady work but a low ceiling in pay/responsibility.  I figured it was time to take a big risk before I had mouths to feed.

I had a recruiting adviser tell me I would be no worse than a coin flip at my stretch school if I got a 750 on the GMAT, so I've spent the last three months re-teaching myself algebra and statistics.  Nice warm-up for the 7!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote noggin Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2013 at 11:04pm
good luck...you will need it...
What keeps us captive are our own fears.- Moraen
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2013 at 11:06pm
Originally posted by juliocesar juliocesar wrote:

You're definitely right on that.  I spent the last three years working my up in marketing in a small tech firm - steady work but a low ceiling in pay/responsibility.  I figured it was time to take a big risk before I had mouths to feed.

I had a recruiting adviser tell me I would be no worse than a coin flip at my stretch school if I got a 750 on the GMAT, so I've spent the last three months re-teaching myself algebra and statistics.  Nice warm-up for the 7!

WTF is a stretch school?  A 750 on the GMAT is unlikely, unless it's changed since I took it last.  
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juliocesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote juliocesar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/23/2013 at 6:46pm
Originally posted by helado helado wrote:


WTF is a stretch school?  A 750 on the GMAT is unlikely, unless it's changed since I took it last.  


From what I understand about 1% of scores are above 750.  I'm working for a high score, but it would be moronic to plan around being one of the top 1% of GMAT takers in the world.

Strike "stretch", I meant reach. Mostly I'm looking at regional schools with good connections to boutique finance, tech or energy.  If I can't sell financial products, maybe I can help design them.  We'll see.

Thanks for encouragement, guys.  I'll shut up now and get back to studying.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote yellow mamba Quote  Post ReplyReply Direct Link To This Post Posted: Jul/25/2013 at 6:24am
Originally posted by juliocesar juliocesar wrote:

Hello, all.

I'm not currently in the industry, but today I aced my first in-person interview at a Morgan Stanley branch.  I guess this means I get to choose between going back to school for my Masters and going all in on a sales career.

19 out of 20 FAs go tits up in the surf zone, so I've come here to see what I can do to make sure I'm the 1 who doesn't.  I don't expect you'll hear too much from me.  I'm here to read and learn.

Thanks for providing this resource.

two questions for you.

did you get the second interview?

where do you wanna go for your masters? and what major?

that was actually three
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juliocesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote juliocesar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2013 at 11:17pm
Originally posted by yellow mamba yellow mamba wrote:



two questions for you.

did you get the second interview?

where do you wanna go for your masters? and what major?

that was actually three


Got the second interview, which led to an offer.  Going to counteroffer on Monday, then accept if we can come to agreeable terms.  Then it's four months of study and networking before I start dialing for dollars.

The other plan is MBA at UT Austin, Tulane or SMU. Though I'd take most any Big 12 school if it came down to it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Crosson Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 12:15am
If you counteroffer on Monday you can kiss your ass goodbye! You have no idea how hard it is to even get an offer never mind turn around and counteroffer in this business. Wow sometimes people are handed the keys to a door and they don't know how to put the keys into the lock and turn. When I started in this business I vacuumed the floor when it was dirty in the whole office without being asked. A good advice thought for the day. You have to crawl before you can walk! You have no idea how much it cost a firm over the next several years to get you up and going in this business and with a 5% chance of being around in 3 to 5 years!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 7:35am
Originally posted by Crosson Crosson wrote:

If you counteroffer on Monday you can kiss your ass goodbye! You have no idea how hard it is to even get an offer never mind turn around and counteroffer in this business. Wow sometimes people are handed the keys to a door and they don't know how to put the keys into the lock and turn. When I started in this business I vacuumed the floor when it was dirty in the whole office without being asked. A good advice thought for the day. You have to crawl before you can walk! You have no idea how much it cost a firm over the next several years to get you up and going in this business and with a 5% chance of being around in 3 to 5 years!

When i was given my offer at Smith Barney, now Morgan Stanley, as a trainee, i asked for 10k more. I got it. It had to be approved by the Regional Director and it was. OK, it was 13 years ago, and the business has changed. The wirehouse  hiring process has not changed that much. It depends on how much the branch manager wants to hire you and how convinced he is that you have a chance to survive. It also depends on how close the branch manager is to making his trainee hire quota. His bonus partly depends on it, so if giving you more money puts money in his pocket, he will give it to you if you have a pulse.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 8:06am
You also had way more life experience than this kid and a much higher income to walk away from.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 8:22am
Unless I am wrong, OP is a recent college grad.

I wouldn't counter offer.  He has no sticks for the negotiating table.
When money is speech, speech isn't free.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 8:37am
Good points. But like i said, i think if the manager needs to make his quota.....
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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Crosson View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Crosson Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 8:46am
This is not a good way to start a relationship with the person who will be your manager for the long term. The small amount of extra money after taxes is not worth the chance of the offer being withdrawn completely. Don't mess with a great opportunity!
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If they made an offer I doubt they would reject him completely for simply making a counter offer. That's called smart business. The manager will probably be impressed he had the balls to come back with a counter. As long has he has a humble attitude, is teachable and works hard when he starts, I would absolutely ask for more money.
"Repetition is the mother of skill."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lefty_14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 10:12am
Juliocesar

I did as you are describing not too long ago with MS. things to keep in mind: I had 2 other FA offers at UBS and WFA and 2 IBD offers as an energy analyst . I got the extra 8500 I ask for but you gotta have a damn good reason of why they should give it to you . keep that in mind during your process . good luck .
If you can't explain something simply, you don't know it well enough.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jersey33 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 10:30am
I say counteroffer for simple fact that you will more than likely work extremely long hours to get your business going and also purchasing resources to have a successful practice. It's something else to keep in mind.
Without struggle there is no progress
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juliocesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote juliocesar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 1:17pm
Originally posted by ca$h_money ca$h_money wrote:

If they made an offer I doubt they would reject him completely for simply making a counter offer. That's called smart business. The manager will probably be impressed he had the balls to come back with a counter. As long has he has a humble attitude, is teachable and works hard when he starts, I would absolutely ask for more money.


This is exactly the plan.  From my perspective I am looking at six months at least before production starts to become even a large minority of my income, so it's a good move to make sure I maximize my base pay.  The complex BD manager has been very positive about the attitude, skillset and network I'm bringing to the table.  I have my doubts that asking for another $5k is going to be the end of the world.

I'm going to spend the next 30 years asking people for their money; it doesn't sound like a bad thing to start doing that now.  Worst comes to worst, I stay with my account management job in a tech firm looking at 300% year over year earnings growth.  Not exactly a fate worse than death.


Edited by juliocesar - Jul/27/2013 at 1:18pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 3:35pm
If you are in a job with 300% yoy earnings increases, why the F would you leave?
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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juliocesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote juliocesar Quote  Post ReplyReply Direct Link To This Post Posted: Jul/27/2013 at 4:18pm
My advancement is limited by my lack of hard skills.  I'm close to hitting a ceiling I can only break through with a graduate degree or sales experience.  It's the hard reality of getting a BBA that isn't in Finance or Accounting.

It's a family business and the guy next in line to own it has been a friend since prep school.  I'll always be there to help him if he needs it, and from his side it makes sense to have me develop a stronger skillset for if we work together again in the future.
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