Extremely OT: Career question for you financial people out there
So I know that this is way off topic and this is not really the place for something like this but I am desperate and don't know what other place to go to for help. This is sort of a life changing thing for me so it is that important to me and if this gets deleted I can respect that, but like I said I am desperate for advice and help and I know there are thousands of MGoBlog users that are successful so this would be a good group of people to ask. Please just bare with me.
I have been extended an offer from a financial group as a financial consultant. Pending my passing of the series 7 and 66 exams, I will be employed at this place. So I just have a few questions that I was hoping any of you MGoFinancial consultants could answer.
- First, how hard is the series 7 and 66 exam?
- Is a financial consultant a good career path?
- I'm told that after 3-5 years you should be making somewhere between $60,000-100,000+ a year; is this correct/realistic?
- Do you like your job?
- What can I expect in my first year or so as a financial consultant? Money-wise and just experience-wise.
I don't want to get into any more details than I have already as far as which place this is, as I am more just questioning the career path itself. I don't have my college degree, just some sales background. Is that weird that they are willing to employ me? I just am the type of person who does not like not knowing what to expect and found it hard to get good opinions from my internet research.
If so, which it seems like it is, just be aware that they may sell you a bill of goods as to what the job entails, or I'm just dumb (which isn't very far from the truth). If it's an advisor position- no matter which institution (Ameriprise, JP or Merrill) it is just a sales position. At first it's really not much consulting/advising. They have programs they want you to funnel your clients in, so you're not even advising them on their finances as much as selling them their products. As your career and experience grows though, you do get to become much more autonomous as to what you can offer your clients so you do become much more of an advisor. Either way, be prepared to cold call. A lot. And when you think you've done enough, cold call some more. I don't want to scare you away from the position, I just want to let you know what it I experienced and what I wish I knew before. It can be a very rewarding and lucrative career. BTW, they were quite a bit more honest with your salary expecations than the firms I had worked with were. I was told by many that if you're not making more than 200k in year 2, something is wrong with you.
Anyway, just my 2 cents. As far as the series exams, they're not particularly difficult, just time consuming. If you study, you'll pass.
Hope this helps
The 7 covers a ton of information, but is extremely straightforward. The shocking thing is that the pool of exam questions is actually quite small. I took over 20 practice tests, and was surprised that the same questions with exact same sets of answers kept popping up.
When I got to the actual exam, I had seen probably 95% of the questions before, no joke. I didn't even have to read the full question before knowing the answer. So get your hands on as many practice exams as possible. I'd even go so far as to tell you not to read much of the material. Jump into practice tests, and learn the material by getting answers wrong and reading explanations of what the right answer is.
The 66 covers way less material, but they definitely try to trick you more.
In both cases, when in doubt, ask yourself, "How could I screw an 85 year old widow out of her money?" That is always the answer they're looking for.
In terms of the career path, it can certainly be rewarding. That said, if you're starting with cold calling, be prepared to be miserable. The percetage of your peers who also start with cold calls and stick with it is going to be very low.
Good luck
I know you've had a lot of people offer help so I'm not offended if your all set and I don't hear from you but feel free to email me at:
will be attractive to any corporate employer:
- You have initiative (you came to the blog looking for insight and information);
- You evaluate a diverse set of opinions and information;
- You do not appear to be afraid of hard work;
- You value a college education; and
- You seem to make carefully considered decisions after weighing the costs/benefits
You sound like someone who will be an asset to any employer. Best of luck.
PS -- Great responses from the bloggers. It is a great to see the Board is not ragging on someone for asking for opinions on an important personal decision.
And also, about your PS, i am extremely glad as well! I wasn't sure what kind of responses that i would get but i have been overwhelmed with the help and informative opinions of others. Again, thank you all!
FIrst of all the best material is here: https://www.facebook.com/helpmepass?fref=ts
I have referred several people to them and they are all impressed at the upgrade of materials vs the Kaplan's of the world.
IMO you should get your 65 and be IAR. The brokers are going out of business. Managed porfolios are where it is at in the future. Mutual Fund and Variable Annuity sales are some of the biggest scams out there.
I have a lot more opinions on this but the broker world is just a glorified boiler room. You are better off to learn at a bank and then go on your own if you are going to the broker world. The banks have captive clients. Stay away from Edward Jones, Ameriprise and those types of guys.
To be honest, I'm not sure if the prospect of making $75-100k after 5 years is really that enticing. However, I do know from experience that many jobs in finance are just sales jobs with a more legitimate sounding title.
Bottom line though, sales jobs are some of the highest paying ones out there, especially in this current economic landscape. I'd say take it. My current job was an extreme stretch for me when I originally took it, but I have already found great success in a short amount of time, and I'm already in a position where I could leave and find another job in many areas of finance all over the country.
I am in my first year at Northwestern Mutual doing financial planning. Believe me when I say that the company you choose and people you surround yourself with is important. You must work with people that are quality individuals and put their clients first. Bust your tail for a few years and everything will work out. Feel free to email me [email protected]
All of you have failed to ask him the only question that really matters. Can you perform basic office functions with terrifying efficiency?