Anybody in Finance/Banking/Investment???

[DNoMac]

Looking for advice on different jobs in the finance industry. I graduate in a few months and have been applying for different positions. I'd like to narrow my search, but I'm not 100% sure which job I'd like. I like working with people, so I thought financial advising would be perfect, but it seems a lot of the jobs involve cold calling which I'm sure nobody likes.

One area I'm not too familiar with is real estate finance. I'm def interested in this area of finance, but not sure of the jobs that are available. I know of loan officers, but not sure what else is available. I know a lot of you guys may not hold a job, but maybe you know somebody who does, or have your own financial advisor and you could share experiences, advice, ect. Thanks

[DNoMac]

Daytrader, I know you prob have some knowledge on this. What do you have to say? I know investment banking is where the big bucks is, but I heard it is EXTREMELY demanding, like 80+hour workweeks. I'm no stranger to work, but wondering if you could elaborate on what you know about the industry.

[MotoXracer]

"Investment banking" is a large field. You have to know if you want to be on the buy side, or sell side of the business. Just remember that you will be competing with the best of the best for jobs(4.0 Ivy League types, PHD's, People from rich families).

I also looked into getting into investment banking and the best resource is to check out the forums on vault.com, you will get a better idea of what is out there.

http://www.vault.com/community/mb/mb...pe=1&ch_id=240

[SpartanStrength]

Wow bro you sound JUSTTT like me. I'm in literally the same dilema. I like sales. Financial advising is my main finance job idea. I'm leaning towards commercial real estate, as i'm trying to get an internship with a company as we speak.

[daytrader]

Hey bro, im in the same exact boat as you are.. graduate this may in finance and econ.. i want to go into the equities and securities markets.. thats what def interests me the most... I would LOVE to try and get in with a hedge fund some where.. those guys can make the big bucks... I-Banking... EH, i dunno, they do everything and can Travel ALOT, dunno if thats what i want to get into, and yes ive heard they can work up to 100 hr weeks the first few years(by by lifting and diets)
Check this out about i-banking.. GL BRO
http://gawker.com/topic/the-bitter-i...ail-016011.php

[MartyMcFly]

I just landed a financial advising job yesterday with a big company. It is true you have to do a lot of cold calling at first but later you work mainly on a referral basis. Just be careful who you work with as there are a lot of chop-shops out there who hire a lot of people and do not train them for shit and fire a bunch after a few months.

I graduated with an econ degree. My favorite thing in the world.

[DNoMac]

Wow bro you sound JUSTTT like me. I'm in literally the same dilema. I like sales. Financial advising is my main finance job idea. I'm leaning towards commercial real estate, as i'm trying to get an internship with a company as we speak.

Def big dollars in commercial real estate. I've considered something like a real estate agent, but a 4 year degree isn't really necc for that type of job so I figure why even bother? My buddy just got licesed actually, I should ask him how things are going. I suppose it ***ends on where you live, interest rates, ect.

[auslifta]

Def big dollars in commercial real estate. I've considered something like a real estate agent, but a 4 year degree isn't really necc for that type of job so I figure why even bother? My buddy just got licesed actually, I should ask him how things are going. I suppose it ***ends on where you live, interest rates, ect.

you'll see good times and bad as it cycles, hopefully you can enter as market is going strong

[DNoMac]

Hey bro, im in the same exact boat as you are.. graduate this may in finance and econ.. i want to go into the equities and securities markets.. thats what def interests me the most... I would LOVE to try and get in with a hedge fund some where.. those guys can make the big bucks... I-Banking... EH, i dunno, they do everything and can Travel ALOT, dunno if thats what i want to get into, and yes ive heard they can work up to 100 hr weeks the first few years(by by lifting and diets)
Check this out about i-banking.. GL BRO
http://gawker.com/topic/the-bitter-i...ail-016011.php

You convinced me! No, I really wasn't considering a job in I banking. What places are you looking into?

[DNoMac]

I just landed a financial advising job yesterday with a big company. It is true you have to do a lot of cold calling at first but later you work mainly on a referral basis. Just be careful who you work with as there are a lot of chop-shops out there who hire a lot of people and do not train them for shit and fire a bunch after a few months.

I graduated with an econ degree. My favorite thing in the world.

Which company if you don't mind saying? I had an interview yesterday with one, and realized it was garbage. The guys said he's made less than 10 cold calls in the 5 years he had been with the company. I asked him how he gets clients, he replies "we start with are family, the ones we love most and network from there". I said no thanks after hearing that. Wouldn't be so bad if your working for a larger company I suppose. I do like to work with people and don't mind sales, but I wouldn't want to rely on cold calls.

[dhriscerr]

Im interested too, because I'm trying to decide wether to major in Accounting or Finance???

[rock357]

dhriscerr,
I'd go with a Finance major and if possible a Acct minor. I'm a Fin major and have had quite a few Acct classes. If I had to choose one I'd go with Finn. Imo, it gives you a much broader knowledge of how to choose the right move with money, no matter what your field. IE, investment banker, Comm Real Estate, or pig sh*t farmer. To be successufull they all have to know how to make sound investment decisions for themselves and their co's. I am personally going into real property investment and high risk lending. Sounds safe doesn't it. Oh well you only live once. No risk, no reward! Btw, no offense to the bean counters on here. LOL! Acct is also an intergral part of any b'ness decision. I have learned more in the few years of my b'ness courses than I ever learned taking all that freshmen b.s. I went from a total idiot about money, to a chrome suited Shylock!

[Prada]

In most BCOMM programs you should have joint honors in Finance/Economics and as aforesaid Finance/Accounting. Get a high CGPA do an internship and get your derriere into wallstreet doing some investment banking. Goldman Sachs bebe!!!

[thegodfather]

Which company if you don't mind saying? I had an interview yesterday with one, and realized it was garbage. The guys said he's made less than 10 cold calls in the 5 years he had been with the company. I asked him how he gets clients, he replies "we start with are family, the ones we love most and network from there". I said no thanks after hearing that. Wouldn't be so bad if your working for a larger company I suppose. I do like to work with people and don't mind sales, but I wouldn't want to rely on cold calls.

That screams of a Ponzi scheme (aka pyramid scheme)...I know plenty of people who got caught up in shit like that...Have a personal friend who list a couple thousand with the "12DailyPro" scheme...And currently know someone who is selling "pre-paid legal"...its ashame people get caught up in things like that...

[anabolicshark]

I do commercial real estate, and originate loans (loan officer)
in both areas cold calling and establishing your ground is the essential, 4 year degree is not reall a must, but if you have it you should got it for your own benefit at the first place, so get used to be made fun of punks who graduated high school took same lame lic. test and joined thier uncle's real estate firm and use familly made contacts and always parade around...
i actually went to med schol for a year... after my double major in math and chem....
if you paid any attention in coll. you will know where to apply it, real estate bus. is a shark pool...
have to be consistant and never look back... i say join a biggest commercial real estate firm in your area for the shittiest pay, but you ll get the best training and use your head make contacts right away, in a year you ll know where to go....
Loan officer, put this way, if you are honest and really cant stomach to know you are making money out of other peoples life invesments it will be hard
you get %1 to %2 the most out of any deal in ILLINOIS is illegal to make grand total of %3 (usually broker keeps half) it will be pain...
if you join a natioanl comp. you ll have people calling to re-fi thier grand parents house to pay their rims off.... etc

both are very focus demanding and nerves of steal are a must... at this times ill strongly suggest you do commercial real estate since renters market is on a rise and a lot of investors are aware of it ( my realtor side is doing 3 times

batter then residental mortgage comp, thats my fact)

[DNoMac]

That screams of a Ponzi scheme (aka pyramid scheme)...I know plenty of people who got caught up in shit like that...Have a personal friend who list a couple thousand with the "12DailyPro" scheme...And currently know someone who is selling "pre-paid legal"...its ashame people get caught up in things like that...

Yea, I was skeptical going into the inteview, but thought I'd take it for the experience. As soon as he told me that, I was like Peaace!

[DNoMac]

I do commercial real estate, and originate loans (loan officer)
in both areas cold calling and establishing your ground is the essential, 4 year degree is not reall a must, but if you have it you should got it for your own benefit at the first place, so get used to be made fun of punks who graduated high school took same lame lic. test and joined thier uncle's real estate firm and use familly made contacts and always parade around...
i actually went to med schol for a year... after my double major in math and chem....
if you paid any attention in coll. you will know where to apply it, real estate bus. is a shark pool...
have to be consistant and never look back... i say join a biggest commercial real estate firm in your area for the shittiest pay, but you ll get the best training and use your head make contacts right away, in a year you ll know where to go....
Loan officer, put this way, if you are honest and really cant stomach to know you are making money out of other peoples life invesments it will be hard
you get %1 to %2 the most out of any deal in ILLINOIS is illegal to make grand total of %3 (usually broker keeps half) it will be pain...
if you join a natioanl comp. you ll have people calling to re-fi thier grand parents house to pay their rims off.... etc

both are very focus demanding and nerves of steal are a must... at this times ill strongly suggest you do commercial real estate since renters market is on a rise and a lot of investors are aware of it ( my realtor side is doing 3 times

batter then residental mortgage comp, thats my fact)

Do most loan officers (or the institute they work for) usually have some kind of connection with real estate companies? I would think they would get in tight with these companies that way they could be referred. I imagine most sales jobs will involve cold calling, but there's gotta be otehr marketing techniques to get business, especially for larger banks, credit union ect.

Thanks for the advice all. I don't have my heart completely set on these jobs, so any experiences and input I'd appreciate!

[anabolicshark]

every little bit helps,
my most producing officers usually sleep with most annoying realtors, ( I SWEAR) but in my experiance, and i even have thread about this, i cant take the drama and bullsh1t they put you through, ass kissing lunches always be nice etc... i am a realtor myself, so no punt intended on what am i going to say.
in my opininon it is 100 times less head ache in showing 100 places and keeping a smile up and blowing smoke up the clients ass then getting them a loan... there is no attorney preasure no sellers tricks to scam out of earnest money, no drama from never ending changes in laws... yet it is not easy to be a good realtor.
networking is the key. i started as cold caller, i had to make 150calls a day with 15sec minimum talk, if less then 15 sec the system wouldnt registar it and if in 24 day period i had less then 150 call, the very next day i would have only 100 contacts... sucked big time
but you have to keep in mind, for a college or college right after life you need about 2-3 loans a month everything else is a bonus... if you can put your pride away and be a smooth talker no matter how stupid the other person is, ***ending on your luck from 1-12 months you can make it.
word travels fast, if you do honest decent and semi quick job youll make it... you really have to decide if you want to stay in that industry and work that way... if just a trasaction do as many as you can and move on, if willing to stay, you have to treat everybody like a brand new familly memeber, always polite always easy to reach, always have an answer, NEVER MAKE UP STUFF
and one more thing
NEVER DO A LOAN FOR A FRIEND OR FAMILLY MEMEBER!!! it will always bite you in the ass, and if you are questioing this, you should first question if pope is catholic...

Again I will strongly advise you to join the biggest corp/firm in your area and dedicate hem 4-8 months, be a xerox b1tch to a guy that drives that bentley, and just watch and learn...
i did it, in 4 years i own more then 600 units... but for the first 11 months i payed my lunch with change that i found around the house....

marketing works, but you need to find paved way that really leads to client not just advertisment with pink lies and classic bulls1t smiley commercial..

[DNoMac]

Thanks for the honest advice. Like I said, I don't have my heart set 100% on anything yet. No matter what, eventually I want to get into real estate (investments). My uncle buys houses and flips them on a weekly basis, and is making some jack. I need to start takin notes...

[-DedicateD-]

similar to anabolicshark, im in commercial real estate financing

it is a CUT THROAT business to say the least

when it comes to ppl's money especially 10's of millions of dollars it becomes a very high stress and high risk job

but with the stress and risk comes very big rewards, your also never really "off"

i constantly have my blackberry going off getting quotes in contacting appraisers and borrowers, fowarding information to different ppl, driving to look at properties

i enjoy that fast pace style and being able to get a call at 1030 at night from a guy who just went into contract on a property and wants to get the financing started right away

any specific questions on this ( i work for the 2nd largest commercial real estate finance company in the US) pm me or post em up

[DNoMac]

Dedicated-do you know anything about the appraisal business? This field seems interesting to me as well. I wouldn't be stuck in an office, and I would learn the real estate business inside and out, that way I could eventually invest on my own. How about underwriting? That seems like it would tie in a lot with your area of work.

[-DedicateD-]

Dedicated-do you know anything about the appraisal business? This field seems interesting to me as well. I wouldn't be stuck in an office, and I would learn the real estate business inside and out, that way I could eventually invest on my own. How about underwriting? That seems like it would tie in a lot with your area of work.

appraisal business is a salaried job, i know that i yell at them alot lol and try to make sure that the properties they are evaluating make the cut...many deals die on the table if the appraisal doesnt come through so the job is very very important

the underwriters/analysts are the brokers helper really ...they are the guys with the expertise in finance that run the 5-10 year projections and type in the fancy formulas and spreadsheets to show how the loan works and how much iis possible to lend on, etc - more of the behind the scenes numbers guy that gives that information to the broker who goes and sells it to the borrower ----our underwriters sometimes place the deals as well

most underwriters are salaried with bonuses if the deals they work on end up closing i believe

[DNoMac]

Good shit, any idea how well these type of jobs pay?

[nbkandrew13]

im in the car buisness ive been just a contractor and then finance director for several different places one we sold 750 to 1200 cars a month and i made awesomemoney but it was nothing for m e to work 7am to 12 am six days a week the one day off dead you feel dead, after about 15 months i was burnt to a crisp burned out quit over something stupid now i run a store much smaller much less money but 40 45 hours a week and two days off every week.

[-DedicateD-]

Good shit, any idea how well these type of jobs pay?

i have noo clue what the positions pay,

its getting weird now I'm so used to just getting paid strictly on commission, its weird to think about the idea of getting paid just for showing up and working lol

[D-Bo Dre]

great thread!! I am also currently a Finance student, should get my BA in a year or so. I just started working for JP Morgan Chase as a loan processor.. It's an entry level position but hopefully it will give me great experience and improve my resume for a future in the investment banking..

[daytrader]

Cool stuff bros, nice to see some of you guys have same interests as me... Let me just relay some of the stuff ive heard and witnessed to give some of you better ideas, and maybe some of the more experienced can share, because graduating this spring myself i w0uld love to know

Ive always dreamed about being that hot shot wallst guy lol, I want to be rich in life the same why i want to be the best built i can be, I NEVER want to be average in life, or even above average, I want to be an elite. ever since i started trading stocks on my own my freshman year of college, I LOVE talking stocks, and love the thought of trading any type of security for aliving..and ofcourse, being filthy rich lol... However, after visiting NY, im not quite so sure anymore, ill tell you why

It seems that if you do want to be that hotshot wallst type, that IS your life, training, social life ETC is going on the backburner.... Most traders, I-bankers etc in NY work MINIMUM 13 HR days, 90hr weeks, and alot get into unhealthy lifestyles....I personally know aguy who is BRILLIANT, has a MBA in finance and working on his doctor degree, at 24 years old he was working at a large Investment bank specializing in derivatives... this bro was making close to 200k dollars a year, yes at 24years old!....Guess what, he moved back home took a job paying 60k a year.. why? He burnt out in NY and just couldnt take the lifestyle anymore, he said while most of the peopel aroundhim were rich and had millions in liquid assets, they routinley had to take drugs(white powdery stuff) Just to stay awake and have that sharpness you need to constantly be making deals and money.... Im blabbing on i know, mainly because i just have no idea what i want to do with my life in a month or so

[dhriscerr]

Seems like alot of people are just like me, so it gives me hope! I have no idea what exactly I want to get into and keep searching for someone to give me the magical answer! I've always been good with numbers and finance intrigues me and I think I would be good at it, also it would play well in life and personal finace as well. I guess there is really no way to know what you should do, so get out there and talk to people and try things, if you dont like it, use it as a stepping stone and move on just try to always use each adventure to further your knowlege and to get farther ahead. (Thats what my cousin told me when we had a deep convo about life and how i was confused, he's 36 and is making good money and likes his job but really wants to get into something more entrepenuerial, because lets face it, if you can make your own buisness work the possiblities and $ are endless, no one can hold you back, if you work for someone, there will always be a cap on earnings even as high as it might be.)

[biglouie250]

daytrader -

9-5 jobs in finance/accounting in NYC simply dont exist or are few and far between. with the global markets youll find yourself working late to speak with traders or joint venture staff in japan or england. my resume is out now for accounting in NYC.

[dhriscerr]

Anyone know anyone that works for Edward Jones? I went in and talked to a rep today, sounds like they have a pretty good thing going there, I like the freedom they have, they work for someone but they are there own boss at the same time, alot of flexibility and they can think outside the box not just do what they are told.

[DNoMac]

Cool stuff bros, nice to see some of you guys have same interests as me... Let me just relay some of the stuff ive heard and witnessed to give some of you better ideas, and maybe some of the more experienced can share, because graduating this spring myself i w0uld love to know

Ive always dreamed about being that hot shot wallst guy lol, I want to be rich in life the same why i want to be the best built i can be, I NEVER want to be average in life, or even above average, I want to be an elite. ever since i started trading stocks on my own my freshman year of college, I LOVE talking stocks, and love the thought of trading any type of security for aliving..and ofcourse, being filthy rich lol... However, after visiting NY, im not quite so sure anymore, ill tell you why

It seems that if you do want to be that hotshot wallst type, that IS your life, training, social life ETC is going on the backburner.... Most traders, I-bankers etc in NY work MINIMUM 13 HR days, 90hr weeks, and alot get into unhealthy lifestyles....I personally know aguy who is BRILLIANT, has a MBA in finance and working on his doctor degree, at 24 years old he was working at a large Investment bank specializing in derivatives... this bro was making close to 200k dollars a year, yes at 24years old!....Guess what, he moved back home took a job paying 60k a year.. why? He burnt out in NY and just couldnt take the lifestyle anymore, he said while most of the peopel aroundhim were rich and had millions in liquid assets, they routinley had to take drugs(white powdery stuff) Just to stay awake and have that sharpness you need to constantly be making deals and money.... Im blabbing on i know, mainly because i just have no idea what i want to do with my life in a month or so

I couldn't agree more DT. Sure I want to be wealthy, but I'm not willing to sacrafice everything for it, particularly the bodybuilding lifestyle. With all of the opportunities out there, there should be plenty of good paying jobs that won't take your soul with it.

[johnmacdan]

Anyone know anyone that works for Edward Jones? I went in and talked to a rep today, sounds like they have a pretty good thing going there, I like the freedom they have, they work for someone but they are there own boss at the same time, alot of flexibility and they can think outside the box not just do what they are told.

My undergrad is in acct and I work for a group specializing in catastrophic injury immuniztion from a financial standpoint. Basically we sell annuities. You've seen JG Wentworth on TV?? Well I offer the structured settlements annuities that he is so fond of purchasing. Another large part of what I do is train investment reps to discuss our specialized services. We work with some of the biggest groups out there and Edward Jones is a good one. But like everywhere else you will either cold call your ass off or start with the ones you know, your family. You will offer your mom a life insurance policy. You will set up your cousin Bob an IRA. If you believe in the products you sell, why wouldn't you offer them to your family and loved ones so they can be secure. It is a tough business, Smith Barney just laid off about 20,000.

[dhriscerr]

The Edward Jones rep I talked to, is in his 3rd year of it, in a town of 6,000 with another Edward Jones office in the same town, and he makes 60K Plus and basically sets his own schedual and only works of 40 hours a week if he wants to. Plus its one of the few commision jobs that will start you out with a salary for the first 2 years so you know you will have income. I don't know if its what your looking for, but its finance with with potential to make alot of money and the flexibility you don't find with alot of jobs like that. There also in Fortune top 100 best places to work for in 2007. If that says anything?
Check out www.edwardjones.com/opportunity and you can look at it. Don't mean to sound like a salesman, I just went and talked to the rep here today and really liked what I heard.

[dhriscerr]

My undergrad is in acct and I work for a group specializing in catastrophic injury immuniztion from a financial standpoint. Basically we sell annuities. You've seen JG Wentworth on TV?? Well I offer the structured settlements annuities that he is so fond of purchasing. Another large part of what I do is train investment reps to discuss our specialized services. We work with some of the biggest groups out there and Edward Jones is a good one. But like everywhere else you will either cold call your ass off or start with the ones you know, your family. You will offer your mom a life insurance policy. You will set up your cousin Bob an IRA. If you believe in the products you sell, why wouldn't you offer them to your family and loved ones so they can be secure. It is a tough business, Smith Barney just laid off about 20,000.

Very true!!! I dont know enough about it to preach it, but Im just starting to get my feet wet in looking at what is out there, and the rep took 30 min out of his day to talk to me, where he never tried to sell me anything. He said he has knocked on 1500 plus doors in the last 2-3 years, but says he likes doing it now. I don't know, its probably alot easier in a small town like I live in because typically the people are open and friendly so you probably don't have to many door slams in the face, but you definately have to be pretty rigid and not let alot of things bother you, or the job isnt for you. I just like the fact that it seems they are basically there own boss. Where as my aunt worked for Principle and said that they don't want you to think outside the box, just do exactly the protocol no matter what, they dont want free thinkers. And If I find a better way to do something, I would like to do it that way. But like I said, Im just getting my feet wet, I dont even have my A.A. til December. then I still have 2 more years to the B.A. Im sure i'll see alot more between now and then. But thanks for your reply.

[daytrader]

I couldn't agree more DT. Sure I want to be wealthy, but I'm not willing to sacrafice everything for it, particularly the bodybuilding lifestyle. With all of the opportunities out there, there should be plenty of good paying jobs that won't take your soul with it.

I see what your saying bro, im like you im really at a crossroads right now... I told myslef i dont want work to be my life.. but on the other hand and a even stronger feelingis i CANT go through life average.. i just cant.. Thats one of the reasons i never liked going out on weekends and would rather stay in and read or inject myself .. see i was picked on i guess until my senior year in highschool...thats when i started lifting and taking my looks seriously and finally got some respect.. ever since then i got this "ill show you, mother****er" attitude, and its really the driving force in my life.. thats why i want to be filthy rich and built like a SOB.. pathetic isnt it?

So ive realized this, if i do infact want to be filthy rich, there is no 9-5... starting out 80-100 Hr weeks are the prerequisite, that just gets your foot in the door...Ill never abandon the BB lifestyle, there are people that do it.. where there is a will there is a way... If it were easy to be rich, to be built and in shape everyone would have those things, but obviously most dont...Im rambling on , but you get what im trying to say

[-DedicateD-]

I see what your saying bro, im like you im really at a crossroads right now... I told myslef i dont want work to be my life.. but on the other hand and a even stronger feelingis i CANT go through life average.. i just cant.. Thats one of the reasons i never liked going out on weekends and would rather stay in and read or inject myself .. see i was picked on i guess until my senior year in highschool...thats when i started lifting and taking my looks seriously and finally got some respect.. ever since then i got this "ill show you, mother****er" attitude, and its really the driving force in my life.. thats why i want to be filthy rich and built like a SOB.. pathetic isnt it?

So ive realized this, if i do infact want to be filthy rich, there is no 9-5... starting out 80-100 Hr weeks are the prerequisite, that just gets your foot in the door...Ill never abandon the BB lifestyle, there are people that do it.. where there is a will there is a way... If it were easy to be rich, to be built and in shape everyone would have those things, but obviously most dont...Im rambling on , but you get what im trying to say

I dont know how many times ive used that same line "If it were easy, everyone would do it"

i leave work at 845-9pm on some nights after 12 hour days, and feel like i still didnt accomplish enough that day.

i leave the gym after my last set of an hour and half workout wondering if i really gave it everything i had

i hold myself to the highest standards, and wont be satisfied until i believe i reach my full potential

i like the idea of being in shape and able to get a nice range rover when i get older to drive to the beach/club/city and enjoy myself

[daytrader]

I dont know how many times ive used that same line "If it were easy, everyone would do it"

i leave work at 845-9pm on some nights after 12 hour days, and feel like i still didnt accomplish enough that day.

i leave the gym after my last set of an hour and half workout wondering if i really gave it everything i had

i hold myself to the highest standards, and wont be satisfied until i believe i reach my full potential

i like the idea of being in shape and able to get a nice range rover when i get older to drive to the beach/club/city and enjoy myself

Hell ya brother, thats the winner attitude right there, no matter how talented you are(most of the time) gotta have that attitude in todays world to get to the top..

If it were that easy to be built or rich , everyone would do it.. but they dont they make excuses.. Whoever says money is the root of all evil DOESNT ****ING HAVE ANY! haha, the ones who say BBers are obsessed with themselves are MISERABLE about their bodies... keep workin it WILL pay of eventually