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Wall Streets (2nd) Biggest Lie

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MTEE1985

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No, this is not a compound interest rant, nor is it a get rich slow rant. Think of this more like a job posting.

What qualifications do you need to be hired by one of the top investment banks on Wall Street as a financial advisor?

Do you need a degree in business? Finance? Economics? Do you need to have a substantial net worth before offering advice to others?

The answer of course is none of the above.

The only thing you need is the ability to sell.

This is not a rant but more a forewarning in case you weren’t paying close enough attention to this chapter in Unscripted . I have a good friend back east who recently got a job with UBS. His qualifications and interview? He sold a car to the manager of the branch.

My good friend is saddled in debt, has no finance background but yes, is very good with people which is all it takes to ask them to handle their millions of dollars. Getting professional financial advice can be very beneficial but please be careful to vet them properly.
 

MJ DeMarco

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I have a good friend back east who recently got a job with UBS. His qualifications and interview? He sold a car to the manager of the branch.

My good friend is saddled in debt, has no finance background but yes, is very good with people which is all it takes to ask them to handle their millions of dollars. Getting professional financial advice can be very beneficial but please be careful to vet them properly.

Geez. @GuitarManDan did GS hire like this?
 

The Abundant Man

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GuitarManDan

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Geez. @GuitarManDan did GS hire like this?


Haha I wasn’t at GS but one that’s at their level (for my final role where I ran into the awful toxic culture). Had a bunch of friends working there and all of the big banks though.

The top investment banks are notorious for “entry level jobs” where you need 3-5 years experience to even have a chance.

The way I got in was I took a crappy subcontractor job with a huge bank making awful money. I worked my a$$ off for like 6 months and people noticed so they offered me a full time role.

Almost any friend I know who works for a big bank got it because they knew someone.

And everyone working at these banks in support roles (operations, compliance, on boarding, etc) wants to move to the front office jobs where you’re getting commission so it’s obviously insanely competitive.
 

MTEE1985

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Geez. @GuitarManDan did GS hire like this?

No felonies, no securities related convictions and you’re good to go. Just be a damn good salesman.

Part of me thinks my buddy could do well for himself by selling his story to a competing bank.

Haha I wasn’t at GS but one that’s at their level (for my final role where I ran into the awful toxic culture). Had a bunch of friends working there and all of the big banks though.

The top investment banks are notorious for “entry level jobs” where you need 3-5 years experience to even have a chance.

The way I got in was I took a crappy subcontractor job with a huge bank making awful money. I worked my a$$ off for like 6 months and people noticed so they offered me a full time role.

Almost any friend I know who works for a big bank got it because they knew someone.

And everyone working at these banks in support roles (operations, compliance, on boarding, etc) wants to move to the front office jobs where you’re getting commission so it’s obviously insanely competitive.

That’s the hook, once you put in your time you’ll have this cushy job making $300k up to Millions.

Of course to get there they pay nothing and expect people to hustle and sell their a$$ off. With about a 90% attrition rate to boot.
 

MJ DeMarco

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GuitarManDan

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No felonies, no securities related convictions and you’re good to go. Just be a damn good salesman.

Part of me thinks my buddy could do well for himself by selling his story to a competing bank.



That’s the hook, once you put in your time you’ll have this cushy job making $300k up to Millions.

Of course to get there they pay nothing and expect people to hustle and sell their a$$ off. With about a 90% attrition rate to boot.

Haha I didn't make it long enough to get that $300k salary! My first few years at another big investment bank (this one was based in Europe but had offices all over the world) I was in operations.

It wasn't until I went to the big US bank that I moved into a front office role but it was very low 6 figures with salary and bonus combined... but being in NYC, it really wasn't that much money at all with the high costs everywhere.

Most importantly... I was miserable! Everyone I worked with was miserable so now that it's been over a year since I left, I still have no regrets about it.

I do think it's funny seeing all of the FINRA series tests I passed expiring away though, what a scam! Need to be employed at a company that sponsors you or they go away in 2 years.
 

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