Need some advice on a career change | TigerDroppings.com

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slackster
LSU Fan
Houston
Member since Mar 2009
6599 posts

Need some advice on a career change



This is obviously long, but I appreciate both the time any of you put into reading it and any advice you may have.

A little background...

I am 24 and I work for a large regional bank as a financial advisor making about 85-90K/year. I started immediately after graduation and I've been here roughly 2.5 years. I have my Life & Health license, Series 6, Series 7, and Series 66 licenses. I am considered a junior advisor and I work under a senior advisor who grosses approximately 275k-300k/year. I do not mind my job, but it does not excite me in any particular way either. I thought I would be comprehensively managing the assets of clients and what not, but bank clients tend to be extremely conservative and mostly illogical, so I find myself "selling" more than "advising". It does not strike me as something I want to do forever, but it certainly is not an issue in the short to midterm. The biggest long-term con that I have is the liability that it entails. Clients tend to have selective amnesia and unfortunately in this industry it seems you are guilty until proven innocent.

I have a business admin degree with a concentration in general business from a Southland Conference school here in Texas. I have no kids or spouse, but I do enjoy the area where I live and would not mind being here long-term.

Here are my options-

A) Within the next 1-2 years, I've been told by my sales manager that I would likely get my own territory as a senior advisor. We have a nice program and most senior advisors do 200K+. Our territories are firmly established and I would not consider it difficult to generate at least 175k/year. However, not knowing what territory I may get, I may not like where I have to move.

B) The current senior advisor for whom I work will likely be retiring in the next 5-7 years. This is a coveted territory, and if I stayed here as a junior broker during that time and firmly entrenched myself with our clients, I would be a shoe-in to fill the senior role when it becomes available. However, if I was a senior advisor elsewhere for 3-4 years and tried to come back here, I would lose that "continuity" edge and would be up against a few other qualified senior advisors. If I stayed, it is highly probable that I would be making 275k/year by 32, but I my income would be relatively stagnant for at least another 5 years.

Note about Options A and B: Although I do work for a prominent and profitable regional bank, there is always a buzz that we are a top acquisition target for some of the national banks. Outside of Wells Fargo, it is generally agreed that most of the other possibilities would be detrimental to our financial service program as we know it. The possibility of that happening weighs on my decision as well.

C) In 2009, before my senior year of college, I took the GMAT and scored a 740(40 verbal, 50 quant). I graduated with a 3.3 GPA. The GMAT score is valid for 5 years, so I could use that score for enrollment up to the Fall of 2014. Getting my MBA would be mostly useless if I chose to stick with my current career path, IMO. If I pursued an MBA, I would like to do so full-time. I have whittled down my list of schools to Duke (Fuqua), Virginia (Darden), Texas (McCombs), Vanderbilt (Owens), and SMU (Cox). If I went this route, I would like to focus on finance but I do not have a particular career choice once I graduated.

D) This is the most drastic of the options, but it is one that I am most interested in at the moment - going back to school to major in petroleum engineering. I'd be interested in going to Texas, Texas A&M, or LSU. I do not know much about the enrollment process for someone who already has a bachelor's degree, but I have always been strong in mathematics and I would welcome a challenging curriculum since neither high school nor my first degree has posed much resistance (despite lackluster GPAs ). If I went this route, I would likely get an EMBA after graduation.

Ok, so there you have it. Ideally, I want to be compensated well for a career that is challenging yet enjoyable, and I would like to minimize the liability/stress that I incur. I'm sure we all feel the same. My current path seems to have the compensation and is somewhat enjoyable, but is certainly not a challenge and there is plenty of liability involved, but what should I do? Are there any other options I should be considering?

TIA!



This post was edited on 12/6 at 12:05 pm



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TDsngumbo
LSU Fan
Member since Oct 2011
5696 posts

re: Need some advice on a career change


quote:

I am 24 and I work for a large regional bank as a financial advisor making about 85-90K/year


Stopped reading after that. You need to stick with what you have, jackass. I'm 27, have a college degree, and make nowhere near that.






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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7957 posts

re: Need some advice on a career change


Okay..

First off.. Congrats, you are doing very well for your age.

So I say take the potential money out of decision. There are really no guarantees you'll be promoted or inherit a better paying job. Would you rather work in the Energy Industry or Banking/Finance?

If the answer is Energy then why not do it? You arent married and are without kids, theres no time like the present.



This post was edited on 12/6 at 12:26 pm


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buddhavista
Member since Jul 2012
3543 posts

re: Need some advice on a career change


I dont think you can go wrong, I would sit tight and try for the job in region.

with that said, don't believe what other people allude to themselves making. its probably lower than they allude to.






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Janky
LSU Fan
Team Primo
Member since Jun 2011
9273 posts

re: Need some advice on a career change


I would sit tight and try to switch as much of my book to managed money as I can. Then, in 5 years if you don't get the position you want go independent and take your managed book with you.





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dischNoutTAspd
LSU Fan
Houston
Member since Nov 2009
909 posts

re: Need some advice on a career change


Tl;dr , chill out on 90k sheesh





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mandevilletiger34
Member since Dec 2010
607 posts

re: Need some advice on a career change


Where are you located?

If you leave give me a heads up as I am trying to break into the business @35. Have no idea how I will be able to manage that...so I may need some help!

LINK






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Crbello4Hiceman
LSU Fan
Lurking
Member since May 2011
448 posts

re: Need some advice on a career change


You only live once. A career is a long term decision. Just decide if it is worth the risk to go back, take engineering classes, and try to break into a field that you might not be as good at.

Also, you make alot of money.






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whodatigahbait
LSU Fan
Uptown
Member since Oct 2007
1297 posts

re: Need some advice on a career change


quote:

C) In 2009, before my senior year of college, I took the GMAT and scored a 740(40 verbal, 50 quant). I graduated with a 3.3 GPA. The GMAT score is valid for 5 years, so I could use that score for enrollment up to the Fall of 2014. Getting my MBA would be mostly useless if I chose to stick with my current career path, IMO. If I pursued an MBA, I would like to do so full-time. I have whittled down my list of schools to Duke (Fuqua), Virginia (Darden), Texas (McCombs), Vanderbilt (Owens), and SMU (Cox). If I went this route, I would like to focus on finance but I do not have a particular career choice once I graduated.


Given that you are doing very well for yourself at 24, i would only go back and get an MBA if you had more of a plan and focus of what you want to do with it. The places you mentioned aren't cheap (although they'll pay for themselves) and that's a lot of money to spend to figure out what you want to do.






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cwill
New Orleans Saints Fan
Member since Jan 2005
25803 posts

re: Need some advice on a career change


At the very least you need to get your MBA....If you go back and get your PETE you can go work for an E&P or for an investment bank (though an MBA on top helps tremendously). You're only 24 - go get the PETE and get an MBA after you graduate, while working.





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Dr Rosenrosen
Tulane Fan
Member since May 2006
1388 posts

re: Need some advice on a career change


With a 740 GMAT, you need to position yourself over the next 2-3 years to get into a Top 20 MBA program. This will open so many doors in i-banking, consulting, energy, etc.





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slackster
LSU Fan
Houston
Member since Mar 2009
6599 posts

re: Need some advice on a career change


quote:

Stopped reading after that. You need to stick with what you have, jackass. I'm 27, have a college degree, and make nowhere near that. 


It is obviously not just about money. I do not find my current career path to be all that rewarding on any level other than income. I want more of a challenge, I want to do something that is stimulating.

I don't mean to sound as if I have a shitty job, because I know I don't and I am thankful and blessed to be in this "predicament".






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Bob Sacamano
Tulane Fan
Houston
Member since Oct 2008
2195 posts

re: Need some advice on a career change


With a 740 GMAT, you need to aim higher with your school choices.





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Moustache
Kansas State Fan
GEAUX TIGERS
Member since May 2008
18617 posts

re: Need some advice on a career change


quote:

f you go back and get your PETE you can go work for an E&P or for an investment bank (though an MBA on top helps tremendously)


You gotta think that working full time and getting your PETE is damn near impossible huh?






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cbtullis
LSU Fan
Baton Rouge
Member since Apr 2004
3017 posts

re: Need some advice on a career change


You are doing great. You are making more than any other person I know in that exact same position with other banks.
Beware of movin too quickly






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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
38780 posts

re: Need some advice on a career change


quote:

With a 740 GMAT, you need to aim higher with your school choices.



What?
Duke (Fuqua)6th, Virginia (Darden)10th, Texas (McCombs)19th

Those aren't exactly crappy schools






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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
38780 posts

re: Need some advice on a career change


quote:

f you go back and get your PETE you can go work for an E&P or for an investment bank (though an MBA on top helps tremendously)


You gotta think that working full time and getting your PETE is damn near impossible huh?


If he went back to get his PETE thats 4 years full time and a PETE out of school is ok for an E&P company but and IB won't care because what he learned in school is more or less useless, they are looking for real world O&G experience

Not gonna lie #4 definitely surprised me.






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Moustache
Kansas State Fan
GEAUX TIGERS
Member since May 2008
18617 posts

re: Need some advice on a career change


quote:

If he went back to get his PETE thats 4 years full time


Even if he already has a degree? I figured he could've cut it down to 3 years at least.

I think a PETE, regardless of when you get it, would be infinitely valuable.






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LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
769 posts

re: Need some advice on a career change


I think you're rushing it. 90k at 24 does not happen a lot. The chance to move up to 250k in 5 years (age 29). I wouldn't move.

Sounds like you don't like it because it's not "stimulating"? Dude go on vacation and get a girl. Lol.






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slackster
LSU Fan
Houston
Member since Mar 2009
6599 posts

re: Need some advice on a career change


quote:

Not gonna lie #4 definitely surprised me


Well, all of my family works in O&G. Mostly on the actual drilling side ( OIMs, rrig manager, etc.) And I have a cousin who is quite a ways up in the Baker Hughes chain of command. I believe the PETE would suit my skill set better than what I currently do, and I also believe it offers more long-term stability than my current path.

Does anyone have any experience getting a new bachelor's degree after you already have one?

Like I have said, I don't concern myself as much with the compensation of either option because they all pay well.

Any more advice on option C? My GMAT is in the upper 20% of accepted students at HBS, Booth, and Wharton, but my GPA is weak and I have a bland profile - white male, upper-middle class family, financial advisor and 2.5 yrs of experience. I applied to HBS (Harvard) out of school but was not accepted.






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