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Started By
Message
Need some advice on a career change
Posted on 12/6/12 at 12:02 pm
Posted on 12/6/12 at 12:02 pm
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!
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 12/6/12 at 12:05 pm
Posted on 12/6/12 at 12:14 pm to slackster
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.
Posted on 12/6/12 at 12:25 pm to slackster
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.
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 12/6/12 at 12:26 pm
Posted on 12/6/12 at 12:37 pm to slackster
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.
with that said, don't believe what other people allude to themselves making. its probably lower than they allude to.
Posted on 12/6/12 at 12:39 pm to buddhavista
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.
Posted on 12/6/12 at 1:09 pm to wiltznucs
Tl;dr , chill out on 90k sheesh
Posted on 12/6/12 at 1:18 pm to dischNoutTAspd
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
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
Posted on 12/6/12 at 1:20 pm to slackster
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.
Also, you make alot of money.
Posted on 12/6/12 at 1:27 pm to slackster
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.
Posted on 12/6/12 at 1:31 pm to slackster
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.
Posted on 12/6/12 at 1:34 pm to slackster
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.
Posted on 12/6/12 at 2:21 pm to TDsngumbo
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".
Posted on 12/6/12 at 2:23 pm to slackster
With a 740 GMAT, you need to aim higher with your school choices.
Posted on 12/6/12 at 2:33 pm to cwill
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?
Posted on 12/6/12 at 2:43 pm to Moustache
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
Beware of movin too quickly
Posted on 12/6/12 at 2:48 pm to Bob Sacamano
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
Posted on 12/6/12 at 2:50 pm to Moustache
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.
Posted on 12/6/12 at 2:59 pm to barry
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.
Posted on 12/6/12 at 3:12 pm to slackster
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.
Sounds like you don't like it because it's not "stimulating"? Dude go on vacation and get a girl. Lol.
Posted on 12/6/12 at 3:15 pm to barry
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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