Career Advice Needed and Which Degree??? Help please

Hello members of the board. This is my first post. My friend (meraaraj) recommended this site to me. I need help regarding a few matters.

First, I recently graduated from UC Berkekely in California with a B.A in Legal Studies. My goal is to pursue a career in the financial services industry and eventually become an Investment Banker or Stockbroker.

As my major was not closely related to finance I found it hard to acquire work. This is why I am working for now as a teller at a bank, full-time.

I need to know how I can reach my goals. I was thinking a bout doing an MBA or something along those lines. I would like to do this via distance learning. Is an MBA even right for my goals? I don't know if I am looking in the wrong direction.

I hope someone can help me regarding these issues. Thank you for your time.

 

Options

You may want to keep working as a teller for a while and pursue a graduate degree on a part-time basis to fund you through the program. I seem to remember all the tellers I dealt with 5-10 years ago all have their own office with a fancy title... so it obviously is not a dead-end job.

An MBA is probably good for you since it will provide a good exposure to many of the elements you need (accounting, finance, statistics, economics, etc...) Since you already have a B.A. you probably will not want to do another undergraduate degree. Definately go for a graduate degree.

There are also some specialized short courses that you might want to take to supplement your B.A. It all depends what it available in your area.

 

Stockbroker, Investment banker Reqs.

Markan,

According to the Occupational Outlook Handbook, it appears that the most important credential for stockbrokers is a license issued by the National Association of Securities Dealers (NASD). Specifically, the Handbook says the following:

most people in this industry are required to be licensed by the National Association of Securities Dealers (NASD) before they can sell securities or recommend specific investments. To be licensed, brokers and assistants must pass an examination that reflects their knowledge of investments. Various licenses are available for different investment products. However, the one most brokers and broker’s assistants receive is the Series 7 license, which requires a passing score on the General Securities Registered Representative Examination administered by the NASD*.

The NASD offers a certificate program for securities traders through the NASD Institute for Professional Development. According, to the information on their website, students must spend at least two weeks on campus at the Wharton School of Business (University of Pennsylvania).**

Also according to the Handbook: Brokers are required to undergo a continuing education program (CEP) approximately every three years in order to keep their licenses current. It appears as though the CEP may be completed by DL methods at commodities firms.

I wasn't able to find anything in the Handbook about investment banking, but I did find something on Weetfeet.com (a website oriented towards those exploring new careers). An article there said that the best way to get into this career is to be a graduate of an ivy-league university; otherwise try for an internship.***

Tracy<><

*The Occupational Outlook Handbook is issued every year by the Department of Labor's Bureau of Labor Statistics. The information you are looking for can be accessed at http://www.bls.gov/oco/cg/cgs029.htm#training

**http://www.nasd-institute.com/Overview.asp . See also http://www.nasd.com/default.asp for more information about the National Association of Securities Dealers.

***http://www.wetfeet.com/asp/careerprofiles_req.asp?careerpk=20

 

Wow! Thank you so much for such interesting information. It look like I have a few places to start now thanks to you. I really appreciate your help. Thanks once again.

 

You are very welcome. I have found that the Occupational Outlook Handbook is essential for those exploring new careers. I have it stored in favorites. If it were possible to wear out the pages of a virtual book, all of these would be badly dog-eared.

Tracy<><

 

Markan,

I would recommend pursuing the Certified Financial Planner or Chartered Financial Analyst designations. Either program can be completed by independent study, and several colleges offer the CFP curriculum as part of a distance Master's degree program.
Financial services companies respect these designations, and having completed either should give you an edge in the business.

Good Luck!


Tony

 

This might help you

Hey,

You might want to look at the College of financial Planning, this school is part of the Apollo group (University of Phoenix), you can complete it on-line. This best part is the cost - a MS degree is in the 6K range (a real deal), also you can sit for the CFP certification.


Any thing else will cost you $$$$, a MBA or a degree on management is in my point of view - too general.

If you are wanting to work for Corporate america, you might need that MBA in finance - that is your peers will say that you don't have what they have --- Jane Doe, MBA---

In your field the MS in Finacial Planning and a CFP - will set you apart from the crowd, and hey you'll be out of pocket 6K - take your savings and grow it into a retirement nest egg....



Hope this helps,

Human Resources Director, - fortune 50 company
And yes I have a MBA

 

Markan,

Tracy's advice is sound. If financial services (i.e. life, disability insurance and annuity products, retirement planning products and trust management) is the route you wish to take then the C.F.P. designation would be most useful. This holds true with in- house bank personnel and finanacial consultants. These consultants are either independant agents or part of a national/regional organization. Get a real feel for what people with these designations do. Goto the trust department in your bank or find out when the trust services rep will visit your branch and ask to speak to them.

On the other hand, if you are serious about either investment banking or stock brokering you must start with a look at taking the "Blue Skies" exam which is the state securities brokering examination for your local jurisdiction and the Series 7 exam. This is so you can absorb the "culture" of the field, get a feel for it just as you learned the language of the law in your undergraduate studies. It is also the bare minimum required to be a broker. You can be a broker on Wall Street in New York, State Street in Chicago or in an A.G. Edwards office in your home town. They have all taken and past the same test.

Finally, if you wish to be an investment banker you should look to the fields of law, finance or economics. To play with the big boys you will need to excel at the post undergraduate level in one of these three areas of study. You could also pursue a masters in accounting (MAC) and try to break in from the consulting side of the business. Actually, there is one final option: the maverick or hard knocks approach. I have an friend that has an undergrad degree in finance and a minor in accounting from a medium size, third tier, NC state school. He went from being a loan officer, to VP, to investment banker for one of his former clients. It took fourteen years. He is now the CFO for one of the companies he serviced as an investment banker.

Good luck from a refugee from the fast track,
Warren

 

Bumping this up for any more replies. Thanks people.