Needing Advice

[frankz888]

i never said he doesnt have what it takes to take the exam. anyone can pass the exam. you dont have to be smart, you just have to sit down and get through the material. the CFA will not get OP a job. he needs a career reset button to erase his undergrad, which fortunately can be done with b-school or grad school.

im confused, OP said PWM sounds good, but than tells me he doesnt want to be an advisor?

[higgmond]

@StrictlyforMY

Precisely the advice that I would expect from a WSO user. Have you even thought about external factors while in school? I’m admittedly not 30 years old, but couldn’t you say that maturity plays a factor in your college vs post college experience? What if I didn’t know that I wanted to do business/finance when I was in college? (I didn’t.) Just because I wasn’t ready for something when I was 19 years old doesn’t automatically mean that I won’t be ready for it in later years.

Maybe it’s just me, but this seems to contradict your orginal statement that you were “interested in Finance/Marketing however took an Literature major because [you] couldn’t handle the courseload of the business school, not to mention [you] had great “finance” internships lined up for [yourself] so [you] felt set.”

[StrictlyforMY]

@Greenman72

@StrictlyforMY

…took an Literature major because I couldn’t handle the courseload of the business school…

My strengths are: communication, interpersonal skills, upbeat attitude, work ethic, reading, public speaking, and writing…

…Financial models and analysis is not my strength…

This doesn’t exactly have upper-level management at Goldman Sachs written all over it. Frank is trying to do you a favor–he thinks (and I agree) that you don’t have what it takes to pass the exam. Nor do you have what it takes to be a good security analyst or portfolio manager.

Exactly what are your strengths? “Upbeat attitude, reading, writing, public speaking, communication, and interpersonal skills” aren’t what people are looking for in the world of high finance. These are skills that are valuable in the retail side. To work in the analyst side, You need financial modeling with Excel and a good understanding of a financial statements.

Thanks man, I’m definitely going to take your advice and throw away my $1,000 books. I’ll make sure to put them in the recyclable bin. In my opinion, no one in high finance was ever a confused 20 year old college kid. Mitt Romney and his 6 year English degree from BYU would probably disagree, but who is he to a CFA charterholder?

Of course financial modeling and analysis isn’t my strength-I haven’t studied 900 hours for it. In fact, I have never studied for it. I have strengths in reading, writing, and public speaking because that’s what I studied in college. I don’t understand Greenman, you told me that you have two college degrees, a CFA and a CPA (all were 1000% worth it), and you were in a similar position (starting in retail) got education, and made a switch. A few posts later you’re saying I can’t do it.

Frankz, let me clarify: PWM sounds good from my current position. I have retail experience, some licenses, pretty good sales quotas, etc. PWM can give me a brand name company, higher net worth clients, and more hands-on training than what I’m currently getting. I would like a CFA to 1) establish some credibility and show dedication to even GET a job with a good PWM team 2) Learn a ton 3) establish credibility with a UHNW client 4) possibly offer a career transition. When I said I didn’t want to be a “financial advisor”, I was more relating to my current position as an annuity and insurance salesman. Sorry for not being more specific but hope that’s cleared up. I might like PWM, I might want to change to the portfolio management side. I’m honestly not sure. Investment banking might not be for me, but I am trying to convey that it is unfair to completely discredit me because of the classes I took a long time ago.

Higgmond, my statements are very contradicting. The point I am trying to make is that I was very confused as to what “finance” was and I obviously made mistakes.

Guys, college is long over for me. The first two paragraphs were a background of my story, not the main focus. If anyone is willing to help me with advice, I’d appreciate if you would ignore the OP’s first two paragraphs. Thanks.

[itera]

i didn’t read all of the above, but what is it you really want to do? or is it that you don’t know exactly?

Because if you end up “making it in finance” but end up miserable, it may not be worth it.

[system]

@StrictlyforMY

Best AF handle ever! RIP 2 Pac.

[Greenman72]

@StrictlyforMY

I’ll make sure to put them in the recyclable bin. In my opinion, no one in high finance was ever a confused 20 year old college kid. Mitt Romney and his 6 year English degree from BYU would probably disagree, but who is he to a CFA charterholder?

Of course financial modeling and analysis isn’t my strength-I haven’t studied 900 hours for it. In fact, I have never studied for it. I have strengths in reading, writing, and public speaking because that’s what I studied in college. I don’t understand Greenman, you told me that you have two college degrees, a CFA and a CPA (all were 1000% worth it), and you were in a similar position (starting in retail) got education, and made a switch. A few posts later you’re saying I can’t do it.

Guys, college is long over for me. The first two paragraphs were a background of my story, not the main focus. If anyone is willing to help me with advice, I’d appreciate if you would ignore the OP’s first two paragraphs. Thanks.

The reason Mitt Romney took six years to get a degree is because he spent two years doing mission work–not because he was stupid or misguided or “lost.” Mitt Romney went back and got a JD. I went back and got an MBA. What are you going to do?

You made it sound like you were unable, both then and now, to do rigorous financial analysis using advanced modeling using financial statements and economic data. Are you saying that you have tried and just can’t do it? Or are you saying that you can, you just don’t have any training.

You said that you were better with “soft skills”, like relationship building, communication, etc. These skills are very valuable anywhere in the world, but they’re much more valuable in the retail side. And if these come natural to you and quant doesn’t, then retail is probably a better fit.

Bottom line–it does you no good to study for the CFA exam for several years, then find out that you had everything you needed to be successful. I should know–I’m slowly starting to realize that, in my situation, the CFP would have been more than enough for my job. I plan on finishing Level 3 and becoming a CFA, but I feel (proverbially) like I went back and got a Master’s in Math, when all I needed was a class on College Algrebra.