Take dead-end day job or start year 6 in UG?

Water Cooler Careers
#1

Currently underemployed (hospitality), just took L1.

Work experience scant, 6 mos as FA. It was awful. Just got an offer for a dead-end job as FA assistant. No marketing pressure I believe, just data-entry. Administrative. Maybe putting in trades. Not sure about pay. Guess it’s minimal.

I was also considering going back to school to finish my finance degree (I have a minor, my degree is in French).

Any advice? My options are looking like:

  • Keep current job in hospitality, keep networking, hope something turns up
  • Keep current job in hospitality, keep networking, hope something turns up, go back to school for one more year and acquire more debt
  • Torture self as FA assistant, not go to school, keep networking and pray feverishly for something better to turn up, maybe keep current job as well (work nights anyway)

The only plus I can see taking this job is I won’t have to tell people when I network that I wait tables. Should I take the job? Go back to school? Just keep hustling and hope no one notices I’m a french major?

#2

Though not exactly what you’re asking, I’ll throw some ideas out for you to think about.

Have you used your university career services? They usually have an office you can go to, or a website you can access with jobs, usually posted by alumni. If they have a personal email on a financial analyst (is that what you want?) listing, email them and ask advice about how to break in. If you can get a conversation going, pitch yourself and try to get in.

I was staring down the same path as you. I was underemployed, selling cars for 4 years with an econ degree, 1 accounting class, and not even 1 finance. I thought about going to school as well but the promises made of jobs available that did not exist really jaded me. After I passed level 2, i started getting phone calls for interviews, for financial analyst type jobs. Someone else I knew going through the program, who has been unfortunately stuck on level 2 for a few years, did not have luck finding a full time job even with a finance degree. He looked around hard, convinced a company to let him be an intern, and broke in that way.

#3

What are your thoughts on having finc degree vs unrelated (not even remotely related)? Econ is still miles better than a french degree I feel like, unless it holds some sway over UBS or BNP (my French isn’t that good though)

My major worry (no pun intended) was that I might not even meet the basic requirements for jobs posted (BA in Finc/Acct/Econ or other business) and therefore ‘slip through the cracks’ if you will… Now, I understand that it’s terribly hard to find a job via internet and networking will provide better results–but even if I get an interview (and I have, for analyst positions), won’t the recruiter look down his nose at this unqualified french major?

#4

Many here will bash what I tell you, but you could hack your way in through the accounting world. It might not work, but I think its better than waiting tables. I have a hacksaw undergrad. Like really hacksaw. I started out scanning papers for a company one summer. Then moved into an accounting role to fill a mat leave. Next was several years in FP&A and treasury. All with the same hacksaw firm. While in treasury I had several real opportunities to jump to investment banking or research. I didn’t go that route, but it was there. Its a path you could try. Your humble and willing to work. Things will work out for you kid.

#5

emichan,

Why was your job as a FA terrible? Can you be more specific?

#6

Geo- why would that get bashed? I do like the approach of starting low and working my way up to a more attractive role. I’m not expecting to get a rock star position, even if I do get a relevant degree. Even waiting tables didn’t come easy, had to start by washing dishes.

mike- comp, culture, marketing pressure… I saw an article a while back that was depressingly accurate about the role of financial advisors. If your daddy’s not a lawyer, mamas not a doctor, and you didn’t grow up on a golf course, good luck. I don’t come from an affluent network. Also, I wanted to work in finance because I was attracted to the quant aspect of it. Not schmoozy grease. Sorry, I don’t want to be too negative here. Just that experience left a really unpleasant taste in my mouth.

#7

Ok. I can certainly understand where you are coming from, as I have gone through a similar experience you are looking at right now. I started off as an assistant to an Advisor, learning everything from processing (trades, paperwork etc…) to client meeting, talking about investments and planning. Then an opportunity came up and I was able to take over (i.e. Purchase) part of the business. Now I run the show and am doing really well. I’m not gonna lie though, it is a tough business and the burn out rate is high, espically for new advisors.

You may find a different culture at a bank. If you like the role as an Advisor the CFA could be benefical for bank jobs (i.e. in the Private Client division), and they would also likely want you to have the CFP designation as well. The CFA will definately give you the credit you need to talk about investments to clients, but the CFP will be important from the planning side that the CFA material does not focus on. The CFP and CFA cover different material, but are both important IMO.

I would focus on obtaining professional credentials given you already have an undergraduate degree. And, take the job as an Assistant. You will get the industry experience you need to break into the business.

#8

I’d take the job and not think twice about it. You’re not signing a 10 year contract, you’re taking what you can get. There is a lot of thought around these forums that if you didn’t have everything figured out at 18, you might as well quit. I’m not wired that way. I’ve taken back office jobs, moved up, added a hacksaw MBA on top of my hacksaw undergrad, moved up again and am now going through the CFA program. It might help, it might not, but either way I’ll be a better employee for it. I’m never going to take over PIMCO and Goldman Sachs will probably have me escorted off the premises if I show up, but there are thousands and thousands of jobs in every decent sized city in the developed world that in some wayleverage the skills you’ll acquire through the CFA program and the 5-10 years you’ll spend taking the exams and getting the relevant work experience for the charter.

My advice is take the job, raise your hand every time they need someone to do anything, network like crazy and keep grinding. The worst case scenario is that you end up back slinging drinks or waiting tables.

#9

I really don’t know how the two compare to be honest… maybe econ does have an edge but before I started passing CFA levels, I had applied to hundreds of business/finance type jobs and never got replies (except for financial advisor/sales)

#10

Take the dead end job only if you need the pay and have no other way of putting food on the table. The fact that you have enough ambition to ask here suggests that your taking a dead end job would suck all the life out of you. Figuratively speaking, of course.

#11

Met the FA again today, and I might not have hustled hard enough because she didn’t reextend the offer. Not that it has been revoked, per se, but I guess I might not have seemed hungry enough… which unfortunately is true…

Numi–I agree with you re: pay. I affirmed today that it’s minimal (hourly, under $20 which seems comparable to an internship pay, which is miles better in terms of experience). I’m not starving right now. Waiting tables, as much as I love to hate it and hate to love it, pays my bills. I just find myself lying at times about my situation and telling people I’m a “student” which hasnt been the case for almost two years…

Double man- If it were a larger firm with better advancement opportunities, I would agree with your approach. Unfortunately it’s a small dank office in the burbs and not at all the direction I want to move in. Is it better than waiting tables? Probably, except the pay.

HPR- FA/Sales will take anyone with a pulse, I’ve noticed. No risk to them, and they’ll keep a accounts once you burn out. I think they hire the same way I play darts- throw as many as you can at the board, and hope something sticks. I’m not very good at darts, and I hear their attrition rates are terrible too smiley

Mike- See, I’m not sure if I want to keep going in WM, whether it’s pure commission like the one I did or salary+bonus as in banks. Your career progession seems to be more stable than the go forth and be fruitful type that I experienced but I do think I want to try something more quant heavy. I do understand the part about industry experience though. That’s the one thing that attracts me to this particular position. I think I will try my luck and see if I can’t land an internship somewhere.

School starts monday, and despite being a complete commitment phobe I will stick it out at least for summer quarter, and see how my situation is… I do have a few leads in my pipeline if I can use that language re: internships, so hopefully that will play out, as well as July 29 (though yes yes I know L1 isn’t the golden ticket. It’s just another fancy sentence I can add on my resume).

By the way, when I was at the bottom of the pit of despair re: career search a month ago I asked a question here if I have any hope… and some of you guys pushed me to hustle hustle hustle. I was super stressed about the exam then, but after June 7 I really did start reaching out and I’m getting more hits than I had imagined. So thank you. I won’t give up and hopefully I will be in a better place by the end of this year. Cheers. smiley

#12

Good luck kid

#13

First, finish your degree, any degree would do. 6 is pushing it. Additionally, you should take the job if it does not conflict with school, and try not to worry about pay, because you don’t even have a degree. I interned for free 3 years ago at pbig ml when I was a senior and it helped fluff my resume.

Secondly, you will get flack because you have no background or network.

  1. You don’t have a college degree. This is an obvious requirement. And you are at your 6th year. You could get away if you have an excuse. Also where you get your degree matters big time. Highly ranked school is a must.

  2. You don’t have a competitive major. It’s hard enough for people in Business related majors. Type of major is secondary with preference on quant majors.

  3. You seem to dislike sales. Everything is sales. When you go to an interview you upsell yourself. When you work In equity research, you sell your ideas. When you work for someone, you sell your actual service.The hardest people that work aren’t necessarily the best rewarded. It’s the best salesman.

What the financial industry sells is trust. Trust in your abilities, trust in you, or trust in your background. Abilities is defined by experience. The quality of experience is determined by the latter two. When you have an affluent network then you have an advantage because rich people already know who you are and they have an idea on who they are working with. But if you don’t, then you best have top notch background to properly define you. Because your background will determine the clients you have.

Also a general idea about clients. The richer they are, the more profitable they are. The more profitable they are the more competition you are going to get. The more competition, the more informed they are, which makes them smarter. So keep in mind when you sell, you are not selling to dumb people. Most rich people are smart and have advisors. Contrary to popular belief, most wealth is earned not inherited.

#14

I would take the job, 6 years in undergrad doesn’t look good. you’re going to really have to hustle though if you want to break out.