I’ve been hired by a firm as a stockbroker trainee and am studying for the series 7/66 tests. Curious to hear if anyone is in the business (particularly stockbroker) and what the realistic expectation on working hours is and overall opinions of the business are. I’m hearing up to 95+ per week�?�
Feel free to pm me�?�
Depends entirely on your firm: some guys pull 50 hour weeks, some never leave the office.
Expect to encounter the worst elements of human society. No joke. Being a true psychopath (and not some weak sociopath) pays dividends in that business.
Seems pretty nice at first, fairly easy to pass the exams (especially with STC materials, screw the Dearborn/Arco nonsense), and you’re suddenly “making money”. That becomes fairly addictive…
Real easy to get sucked into the whole lifestyle of bullshit, make money, get high/drunk, rise and repeat.
I was broker trainee in the mid 90’s. I was working 12 hours Mon-Thurs 8 Friday. I was opening accounts and a coworker pulled out some coke and offered me some. I thought “If I used that I could work like madman”. That was when I decided to quit. There’s alot of drugs, and alot of ego’s in that business. Good luck to you if you stay in it.
Being a stockbroker sounds fucking kick ass! And I’m studying to be an accountant… Maybe it’s not too late to switch majors?
If you plan on staying in this field, it’s a cut thoat job. I work in a bank that has a investment dept and 95% of the people that have worked in that dept suck. High turnover, always up your ass for you to get them appointments. And than when I do, they sit on it and make me look bad. So stick with a large investment company if you ask me.
Thanks for the answers guys. It’s a smaller firm that I’m going with and what you guys have been saying is what I’ve been hearing, lifestyle etc. It’s a career change for me and a tough call as I’m expecting a job offer this week in my old field. I am worried about the amount of hours that will be required…i did 80+ hours a week for a year a while back and said I’d never do it again.
I’d try to use this position as a stepping stone for investment banking/wealth mgt.
ibanking? Oh boy, Brazen’s running a quart low.
Dialing and smiling is a walk in the park. If you’re “lucky enough” (and I use that phrase VERY loosely) to make analyst, you’re in for a world of pain. The prestige of being marginally above the custodian/mailroom on the totem pole, the insane work hours (real slave driver mentality), and doing completely unfulfilling/frivolous work will surely put a smile on your face.
Your new best friends are Mathematica and Excel. You’ll be cranking out formulas and models in your dreams. Nobody really cares about your effort, as long as you appear to be working. It’s like the movie Office Space: some kind of narcissistic/sadistic game of pushing the quant until he snaps.
Fast forward a couple years and a few nervous breakdowns or midlife crises and you can shoot for associate. Usually need a MBA, some get promoted from within.
Associate is a little less stressful, you’ll spend more time just shooting the shit, schmoozing, etc. The downside? Putting together pitchbooks and dog and pony shows. Replace Excel/Mathematica with Airline/Hotel.
If you haven’t committed suicide, had a meltdown, etc., your next stop is Vice President. That’s when you actually have a decent quality of life. You’ll realize your were missing a certain je ne sais quoi, I believe some call them “weekends”. You actually get to enjoy them at this point. Shark your way up and you can be there in 6-8 years or less.
Decent pay? Sure, but you earn every cent.
Worth it? Depends on your priorities. If you’re totally engrossed with business, don’t care about a social life, kids, family, etc., it can be a good fit. Definitely something you have to be passionate about or burnout is inevitable.
This is why I asked…it’s good to get different people’s opinions who are in the business. You make good points, and I appreciate them. Your comment about having a passion for it is one I’ve heard before, usually after “get into this because you enjoy the market, not because you want to make money.”
Thanks again for the input.
I have absolutely nothing to contribute to this thread, but everyone that looks at this thread should check out the movie Boiler Room.
