Economics 2106 - Fantasy Baseball Cafe 2014 Fantasy Baseball Cafe
100% Deposit Bonus for Cafe Members!

Return to General Talk

Economics 2106

Moderator: Baseball Moderators

Postby slomo007 » Tue Sep 14, 2004 8:53 pm

JTWood wrote:
Baseballer02 wrote:
JTWood wrote:To be honest, the only finance majors I know are now either a) working for Edward Jones (St. Louis is its HQ) or b) an accountant.

Depending on what you consider "high paying," both of those fields start out pretty well with pretty good job security (a little more of the latter for the accountants, I believe).


I think i might've heard of Edward Jones, is it a mutual fund company? It seems to me the accounting majors would be accountants. :-?

My uncle I believe graduated with a finance degree and currently works for E*Trade. I myself had planned on maybe being a financial advisor, but I haven't done enough research on the different career choices to make a decision.


As for advising, my father is a CFP. He wanted me to take over his independent advising business, but there are some characteristics of the business that just weren't my cup of tea.

For one, you have to get your own clients, which means being a good salesman. I don't like to "convince" people to say yes, so that's one strike.

Second, the field is very cyclic. You do great in good and average markets, but in bad markets, you don't have a friend - and it's really not your fault. That's strike two. I didn't really want to go looking for strike three, so I opted with the safe industry and became a private accountant - cost accountant, to be precise. I love it.


Took the words right out of my mouth. I am a Finance/MIS Senior and will likely head in the IT direction when I graduate. I'm leaving the door open for Finance....there is a lot of money to be made in the field obviously, but you have to be a certain type of person to succeed (ballsy comes to mind). I'll probably apply for some Finance jobs, but truth-be-told, I'd like to go into IT.

JT, your points are exactly the same ones I've heard about from some friends of mine who started in the Finance field within the last couple of years...they are making quite a bit of money doing exactly what you described.

By the way, props to you being a cost accountant, I can't stand accounting. For some reason OU requires 12 hours of accounting for Finance majors, but I took 15 and don't want to see another minute of it. Bring on the flat-tax.
slomo007
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicEagle Eye
Posts: 11960
Joined: 31 May 2003
Home Cafe: Baseball

Postby cafe_58 » Tue Sep 14, 2004 8:57 pm

Just curious JTWoods, I am in my last year of Univeristy and will graduate with a degree in Economics with a minor in Management. I haven't heard many good things about the job prospects from people with Economic degrees. I don't want to steal the thread or make this guidance night at the cafe, but I was wondering what you are planning to do with an Economics degree.
cafe_58
Minor League Mentor
Minor League Mentor

User avatar

Posts: 956
Joined: 28 May 2004
Home Cafe: Baseball
Location: You can find me in da dome, chillin wit Jarome.......

Postby Baseballer02 » Tue Sep 14, 2004 8:58 pm

JTWood wrote:I guess that depends on who you work for. Jones makes you hit the street, but then, over time, gives you bigger, longer-standing clients. You have more competition at a place like Jones, though, and some people particularly enjoy the one-to-one attention that a private establishment offers.

It's really in how you want to ply your trade. Both options are viable, but you're still heavily susceptible to market risk because of the nature of the business.


Now this is my own theory and I'm sure it'd be very difficult to accomplish but it seems like a rational way of developing as a financial advisor:

1)Graduate, start off with an established advising firm.
2)Gain a good, loyal, client base working for that company, making your name well known in the company, or the entire field for that matter.
3)Now is when you start your own firm, carrying your client base over with you. You're now open to do your own marketing, publicity, etc. to double maybe even triple your client base.

Now those 3 steps are very broad and undetailed, with a lot of stuff that goes on not expressed. But nonetheless it seems like a viable way to become a successful advisor. I guess what I'm getting at is that it seems like you've made being a financial advisor more difficult to yourself than what it really is. But then again, you have the actual real life experience, while I'm only an 18 year old college freshman whom only has hopes and dreams.
Baseballer02
Major League Manager
Major League Manager

User avatar
Sweet 16 Survivor
Posts: 2006
Joined: 27 Jun 2003
Home Cafe: Baseball
Location: Pitching from the left side.

Postby Baseballer02 » Tue Sep 14, 2004 9:04 pm

cafe_58 wrote:Just curious JTWoods, I am in my last year of Univeristy and will graduate with a degree in Economics with a minor in Management. I haven't heard many good things about the job prospects from people with Economic degrees. I don't want to steal the thread or make this guidance night at the cafe, but I was wondering what you are planning to do with an Economics degree.


The following is straight out of the Academic Profile from my University:

"Career Opportunities include banking and finance, management, marketing, stock brokerage, public administration at the federal, state or local level, international organizations such as the United Nations, World Bank, tourism, journalism, law, teaching"

"The job outlook for economists is expected to be quite good over the next few years. Opportunities should be best in private industry. Many graduates with a bachelor's degree will find good jobs as management or sales trainees, or as administrative assistants."

Going by the first quote, an economics degree seems to be a very broad one, leaving you with many options for a career.
Baseballer02
Major League Manager
Major League Manager

User avatar
Sweet 16 Survivor
Posts: 2006
Joined: 27 Jun 2003
Home Cafe: Baseball
Location: Pitching from the left side.

Postby JTWood » Tue Sep 14, 2004 9:12 pm

cafe_58 wrote:Just curious JTWoods, I am in my last year of Univeristy and will graduate with a degree in Economics with a minor in Management. I haven't heard many good things about the job prospects from people with Economic degrees. I don't want to steal the thread or make this guidance night at the cafe, but I was wondering what you are planning to do with an Economics degree.

To be honest, nothing. I only needed five classes to get the econ/fin degree after taking the Accounting degree, so I figured why not. I'm doing the MBA after that.

It is my understanding, though, that econ majors work for very large companies that need economists, the government, or as teachers.
Image
JTWood
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterEagle EyeWeb Supporter
Posts: 11508
Joined: 22 Jun 2004
Home Cafe: Baseball
Location: Unincorporated Heaven

Postby JTWood » Tue Sep 14, 2004 9:14 pm

Baseballer02 wrote:"The job outlook for economists is expected to be quite good over the next few years. Opportunities should be best in private industry. Many graduates with a bachelor's degree will find good jobs as management or sales trainees (low pay, high work), or as administrative assistants (secretary)."

I've deciphered the catch-phrases and inserted the translations into the paragraph for you.
Image
JTWood
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterEagle EyeWeb Supporter
Posts: 11508
Joined: 22 Jun 2004
Home Cafe: Baseball
Location: Unincorporated Heaven

Postby slomo007 » Tue Sep 14, 2004 9:17 pm

Baseballer02 wrote:
JTWood wrote:I guess that depends on who you work for. Jones makes you hit the street, but then, over time, gives you bigger, longer-standing clients. You have more competition at a place like Jones, though, and some people particularly enjoy the one-to-one attention that a private establishment offers.

It's really in how you want to ply your trade. Both options are viable, but you're still heavily susceptible to market risk because of the nature of the business.


Now this is my own theory and I'm sure it'd be very difficult to accomplish but it seems like a rational way of developing as a financial advisor:

1)Graduate, start off with an established advising firm.
2)Gain a good, loyal, client base working for that company, making your name well known in the company, or the entire field for that matter.
3)Now is when you start your own firm, carrying your client base over with you. You're now open to do your own marketing, publicity, etc. to double maybe even triple your client base.

Now those 3 steps are very broad and undetailed, with a lot of stuff that goes on not expressed. But nonetheless it seems like a viable way to become a successful advisor. I guess what I'm getting at is that it seems like you've made being a financial advisor more difficult to yourself than what it really is. But then again, you have the actual real life experience, while I'm only an 18 year old college freshman whom only has hopes and dreams.


I have a good friend who took the financial planner route (he just graduated). He laid it out for me....

First you go to work for a large planning company like you said.
Second, you make COLD calls to numerous different people in an attempt to find clients (in addition to gaining clients through personal networking - ie, friends, family members).
Third, you meet with anyone who is interested from the calls, and usually must bring a more experienced colleague so that the customer is not nervous as hell giving his life savings to a newly graduated college student.
Fourth, you slowly build your clients, and they seem to build exponentially - the more you get and the better you do, the quicker your base grows.
Eventually you can separate and start your own company if you would like, or just enjoy your FAT paychecks (if you're good) and retire early.

However, a lot of time and effort are required right out of school to build yourself up. Plus, if the market goes down, so does your paycheck....it's pretty much purely commission based.
slomo007
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicEagle Eye
Posts: 11960
Joined: 31 May 2003
Home Cafe: Baseball

Postby Baseballer02 » Tue Sep 14, 2004 9:19 pm

Who would've thought I'd get better information about my future plans from folks at a fantasy baseball website than from my own university?
Baseballer02
Major League Manager
Major League Manager

User avatar
Sweet 16 Survivor
Posts: 2006
Joined: 27 Jun 2003
Home Cafe: Baseball
Location: Pitching from the left side.

Postby slomo007 » Tue Sep 14, 2004 9:19 pm

JTWood wrote:
cafe_58 wrote:Just curious JTWoods, I am in my last year of Univeristy and will graduate with a degree in Economics with a minor in Management. I haven't heard many good things about the job prospects from people with Economic degrees. I don't want to steal the thread or make this guidance night at the cafe, but I was wondering what you are planning to do with an Economics degree.

To be honest, nothing. I only needed five classes to get the econ/fin degree after taking the Accounting degree, so I figured why not. I'm doing the MBA after that.

It is my understanding, though, that econ majors work for very large companies that need economists, the government, or as teachers.


That's the way I understand it as well. Don't go the economics route unless you literally won't make it through finance.
slomo007
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicEagle Eye
Posts: 11960
Joined: 31 May 2003
Home Cafe: Baseball

Postby JTWood » Tue Sep 14, 2004 9:20 pm

To any future personal advisors, let me share one thing that my father taught me;

Most commissions come in two packages:

1) Bigger commission right now, or
2) Smaller commission, but you get it as long as the client remains a client.

My father took number 1 when times were hard. He's always regretted that, he said.
Image
JTWood
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterEagle EyeWeb Supporter
Posts: 11508
Joined: 22 Jun 2004
Home Cafe: Baseball
Location: Unincorporated Heaven

PreviousNext

Return to General Talk

Who is online

Users browsing this forum: unioreimi and 7 guests

Forums Articles & Tips Sleepers Rankings Leagues


Today's Games
Tuesday, Sep. 2
(All times are EST, weather icons show forecast for game time)

Cincinnati at Baltimore
(7:05 pm)
Detroit at Cleveland
(7:05 pm)
Boston at NY Yankees
(7:05 pm)
Philadelphia at Atlanta
(7:10 pm)
NY Mets at Miami
(7:10 pm)
indoors
Toronto at Tampa Bay
(7:10 pm)
indoors
Milwaukee at Chi Cubs
(8:05 pm)
Chi White Sox at Minnesota
(8:10 pm)
Texas at Kansas City
(8:10 pm)
LA Angels at Houston
(8:10 pm)
Pittsburgh at St. Louis
(8:15 pm)
San Francisco at Colorado
(8:40 pm)
Seattle at Oakland
(10:05 pm)
Washington at LA Dodgers
(10:10 pm)
Arizona at San Diego
(10:10 pm)

  • Fantasy Baseball
  • Article Submissions
  • Privacy Statement
  • Site Survey 
  • Contact