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Economics 2106

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Postby Baseballer02 » Tue Sep 14, 2004 10:19 pm

Well even though I'm not sure which answers I correctly changed, I got my quiz grade up to an 80, which is just fine for me.
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Postby Arlo » Wed Sep 15, 2004 4:11 am

Baseballer02 wrote: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?

Astonishing, isn't it? Seems like there are few questions that someone here can't answer...
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Postby Cornbread Maxwell » Wed Sep 15, 2004 10:18 am

I missed a pretty good conversation here that I probably could have contributed too. Oh well. What was said was pretty truthful.
I got my degrees a few yrs back and have been with an investment firm since '96 as a financial planner. As was noted before by JT this is an extremely sales and networking heavy field. You need to be a good salesman - plain and simple. This occupation has one of the absolute highest turnover rates of any industry for the first 5 yrs - mostly because many people who decide to give it a go dont understand how sales intensive it is. What you are being taught in your econ and finance classes right now are obviously the foundation of knowledge that you will be using, but the sales aspect is not taught and it has a greater impact on your immediate success than knowing how bond prices should respond to a rising intest rate environment.

As for commission base, there is a growing trend to move investments into an asset based structure where the broker doesnt necessarily get a high commision from an action (either buying or selling), but rather a smaller yearly or quarterly commission based on asset size. The reason the trend is occurring is to minimize the broker's conflict of interest. In commission based systems, it is in the interest of the broker to make transations while making the client money. In asset based systems, it doesnt matter how many transactions there are, so the emphasis is placed on making money. The problem with asset based accounts is that in down times when the client is losing money, it can be difficult to explain why a fee is being taken out after "you" have lost them money.

What else can you do with a Finance degree? Go work for a company as a financial analyst. No sales. Great pay. Plenty of room for advancement through the company - or with other companies since it is a very high demand/low supply (not many financial analysts) field. You will more than likely need a strong accounting background for this as well since essentially being a financial analyst is working with balance sheets, budget analysis, trend analysis, etc... This is a great alternative to becoming a financial planner if you have a finance degree.

Feel free to PM me if you have any specific questions.
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Postby slomo007 » Wed Sep 15, 2004 11:05 am

Another option for Finance degrees is the banking side. Commercial banking is where a lot of money is, so I hear. I don't personally know much about the field, but I know it's out there.

Also, starting off working in a bank branch and working your way to branch manager or higher isn't a bad route either.

By the way, thanks for the insight from JT and CM...nothing like hearing it from the horse's mouth.
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Re: Economics 2106

Postby raiders_umpire » Wed Sep 15, 2004 12:31 pm

Baseballer02 wrote:My Economics 2106 course has me so pissed off at the moment. The class has seemed like a cakewalk the first couple weeks, 'cuz everything that's been discussed I've already known from taking Economics last year in high school. Well the first quiz is available today on the teacher's coursecompass site, and half the crap on it he has neither discussed in class nor told us to read. I'm livid at the moment, as this is complete BS.



economics classes in college still bring back nightmares to me......in my 3 and a half years at UNC the only 2 classes i did not make a A in were micro economics and macroeconomics.......those 2 classes took a perfect 4.0 and turned it into a 3.88.....there was nothing good in those classes,,,the professor was about as boring as watching the grass grow......never took a test in those classes, that at least half the test was not covered in class....rough days, they were and in fact i would not even go back and take those classes for bunches of money.....what is even worse is that my little brother did not learn from my mistakes in economics and he is having trouble now in macroeconomics also.......

so in other words i feel your pain....just hope for your sake that u get out of it alive.......
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Postby StlSluggers » Wed Sep 15, 2004 12:43 pm

Forgot to mention that one of our database programmers here at work is a finance major. There is a huge vacuum in the market for people with both a solid financial/accounting background and programming skills. I've heard that a double Acct/MIS major starts around $60k in Chicago.

Take that rumor for whatever you will...
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Postby slomo007 » Wed Sep 15, 2004 1:02 pm

StlSluggers wrote:Forgot to mention that one of our database programmers here at work is a finance major. There is a huge vacuum in the market for people with both a solid financial/accounting background and programming skills. I've heard that a double Acct/MIS major starts around $60k in Chicago.

Take that rumor for whatever you will...


Interesting...good news for me. ;-D
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Re: Economics 2106

Postby Lofunzo » Wed Sep 15, 2004 5:41 pm

Baseballer02 wrote:My Economics 2106 course has me so pissed off at the moment. The class has seemed like a cakewalk the first couple weeks, 'cuz everything that's been discussed I've already known from taking Economics last year in high school. Well the first quiz is available today on the teacher's coursecompass site, and half the crap on it he has neither discussed in class nor told us to read. I'm livid at the moment, as this is complete BS.


Welcome to college. :-°
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Postby stomperrob » Thu Sep 16, 2004 2:21 am

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.


At good ol' U of C??? I got my degree in Economics there - Class of '74 (guess that makes me one of the old farts here, lol).
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Postby Fireball Express » Sat Sep 18, 2004 12:46 am

My sister graduated with an Economics degree. She became Asst VP of Govt Bonds at Merrill Lynch. The first woman to hold that position. She gave it up to raise a family.

As for tests and quizes that include material not in the text or lecture; I always hated that.
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