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I'm sorry. I'm not a financial advisor. I professionally cannot give you any kind of financial advice. But what I will say is that you should look to save that $4k and make it expand. If you do not have an emergency fund, now would be the right time to have one.
dude did you not read the first few pages? That sounds like a plan man. But I would say that you should get to finding those internships asap.
Hank,
I believe I am in a unique situation and would love to hear your opinion and perhaps some advice.
I currently work in a back office entry level analyst role dealing with the pricing on securities at a major Canadian bank. I deal primarily with domestic and foreign equities in a small team with relatively significant responsibility. I kind of got lucky ending up in this gig without an undergrad degree. I come from an accounting background from a community college. Everyone else I went to school with ended up in jobs without much excitement, like book keeping roles. I was a bank teller in college and used my position in the bank to network with people in order to get out of retail and into something with more prospect.
I am quickly realizing that I may be stuck at this level until I get a degree under my belt. I have reached out to mid-level managers about what they do and to build my network, and they all seem to agree that not having a degree hurts. I have enrolled in night and online classes at a university in the city in a Bcomm program, It is not the university with the best reputation, but it will allow me to transfer more credits from college and allow me to take my courses and night and online in order to keep working full-time. I anticipate it may take me 2-3 years to get enough credits to get a degree. I am obviously focusing on keeping my GPA high as possible now that I really see what impact a high GPA has on things like getting better jobs and into a good business school later on. In the meanwhile, in order to increase my marketability I am also pursuing the CFA. I am currently a level 1 candidate and am planning to write in December. I hope to write level 2 in June'14.
My manager and her manager keep telling me that I am overexerting my self and possibly setting myself up for failure by pursuing 4 university courses and CFA level 1. However, I am 26 and don't want to stay back office forever. I want more money, more responsibility, and more respect. I want to increase my marketability and jump into a higher level role within the year. Eventually, I would love to get into IB, portfolio manager or something else that is respectable, lucrative, stimulating and lucrative. Like you, I come from an immigrant family without much money, so I think our motivation is similar in that sense.
Do you think I am making the right decisions in order to get to the places I want to go in the finance world? Do you have any other advice or comments?
Thanks for taking the time to read this.
P
Hey, ridingonlorenzos
I read this and i understand how you feel. First thing, forget what your boss says. He's hating.
Secondly--don't ever let anyone tell you you're working TOO hard. Only you can determine that.
I say go for the CFA and get your degree. In finance you need to build credentials if you want to go up. The positions you mentioned above will require you to have at leas a bachelors degree. I would work as hard as I can, get a really high GPA and network like a ninja.
You need to show everyone that you're willing to work harder than the next guy, especially if you want to move from back office to front office.
One of the best threads I've read in awhile. Thanks Hank.
Thanks, dude. I really appreciate it. I'm glad I can give back and help the community any way I can.
Why do you feel that way? That was not my intent when I create this thread. I didn't want to discourage or disrespect anyone. I apologize if I did.
1. A person being cheap is a personal thing. I know plenty of rich people who aren't cheap. But if I had to venture a guess to answer your question--I'd say they're cheap because they want to keep their money.
2. I've picked up so many women just solely based on my profession and suiting up when I go out with co-workers/friends. They see a group of guys in suits at certain bars and the girls can immediate know what we're about. It's like they can smell it or something
But sometimes I will go out and meet girls who have no idea about Finance and I still manage to meet women. Having a personality, being able to hold a conversation and having a nice smile mixed in with a sharp suit will greatly improve your odds in finding women though. There's no mystery to that formula. Like I said before a few pages back, I've had the pleasure of being in the company of some of the most gorgeous looking women NYC has to offer and I've taken some of them home with me on many of occasions. Honestly, it didn't too long for me to stop noticing their looks and looking at their personalities first. I do go to bars occasionally when I have time or when it's planned amongst all my friends/co-workers, but I don't go out looking to pick up girls. If I meet someone that night, I meet someone. Thats it.
A lot of people in finance get involved in relationships with co-workers. The hours are long and the people you work with are the people you see everyday. You see your co-workers more than your family. Office relationships are bound to happen.
I've never paid to have the company of a woman. I know plenty of people who have, but that doesn't interest me. I have seen some incredibly gorgeous looking escorts before.
This is the most foolish thing I've ever heard. I believe that this is true, but I can't people believe are so worked up about how they have in the bank.
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