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I interned at Bear Stearns back in the summer of 06 and was offered a job upon my graduation that became worthless (it was okay with me, I didn't really want it but the offer was too enticing to refuse - just working there for three months made me think it wasn't what I really wanted to do). Let me tell you what - that was a great time period of life, right there. I have absolutely no idea what it is like now, but I am actually really glad that it happened that way, because I am much happier in my current field.
I would just focus on getting the best grades that you can, join an investors club for your college, and then keep applying for internships. I got one based on grades, being a part of the college investor club, a business fraternity, and I partially think due to being a woman with a sense of humor.
Are you interested in hedge funds simply because of the high risk/high reward potential? Keep in mind that for every successful hedge fund, there are likely 20-30 funds that failed (or more). If you really want to get into it, look into possible internships at some successful hedge funds.
As others have mentioned, being a financial analyst isn't just about buying/selling securities that you "think" are going to be profitable. In fact, an analyst spends much of their time reading accounting statements, studying industries and industry sectors, evaluating earnings, etc. It's after the research that the analyst then makes a recommendation to buy/sell.
Also, you're only in your second year at SDSU. You won't get into the "meat" of your degree until your junior year. The first couple of years are spent getting your pre-requisites done, so it can seem like you're going no-where with what you WANT to be doing.
Lastly, you can look into getting the CFA designation from the CFA Institute. I'm not sure if you can enter the program while you're still a student, but check it out. This is a in-depth exam process focusing on financial analysis. Many portfolio managers and analysts try to obtain the designation. It's a difficult set of exams - often people take one or more of the three levels multiple times. Many more drop out entirely.
fool.com is a rag site. I hope you spend much more time on real ones.
You love making money? Ummm...that's not unique. You love taking risks? There can kind of be a downside to that. Young people with your attitude are dangerous for finance, they need to be tempered.
Listen, forget this owning your own hedge fund thing. You’ve watched too many movies. And try to appreciate all the portions of your education. Art and dirt are mind expanding and are part of what makes a person a good thinker. The abstract is very important. Finance is about much more than dollars, cents, and numbers – much much more.
My advice is to calm down and channel your energy to a more appropriate place. Do as well as you can with your education. Join clubs related to finance in your school and community. Be a leader in those clubs. Work with your school to find an internship. Get recruited or get a job after graduation. Consider getting an MBA from the very best program you can.
Best of luck
OP, Solid advice here. One of the skills one must have to advance in finance is understanding the value of taking calculated risks, and help the business or individuals to bring these pie-in-the-sky ideas to practical (and affordable) fruition.To see the possibilities an idea may have, you need to have the perceptiveness of a creative entrepreneurial mind. Those artsy classes that you hate will add the depth you need to think creatively. So, don't take them for granted.
Beyond the MBA, I highly suggest looking into the CFA exam as well. Meanwhile, contact a career advisor at your school for recommendations about jobs you could pursue right now, that will help foster your long-term career goals. Good luck!
I am currently a Sophomore at San Diego State majoring in Finance. My ultimate goal in life is to own own/manage a hedge fund. I love stocks, I love risks and I love MAKING (emphasize) money.
The thing is I am feeling a little lost and frustrated. I am already in my fourth semester in college and I am currently taking 3 classes of Geology, 1 Art, 1 Family Relations and 1 Accounting; all mandatory. I dislike everything that is abstract such as art, and learning about the dirt... I am not that interested in what I am learning. I spend my time going on fool.com and reading about stocks and learning about the stock market.
I feel like I am wasting a lot of time that I could be using to do something productive. I would love to have an internship (even unpaid) in a finance-related firm. The thing is I just moved to the country a year ago and I am a little lost how everything works. I have no connections and barely some friends. My resume is not that impressive either. I have 4 month experience working at Jack in the Box.
Any recommendations on what I should be doing to get ahead on my career? I've tried looking for internships but I can't land any. Should I get another retail job? Perhaps take certain exams? Something that looks good on paper?
Thank you very much in advance to everyone who helps me. It really means a lot!
Go for it! Get it out of your system. Borrow $10,000 from a relative and see what you are made of.
Better to start paper trading first. If you can't "make money" in a paper trading account there is no reason to use real money. If you can make money in a paper account THEN use real money.
BTW- the figures I have seen say 90% of people that trade lose money.
Yeah, you're right. He should just start a hedge fund right now.
OK, maybe I was a little too snarky so I can understand why you were offended but your advice deserved it.
I’m going to go easy and say that your suggestion (given the OP’s general goal) that the OP should be a teller is way off point. His time would be much better spent in more beneficial pursuits and those that know about finance understand that.
And saying “2-3 years in the finance industry” when you were a bank teller would cause an eye roll (at best) from someone in finance. They would either think you are trying to fool them (in an idiotic way) or are a complete idiot who know nothing about what finance is. I mean really, that’s like working at the Gap and saying you were in fashion.
I’m going to stop now because I said I would go easy.
Quote:
Originally Posted by Ted Bear
You have two options.
Either demionstrate that you have exceptional analytical/stock picking/investing skills, or...
Take the traditonal Route...Undergard, Internship, Masters.....and intervierw like crazy.
There are no short cuts, and more importantly, it is a dog eat dog business. They don't pay you for what you "know", they pay you for what you can produce. Unless you are regularly pumping out money making ideas, you are of no use to anyone in the financial indsutry.
Have personal assets? Start trading it, keep a record, and demonstrate that you can make momey as an analyst/investor.
OK, maybe I was a little too snarky so I can understand why you were offended but your advice deserved it.
I’m going to go easy and say that your suggestion (given the OP’s general goal) that the OP should be a teller is way off point. His time would be much better spent in more beneficial pursuits and those that know about finance understand that.
And saying “2-3 years in the finance industry” when you were a bank teller would cause an eye roll (at best) from someone in finance. They would either think you are trying to fool them (in an idiotic way) or are a complete idiot who know nothing about what finance is. I mean really, that’s like working at the Gap and saying you were in fashion.
I’m going to stop now because I said I would go easy.
Actually I am "someone in finance" and have been for 25 years.
Your advice: to calm down and channel your energy to a more appropriate place. Do as well as you can with your education. Join clubs related to finance in your school and community. Be a leader in those clubs. Work with your school to find an internship. Get recruited or get a job after graduation. Consider getting an MBA from the very best program you can.
I'm curious. Get a job doing what exactly? Why wait until after graduation?
My suggestion was to start at the bottom of the finance ladder. This is assuming he wasn't able to find an internship. He could probably get into a Financial Advisor training position. But most of what you learn in that position is how to sell and it would be a full time position. Not a good fit while he is going to school.
Laugh about the teller job if you want, but at least you become familiar with the entire suite of financial products. Also, I don't expect he would stay a bank teller for 2-3 years. Most get promoted after 6 months-1 year. At least he would have the inside track.
OK, maybe I was a little too snarky so I can understand why you were offended but your advice deserved it.
I’m going to go easy and say that your suggestion (given the OP’s general goal) that the OP should be a teller is way off point. His time would be much better spent in more beneficial pursuits and those that know about finance understand that.
And saying “2-3 years in the finance industry” when you were a bank teller would cause an eye roll (at best) from someone in finance. They would either think you are trying to fool them (in an idiotic way) or are a complete idiot who know nothing about what finance is. I mean really, that’s like working at the Gap and saying you were in fashion.
I’m going to stop now because I said I would go easy.
Disgustingly true and terribly accurate.
True, but it does allow him a foot in the door, and he can apply for Bank Jobs as an internal, rather than external employee, giving him a leg up.
Actually I am "someone in finance" and have been for 25 years.
Your advice: to calm down and channel your energy to a more appropriate place. Do as well as you can with your education. Join clubs related to finance in your school and community. Be a leader in those clubs. Work with your school to find an internship. Get recruited or get a job after graduation. Consider getting an MBA from the very best program you can.
I'm curious. Get a job doing what exactly? Why wait until after graduation?
My suggestion was to start at the bottom of the finance ladder. This is assuming he wasn't able to find an internship. He could probably get into a Financial Advisor training position. But most of what you learn in that position is how to sell and it would be a full time position. Not a good fit while he is going to school.
Laugh about the teller job if you want, but at least you become familiar with the entire suite of financial products. Also, I don't expect he would stay a bank teller for 2-3 years. Most get promoted after 6 months-1 year. At least he would have the inside track.
You've been in finance for 25 yrs and you don't know what a recent finance graduate would get a job as? Unless that's a joke, I'm confused how someone with any level of finance industry experience doesn't know this. I'm going to assume it was a joke so that my stomach stops hurting.
A teller is not the bottom of the finance ladder. It's simply a completely different trajectory. Retail banking is to finance as retail clothing is to fashion.
A bank teller is a world away from the type of finance that the OP is seeking. One has nothing to do with the other. Like i said, bank teller is to finance what Gap sales cashier is to fashion. Please don't misunderstand, I have nothing but respect for bank tellers, Gap sales people, etc. It's just completely different and OP should invest his time in pursuits that will get him closer to his goal.
I just don't get how someone with 25yrs in finance could have your frame of mind on the topic.
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