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I have heard stories of many brokerage firms that hire young kids, young 20's or so, without college degrees and will train them on the stock market and job requirements, as well as for the series 7 exam, to become a broker. I've heard many of these kids go on to make great money (ie going to the mall during lunch breaks and coming back with bags of gucci/louis vuitton clothing, for instance). I don't know if this and these brokerage firms are a thing of the past or not, but where may I possibly find such brokerage firms or jobs/opporunities? New Jersey and New York seem to come to mind for some reason. Does it hold true to the stories I have heard? Do you need a college degree or not? The people who told me these stories were referencing to the 90's and early 2000's. However, if possible, I would love to get my foot in the door this way at least. Appreciate the advice, thanks alot.
At one point you could get a low level job with Merrill Lynch with a high school diploma, but it would take years to work your way up from the copy room to actually being a financial advisor. (And see how far that strategy got Lynch...)
These days I don't think any of the investment houses will hire anyone who doesn't have a bachelors in finance, accounting, or some other relevant field except for the copy center job, and internal upward mobility from those types of positions are a thing of the past.
I know a guy in NJ who started with Lynch as an assistant something or other (gopher, basically) who worked his way up. He was also one of the first to be riffed a few years back. His lack of a degree has kept him from finding work in the industry since, and he's currently working in a mall retailer.
The thread is like in the Pursuit of Happiness, but that films also took place not in the current time.
Perhaps there is an ability of getting into some financial company and getting someone to train you as a broker. I think at my employer they would maybe get you in the door and train you to pass the exams Series 7 and Series 63-- BUT more than likely you would be on the phone and probably find it difficult to move beyond that role.
The way my employer does it is that they will hire you without the Series 7 and 63, they will put you in a training class-- and then sponsor you to take the exams. If you fail, you lose your job. Period. The ONLY people I have ever heard who have been able to retake the exam and keep their job are those people just on the cusp... i.e. say the passing score was 70 and they made a 68. Other than that that is do not pass go, do not delay, end of your job. I have seen some very smart folks who have not been able to pass the exams.
Also now my company is not even looking at internal employees to take on roles that require a Series 7 or 63 if the internal employee does not already have the exams passed. I have known a couple who wanted to roll the dice and go for those types of roles and try to take the exams-- the internal HR folks have told them that with as many people on the outside who are unemployed and have the Series 7 and 63 they do not need to try to hire people who do not have the exams and licenses already passed. I.e. they can hire someone who is qualified, already trained, and do not have to invest in huge training that may or may not allow them to keep the employee.
Fire up the time machine and set it for 1950. That's your best bet for getting a company hire and train you without a degree.
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