Financial Adviser in mid-twenties Makes $20k

Oh well, no million dollar salaries for I-Bankers anymore. We should all feel sorry for them, especially since a 30-year VP made only $675k this year.

To become a successful IB, you basically need a strong customer base to start off. But the current economy is really hitting hard on IBs... friends in Citi crossing fingers

Apologies if I sounded like I was gloating. I guess the point I wanted to make was that I can't really think of a 30 year old making numbers like that anywhere else (except maybe being a doctor or dentist, and these guys would likely need to have their own practice). The numbers I'm making are more or less the median pay for a VP over the last couple of years so nothing special really - I'm one of the lucky few that managed to jump from one bulge bracket to another on a guarantee in the last few months so will probably be slightly ahead of the field for this year.

I guess the last point I wanted to make was that the advice I would give a smart numerate and articulate kid coming out of school, is to get into i-banking, work hard and sacrifice your social life for a few years, get good experience and hopefully get a good boss that's not an a**hole.

I-banking definitely pays well in good times.

I was working abroad in banking for a number of years and recently took a 60% net pay cut to work in Singapore. Bad choice as not only is the pay lower, the hours are much longer too.

I agreed to take the job because money is not my only motivating factor, but seriously I am planning to switch to something more meaningful and hopefully have a bit of a life outside of work.

That's funny - first you said it's a bad choice, with lower pay and longer hours, then you said you want to have bit of life outside work and you want something more meangingful

Makes me wonder if so why would you switch in the first place.

Hi all,

I had 4 years of engineering working experience, and then back to university for further study in finance. I just graduated this dec, my first choice actually is to be a private banker, however the banks are in trouble now and I have to change my career path.

Currently, I'm going to take M5 & M9 and giving my all to take up FA as a career.

I inspired to earn as much as possible and own my company. However, I have a dilemma now as I don't know how much the economy going to hit my salary. so I'm seeking a support group.

thanks for all the people who shared their experience.

Hi Yuki,

First of all I have to congratulate you for taking the courage to take the path less travelled. It's going to an exciting journey ahead of you.

I recalled the time when I became a Financial Planner, after jumping over from the telco industry. It was just after 9-11. So it was very much the same sentiments we are facing now.

Despite the economy then, I had my best production year, achieving my Million Dollar Round Table that year.

Personally I do not see the bad economy as a threat to my business, but the greatest enemy you will face resides nicely between our ears, it's our brain.

We can't change what's happening around us, but we can definite decide what is within us.

And this is what I love about this business, we have a choice, we have the ownership.

I will love to share more with you. You can reach me at [email protected].

I wish you all the best in the promising new year!

Cheers!
Desmond

Yuki,

This industry certainly has a lot to offer. It's given me a passion which pays me well. Like you I am educated as an engineer. Exit salary was around $5k pm. My opportunity cost and risk was very high, as I just got married, expecting first child.

Of course you must come into this industry with both eyes open. Just like any other sales/business roles, there is a bell-curve of income. statistics from MOM states 2007, average in income was $5,283 per month. Considering that was the 60% average, that's pretty decent. Not many actually hit $10-20k per month. Don't tie yourself down by stats though. If you are willing, you will be able.

There are three important things to consider:

(1) Your personality/career suitability
> certain types have a better success rate

(2) Your attitude and motivation
> if you start off tentative, you've already lost half the battle

(3) The company/mentor you choose
> read previous entries by http://forum.jobscentral.com.sg/showthread.php?t=86

For more info check out my info site about financial adviser careers:
http://www.financialadvisercareer.com