Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




New here: future financial advisor

Reply to topic
Money Talk > Introductions

Author Thread
Radix3d
Preferred Member


Cash: $ 21.60

Posts: 105
Joined: 20 Mar 2013

New here: future financial advisor  Reply with quote  

New to this forum my name is Blake.

I served in the military 4 years and now I'm in college. I'm pursuing a dual major in economics/accounting. I'm an officer in the schools investment portfolio. I want to be a financial advisor and I'm sure there are plenty on these forums that can answer me questions:

1) Since I will have money left on my GI Bill I'm thinking of getting a masters in accounting (1 year program) and maybe a CPA. I assume this would be a smart idea for a future financial advisor? Or skip it and jump right in?

2) I understand the term financial advisor is vague and can mean a lot of potential career paths besides just investments. But I've been told it's very cut throat, you work long hours, and although after a few years it's more laid back but there is a high initial failure rate. Any suggestions that would better position be to succeed?

3) Any suggestions about where to apply after graduation and where to intern now?
Post Wed Mar 20, 2013 12:55 am
 View user's profile Send private message
smk
Preferred Member


Cash: $ 37.05

Posts: 183
Joined: 12 Dec 2012

Re: New here: future financial advisor  Reply with quote  

quote:
Originally posted by Radix3d
New to this forum my name is Blake.

I served in the military 4 years and now I'm in college. I'm pursuing a dual major in economics/accounting. I'm an officer in the schools investment portfolio. I want to be a financial advisor and I'm sure there are plenty on these forums that can answer me questions:

1) Since I will have money left on my GI Bill I'm thinking of getting a masters in accounting (1 year program) and maybe a CPA. I assume this would be a smart idea for a future financial advisor? Or skip it and jump right in?

2) I understand the term financial advisor is vague and can mean a lot of potential career paths besides just investments. But I've been told it's very cut throat, you work long hours, and although after a few years it's more laid back but there is a high initial failure rate. Any suggestions that would better position be to succeed?

3) Any suggestions about where to apply after graduation and where to intern now?


i have a few suggestions:

1) accounting and finance are two entirely different disciplines with different thought processes. in accounting, you are doing just that: counting. if y ou want to represent something fairly, you need to count how much to put in this bucket vs that bucket. finance is about making decisions in an optimal way to make the most money. many accountants think they know finance, but they really don't. you need to figure out whether you want to count as a professional or be more like a detective to find the most profitable way of doing things.

2) financial advisers today are about 30 years behind the tiimes in terms of understanding financial theory. i looked through some cfp prep books where they just give you a bunch of rules of thumb, half of which are wrong. you need to study asset-liability management and focus on how people can protect their income stream into retirement to pay their bills. wealth maximimzation is not a direct solution and got the pension industry into some very hot h2o. the financial industry is fighting modernization with all it has, trying to preserve the old way of life. it is not good for clients.

3) if you are going to work with individual investors, you also need to help them make life decisions. their decisions are not about money alone, although their relationship with money may be unhealthy. you should pick a discipline and study that aspect as well.

if you are going into finance, know your stuff and work diligently for the best interests of your clients. you also will not have many friends in the field if you do this...as for the accounting stuff, if you think you want to be an accountant, do it. otherwise i would do a cfa instead. my experience is that it is much better than the cfp and they are trending more towards individual investors nowadays. that sort of designation may help as an alternative to cpa...

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Wed Mar 20, 2013 1:07 am
 View user's profile Send private message
Radix3d
Preferred Member


Cash: $ 21.60

Posts: 105
Joined: 20 Mar 2013

Re: New here: future financial advisor  Reply with quote  

quote:
Originally posted by smk

1) accounting and finance are two entirely different disciplines with different thought processes. in accounting, you are doing just that: counting. if y ou want to represent something fairly, you need to count how much to put in this bucket vs that bucket. finance is about making decisions in an optimal way to make the most money. many accountants think they know finance, but they really don't. you need to figure out whether you want to count as a professional or be more like a detective to find the most profitable way of doing things.




I almost went with finance, but the finance department is small (4) professors and some are over the hill themselves. They only offer like 3-4 relevant classes, one of which I have to take anyway. So I was planning on taking advanced port management as business electives and maybe something else.

Thanks, I'll look into the CFA more I thought the CFP was more relevant that's good to know!

edit: broken quote repaired
Post Wed Mar 20, 2013 1:57 am
 View user's profile Send private message
smk
Preferred Member


Cash: $ 37.05

Posts: 183
Joined: 12 Dec 2012

 Reply with quote  

rigor and sophistication in cfp was pretty bad...cfa was better.

Steve Kanney, CFA
http://www.integratedfinancialny.com/index.html
Any comments made are designed to help you make your own decisions and do not consititute investment advice.
Post Wed Mar 20, 2013 2:01 am
 View user's profile Send private message
mac205
Member


Cash: $ 3.50

Posts: 15
Joined: 20 Feb 2013
Location: VIET NAM
 Reply with quote  

Welcome to the forum! I'm Loren. Nice to meet you and everyone.
Post Wed Mar 20, 2013 7:18 am
 View user's profile Send private message
nathanielzane2
New Member


Cash: $ 2.00

Posts: 8
Joined: 30 Apr 2013
Location: Florida
 Reply with quote  

Walls can indeed do a lot more than just hold up the ceiling. They are the largest expanses of decorative surfaces you have to work with, and they set the stage for the rest of furnishings. What you do with your walls can do make up for construction shortcomings, so don't treat them lightly.
Post Tue Apr 30, 2013 1:52 pm
 View user's profile Send private message
eatingbad
New Member


Cash: $ 0.60

Posts: 3
Joined: 16 Sep 2013
Location: Bronx, NY
 Reply with quote  

Welcome the forum, maybe it's the best place to learn make money online.
Post Mon Sep 16, 2013 2:53 am
 View user's profile Send private message Visit poster's website

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016