Account Executive - Stock Broker
Account Executive, Finance, Stock Broker No Comments »Job title: Account Executive
Previous Job Title(s): Student
Year(s) with Company: 1
Industry: Finance
Age: 23
Highest level of education (major if applicable): Bachelors. Marketing Major.
Income: $22,ooo Base + Commission
Company Size (employees and/or revenue): 25 employees and $12 mil. money line.
What does your company do? Brokerage and Private Equity Financing.
Who do you report to: Vice President
Positions reporting to you (if applicable): Cold Callers
Typical day: Read Wall Street Journal on the train to work. Arrive early and start cold calling through company directories. Once you get someone on the phone, convince them to receive a research report and qualify their financial situation and likelihood to open an account in the future. REPEAT 400 times a day.
What time do you show up in the morning? 7:45 AM
What time do you leave at night? 7:00 PM
Lunch Hour or Free Time? None.
Does someone monitor your attendance or track your hours? YES!
Corner office, Shared office, cube, work from home: Everyone is on a long desk. A bullpen.
Job duties/Responsibilities: Cold Call, Qualify Leads, Open New Accounts.
Essential skills: Poor, Smart, Hungry. Ability to convince a stranger to send you money over the phone.
What I do most is… Try to dial around at company’s to get past the gatekeeper and on the phone with an executive to pitch him.
How is your performance evaluated? 400 cold calls, 5 leads, and one new client a day.
Special Projects and assignments: I got coffee for everyone for a while when I first started.
Perks? Free lunch on Friday’s and a shoeshine on Tuesday.
The BEST thing about my job is… there was a potential to make a lot of money.
The WORST thing about my job is… Long hours, little pay if you don’t produce, and backstabbing colleagues.
What they never told me when I was interviewing? The failure rate is 98%.
What I expect to do and desired salary in 5 years? $125,000+
Would you recommend this job to a friend? I wouldn’t refer my worst enemy to work for a boutique brokerage firm.
Would you recommend this industry to a friend? Yes. Go learn the trade from one of the large brokerage houses like JP Morgan, Goldman Sachs, Smith Barney, Bear Stearn’s.
Do you think you are on the right career path? Now, yes. I am not in finance anymore.
Do you expect to go back to school? Yes - MBA.
Company Events, Happy Hours, Friday Beer, Gym Membership, Summer Fridays, etc? CEO took us to a nice dinner at Christmas. Senior Brokers paid for drinks when we went out.
What else? Don’t hold back with your rant or rave: This is a great business to start your professional life with if you have no other opportunities. Baptism by fire with regards to selling over the phone, especially in a down market. Working for a small firm that has a pitiful money line can be very difficult since there really isn’t a large ‘pot’ for everyone to share in. Seems a lot of people in the industry are out for themselves and can crush you very easily. I definitely perfected the art of cold calling (great asset to have) and I also came to the realization that I don’t like cold calling. Every negative that came out of this job helped me to define what career path I truly wanted to pursue.
Overall opinion of this job on a scale of 1 - 10. 3