Chance to earn megabucks, but at what price?

moomin82

Yes many well paid but very high pressure jobs are so cut throat and I could forsee getting chewed up and spat out. Graduates beware.

Voyager2002 wrote: »

The give-away is the phrase 'self-employed'. You would be selling some kind of financial product on a commission-only basis. With the personality you describe, you will make few or no sales, earn very little, and end up unemployed.

The word 'bargepole' comes to mind.

Debt_Free_Chick

St James's Place??????

leelee24

Hi Moomin

I just found this post and am so glad to have scrolled to the end and found that you decided against this! I was a bit worried for you reading it - I have the same tendency to get stressed easily and don't easily grap maths so I think you are right to steer clear. The fact that they wanted you to make a decision at such short notice on something that sounds quite a serious commitment also rang alarm bells for me.

Opportunities to earn this kind of money are very tempting but your health and well-being are more important. I am sure you will find the right opportunity and the right work/life balance soon it is just a matter of time.

moomin82

Yes its them have you had dealings with them or applied?

Spanish868

moomin82 wrote: »

During this time I would have to study through the night and pass exams while meeting my targets and attracting wealthy people as new clients..

Among one of (many) reservations, I know my maths/finance capabilities and I struggle a lot with these subjects.

lol

Like i said mate its called ''being a stock broker''.


The exam they are talking about you studying for is called a 'series 7'.

And YOU will have to pay a few hundred - few thousand pounds to do that course.


Meeting wealthy clients actually means what i said that you will
'sit in a little office all day everyday and be cold-calling everyone on their lists who has over £100 in their bank account asking them to give you money since you will be promising to make them profit on that'.


You dont need ANY maths skills whatsoever though mate,
as long as you know how to count and do basic single digit sums, and know how to operate a calculator you would have been fine. lol :cool:


i know this cos i spent teh last year working as a stockmarket trader (was self employed myself),
but so i saw exactly how the industry works and how all of these brokerage firms scam and use people.

So you made a smart choice not being fooled. :T

moomin82

Hey there thanks v much for the insight..
What was it like working as a trader, are u still in finance now?

Hope you are doing well anyhow.

moomin82

leelee24 wrote: »

Hi Moomin

I am sure you will find the right opportunity and the right work/life balance soon it is just a matter of time.

Thanks I'm working on it

Debt_Free_Chick

moomin82 wrote: »

Yes its them have you had dealings
with them or applied?

Neither - and wouldn't ever do so either. Ask yourself ..... how did I guess it was them....? Their "reputation" perhaps

You would be self-employed, have to pass the CII exams, which usually take 2 years, inside 4 months and then you'd have to "find your own clients". Nothing wrong with that in principle, but you would be selling financial products - probably one of the hardest things to sell; especially these days.

It would never be easy - but you'd need to be very thick skinned, very determined and very unconcerned that the products you are selling are not the best on the market.

Spanish868

moomin82 wrote: »

Hey there thanks v much for the insight..
What was it like working as a trader, are u still in finance now?

Hope you are doing well anyhow.

ALoha mate,
thats ok, i dont like seeing people getting led on and f*ked over by companies like that.


Working as a trader was EXTREMELY stressful though.
Especially since when i started i only had £2,000 capital (which was all the money i had in the world),
and i live in a flat which when rent and bills n food are combined i need £1,300 cash each month just to get by.

So it was extremely stressful and tough.


However from October t January when it got extremely volatile the amounts of easy money to be taken in every day for just a few minutes work was just incredible.



I left the market in April this year though and went into training/working for a police surveilance unit instead though,
as i had always planned to work in the police after i left college,
but had just fallen into trading for a year by accident, and was kept in it cos of the money. :rolleyes:


So while it is fun trading on the market if you have a few thousand pounds of spare cash that you dont urgently need to live off,
i wouldnt advise anyone to do it fulltime.

Especially now that the market so dull and has no volatility.

dwsjarcmcd

Debt_Free_Chick wrote: »

Neither - and wouldn't ever do so either. Ask yourself ..... how did I guess it was them....? Their "reputation" perhaps

You would be self-employed, have to pass the CII exams, which usually take 2 years, inside 4 months and then you'd have to "find your own clients". Nothing wrong with that in principle, but you would be selling financial products - probably one of the hardest things to sell; especially these days.

It would never be easy - but you'd need to be very thick skinned, very determined and very unconcerned that the products you are selling are not the best on the market.

A fantastic summary of the situation. The reality is they are 'training' you to become a sales adviser in Finacial Products - not a Fund Manager.