career crossroads

SavingisFun

Ok, so I'm in a bit of a dilemma in regards to my career. I know the bigger picture is there are (on this bit of the forum) people with bigger problems than me but still I'd hope I can get some opinions on what to do!

Right, so basically I’m a graduate and wanting to become an Independent Financial Advisor. I live in the North-west with my folks. I have recently had an offer from a decent firm but they are based in London. The offer sounds good because it will one - give me the chance to sit the exams needed to become an IFA and it will put relevant experience on my CV. The guy is a real pro, and I could learn good working practice from him. However

1. The guy who runs the firm sounds like a tit
2. I will be working day-in day-out at his HOUSE, not some office in the city.
3. I will never become a homeowner whilst in this job purely through a lack of a progressive salary and zero chance to save anything due to living costs being high.

From previous experiences in work and in school, I generally don't appreciate someone who is fiery and confrontational (especially in a learning environment which this job is).

I've recently had a chat with an experienced IFA in the north-west and within driving distance of my home. He's implied that I could work part-time with him and get my exams done also. He's a decent guy but possibly not as high quality as the London firm (he has an office at though!) and is certainly not as 'sharp' as the London guy. I think I could get qualified quicker this route and eventually move into a job worth 20-30k quicker than via the London option.
Neither jobs look like where I want to be in the long run and are merely stepping stones to greater better paid things.
What would anyone else do??

DCFC79

Id go with the guy from the north west, yes may be smaller compared to the london guy but at least from my pov it seems the north west guy is better positioned as he has an office etc but thats my own opinion. it all depends which 1 you will feel better orcomfortable working with,

tobyjug

can't think of anything worse than working from someones home especially if your first thoughts of him are not great.What makes you think he is sharper than the guy nearer to home.

Do you want to move? is this the reason why you are tempted. I think you have almost answered your own question....it is difficult to make an important choice like this. I think you have to respect the person you work for especially in the training environment.

How much time have you spent with the guy in London....is it possible to meet him again or the guy nearer that has offered you the part-time position. Keep mulling it over and draw yourself up a pros and cons list. If something is pulling you towards one then go for it . Perhaps neither are right for you can you afford to keep looking?

PlutoinCapricorn

The London offer seems a bit odd. Working at the house of someone you are not comfortable with could end badly.

Perhaps starting locally with someone you like would get you up and running and prepare you for the next step.

Have you checked both of their professional qualifications, reputations, number of clients etc?

SavingisFun

The london guy is slightly more qualified than the North West IFA. It's hard to check their reputations as I don't know who I could ask! I know the London firm are taking on at least 1 a month (with some having £1million+ on their books). The North West firm I have no idea as to how many clients they have, or are growing/falling by! I'm sure he has clients that have at least £100,000+ on their books.

The london guy is quite 'high profile' and is regularly in the media.

They've both been in the IFA game 20+ years.

I don't WANT to move to London, but if needs must...and is the best thing for me to do, i probably would; but I'm concerned about my general happiness because of potentially knowing nobody and working for a dragon - in the dragon's den so to speak!

starrystarry

I agree with the people above who have said you need to be able to at least respect the person you're working with.

The CII exams are far from easy (I know because I've done them all), you'll have to commit a huge amount of your own time to studying. And at the same time you'll be trying to gain as much experience as possible so you'll be working very hard.

With all that pressure the last thing you need is to be working for a right t1t.

Good luck!

Rockporkchop

I don't think I would relocate to London to work in someone's house. Your post reminded me of last week's Peep Show where they were working in a guy's bedroom while his OH was in bed!

I'd definitely go with the North West guy.

SavingisFun

*bump*

:A

wontfallforit

starrystarry wrote: »

I agree with the people above who have said you need to be able to at least respect the person you're working with.

The CII exams are far from easy (I know because I've done them all), you'll have to commit a huge amount of your own time to studying. And at the same time you'll be trying to gain as much experience as possible so you'll be working very hard.

With all that pressure the last thing you need is to be working for a right t1t.

Good luck!

I'm looking to become an FA/IFA myself, having just started my Cert. FP.

I have a BA and an MA, as well as the usual GCSEs and A-Levels (can proudly say I've never received less than a grade B in my life), BUT, CII's Cert. FP is HARD!

I'm doing it off my own back (inc. paying for it myself), and I'm slowly but surely plodding on. It's not THAT expensive, it's going to cost about £700, but I'm looking to take about a year, so the payments will be spread.

I'm buying just one course book at a time (£60 a go...what!?!), and booking my exams only when I'm 100% sure I'm ready (at the cost of £90+ each). I'm looking to sit CF1 in November, then after a long-ish Christmas break from work (and some money for my next lot of course material!), I should have up to CF3 completed by the end of January. So that'll leave just 2 modules left for me to complete by my September 2010 deadline.

I'm currently averaging over 95% on the CII's CF1 mock exam, so that's promising, though unfortunately there only seems to be around 150 sample questions for a 100 question examination, which is a bit of a pain. I can't afford to attend any of the face-to-face workshops, nor buy any supplementary study material other than the mandatory coursebook. So I suppose I've done OK considering.

I have no adviser experience at the moment, though I'm working for a bank, so that'll hopefully help when I do come to look for experience. Once I'm Cert. FP qualified, I'm looking to get in touch with a local IFA I know of, to see if he'll have me around his office a few times a month, as a helping hand.

Unfortunately, I don't really have the option of gaining experience alongside my study, it'll have to wait. The bills must be paid, so I need to keep my FT job, as well as cram every bit of studying in here and there. It's making things slightly tougher and I do feel a bit blind in regards to the whole sector, but hopefully it'll pay off in the end.

Depending on what I get from that experience (if he agrees at all, mind!), I'll see where I go from there. Options include setting up independently (though obviously experience and CAS is a must...we'll see...), or shopping myself around to the financial advice departments of various banks, who can help me though any further qualifications.

I've set myself a goal of being independent within 10 years. I know that sounds like a long time, but considering I must work, even if outside the financial sector, it seems realistic. If I do end up working for myself, I want to be fully prepared and armed for anything (as well as have some modest savings behind me as a fallback), so the hard work begins...now

Perhaps it might be an idea for the OP to start his study off his own back, like myself? It's not the easiest option, but might open a few doors in regards to existing IFA's willingness to work alongside you.

Aegis

It's possible to go into IFA firms with a degree and little experience, but it's very competitive. I've just joined a firm which accepts fresh graduates and supplies the necessary training, for example, though I must say that it was difficult to find such firms while I was looking for my next job!

More than happy to share my experiences with others, but I would prefer to do so privately. As such, if you want more tips from someone who just broke into the sector, feel free to message me.

DCFC79

OP have you made a decision yet, not trying to rush you, id also consider when doing the exams would you want to be in an area you dont know much about, dont know anyone which means you may not be totally happy plus you could be working for a t1t which could mpact on your exams. Of course its entirely your choice though