BBA Finance- Newish Grad, Need Advice

[importracer]

Hi Beyond,

I have been searching through the careers forum looking for answers to life but have been unsuccessful so I thought I would post up a thread.

It's a shame I didn't look through these threads before I enrolled into Post secondary many years ago as some of the information in the older threads could have been beneficial and possibly lead me to not go the route I chose.

I graduated with my BBA in Finance last December and went on vacation etc. When I came back I started applying for many random positions with banks but could not get a job despite already having completed the 4 CFP courses, and the CSC. I decided to apply as a teller to get a foot in the door and ended up getting a job. I worked as a teller for 3 months and it was the worst 3 months of my life. I made less money and worked more hours, than I did at my part-time job while in school. When I saw positions open up in the offices as a Advisor, I applied and landed a job. The pay is slightly better than my part-time job I held before but definitely not career money and not worth wasting 4 years in school to achieve. I understand new grads don't make much money but it seems, like banks cap out pretty low no matter which position you are in. At the same time seems like no one has education and it doesn’t matter as majority of the people just moved up based on experience/seniority.

I have been with the company for approx 5 months now and I hate the fact that what people say about bankers having no soul is true. My question is what do I do? Continue working and get them to pay for my CFP exam? With this I risk still hating my job and not having much opportunity as its seems select a few really make it big with a CFP designation.

Another option I have been contemplating is to enrol in the accelerated CMA program and write the exam in June or September and go the accounting route. Only problem is it is only offered on Saturdays and I have to work Saturdays every other month.

Anyone else been in a similar situation or can add some useful insight and guide me down a path? any other careers I can look into with a BBA in finance even if it requires me doing more courses?

[msommers]

Keeping salary aside, if you decide to stay where are, what position do you want to end up in and ultimately, is that what you want to do?

Don't forget that you're adding some experience to your resume.

[leftwing]

Subscribed as I am in an identical situation (everything you wrote OP, I have thought), except I am in my last year of BBA-Finance and I will graduate with the same credentials as you. I work as a teller part-time right now.

I feel the exact same way, that most of my superiors have zero education and really, zero credibility, they just have experience. I really don't think many people at my bank have post secondary education. Since I'm still in school and not looking to advance right away I can't comment on the salary, but starting salary for a teller with no experience isn't anything to write home about. Im working the job more for experience/to have it on my resume then I am to make good money right now. The way I see it is they can pay low wages because the benefit package they offer is really good and the discounts you get on banking, credit cards, loans, mortgages etc are pretty unreal.

The more I work the more I realize that I do not want to work in retail banking and you sound the same way. I've been looking on the CSI website and reading up on different career paths and courses they offer and it has helped a lot. They have a really good career map on the website that has virtually all careers in banking and it tells you the expected salary, duties, career path to get there and a bit about the job/career. Take a look at that if you haven't seen it yet. Im looking more toward getting into corporate banking and wealth management. There are many courses on the CSI website that can get you directly into certain careers such as equity trading and what not. I think the key is to find out ultimately what you want to do, then figure you out what you need to do to get there. Unfortunately I still don't really have an idea what I want to do.

Glad to hear other people feel the same as I do.

[idriveabox]

I worked at Rbc for 9 or so months as Account Manager after my business degree. The Pay was nearly criminal it was so low. I can only imagine teller. Get out now, seriously. I used to do loans for Rbc employees that were head office and make less than what I do now. These people were there 10+ yrs.

[R-Audi]

I think the best thing you can do right now is to continue working your current job and apply to any Finance related job you can at the same time.
By a quick glance of your resume (of what you have listed) I would have to think if you are the slightest bit social and have a good work ethic you should be able to get into a wide variety of other jobs or careers. Whether its directly bank/CFP related or Oil and gas you should be able to find something that will be a bit more to your liking.

At least right now you have a job that is paying the bills... use it as a stepping stone and see what else you can find.

[leftwing]

Originally posted by idriveabox
I worked at Rbc for 9 or so months as Account Manager after my business degree. The Pay was nearly criminal it was so low. I can only imagine teller. Get out now, seriously. I used to do loans for Rbc employees that were head office and make less than what I do now. These people were there 10+ yrs.

What do you do now?

Pay range for a teller is $13.50-$18.50. Not terrible, but for the amount of stress/ amount of work we do it's criminal. We are the hardest working, most important part of the branch. Gotta pay our dues I guess?

[borN]

If you want to continue down the retail banking side, sign-up for more certifications that are relevant to what you want to do. That will portray and accelerate your knowledge, which will help you move up the ladder quicker. That being said, the 'years of experience' number in the retail banking industry seems to hold a greater weight when compared to other industries, so you'll definitely have to put in time before you get anywhere special. I know a lot of people that have gone that route though, and they tend to branch off after a couple years into the Mortgages division, or the investment side of things.

If you want a change of things, start applying and searching (through connections mainly) for jobs in other industries, such as the oil & gas sector. It's hard to land a job though, so this could be a very difficult route.

[idriveabox]

Originally posted by borN
If you want to continue down the retail banking side, sign-up for more certifications that are relevant to what you want to do. That will portray and accelerate your knowledge, which will help you move up the ladder quicker. That being said, the 'years of experience' number in the retail banking industry seems to hold a greater weight when compared to other industries, so you'll definitely have to put in time before you get anywhere special. I know a lot of people that have gone that route though, and they tend to branch off after a couple years into the Mortgages division, or the investment side of things.

If you want a change of things, start applying and searching (through connections mainly) for jobs in other industries, such as the oil & gas sector. It's hard to land a job though, so this could be a very difficult route.

well said. RBC promised all sorts of opportunity etc. etc. but nothing materialized for the others in a similar position after 2, 3, 5 years at retail branch.

I have big respect for the tellers and it's a great p/t gig but you can't live off it. Even as an Acct Mgr you can't live in Calgary with under $40k/yr. OP, get your certs or pursue another designation with better potential (CMA sounds good)

[Ebon]

The vast majority of new grads will have to start out with low salaries. Just be thankful school is cheap in Canada.

If all you care about is the money, you should have been top notch in school and shot for business development at major O&G co's or investment banking. Even the starting salaries are enough that you won't need to worry about money.

Frankly, you need to keep applying for everything that comes up. Its a numbers game, unless you have relevant experience, which you probably won't if you are trying to switch fields. Lateral moves are difficult without someone going to bat for you but it doesn't stop you from trying. Do those certificates/get a CFA, especially if your employer is paying for it.

Stupid to quit your job even if you hate it, there are just too many applicants out there ready to step up and you need every advantage you can get. When I worked in London, we got about 10,000 applicants for a single position so we just decided to throw away the bottom 3/4 based on GPA without even looking at them.

[silvercivicsir]

I would do the CMA, but it's not as easy as your making it out to be. Taking the accelerated Program and passing the entrance Exam is one thing, but finishing the program and getting the required "work experience" is another.

[Skyline_Addict]

Yes. First you need to find out what you want to do, and if the jobs you are doing now are going to get you there (directly or not so directly), that is just what you're going to have to do. Going the CMA route is obviously a big step away from retail banking. You'd be doing yourself a favor by looking a lot deeper than "this sucks, I need to do something else now". I had similar feelings to you a year ago but I came to terms that this was the wrong attitude.

As for retail banking, anyone with big aspirations in the banking industry to move to commercial, corporate, private, etc. would find the experience useful, especially as a new grad. You're not going to see some young gung-ho person jump the ladder so quickly just because he is smart. An MBA might help, having an executive for a dad in the company definitely does (I've seen it, lol). Some successful "younger" associates I've met started out in retail banking and have definitely used the experience to their advantage. Some used the relative ease and better working hours of the job to complete CFAs or other certifications while working. Some were able to quickly rise through the ranks through a combination of work competency, networking and luck. The above examples used retail banking as a stepping stone to their goals. Admittingly, the pay in retail banking is something that definitely presses the somewhat ambitious to get moving sooner than later.

There are also plenty of career-retail-bankers, many of whom stayed in sales their whole careers without going the management route. Obviously these people find some security in comfort in their roles to be able to do it for so long. For all its worth, tenure in retail banking does provide a very health level of job security, should the person wish to remain in it for some time. Some FIs also offer attractive benefits and pension packages that perhaps help to null the effects of a relatively low salary.

Who wouldn't want a better paycheque? That's obviously not up for debate here. I think what you should do is assertively decide what you want to do and what its going to take to get there. Don't make decisions based on your mood. Try to think of the situation more holistically. I've bided and embraced my time in retail banking for the last 3.5 years and just recently now have an opportunity to move into a very specialized area of commercial banking (a goal of mine) with the same FI. Now, I haven't got the job for sure by any means, but it does prove that my previous experience and competencies are relevant towards bigger and better things in my eyes.

It also helps that I don't hate my job, not because it is a great job but more because of my attitude towards it. I've met some great people and have learned some important lessons about banking and the corporate world.

Also, as a someone who has worked in two different FIs:

Your day-to-day work experiences can vary vastly from FI to FI, and also from branch to branch.

Hope that helps.

[leftwing]

Originally posted by Skyline_Addict
Yes. First you need to find out what you want to do, and if the jobs you are doing now are going to get you there (directly or not so directly), that is just what you're going to have to do. Going the CMA route is obviously a big step away from retail banking. You'd be doing yourself a favor by looking a lot deeper than "this sucks, I need to do something else now". I had similar feelings to you a year ago but I came to terms that this was the wrong attitude.

As for retail banking, anyone with big aspirations in the banking industry to move to commercial, corporate, private, etc. would find the experience useful, especially as a new grad. You're not going to see some young gung-ho person jump the ladder so quickly just because he is smart. An MBA might help, having an executive for a dad in the company definitely does (I've seen it, lol). Some successful "younger" associates I've met started out in retail banking and have definitely used the experience to their advantage. Some used the relative ease and better working hours of the job to complete CFAs or other certifications while working. Some were able to quickly rise through the ranks through a combination of work competency, networking and luck. The above examples used retail banking as a stepping stone to their goals. Admittingly, the pay in retail banking is something that definitely presses the somewhat ambitious to get moving sooner than later.

There are also plenty of career-retail-bankers, many of whom stayed in sales their whole careers without going the management route. Obviously these people find some security in comfort in their roles to be able to do it for so long. For all its worth, tenure in retail banking does provide a very health level of job security, should the person wish to remain in it for some time. Some FIs also offer attractive benefits and pension packages that perhaps help to null the effects of a relatively low salary.

Who wouldn't want a better paycheque? That's obviously not up for debate here. I think what you should do is assertively decide what you want to do and what its going to take to get there. Don't make decisions based on your mood. Try to think of the situation more holistically. I've bided and embraced my time in retail banking for the last 3.5 years and just recently now have an opportunity to move into a very specialized area of commercial banking (a goal of mine) with the same FI. Now, I haven't got the job for sure by any means, but it does prove that my previous experience and competencies are relevant towards bigger and better things in my eyes.

It also helps that I don't hate my job, not because it is a great job but more because of my attitude towards it. I've met some great people and have learned some important lessons about banking and the corporate world.

Also, as a someone who has worked in two different FIs:

Your day-to-day work experiences can vary vastly from FI to FI, and also from branch to branch.

Hope that helps.

PM'ed

[importracer]

Thanks everyone for the reply's.

msommers- If i stay where I am now I would definitely like to go to the wealth side or corporate. I understand it is experience but the thought in my mind is "I wasted 4 years in school, what if I am doing the same by sticking to a job that I have no interest in?"

leftwing- It is definitely a smart idea to get the teller aspect of the job done with while in school. I as well have a whole new respect for tellers after experiencing the job. I have browsed through the CSI website but it still isn't helping me with my decision.

R-Audi- What would you suggest looking into? something that would not require a whole new degree?

idriveabox- Did you take any sort of schooling when you worked for RBC? what do you do now? were you able to relate your previous education to your new career?

borN- I don't mind doing more certifications as once I gain some experience, they will be beneficial. What kind of similar careers would you suggest?

Ebon-I am definitely not concerned about money right off the bat however I would like to know that if I am putting in work and doing this for the future that there will be a payoff.

silvercivicsir- Could you please elaborate on your comment? Are you speaking from experience? some more insight from firsthand experience would definitely help.

Skyline_Addict- I agree with you 100% about me needing to find out what I want to do. I think that is my biggest problem. What helped you come to terms with your negative attitude? What is your current role if you don't mind me asking?

It's not like I am miserable everyday at work, however I feel discouraged at times as it just seems like it wont get me where I want to be. I am definitely learning lots from other FA's and am very open minded when doing tasks and learning the role.


Thanks everyone for taking the time to reply. If anyone has anything else to add please do. As much info or advice given as possible is appreciated.

[Skyline_Addict]

Originally posted by importracer
Thanks everyone for the reply's.

Skyline_Addict- I agree with you 100% about me needing to find out what I want to do. I think that is my biggest problem. What helped you come to terms with your negative attitude? What is your current role if you don't mind me asking?


I wouldn't say my attitude was ever negative, i just started looking at things more holistically. I decided that there wasn't any point being frustrated with where I was and that there were more important things in life than thinking about my job 24/7. I do high-dollar secured lending for personal and business.

[Sorath]

ive found that out of the banks, atb and scotia seemed to pay better than the rest...

[Skyline_Addict]

ATB is definitely one of the higher paying institutions but does have a mandatory pension plan for full-time employees. I'd say the big banks are pretty equal on pay, minus CIBC which is definitely the worst.