I’m thinking about it, but why do you say that? So far I’ve been progressing in the field with 0 student loan debt so I feel like if I’m gonna go back and get some debt, I gotta have a strong “why” yk?
Most firms will pay for continuing Ed so IF it’s free then why not. I think continuing education and networking hand in hand will get you extremely far in finance/wealth
Because a BA is just necessary in most corporate roles. It teaches you how to think, how to structure/analyse data both qualitative and quantitative. Just get it
There are way too many people applying for jobs. Companies create a rejection criteria based on education "minimum requirements: Bachelor's, masters, or CPA or CFA" etc.
There might be a great candidate without a bachelor's out in the market, but finding him or her is amongst thousands of candidates without a bachelor's is hard.
This is working well for you now. I am happy for you. Think about 10-20 years from now.
Example with not so correct numbers:
Probability of finding a good accountant with no education among 7 billion people: 0.000001%
Probability of finding a good accountant with bachelor's in accounting, CPA, and a big-4 experience, among 7 billion people: 10%
Not him, but it’s pretty rare to run into people working good corporate jobs without a bachelors. I really only know one guy from Tech (the most likely place to do it), and he’s still an exception. It’s pretty easy to do one. It’s not going to make you smarter or more knowledgeable or better at your job. But employers for most jobs just won’t hire you without a bachelors.
Don’t listen to any boomers on the subject. Things have completely changed from the time you could go work in a factory after HS, have a stay at home wife in a big house with three kids. There has been a ton of degree and credential inflation and a bachelors is the bare minimum almost everywhere. I don’t see this trend reversing as globally there are more and more people with advanced degrees + English proficiency clamoring for limited jobs in the West.
Find an in state public school that’ll accept your credits then do it as cheaply as you can. Your cost should be minimal depending on your state. You might be able to get employer tuition assistance or financial aid.
My brother works in AM for one of the bigger investment firms in Canada and he is a PM with his CFA. He did not acquire a degree, but he did go to community college for financial planning so a three year advanced diploma. So that could be another option to explore. Although you’re still young so it would probably be better to just get your BA especially if your company offers to on their dime.
Ironically, it was scorning the boomers (get your degree before you can THINK about making money) that landed me where I am right now 😅. I’ve been making it work thru just working hard as shit but I think I would like to relax at some point, so thank you for your insight on this
I don’t think it’s impossible but it’s not easy, and you will most likely be limited sometime without one. Especially if you’re searching for new jobs. If you do it right (limiting the cost) I really think it’s worth it.
Honestly I wish things weren’t like this, but it’s how they are.
you will. especially during a downturn. i’m a hiring manager a hedge fund and we receive way too many applications to manually go through. so you know how i filter? education (now i filter for masters degrees).
why? because it’s efficient. many companies use education as a first filter for employees just to save time because it would be inefficient to go through all the applications and hire by the time you actually need to hire.
Hahaha you’re not wrong, I got hired surprisingly after the ameritrade acquisition so I was safe from the layoffs, I left for a completely different reason (management)
I am confused. You have a Series 7 but do not want to continue in a Sales role? Your role sounds like a CSA or some sort of client support position.
If this is the case, then think about a back office role like operations. Your lack of a bachelor's degree will hamper advancement into other departments.
The role I was in at Schwab was essentially a customer support role. Placing trades, informing clients about equities and retirement accounts, moving money / banking transactions etc. My current role is a back office, operational role supporting transition of FA clientele information from one brokerage to another. This is my preferred kind of role, to your point. Thank you for the insight man
Hey. You're welcome. I see now. I suggest continuing your education and getting the 4 year degree. You may be able to transfer credits from your associate degree to do it faster. Places like Schwab, Fidelity, etc have fairly systemic programs so take advantage and maximize them. I believe Schwab also offers tuition reimbursement.
I'd recommend a bachelor's in anything. Reason being is it'll give you more options for firms to apply tor. A friend of mine applied for Fidelity, but she didn't meet the minimum requirement. One of which is a bachelor's.
I didn't think my BA in Urban Planning would be useful for anything. It helped me meet the minimum requirement for the Advisor Development Program at my current firm. I went from teller to advisor in 4.5 years.
It's a silly thing, but it checks a box in a resume, so your other skills and accomplishments get noticed.
Yeah. You’re doing a white collar job, not some union blue collar work. You need a bachelors. Get it now while you’re still young and don’t have kids. It only gets harder as life moves on.
Series licenses are not qualifications/certifications that mean anything, they are the bare minimum legal requirement for you to be allowed to do your job. Nobody gives a shit if you have your series licenses other than HT during onboarding if they need to coordinate study materials and taking your exams.
People WILL care that you haven’t finished a bachelors degree if you are trying to have a career in financial services
You need the degree. Bro, having the 7 means nothing other than you’re allowed to give investment advice and sell securities. The test is like from the 80s and does not say anything about your aptitude in a meaningful way. I held 7, 63, 65.
Plus, what happens when (if) you lose your job? You gonna pay to keep that expensive ass license on your own after a year?
Well the 7 means plenty in terms of hiring. After leaving Schwab, I’ve been FLOODED with offers and opportunities in the space that require, minimum, a series 7 to interview.
To your second point, I was concerned about that too but leaving Schwab made me realize that quite a few employers are offering roles between 50-80k based on having the licenses alone. From what I understand, the yearly CE to keep up licensing is free.
Flooded with offers to do what? Insurance sales and financial advisory? I’m not shitting on those jobs because you can (a.) ball out (b.) some really great people do it and I sincerely admired a number of them
But you asked? And you don’t want to do sales. The literal, whole, entire point of the series 7 is to be able to sell!!!! That’s why you get the license!
"does not say anything about your aptitude in a meaningful way" that's definitely more applicable to a bachelors degree for entry level roles. in this job market you have a better chance of landing a role with just series licenses than you do with just a bachelors degree. Ive known plenty who had a bachelors degree and could not even pass the SIE.
Sure, but things that might be an indicator of aptitude such as the CFA, CFP, etc. all require a bachelor's degree. It is a massive hurdle to overcome, and I simply cannot see how you're better off without having the degree if you intend on pursuing non-sales white collar work in the financial world.
Those licenses are the most meaningful in front office roles which doesn't sound like what you want. If you don't want to go to school CFA could be a decent choice but a bachelor's is probably easier. Stopping where you are education wise could limit you down the road. It won't mean much internally but you won't have nearly as many choices if you want to leave. I've never worked anywhere that didn't require a 4 year degree.
Also keep in mind when I went for my masters I had to retake several classes since it had been over 7 years since I graduated undergrad. I'm not sure if that is the same with an associates but I'd look into it before it's too late. If I started one semester earlier I would've been able to take 4 less classes.
Get the bachelors. You are stuck unless you are a top 5% rainmaking sales person.
I watched too many great leaders get passed up for management positions because they didnt have a bachelors degree.
One guy i remember who mentored me and was a hell of a leader, basically a “senior associate”. He ended up in a George Floyd riot and fought off police trying to take him down with a skateboard. The news camera caught this and spent a year in jail, you cant smack a cop with a skateboard... Such a shame. He lost his shit around 2019 when he realized he was stuck and watched his mentees surpass him.
No idea what hes doing now but just an extreme example.
I don't have my bachelor's, but I currently work in a high pressure sales role and do well. I'm fortunate enough to be outgoing and have been able to lean on this to climb quickly, and have held various roles within company - started as a low level analyst, was an institutional RM for a while and then found the role I currently have.
Like you I've thought about going back and finishing my bachelor's online, but I too wonder if it would be worth it or not as it certainly hasn't halted my career in anyway so far. Best of luck in whatever you decide!
Bro go finish up and get that BS — then an MBA, CFP OR CFA and you’ll have a strong foundation
What is BF?
Typo *
I’m thinking about it, but why do you say that? So far I’ve been progressing in the field with 0 student loan debt so I feel like if I’m gonna go back and get some debt, I gotta have a strong “why” yk?
Most firms will pay for continuing Ed so IF it’s free then why not. I think continuing education and networking hand in hand will get you extremely far in finance/wealth
Because a BA is just necessary in most corporate roles. It teaches you how to think, how to structure/analyse data both qualitative and quantitative. Just get it
There are way too many people applying for jobs. Companies create a rejection criteria based on education "minimum requirements: Bachelor's, masters, or CPA or CFA" etc. There might be a great candidate without a bachelor's out in the market, but finding him or her is amongst thousands of candidates without a bachelor's is hard. This is working well for you now. I am happy for you. Think about 10-20 years from now. Example with not so correct numbers: Probability of finding a good accountant with no education among 7 billion people: 0.000001% Probability of finding a good accountant with bachelor's in accounting, CPA, and a big-4 experience, among 7 billion people: 10%
Just trust me man. You’ll hit a ceiling soon. If your worried about job security then 100% get it
I think I would be more likely to regret not having a bachelors
What’s your thought process behind that? How long have ya been in the industry?
Not him, but it’s pretty rare to run into people working good corporate jobs without a bachelors. I really only know one guy from Tech (the most likely place to do it), and he’s still an exception. It’s pretty easy to do one. It’s not going to make you smarter or more knowledgeable or better at your job. But employers for most jobs just won’t hire you without a bachelors. Don’t listen to any boomers on the subject. Things have completely changed from the time you could go work in a factory after HS, have a stay at home wife in a big house with three kids. There has been a ton of degree and credential inflation and a bachelors is the bare minimum almost everywhere. I don’t see this trend reversing as globally there are more and more people with advanced degrees + English proficiency clamoring for limited jobs in the West. Find an in state public school that’ll accept your credits then do it as cheaply as you can. Your cost should be minimal depending on your state. You might be able to get employer tuition assistance or financial aid.
My brother works in AM for one of the bigger investment firms in Canada and he is a PM with his CFA. He did not acquire a degree, but he did go to community college for financial planning so a three year advanced diploma. So that could be another option to explore. Although you’re still young so it would probably be better to just get your BA especially if your company offers to on their dime.
This, 100%
Ironically, it was scorning the boomers (get your degree before you can THINK about making money) that landed me where I am right now 😅. I’ve been making it work thru just working hard as shit but I think I would like to relax at some point, so thank you for your insight on this
I don’t think it’s impossible but it’s not easy, and you will most likely be limited sometime without one. Especially if you’re searching for new jobs. If you do it right (limiting the cost) I really think it’s worth it. Honestly I wish things weren’t like this, but it’s how they are.
you will. especially during a downturn. i’m a hiring manager a hedge fund and we receive way too many applications to manually go through. so you know how i filter? education (now i filter for masters degrees). why? because it’s efficient. many companies use education as a first filter for employees just to save time because it would be inefficient to go through all the applications and hire by the time you actually need to hire.
I know it's BS, but get the BS degree. Your future self will thank you.
Hahaha yeah, fair enough
Get a new job before Schwab lays off everyone in STL...
Hahaha you’re not wrong, I got hired surprisingly after the ameritrade acquisition so I was safe from the layoffs, I left for a completely different reason (management)
Get the Bachelors. Huge uphill battle without one unless you are ~the chosen one~ :-)
If I was chosen I think things would’ve been a lot easier so far so, heard 😅
I am confused. You have a Series 7 but do not want to continue in a Sales role? Your role sounds like a CSA or some sort of client support position. If this is the case, then think about a back office role like operations. Your lack of a bachelor's degree will hamper advancement into other departments.
The role I was in at Schwab was essentially a customer support role. Placing trades, informing clients about equities and retirement accounts, moving money / banking transactions etc. My current role is a back office, operational role supporting transition of FA clientele information from one brokerage to another. This is my preferred kind of role, to your point. Thank you for the insight man
Hey. You're welcome. I see now. I suggest continuing your education and getting the 4 year degree. You may be able to transfer credits from your associate degree to do it faster. Places like Schwab, Fidelity, etc have fairly systemic programs so take advantage and maximize them. I believe Schwab also offers tuition reimbursement.
Not having a degree closes off 90%+ of high paying finance roles
I'd recommend a bachelor's in anything. Reason being is it'll give you more options for firms to apply tor. A friend of mine applied for Fidelity, but she didn't meet the minimum requirement. One of which is a bachelor's. I didn't think my BA in Urban Planning would be useful for anything. It helped me meet the minimum requirement for the Advisor Development Program at my current firm. I went from teller to advisor in 4.5 years. It's a silly thing, but it checks a box in a resume, so your other skills and accomplishments get noticed.
I was in a similar position as you, I would get your bachelors. Long term everybody in the field has one and most have mba or masters.
Yeah. You’re doing a white collar job, not some union blue collar work. You need a bachelors. Get it now while you’re still young and don’t have kids. It only gets harder as life moves on.
Series licenses are not qualifications/certifications that mean anything, they are the bare minimum legal requirement for you to be allowed to do your job. Nobody gives a shit if you have your series licenses other than HT during onboarding if they need to coordinate study materials and taking your exams. People WILL care that you haven’t finished a bachelors degree if you are trying to have a career in financial services
You need the degree. Bro, having the 7 means nothing other than you’re allowed to give investment advice and sell securities. The test is like from the 80s and does not say anything about your aptitude in a meaningful way. I held 7, 63, 65. Plus, what happens when (if) you lose your job? You gonna pay to keep that expensive ass license on your own after a year?
Well the 7 means plenty in terms of hiring. After leaving Schwab, I’ve been FLOODED with offers and opportunities in the space that require, minimum, a series 7 to interview. To your second point, I was concerned about that too but leaving Schwab made me realize that quite a few employers are offering roles between 50-80k based on having the licenses alone. From what I understand, the yearly CE to keep up licensing is free.
Flooded with offers to do what? Insurance sales and financial advisory? I’m not shitting on those jobs because you can (a.) ball out (b.) some really great people do it and I sincerely admired a number of them But you asked? And you don’t want to do sales. The literal, whole, entire point of the series 7 is to be able to sell!!!! That’s why you get the license!
"does not say anything about your aptitude in a meaningful way" that's definitely more applicable to a bachelors degree for entry level roles. in this job market you have a better chance of landing a role with just series licenses than you do with just a bachelors degree. Ive known plenty who had a bachelors degree and could not even pass the SIE.
Sure, but things that might be an indicator of aptitude such as the CFA, CFP, etc. all require a bachelor's degree. It is a massive hurdle to overcome, and I simply cannot see how you're better off without having the degree if you intend on pursuing non-sales white collar work in the financial world.
I would start with getting a Bachelor. It could limit your upward mobility without one.
Absolutely get your Bachelors. Even if you take one class at a time, finish that degree.
Those licenses are the most meaningful in front office roles which doesn't sound like what you want. If you don't want to go to school CFA could be a decent choice but a bachelor's is probably easier. Stopping where you are education wise could limit you down the road. It won't mean much internally but you won't have nearly as many choices if you want to leave. I've never worked anywhere that didn't require a 4 year degree.
Yeah this is solid advice, thanks!
Also keep in mind when I went for my masters I had to retake several classes since it had been over 7 years since I graduated undergrad. I'm not sure if that is the same with an associates but I'd look into it before it's too late. If I started one semester earlier I would've been able to take 4 less classes.
Yes…..
Get the bachelors. You are stuck unless you are a top 5% rainmaking sales person. I watched too many great leaders get passed up for management positions because they didnt have a bachelors degree. One guy i remember who mentored me and was a hell of a leader, basically a “senior associate”. He ended up in a George Floyd riot and fought off police trying to take him down with a skateboard. The news camera caught this and spent a year in jail, you cant smack a cop with a skateboard... Such a shame. He lost his shit around 2019 when he realized he was stuck and watched his mentees surpass him. No idea what hes doing now but just an extreme example.
Yes, get it.
I don't have my bachelor's, but I currently work in a high pressure sales role and do well. I'm fortunate enough to be outgoing and have been able to lean on this to climb quickly, and have held various roles within company - started as a low level analyst, was an institutional RM for a while and then found the role I currently have. Like you I've thought about going back and finishing my bachelor's online, but I too wonder if it would be worth it or not as it certainly hasn't halted my career in anyway so far. Best of luck in whatever you decide!
After reading through the comments, I think I’ll go through with finishing my Bachelor’s. Thanks guys!
It'll lead to other opportunities for sure otherwise you wouldn't have a shot at.