Entry-Level Wall Street Job?

Here’s an example of what I’m referring to:


And New York Craigslist is full of these jobs. So I guess I’ll start off here by stating that this is NOT for me, but rather a friend, and I’m hoping to get a bit of information about what this means. I suggested this would be a good idea to a friend of mine back home in MS. He has a degree in economics and he has 1500+ on his GRE and SAT scores. He’s a Math guy, just generally really intelligent and also personable.

Would this be a good idea for him? He seems to think that he’d be up for the challenge, but I’m not sure. What’s the deal with these kinds of jobs? What I would imagine would be lots and lots of work, with loads of competition. Anything I’m missing? I don’t want to lead him astray here, but he was considering going into the working world recently instead of continuing to study, so…What’s the deal? I know it is a “you live at work” kind of job.

Working on commission is for the birds… and lets not forget that while it may seem like a lot back home in Mississippi, 50K (“potential”) is not an extravagant salary in NYC – it’ll basically get you a small apartment in the less-hip and less-convenient parts of Brooklyn or Queens. Finally, New York companies don’t often interview candidates who aren’t local, and they never pay relocation for an entry-level positions.

That said, if his prospects are limited locally and he’s looking for a big change and an adventure, save up enough money to live at least 3 months and approach it with realistic expectations. I don’t know much about the broker business but my understanding is a very high pressure environment.

My take of that ad is that it’s a sales job - probably one which the person either is given a list of contacts and has to cold call them to sell some stock. It has $50,000+ potential just like selling Avon, Amway, and Tupperware has $50,000+ potential. Exceptional salespeople may do this (and make their way up the corporate structure quickly), but most will not.

If your friend is dying to get to Wall St. and there is absolutely no other way to get his foot in the door - well, it’s a way. Doesn’t sound like a cushy or easy road.
For a comparison - my daughter is a summer intern at a wall street firm and will be making close to $25,000 just for the summer.

Well, don’t put to much stock into the one particular ad, I simply meant it as an example. But are there entry level jobs that he could make it into with a simple college degree?

Sure (the economy is NYC is pretty boomy right now), but I’d search Craigslist for jobs that specifically look for a degree in economics — a lot more relevancy to his qualifications. For example:

A warning though, moving to NYC is a logistical nightmare – a poster recently went through it (pbbth?) and can report from the trenches. I moved back last August after years away, and even with lots of family around to help me, it was a challenge. I truly have no idea where this myth of the country bumpkin arriving penniless by bus and making a go of it in New York comes from.

Taking a sales job if you don’t already know you have an affinity and aptitude for sales is a bad idea. It takes more than personable. And undertaking the expense of moving to NYC to do so–really a bad idea.

A much better bet if he is looking to take a job and relocate is to work with his college’s placement office.

Well the logistics I know, I’ve done it, and I’m going to do it again in August! I actually have some help, and I was the one going to offer him help. I think those economics degree requiring jobs could be a good start.