Expert: Steve Hach - 9/3/2007

Question
im 18 and just started college and majoring in buisness administraion. i plan to become a stockbroker. however i want to get a good financial background so i can be successful. i want to be on cnbc or something oneday. i currently work at a pizza place while going to shcool. i get paid more there then i would at a bank so i have no choice but to keep this job. so how can i get a good background on my record??  

Answer
Dear Miss Kitty,

I think that you should make sure that your college courses included a wide-range of finance courses and options.  I would try and take some non-business school courses like US economic history to make sure you have broad knowledge.  

Although you are working at a pizza place-- not a bank, you could try to get an inside view of the business by offering to help out with the books or taxes, or somehow learn about the economics and finance behind the business--if you are not doing this already.  Think of it as actual experience with running a small business instead of "just working at a pizza place."  I am shocked quite often at how many "finance professionals" have no clue what it means to run a small business--or, for that matter, actually work a "real" job in one!

I would also try and find a good internship--preferably PAID--at a brokerage firm or financial institution.  This actual experience will help a lot in your career.  I know that it is hard to find good internships, but this is worth the effort since it can often lead to a job after graduation if you establish a good relationship with the firm.  You will also be able to start networking with people and make connections.

Of course, needless to say you should be reading a good newspaper every day--like the New York Times or Washington Post AND the Wall Street Journal.  You should also read as many business sections/business papers as you can to learn about business and current events.

AS far as "being on CNBC" goes, I hope you realize that this is akin to saying you want to host Monday Night Football or something.  Certainly, it is possible for you to get a job on CNBC as an anchor, but this is so specialized--and requires  TV/communications background as well as finance--that it seems almost impractical.

I think the best thing to do would be to focus on your business career and then see if you become a big enough "star" that you can work on TV due to your success and knowledge.

In my job, we have a client who is on MSNBC regularly.  However, he made his reputation as a stock picker and analyst, not a TV personality.

Also, no matter what you do in school let me give you some advice that I learned the hard way:

1.  AVOID DEBT!
Do NOT use credit cards, do NOT take a ton of student loans, always try to have that job on the side so that you pay as you go.

2.  SAVE MONEY!
Always try to save a bit of cash regularly and consistently.  Even if you only put away 25$ a week, if you do this NOW you will have so much money by the time you are older you will not believe it.

3.  Talk to your professors and get to know them better
They will know about the internships, careers, etc.

4.  If you get a chance to study abroad/travel do it.

Hope this helps,

Steve