Expert: Paul Henneman - 3/2/2009

Question
Hi Paul,

I am looking for some advice on a career change. I a am currently a Management Accountant and have been for 6 years. I am sitting my final Cima exams this year. I want to switch careers however and get intot the stock market. Ideally I would like to get in a brokerage firm where i will get training. I am 29 years of old however and i understand it is a market to get into at a young age. I am just generally looking for some advice, what firms i should be applying to, how difficult it is to gain a job (would it be a better bet to try and get a junior research analyst role at a firm and work my way up?). I am moving to Toronto in June to permenantly and it seems to me like the perfect time to switch careers. I have many more questions and your help and any of this would be greatly appreciated.
Thanks

Answer
Anthony,
   Thank you for your question!
Usually I would encourage you, and will offer some suggestions on how to make the career change below.
   But first, a word of caution. The finanical industry is in complete turmoil. The current terrible state of our economy is mainly caused by housing, and by the financial firms that were involved in financing the housing boom then bust. Most financial firms now are barely able to operate, and are cutting back on employees in huge numbers. It will be very difficult to find a job in the this environment! Everything goes in cycles, so in a few years the financial industry will come out of this and begin growing again. But, in the short term, there is not much opportunity here.
   That said, if you do wish to give it a try, I would suggest first visiting the 'Employment' or 'careers' page that most major financial institutions have on their websites. Here are a few:

Morgan Stanley:
http://www.morganstanley.com/about/careers/index.html

Charles Schwab:
http://www.aboutschwab.com/careers/

Wachovia Securities:
http://www.wachoviasecurities.com/about-wachovia-securities/career-opportunities...

The best opportunity currently would be to get in the door through a financial advisor training program. You could always change focus in the future once the industry stabalizes, and if you are able to get in the door now, you would have some experience to be able to dictate your exact move in a few years.

I hope that this helps! Please do not hesitate to follow up with me if I can be of any additional service,

Sincerely,
Paul

Paul Henneman
President
ValuEngine Inc
www.ValuEngine.com