AboutFinance Guy Expertise 1. All questions relating to finance
2. All practical aspects of mergers and acquisitions
3. Many general business questions
Experience Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired
Education/Credentials Business administration undergrad
Wharton post grad in finance
Awards and Honors numerous corporate awards
Past/Present clients range from small enterprenurial companies to large multinationals
Expert: Finance Guy Date: 5/29/2008 Subject: Banker vs Broker?
Question I'm not sure if you know these, but...
In terms of income and career advancement, which of these 2 careers is better?
1. Professional banker (in banking), or
2. Professional broker (in investment).
"Professional" in a way that they are more skilled than their peers.
Why so?
Answer Wow...
I take it you wouldn't settle for an "it depends" answer, right?
First, if you make a decision, based SOLELY on the potential for
making money and advancement, I am not so sure that you are setting yourself up for a fulfilled or happy life.
For instance, I know many doctors, who by all outward appearances are
successful, nice incomes, good reputations, house, lifestyle, etc., but are personally miserable due to what is happening in the health care industry. A less fortunate or successful person may not be able to comprehend how they could consider themselves less than blessed, but the fact remains, in their minds, they are unhappy.
I tell my kids, that you must first figure out what makes you happy.
Then, try and figure out what you are good at.
Finally, find something that you can be passionate about, an activity that dries you to you get out of bed, excited, about the opportunity to do that particular thing.
It should be something that allows you to enjoy the JOURNEY, where you are not continually looking forward to the great wage or dream promotion "DESTINATION".
I had dinner one night with a group of fairly successful business people. One gentleman said, you know I will always remember something that my dad told me years ago...
The tables all around us went quiet, with others trying to eavesdrop to that answer.... Probably, because that kind of answer, has relevancy to everyone, but especially parents, who really do desire to pass along to their kids, some bit of ageless wisdom.
My dinner companion explained, that if you are able find the right
professional endeavor, you will never work a day of your life.
Of course, what he meant was that if you find something that you enjoy doing, your work will not seem like work.
I don't know if this answers your question, but if you have the advantage of youth, I would suggest that you try both and see which you prefer.
They are not unrelated, and the skills are reasonably transferable.
Banking has less of a "sales" component.
A broker job will require you to do more cold calling to get your next customer.
A caution, both industries are in turmoil right now, with consolidation and layoffs, likely.
I wish you considerable success in your career search.
