Montclair State University in New Jersey. I work for a small brokerage firm in Manhattan, NYC. I do some trading and operational things. I dont have that many of my own accounts I handle firm accounts mostly.I have the series 7, 63, 55, 4, and 24 licenses. I am 32 years old and have spent ten years in financial services and will probably be making a little over 100k this year. Is this a good salary for someone with my credentials that works in Manhattan or should i be making more somewhere else?
2006-07-20 06:50:58 · 10 answers · asked by Mark 1 in Business & Finance ➔ Careers & Employment
sounds good. if you think you're worth more, go get em! ITS ALL RELATIVE.
although honestly, if you have to ask on HERE, you're probably not smart enough to be making that kind of money, so i woudln't expect much!
2006-07-20 06:52:45 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Well, hmmm... The quick answer is to check what salary.com has to say about that.
First, here's where I'm coming from: I've been in the biz a bit, worked for a small boutique in Salt Lake for a while during and after my MBA experience. I've worked as an analyst and known many broker dealers.
Most people I know like you around here (Utah) are doing a bit better income-wise. They also have a lower cost of living and a different lifestyle--probably fewer hours, less commute, less pressure. So, there's probably some better opportunities out there for you. That said, these types of people that I know still work more than the general public, have more stress, and have to hit harder more often.
I think you hit the nail on the head--it's your client base that's driving things. Since you live in the financial capital of the world, you've probably got a lot more competition there. It seems that your clientelle isn't that specific to your location, and that moving into the burbs somewhere might give you access to a broader base of clients and a deeper residual pool. Maybe I'm stretching, but there are a lot of firm accounts for the small to medium-sized businesses outside of Manhattan that you're not hitting.
The other caveat, and maybe you know this, is you have an advantage by being outside of these groups. Working in Manhattan, you've got the allure of being one of the big boys (and who's to say you're not?). Maybe your marketing would be better placed in some of these other areas, yet you can keep your Manhattan brand working for you.
All that said, I wish you well, differentiation in your business is sometimes difficult.
Good luck.
By the way, I'm working on some software for people in the finance, insurance, and real estate sector that are building up their businesses. It'll work a lot like SAP, but will be more flexible and organic and may give you the boost you're after. If you'd like to contact me via Yahoo! Answers, I can let you know when something's ready that you could try. Either way, good luck!
2006-07-20 14:20:07 · answer #2 · answered by Geni100 3 · 1⤊ 0⤋
I would do some research. Go on line and see what the going salary is in other areas of the county. I know Manhattan is an expensive city, but you also stated that most of the accounts you work are company accounts. Have you tried to secure accts of your own? Would you make more money that way? Also, when did you acquire your MBA? That may also play a part in your salary, along with your experience. Have you checked out bigger firms in NY to see if they pay more?
2006-07-20 14:01:29 · answer #3 · answered by Topez 6 · 0⤊ 0⤋
A good friend of mine who is the same age works at Lehman as an institutional sales trader and earns in excess of $200k a year. He does not hold an MBA either.
2006-07-20 14:00:33 · answer #4 · answered by WJW 2 · 2⤊ 1⤋
i beleive you should be getting around 20k more. Depends on how long you have been with current firm. they may want to see how much you bring to the table.
but 100k is still good.
2006-07-20 13:53:53 · answer #5 · answered by Anonymous · 0⤊ 1⤋
in no way would I put my business out like that.
what are you trying to pick up chicks
no its not a good salary considering those that work in california can make 50 to 100% more.
still I would not put my business out like that.
unless you want a job or a gold digger
2006-07-20 13:54:06 · answer #6 · answered by Xae 6 · 1⤊ 2⤋
If you don't know the answer to this question, who do you think would know? This forum isn't populated by a lot of MBA-holding brokers.
2006-07-20 13:53:35 · answer #7 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 1⤋
My dad dropped out highschool in the 9th grade and makes about $120,000 a year in a government job.
...so yes, I think you deserve more with your level of education and experience.
2006-07-20 15:21:03 · answer #8 · answered by nolyad69 6 · 0⤊ 3⤋
I depends how good you are at your job.
I don't think its anything to brag about.
2006-07-20 13:53:44 · answer #9 · answered by Texas Cowboy 7 · 0⤊ 0⤋
sound good, but i feel you should be recieving more..
2006-07-20 13:53:58 · answer #10 · answered by Anonymous · 0⤊ 0⤋