How do I get a job with a hedge fund or stock broker if I am an accounting major?
Question:
Answer:
Brokerage firms/investment banks will probably recruit on your campus. If not, they generally accept applications from soon to be grads through their websites. Accounting is a good major, if you want to take another step you could minor in finance.
Keep in mind that there is a big difference between working for a broker and working for an investment bank as an analyst. Brokers are salesmen. Period. Their job is to sell stocks to clients and collect commissions. Working for an investment bank as an analyst is a whole other ball of wax. Analysts use their technical skills to make projections, etc.
Brokerage jobs are fairly easy to get, and pay based usually on commission. I-Bank analyst jobs are much mroe difficult to get, and require exemplary grades. Pay is high.
Broker jobs are VERY intense and cutthroat, and have long hours.
I-banking analyst jobs are cuttrhoat as well, but not in a sales way like brokerage jobs. It is not unusual for I-bankers (analysts) on Wall Street to work 120 hours per week. Hours are less outside of NYC, but still crazy.
Most people that work at hedge funds are those that started by working as an analyst at an I-bank for the experience, then lateralled into the hedge fund.
If you are looking for something a bit less intense, commercial banks also employ financial analysts. They work far less hours than I-bankers (also less money, of course). Some of these banks include Wachovia, Bank of America, etc.
Keep in mind that both investment and commerical banks usually have retail brokerage divisions nowadays. So Wachovia, for isntance, employs both analysts (as described above) and brokers (who do an entirely different kind of work and are essentially salesmen, as described above).
You can also work as an analyst for a rating agency. My uncle did this for S&P after he left a commerical bank and got an MBA. This is also a less intense option.
accounting is a great college major to move into wall street with. if they don't recruit from where you are, start applying to them.
get to know someone that does it, or at least start to talk to recruiters/ headhunters in the area.
You can usually go to your area's chamber of commerce and get the local "book of Business", which lists industry leaders. Call the recruiting firms listed there and talk to a recruiter about it. They should be able to point you in the right direction.
More Questions & Answers...