British Army Doctor to stock broker

[TraumaDoctor]

Evening all,
I've just joined this forum whilst gathering some intelligence for a potential career change.
I'm currently working as a military doctor in the British Army and wish to pursue a career in the financial industry. Equity sales / stock broking ( the latter I am informed is an out-date term) seems to be something I would enjoy.

Do you suggest that I gain some financial qualifications prior to contacting various firms?

Do you think being a qualified doctor and Commissioned Officer will help me stand out from the crowd?
I am hoping that my 'life experience' ( dealing with extreme pressure, commanding staff, analytical skills etc) may allow me to start on more than the average starting salary for this role (compared with others with no directly relevant experience).
I am willing to take a certain degree of salary reduction, to account for my relative inexperience in this field but is it likely to be substantially less than £60'000 pa?

Kind regards and thank-you in advance for any help you may be able to give.

 

[Trader333]

Why are you wanting to make such a dramatic career change ?


Paul

 

[0007]

Evening all,
I've just joined this forum whilst gathering some intelligence for a potential career change.
I'm currently working as a military doctor in the British Army and wish to pursue a career in the financial industry. Equity sales / stock broking ( the latter I am informed is an out-date term) seems to be something I would enjoy.

Do you suggest that I gain some financial qualifications prior to contacting various firms?

Do you think being a qualified doctor and Commissioned Officer will help me stand out from the crowd?
I am hoping that my 'life experience' ( dealing with extreme pressure, commanding staff, analytical skills etc) may allow me to start on more than the average starting salary for this role (compared with others with no directly relevant experience).
I am willing to take a certain degree of salary reduction, to account for my relative inexperience in this field but is it likely to be substantially less than £60'000 pa?

Kind regards and thank-you in advance for any help you may be able to give.

Unless you are dealing with people who have served themselves or an exceptional minority, they will just not understand the significance of having held the Queen's Commission and the responsibilities and experience that entails. The first thing to understand is that this is not personal against yourself - it's just the way of the world. The civilian world (not through any particular fault of its own) mostly has little idea of military ethos, teamworking and "looking after your buddy". I suspect that this is one thing that could surprise you when you start in "Civvy Street" and may be a hard adjustment to make.

Everywhere I've worked (both Public & non-Public sectors) have admired the skills and ethics I picked up in the military - but they just thought it was "me" and never seemed to make the connection & had little idea that was what the military does for you.

As Devil's advocate - why sell equities to someone else when you can buy & sell them to yourself and make a decent living? Plenty of time to practice on your terminal leave! [Eg. See Mr Charts' thread - I think he was a Dentist previously and he trades full time I believe].

Best of luck.

 

[shadowninja]

I know quite a few ex-military and currently serving types and 0007's comments do sound familiar.

 

[Shakone]

Yes, I'd be very surprised if you got 60k, and yes I would expect it to be a lot less than that if you're coming into it with no experience and no (relevant) qualifications.

 

[TraumaDoctor]

I am in work now and shall respond properly later this evening.

Regards

 

[Depth Trade]

Don't waste your time learning to trade, the markets are totally manipulated and on the verge of collapse.
Continue what you're doing and start investing any extra money you have into Precious Metals. These commodities are going to go through the roof. Siver is going to go into the lower ^100s and Gold in the ^1,000s.

Dont' believe anything these guys on here tell you, most of them are losing hard and/or complete liars.

 

[TheBramble]

Dont' believe anything these guys on here tell you, most of them are losing hard and/or complete liars.

Erm...re-load. Aim at other foot. LOL.

 

[pboyles]

Evening all,
I've just joined this forum whilst gathering some intelligence for a potential career change.
I'm currently working as a military doctor in the British Army and wish to pursue a career in the financial industry. Equity sales / stock broking ( the latter I am informed is an out-date term) seems to be something I would enjoy.

Do you suggest that I gain some financial qualifications prior to contacting various firms?

Do you think being a qualified doctor and Commissioned Officer will help me stand out from the crowd?
I am hoping that my 'life experience' ( dealing with extreme pressure, commanding staff, analytical skills etc) may allow me to start on more than the average starting salary for this role (compared with others with no directly relevant experience).
I am willing to take a certain degree of salary reduction, to account for my relative inexperience in this field but is it likely to be substantially less than £60'000 pa?

Kind regards and thank-you in advance for any help you may be able to give.

To be honest I would say don't do it. A great deal of what goes on in the financial world is little more than subtle scamming of the public. Do you really want to go from what you are doing now to flogging shares or spreadbet accounts to people just to make commission? As for doing it on your own you could be lucky and be profitable within 6 months but there are many people just as intelligent as you that takes years to be profitable and many never make it at all (though few admit it). The following links give you some idea of the world you would be entering. I should state that not all companies are like this, but rather too many are.

http://thestreetsweeper.org/streetpatrol.html
http://www.trade2win.com/boards/brokerages/49236-montague-pitman.html

 

[TraumaDoctor]

Yes, I'd be very surprised if you got 60k, and yes I would expect it to be a lot less than that if you're coming into it with no experience and no (relevant) qualifications.

This is why I'd like to find out which qualifications I could try and gain in my spare time. Perhaps that way I could negotiate a better salary?

 

[TraumaDoctor]

To be honest I would say don't do it. A great deal of what goes on in the financial world is little more than subtle scamming of the public. Do you really want to go from what you are doing now to flogging shares or spreadbet accounts to people just to make commission? As for doing it on your own you could be lucky and be profitable within 6 months but there are many people just as intelligent as you that takes years to be profitable and many never make it at all (though few admit it). The following links give you some idea of the world you would be entering. I should state that not all companies are like this, but rather too many are.

http://thestreetsweeper.org/streetpatrol.html
http://www.trade2win.com/boards/brokerages/49236-montague-pitman.html

Thank-you, I take your points. Do you have any experience with the role of financial analysts? Perhaps I could directly use my medical training to analyse medical stocks/ companies.

 

[pboyles]

Thank-you, I take your points. Do you have any experience with the role of financial analysts? Perhaps I could directly use my medical training to analyse medical stocks/ companies.

No I dont have experience in that role, others here may have.

 

[Shakone]

This is why I'd like to find out which qualifications I could try and gain in my spare time. Perhaps that way I could negotiate a better salary?

I do know of some people with little or no experience who have joined on a salary around 60k or even more. But those are usually PhDs in maths/physics who go into quant positions. For the rest you're likely to start on lower, but it will increase quickly if you're good. It is not impossible, and others may tell you it happens.

Since you're a doctor already, and have experience, I'd advise you to stay in that. If you really can't be swayed away from the financial industry, then perhaps change your focus from the 60k starting salary, and focus on the longer term salary, because the hard part is to get in somewhere, after a few years, you'll probably more than happy with the salary. And anyway, the cost of getting qualifications or education is significant.

 

[Depth Trade]

Erm...re-load. Aim at other foot. LOL.

Ha-ha, ha!

 

[TraumaDoctor]

I do know of some people with little or no experience who have joined on a salary around 60k or even more. But those are usually PhDs in maths/physics who go into quant positions. For the rest you're likely to start on lower, but it will increase quickly if you're good. It is not impossible, and others may tell you it happens.

Since you're a doctor already, and have experience, I'd advise you to stay in that. If you really can't be swayed away from the financial industry, then perhaps change your focus from the 60k starting salary, and focus on the longer term salary, because the hard part is to get in somewhere, after a few years, you'll probably more than happy with the salary. And anyway, the cost of getting qualifications or education is significant.

I'm willing to take a bit less than £60k, but of course starting on £20k for example would be impossible. Simply because of our current financial commitments would greatly exceed £20k per year.

 

[ns1000]

Realistically, as an employer why should I pay you more than any other graduate? You have some experience, but nothing relevant to the financial industry. If you want to work in financial services, you need to look at what you can offer - frankly your experience is not relevant. If I wanted to be a Doctor, should I expect the same salary without the qualifications or training. Medical and financial skills are simply not mutually transferrable, much as I admire and respect what you've done. I'm afraid it's a straight choice between continuing as a Doctor with the salary you have, or switching careers and accepting that you have to start at the bottom.

 

[TraumaDoctor]

Realistically, as an employer why should I pay you more than any other graduate? You have some experience, but nothing relevant to the financial industry. If you want to work in financial services, you need to look at what you can offer - frankly your experience is not relevant. If I wanted to be a Doctor, should I expect the same salary without the qualifications or training. Medical and financial skills are simply not mutually transferrable, much as I admire and respect what you've done. I'm afraid it's a straight choice between continuing as a Doctor with the salary you have, or switching careers and accepting that you have to start at the bottom.

Well, unlike most graduates fresh from university I have a well documented track record of demonstrable skills. I can clearly cope under extreme pressure, have good man management and time keeping skills. Being a successful doctor requires intelligence and good analytical skills, both of which can be fine tuned for a financial environment and thus make money for a given company. Some skills simply can't be taught, you have them or you dont. Why employ someone that you can't know for sure will be able to cope?
In terms of lack of financial qualifications , please take note that part of my original post specifically requested suggestions for any courses/ extra degrees I could do so that I can maximise my chances.

Here is an extract from a company that specialises in placing successful doctors into financial jobs:
"As doctors, you have worked extremely hard to secure that place at medical school, study for hours to complete training and work long shifts as a matter of course. Within the hospital setting you have been asked to work in a fast-paced, dynamic and challenging environment, making split second decisions that significantly impact the lives under your care.

This unique skill set is of great demand in the corporate environment. Your status as a doctor opens many potential doors and alternative career paths. But the transition is not as simple as sending a CV, attending an interview and securing the job. Competition is fierce and numbers limited."

 

[robster970]

You have been working for at least a decade I take it. You already have a value system buried into you that is likely to be counter-productive when it comes to trading (protestant work ethic, fear of failure, emotional attachments to money, other baggage from your upbringing).

It's easier to knock this stuff out of a 21yr old who is bright than a 35+yr old who has been around and given your background, really been around I guess. Can you see why your expectations are higher because of a value system you hold on to that is worthless in the markets?

You may do great in a corporate arena but whether trading is up your street is anybody's guess and you should possibly accept the premise that you have to start from scratch.

 

[scose-no-doubt]

He want's to broker not be a trader, robster
I'd suggest you phone up a few HR departments (using a fake name to avoid "filing" of any CVs posted at a later date) and get some word of mouth from the people you'd be applying to.
Most of what you hear on here will probably be guesswork.
Also, ignore anything that depth_trade says.

Good luck

(depth_trade is the mobile disco man right guys?)

 

[Depth Trade]

Nothing has changed. I have given the best advice out of anyone who responded to this thread.
Keep your job and invest in Precious Metals.
:whistling