$40k job, commission only sales job, or go for junior financial advisor

I’m facing a decision after quitting my admin job of two years. While I’ve been preparing for the SIE exam, I’ve received two job offers: one for a $40k admin position with regular hours, and another for a commission-only sales role that allows for a flexible schedule. Since I live in the Midwest, salaries tend to be lower, but I’ve saved enough for living expenses to give myself some breathing room as I explore my options.

My main concern is the possibility of not landing a position as a financial advisor due to my lack of a finance degree; I hold a liberal arts bachelor’s degree. I found out that a local school offers an online certificate for the CFP coursework, but I would need sponsorship to pursue that. I’m open to that idea, but I’m unsure about the best path forward. What should I do?

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One response

  1. It sounds like you’re at an important crossroads in your career, and each option presents its own advantages and challenges. Here are some points to consider for each offer:

    1. $40k Admin Job:
    2. Pros: Stability and a fixed income can provide financial security while you contemplate your next steps. A 9-5 schedule may help you maintain work-life balance.
    3. Cons: If you’re looking for growth opportunities in finance, this role may not help you build relevant skills or experience.

    4. Commission-Only Sales Job:

    5. Pros: Flexibility to create your own schedule and potentially high earnings if you succeed in sales. This role might help you develop valuable skills like networking and client relations, which can be beneficial if you eventually pursue a career in financial advising.
    6. Cons: There’s risk involved due to the commission-only structure, especially if you’re not familiar with sales. If sales are slow, it could lead to financial uncertainty.

    7. Junior Financial Advisor Role:

    8. You mentioned concerns about not having a finance degree, but your progress with the SIE exam is already a great step. Many firms are open to candidates with diverse backgrounds, especially if you show a genuine interest in finance.
    9. Getting a certificate for CFP coursework while seeking sponsorship could bolster your qualifications and demonstrate your commitment to the field.

    If you’re seriously considering a career in financial advising, it might serve you well to pursue opportunities in that direction, even if it means starting in a junior role. Your liberal arts background can provide a unique perspective and set of skills that can be valuable in finance.

    Given you have living expenses covered for a while, you might consider networking with professionals in the financial industry. This could help you better understand the hiring landscape and what qualifications firms are seeking.

    Ultimately, weigh your immediate financial needs against your long-term career goals. If you believe that being a financial advisor aligns with your aspirations and you are motivated to pursue it further, you might prioritize that path, even if it takes some time to secure a position. Conversely, if immediate financial stability is your biggest concern, the admin job could provide a safety net while you continue to explore options in finance.

    Whichever path you choose, it’s important to keep learning and networking, as these efforts can open doors in the financial sector. Good luck!

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