We’ve found that college graduates seeking to enter the financial services industry tend to be woefully ignorant about entry level compensation and benefits packages offered by Wall Street firms.
There is a tendency among candidates to overestimate their own abilities and focus strictly on the size of the salary they are offered.
We advise our clients to present the whole package. Along with a comprehensive training program for their entry level financial advisors, financial institutions need to detail all the benefits they offer: health benefits, pension and profit sharing, bonuses and total comp for the position. Then formally point out the total cost of that employee to the firm, including taxes and FICA.
Once the young “rookie” understands exactly what the firm offers, they will be more inclined to accept the job and be more satisfied with the job in years to come.
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