Posted in LinkedIn "Veteran Mentor Network" group re: entry level in institutional sales/trading and financial services yesterday:

The main difference is the organization which determines the functional role. Investment banking, sales/ trading, investment/asset management firms will usually require Series 3, 7, 63, 65, 66, 79 licenses for sales roles. These career fields primarily deal with the issuance, sales, trading, and management of securities/ portfolios rather than the financing needs of a corporation. Corporate finance functions generally require at least an elementary understanding of accounting principles. I will focus on the financial services aspect as that has been my chosen path.

Initial entry into a broker/ dealer that will sponsor individuals for these licenses is the first step and can prove relatively difficult as they are usually sales organizations that operate on a commission basis. Having said that, some of the fastest growing functions within these organizations that may provide an "in" to these firms are technology, accounting, risk, and compliance. Given the changes in the regulatory environment and pace of technological advancement, there are many positions open that could provide an entry-level position into a broker dealer/ investment banking firm.

From what I have been told and observed, the nature of entry-level positions has dramatically changed in the past decade with fewer clear-cut paths to trading desks, deal teams, and portfolio management functions. Positions that are now available require a high degree of comfort with numerical and data analysis as the field has become increasingly quantitatively driven. With that said, advanced degrees and MBAs may only be a part of the skill-set that is desirable. Software packages available over the counter (SAS, C/C++, MATLAB, R, SPSS, Python, Excel, etc) are valuable especially in sales/ trading functions. These are all computing skills that can be learned on an ad hoc, independent, self-paced basis.

All of that said, reflecting back on my military experience as well MBA program and 2 years in financial services, I can honestly say that the military at the Junior NCO level and above has provided potential candidates with more than the requisite skills that are most transferable. Attention to detail, interpersonal communications skills, "multi-tasking", delivering results under pressure, as well as the ability to consume and process a myriad of data (sounds familiar??) are the MOST important traits regardless of function. Hard/ technical skills can be learned and improved.... mental poise and emotional control is hard to come by.

Bottom line....constantly review job postings and position information, not that applying online is necessarily the way to go (usually it is a misallocation of time) but it will provide insight into the technical skills required. Every shop has a different way of conducting business so some experience may not be 100% transferable. Focus on incrementally improving your skill set. The series 3, 63, 65, and 66 requires NO FIRM SPONSORSHIP. I sat for them in Seoul, ROK after studying for 3 months. The CFA program, although expensive and demanding, is a cost effective method of immersing oneself in the financial aspects of the industry, provides a recognized standard for employers, covers nearly all of the material from an MBA program, and is relatively cost effective when compared to a graduate degree.

This isn't rocket science. The