I applied through a recruiter and the process took 4 weeks - interviewed at DMG Securities in January 2012.
Interview Details – Initially called by an account executive that was going through the training for Dmg. Went in to interview with him and the hiring manager. Called back after a few days to come meet with the president of the company with other candidates. Called back to come in for an interview with two other executives at two different experience levels (3 years in, 6 years in.) Called back to come in for final interview with president and received offer afterwards with 2 days to respond to offer. Rejected offer for reasons described below.
Reason for Declining – No salary. No benefits. Claim that they have a much higher commission percentage (40-55%) but this is similar to other firms depending the volume of sales. The office was very small, and did not seem to have many rooms. Also somewhat similar to a pyramid scheme...where executives receive a portion of the commissions of other executives which they had brought to the firm. They claim to have no legal problems, but owner was involved in pushing stocks onto clients and faced litigation while owning F.N. Wolf and Co (article from 1997 online.) They say that you are expected to gain 100 accounts in your first year or you will be cut. The structure is favored incredibly to the firms security and offers no protection to the broker. When researching some information online, I was also very skeptical when I found that they had 15 employees and a very small revenue stream (inconsistent with new executives acquiring 100 accounts a year.) Overall, there seems to be some shady business going on, beware.
The process took 4+ weeks - interviewed at DMG Securities in July 2010.
Interview Details – Found the company in Washington Post classifieds, called to apply for position. Had a brief phone interview, went for a face to face interview. Went for meeting with owner of the company who described the business and industry. Came back to get a book I had to read and prepare a summary of. Then had to develop a business plan for recruiting clients and new people to work there. Then called into another meeting with owner and received job offer.
Interview Question – Does being commission only bother you? Answer Question
Negotiation Details – Commission only, so no negotiation possible
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