Bank of America - I am in the PMD program, and the stress level is extremely high. | Glassdoor
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Helpful (12)

"I am in the PMD program, and the stress level is extremely high."

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Advisor
Current Employee - Financial Advisor
Doesn't Recommend
Approves of CEO

Pros

You are paid a salary for the full 3 years of the program. Merrill has strong name recognition. The research department is top notch. The technology is outstanding.

Cons

You must meet quarterly and annual production hurdles, which are outrageously high. If you don't pass your securities licensing tests, you get fired. If you don't meet your production hurdles on time, you get fired. All of the training is reading. Good luck finding someone to mentor you. No good financial advisor has the time or the desire to share their secrets with you. You must build your business from scratch. You are not given any leads. Most of the advisors in my office have either been in the business for 20+ years or have a wealthy family with wealthy friends. You are not going to get on a team until you have a sizeable book. Other advisors are not going to give up any of their compensation to put your on their team. I am afraid of losing my job every day because I am barely meeting the production numbers. I don't feel professional because I have not even been given an office yet. I have been in a cubicle since I started a year ago, and there are several empty offices at my location. I have to meet with my prospects in the conference room. The whole situation is very discouraging.

Advice to Management

The PMD training program is a joke. It is no wonder that so many new advisors fail to complete the program. There is so much information thrown at you at once. It needs to be more structured and individualized. The company spends a lot of money on us during the PMD program. I thought it was because they wanted us to succeed. It almost seems like they want us to fail within the first couple of years so they can get rid of us and keep our clients.

Other Employee Reviews for Bank of America

  1. "I love working there, but you have to have time to move up within the business."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Teller
    Current Employee - Teller
    Recommends
    No opinion of CEO

    Pros

    great pay, you have to have 6 months experience before any promotions. You do get paid vacations for 2 weeks. Also you get holidays off, and paid as well. It is a very precautions job, and you have to constantly be paying attention. It gives great rewards and discounts in some other places, and the managers are great with you.

    Cons

    You have a very limited schedule, and don't chose your own. The only bad thing is that if you just started working there, you do not get treated like the rest. You get the last pick on vacations, and you have to wait at least 6 months to be able to apply to higher promotion, even if you have excellent referrals ,and results.

    Advice to Management

    They do a good job, I just wish it didn't matter how much time you had working in order to get promoted. I think based on results you should be able to be promoted. I wish that they would be more lenient on that, and even more so if you are exceeding goals and better results than coworkers that have been there longer than you.


  2. Helpful (1)

    "Bank of America is great place to work."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    No opinion of CEO

    Pros

    Great benefits and plenty of opportunities within the company.

    Cons

    I work at a banking center which happens to be the largest and busiest in the market. The hours are too long. The bank is open until 6pm, good for consumers but not as ideal for single moms/or employees with families. There is also no fixed schedule, as a banking center employee, I have to be flexible with working any shifts. Work schedule changes every month and it's really difficult to request a change in schedule or request some time off. You must also be available to work on Saturdays as well. Again, I find that the only negative thing working for B of A (if you work in a banking center) is the schedule. Also, at the banking center that I work in, the management needs to attend more "management classes". They are NOT management material. They gossip too much, goof around too much, and have their OWN "cliques". They play favoritism and are very bias. I have friends who work at other banking centers and they seem to be very satisfied with their managers and the environment. I guess it just really depends which banking center you work in, and the kind of managers you have.

    Advice to Management

    To the management in my banking center, you need to attend more management classes to learn how to handle work matters. It's okay to make your center a "fun" environment to work in, but there is a time and place for "playing around". Also, management should not play favorites because they employee is their own kind/race. Everyone must be treated equally and employment advances or promotions must be given to those who work hard and are deserving of them.

There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

See Most Recent

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