CollegeJournal.com recently spoke with Joe Moglia, the chief executive officer of TD Ameritrade Holding Corp., a securities-brokerage services and technology-based financial-services company based in Omaha, Neb. He'd switched careers in 1983, having been a football coach for 16 years, including two years as a defensive coordinator at Dartmouth College. CollegeJournal spoke with Mr. Moglia about what it takes to be at the top of the game in the financial-services industry.
CollegeJournal: Why did you leave coaching and go into financial services?
Mr. Moglia: Coaching required 100% commitment all of the time. I loved the work, but from August through December, I had no days off, putting in 90 to 100 hours of work a week. Dartmouth had just won its second Ivy League championship in a row in 1982...I started to question whether I was getting as much satisfaction as I had in the past. I had always been interested in business and investing.
Also, Wall Street is a competitive place; it seemed to be a natural fit. I thought that if I could get a job at a top-tier firm, then I would do it. In 1984, I took the leap and joined the training program at Merrill Lynch. There were 25 M.B.A.s and one football coach in the class. Sure, the M.B.A.s knew the buzzwords and anything associated with Wall Street, but I had a successful career under my belt and a certain maturity level and street savvy that has served me well in this career.
CollegeJournal: How has your football career contributed to your success in financial services?
Mr. Moglia: I approach my duties as CEO the same way I did when I coached football. The point is to create a competitive advantage, leveraging the strengths of your team. One of our core competencies at TD Ameritrade is our people. Along with the management team, I lay out a game plan and empower our people to make it happen. We are in the middle of our eighth successful merger-and-acquisition transactions since 2001. The transactions have been successful because our people have been empowered. It starts with the CEO.
CollegeJournal: What do you do as head of a brokerage firm? How many hours a week do you work?
Mr. Moglia: I am always thinking about what we can do to provide a better client experience in the most efficient way possible. I also recognize that I'm not the only one that gets the job done, and that it's my responsibility to create an environment that helps employees carry out the essential principle for why we exist -- to benefit clients and shareholders. By delegating some of these responsibilities to employees and associates, this helps minimize the stresses involved in the job.
As for hours, I'd say I work about an average of 70 hours a week. A lot of that time is spent traveling to meet with clients and participating in conference calls.
CollegeJournal: You were born and raised in New York. TD Ameritrade is based in Omaha. How is life different for you in the Midwest?
Mr. Moglia: I realize on paper that Omaha seems like an incredible transition to have made. Since my job is to take care of clients and I can do this regardless of whether I am in New York or another location, it was not a difficult transition in reality.
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Living in Omaha has made my private and personal life more pleasurable. For example, I drove myself to work today, and it only took 15 minutes! This would never happen in New York City. A traffic jam in Omaha may involve only a few cars stopped at an intersection. [Laughs.] I also have more time for my family. I can leave work, go see my children's sports games and then be able to go back to work.
CollegeJournal: Do students seeking financial-service careers have to head to Wall Street? Does location really matter?
Mr. Moglia: I get asked this question a lot by students. New York was home for me, so it made sense for me to head to Wall Street. But you don't have to come to New York to be successful. It's more about personal preferences. Some people prefer an urban setting while others would rather live in the suburbs. By choosing to live where you are most comfortable, you are more likely to be effective. This was my advice 20 years ago. Now with the Internet, it is even more possible to do this type of work in any part of the world.
CollegeJournal: What are prospects like in the industry for recent college grads?
Mr. Moglia: Phenomenal for those with passion. Sure, it's competitive -- there are a lot of people in the financial-services area. But if you're passionate that this is what you want to do, success runs parallel to passion. I feel very strongly about this. If you're not passionate, this is the wrong business to get into.
CollegeJournal: What does it take to become a CEO?
Mr. Moglia: I'd say it's important to be able to handle yourself under pressure. Common sense and street smarts go a long way. I am also highly organized.
CollegeJournal: What is the single best thing that you've done to advance your career?
Mr. Moglia: The single best thing that I've done is come to the understanding that the keys to success in this industry is being able to balance the needs of your clients with the needs of the your firm or organization.
CollegeJournal: A lot of business is done on the golf course. Are people who don't play missing out on opportunities?
Mr. Moglia: There are a lot of ways to do business. Golf is one of them. For me, the best way to do business is over a quiet dinner with no phones ringing. But I do have to say that you can really get to know someone on a golf course. Though, 90% of the golf I play is with family and friends. I look at it as more of a break, rather than an opportunity to do more business.
CollegeJournal: What advice do you have for recent college grads just beginning their careers?
Mr. Moglia: Be passionate about what you do. If you find a job you love, you will never work another day in your life. |
