Career change suggestions

drprox on 08/09/2015 - 09:07
Last edited 08/09/2015 - 15:21

Hi all,
I'm looking for a career change.
I don't want to get carried away and write a thesis here so will try and keep this an overview of where I am and what has brought me to this point.
Really hoping some of you have been through similar and have some ideas for me.

I completed a commerce degree with majors in economics and finance.
Immediately following uni worked in a couple of lower level roles in an investment bank.
Was accepted into a major Banks grad intake in a Business Banking role (very exciting at the time).

Worked there for about 3 years in the regions in Business Banking before finally getting an opportunity in the CBD in Corporate Banking.
Hated this and lasted 3 months before resigning.

Joined the Feds and now work with Indigenous small business.
I've worked across a couple of roles and am ultimately not finding myself afforded any opportunities given the rigid staff hierarchy and lack and any staff leaving! I earn a fair wage for what I do but am craving career opportunities.
I also haven't really learned a thing in the 4 years I've been here and am not being pushed at all (as opposed to at the Bank where I was being firmly pushed always haha).
I was afforded an opportunity recently to complete my six sigma green belt whilst on secondment in another role. Some of this did remind me of Jack Donaghy in 30 rock but I really did appreciate the concept of business improvement and think I could really enjoy this space.

Briefly on my home situation, I have a mortgage like many of you and a wife but no kids. Given I suspect a child will be on the cards sooner or later I see my opportunity as being NOW to change my career path. I can afford a pay cut to go and do something I believe in which will provide me the opportunity I crave.

Can anyone here tell me any of the following:

  • If you have had a similar background to me and made a major change, what was it?
  • Are you aware a career to which a brain would lend itself but does not necessarily require qualifications? (a stretch I know)
  • Short courses or flexible learning which might lead to a different career?

As Six Sigma would have me believe, there are no bad ideas people!
Any help is appreciated.

Education & Work

Comments

  • zealmax on 08/09/2015 - 09:39

    It depends on your career stage. In most cases a career change means taking a hit with the salary. You are moving from a role that you have experience with into a role that you don't have as much experience with. What is the goal of the career change? Don't like the work? Not enough money? Limited career path?

    • drprox on 08/09/2015 - 09:47
      +1

      Hi zealmax, as I mentioned I believe I am paid fairly for what I do…which isn't enough IMO.
      Limited career path is the main reason but also I'm really concerned about being a non Indigenous person working with Indigenous people. Over time I suspect I will be starved of opportunity due to positive discrimination, and I can hardly blame them. I do think it's important that if possible I move away from this space but I don't mind working with small business.

      Now before people start coming at me with knives. I've been in this role almost 5 years and have not had a single promotion. There are 3 people in my office and we have a rigid structure with people at level 1,2,3.
      The other two haven't moved so I can't have an opportunity for promotion.
      My boss and senior management are well aware but they are hamstrung. There is the option to move interstate should a more senior role come up but I'm not willing to do so for this organisation.

  • mlychn on 08/09/2015 - 10:43
    +2

    I myself also have a commerce background, but accounting major. When I graduated I started on a finance graduate program for a government department. I've been there for 3 and a half years (have done various other finance roles also). It was good at the start, salary is more than fair, but career opportunities became limited due to the political climate, and recruitment opportunities ceased. I eventually got bored/fed up and wanted something more. So I just applied for accounting jobs which sounded somewhat interesting. Eventually I got a call back from a recruitment agent, and I went for an interview, and I will be starting a new job for a property developer next Tuesday! Salary will be lower, but it will be worth it in the long run because I will be getting work experience that you won't get in a government department.

    I think you just need to start looking, perhaps within your field for now, see what else is out there. Maybe you will find that working for a different company can be the change you are craving? Or perhaps there are other opportunities in that company once you have your foot in the door? Best of luck to you!

    • drprox on 08/09/2015 - 10:45
      +3

      thanks mlychn, sounds like you were in a similar boat! It's quite funny that I never studied accounting but have spent most of the last 8 years reviewing and providing analysis of financial accounts for business!
      I think you're on the money, it would be ideal to try and just segway from where I am in to a similar sort of role probably back in the private sector. Perhaps a change is all I need!

      • sellingoutsoon on 09/09/2015 - 09:19

        *Segue (Segway! It's good to see you Holden together despite not being a-Ford-ed opportunity. I hope you can Dodge these Jeep guys and you're Valiant in finding Ariel Gemini hope it's in a Noble profession so you can Triumph and your friends will wonder Audi you do it. And I mean Datsun.)

        • drprox on 09/09/2015 - 09:26

          bahahaha, nice :) that explains why spell check continued to insist on capitalising it!
          Now I wish I had a Segway :(

        • sellingoutsoon on 09/09/2015 - 12:04
          +1

          @drprox: Haha :) Check out some of the Segway "competitors" on Kickstarter. Some cool stuff, if you have money to burn… My two cents, in all seriousness is to forget about the money altogether, and pursue something you believe in. That's what I distilled from your story. Your natural abilities (and learned skills, secondarily) will magically find a way to be useful when you're planted in the right environment. And you're not now, and you're only going to get more frustrated. Money usually comes, determined by your intrinsic, perceived and demonstrated value, but satisfaction will not. Satisfaction is what you desire more, it's fairly obvious to me. Do what makes you so proud that you'd make your own business cards just to give to people you meet. It's now entirely possible that several people reading this may quit their jobs. I hope they do

        • drprox on 09/09/2015 - 14:20

          @sellingoutsoon: thanks :) I think you're on the money, by being off the money!

  • toniyellow on 08/09/2015 - 11:21
    +2

    I agree it sounds like you want to move sideways to a broader area than indigenous, more than completely change careers, so your current experience is still worthwhile.If you're being offered secondments and they paid for a short course it doesn't sound completely without opportunities.

    I'm risk averse so I'd probably see if I could get the current employer to pay for an MBA (or grad cert that articulates into an MBA) or similar as part of professional development, and do that part time. To me that would feel like a more solid basis on which to try for a more strategic role (or go into consulting?). If your current bosses feel guilty about the lack of opportunities for promotion this might be a way to be compensated for that. Government seem to be quite good with study, and give study leave? But may not be the budget climate I guess.

    Or just start applying for other roles and see what response you get, and have further education as plan B if your current experience doesn't land you anything.

    • drprox on 08/09/2015 - 11:54

      cheers toniyellow, you're quite right about the study, there is some chance they would pay for something if I could decide what something was! I have to concede I've always been a little sceptical of an MBA. I guess though if I were to try my hand at consulting it would certainly give me some credibility from an education stand point :)

  • sweefu on 08/09/2015 - 11:51
    +1

    I have a suggestion that might seem a bit left of field.

    I have a similar background to you, but with less experience. I have undergrad in economics/finance, and my first "real" job (after a year of backpacking) was for a support role for a reasonable large fund manager. I have moved twice in 3 years, and am now an analyst in a commercial mortgage brokerage.

    I think you should become a mortgage broker, with a focus on commercial loans.

    You have a business banking background (and presumably some contact/leads from this) and you understand how to analyse a business. Writing commercial deals is varied, interesting, and lucrative. It's not uncommon to see brokers receiving $25,000 upfront fees per deal. You also have the flexibility to work your own hours, and are essentially your own boss.

    Downside - there is no stable salary, and you will not be making much money for the first few months.

    Just a thought

    • drprox on 08/09/2015 - 11:53

      thanks sweefu, funnily enough I recall a time I was offered a job with a commercial broker whilst at the Bank. Many years ago that was now, not a bad idea and one I will take a look at!

      • sweefu on 08/09/2015 - 12:26
        +1

        No worries.

        It looks like we're both based in Melbourne. If you would like to discuss further feel free to PM me.

        • drprox on 08/09/2015 - 12:44

          actually just found a job going with these guys on my linkedin..
          http://www.lendingconnection.com.au/
          They must be pretty new and small mind you to only have 30 years experience across the team :)

        • sweefu on 08/09/2015 - 12:56
          +1

          @drprox:

          Yeah I saw that too.

          There's lots of players out there, just make sure you chose one that can offer the back office support you need to write deals.

  • martinj on 08/09/2015 - 12:11
    +2

    About 7 years ago I hated my job so I went to see a careers counsellor at a university. He said there are a lot of things people get from a job. Some people just get paid but hate their work, some people find their work personally fulfilling. Most people fall somewhere in between: they don't hate their job but they wouldn't do it if they weren't getting paid. People then find satisfaction outside their job and their job is really just there to support their other activities.

    I'm in a similar position to you. I have degrees in finance and economics and work in financial planning. I find my job interesting but it's also very frustrating with constant bureaucratic nonsense. I don't want to just leave and take another job because I've got no way of knowing if it will be any better.

    I try to remember that I don't have to find my job meaningful and personally fulfilling. I can find enjoyment outside my job, and the job is just there to support my other activities. Of course this isn't always easy.

    • drprox on 08/09/2015 - 12:32

      I completely agree martinj! In theory… Sadly whilst I'm plenty busy with activities outside work, supported by my very reasonable working hours it doesn't seem enough. I guess it's what I've been telling myself a long time and knowing i likely have another 30 years in the workforce leads me to believe i do need a change and sooner suits better than later!

  • inherentchoice on 08/09/2015 - 12:39
    +1

    Be an entrepreneur? Create a new startup or some kind of business?

    • drprox on 08/09/2015 - 12:59

      another great idea! And another one I'm thinking at. Kind of funny to spend years working with them but never have an idea of my own! I suspect I'm just not a true entrepreneur as I usually find a reason not to proceed, I wouldn't mind a go at running a business though, hrmmmm

  • lenlynn on 08/09/2015 - 13:41
    +1

    My background was somewhat similar to yours Drprox. I worked in a major bank for a few years after graduation but left cos I wanted a change (and they were pushing me TOO hard). Went back to uni and now I am in healthcare. Salary not as good but my partner is supportive and we have no kids yet.

    Would you not want to go back to study? Now is def the time to change though as you said. The longer you put it off the less incentive there will be, especially when the kids arrive.

    • drprox on 08/09/2015 - 14:02

      thanks for the suggestion lenlynn, just not an option I can afford sadly. My wife does work but her income is modest and there's a mortgage to be paid. That's not meant to sound miserable as I love my house and wouldn't want to give it up :)
      Short courses, online learning or workplace supported studies are my only real option I think.

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