Potential Career Earnings dilemma.....please help

MiddyMum

Idiophreak wrote: »

If you trained, and became a midwife, why do you assume that would be it for your life?

It's the same in most careers...if you stop on the first rung of the ladder, you stop being able to earn the big bucks.

So, imagine working as a midwife for 5 years...then maybe you start to manage a team of midwives, then maybe you become a regional director for midwives...Have you looked at the salaries that midwive's bosses get? Their bosses?

As you may tell, I don't know much about midwives, but the point I'm making is that educating yourself to do a role doesn't limit you to that role for your whole life. You've a career in front of you...your first job is just the first step.

I get your point, and I know I probably sound young and naive. It's a bit shady what a midwives boss could get, but from looking at the pay scales a nurse director would get about 100k, so I am guessing this would be the same for a midwife boss. I think the reason why I am assuming I will be in this profession for life is because in order to be successful at something and see the benefits of a good salary I need to stick to it for a good length of time. I won't see the higher salaries, if I end up chopping and changing my mind about what I wan't to do in life. Midwifery would be a " heart " career, but I am under no illusions that it is still a job and there are other things I want to pursue in life with the money that I earn.

Acc72

MiddyMum wrote: »

Not sure what I am asking here....

Are you asking - should I become an accountant of a midwife ?

If so, it is difficult to comprehend as the jobs are massively different.

It is not as if you are asking "should I be a midwife or a nurse" or asking "should I be an accountant or work in a bank"

Cherry_Bomb

I'm a newly qualified nurse who's gone straight into the private sector. Had I gone into the NHS I would have started at the bottom of band 5 on just over £21k. I'm on over £30k and that's just my starting salary.

Like others have said you're not limited to the NHS. Even as a NQ

Idiophreak

MiddyMum wrote: »

I think the reason why I am assuming I will be in this profession for life is because in order to be successful at something and see the benefits of a good salary I need to stick to it for a good length of time.

Right...but in that "profession", not in that "job".

My wife's been in a similar position to you...She started teaching straight out of uni, and whilst she loves it, I always viewed it as a career with a bit of a pay ceiling (myself being in IT, for contrast)...And I think, if you want to plod along and just be a "normal" teacher for your whole life, that's probably the case. She, meanwhile, has just been promoted to deputy head after 5 years of teaching (incredibly fast - and down to a *phenomenal* amount of hard work, sweat and tears for the last five years) and will now overtake my wage for the first time.

She didn't start off necessarily wanting to go down this path, but if you have the passion and drive to make the most of every opportunity, I think these things kinda happen...and when they happen, the remuneration follows...

duchy

Firefox1975 wrote: »

I think you will learn alot in the next 15 - 20 years.

I don't want to be negative - but it's hard not to be realistic.

I can;t tell you anything about midwifery - but i can tell you i work in Finance and I have for 18 years - I don't get anywhere near the "low" ? salary you are aiming for.

Please don't be too disheartened if your plans of earning lots of money don't come to fruition. But I applaud your enthusiasm!:T

and good luck!:beer:

Yet lots of other people DO make amazing money in finance too and anyone with a LOT of ambition and focus can do very well. There's also a lot of people who coast along and just let things happen 9-5 and they are generally NOT the high earners.

OP you're looking at two drastically different careers-one frankly is unlikely to be more than averagely paid but will give great job satisfaction (and possibly more flexible options if children are on your agenda in later life) the other has sky is the limit possibilities if you are prepared to work your butt off and get a first and are prepared to relocate/travel for work especially in your early years post university and have a poor work life balance until your career is established. (and how does that fit in with your daughter ?)

Have you ever worked in finance at all ? Could you find some work experience-even unpaid to see how you like it before deciding?

The odds of earning a super salary are far better in finance (especially if you pick the right area of finance) than midwiferey but it's a very different corporate culture to the NHS. There are btw very good reasons why private sector nurses earn more -and for some a period in the private sector sends them running back to the NHS as some compromises are outweighed by the better pay.

Lots to think about !!

MiddyMum

Acc72 wrote: »

Are you asking - should I become an accountant of a midwife ?

If so, it is difficult to comprehend as the jobs are massively different.

It is not as if you are asking "should I be a midwife or a nurse" or asking "should I be an accountant or work in a bank"

I think I am asking whether to sacrifice a " heart " career for one that will financially pay me a lot more in the long run?

MiddyMum

Cherry_Bomb wrote: »

I'm a newly qualified nurse who's gone straight into the private sector. Had I gone into the NHS I would have started at the bottom of band 5 on just over £21k. I'm on over £30k and that's just my starting salary.

Like others have said you're not limited to the NHS. Even as a NQ

That is a brilliant starting salary, I wonder whether your starting salary would be the same for a NQ midwife in the private sector. You must be elated, oh and congratulations on qualifying.

MiddyMum

Idiophreak wrote: »

Right...but in that "profession", not in that "job".

My wife's been in a similar position to you...She started teaching straight out of uni, and whilst she loves it, I always viewed it as a career with a bit of a pay ceiling (myself being in IT, for contrast)...And I think, if you want to plod along and just be a "normal" teacher for your whole life, that's probably the case. She, meanwhile, has just been promoted to deputy head after 5 years of teaching (incredibly fast - and down to a *phenomenal* amount of hard work, sweat and tears for the last five years) and will now overtake my wage for the first time.

She didn't start off necessarily wanting to go down this path, but if you have the passion and drive to make the most of every opportunity, I think these things kinda happen...and when they happen, the remuneration follows...

Thanks you are right really, I have always progressed quite quickly in the jobs I have done. I was a manager for a major cinema complex at 17, looking back at it now I was in a great position for that age but the wages were awful. I was a retail department manager on 10k a year. But my responsibility was huge and I had to manage budgets also.

cardiffgrad1

OP - I'm guessing from what you're saying that you didn't watch the programme all about student midwifes on BBC2 Tuesday night.

I urge you to watch it on I-Player. You'll see just how unrealistic it is to think that you'll be able to work and do that course at the same time. I'm not even sure you'd be allowed to. I think you should seriously think about it before starting this course..not just do it for money. This course is so tough, 1 in 10 drop out.
I'm somehow not convinced about your passion for midwifery, when you talk about doing accounting in the next paragraph. These are widely different careers. You need to have a serious think about what you can achieve realistically.
And have you even been accepted for a miwifery course? How much have you researched it? How much have you researched accounting? Could you go into that and is is something you actually have an interest in?
If your daughter is intelligent, she will do well, wherever she goes. The key is you and the support you give her. On the flip side, private schools do not guarantee academic success - look at Prince Harry. Great education and only got 2 A-levels. This shows how its not just about the school you go to.
PJust things I think you should bear in mind - plenty of people are successful without going to Oxford and Cambridge. And success isn't all about money. Success in raising your daughter is not all about giving her a private education - its about giving her your time and love.

MiddyMum

duchy wrote: »

Yet lots of other people DO make amazing money in finance too and anyone with a LOT of ambition and focus can do very well. There's also a lot of people who coast along and just let things happen 9-5 and they are generally NOT the high earners.

OP you're looking at two drastically different careers-one frankly is unlikely to be more than averagely paid but will give great job satisfaction (and possibly more flexible options if children are on your agenda in later life) the other has sky is the limit possibilities if you are prepared to work your butt off and get a first and are prepared to relocate/travel for work especially in your early years post university and have a poor work life balance until your career is established.

Have you ever worked in finance at all ? Could you find some work experience-even unpaid to see how you like it before deciding?

The odds of earning a super salary are far better in finance (especially if you pick the right area of finance) than midwiferey but it's a very different corporate culture to the NHS. There are btw very good reasons why private sector nurses earn more -and for some a period in the private sector sends them running back to the NHS as some compromises are outweighed by the better pay.

Lots to think about !!

I worked in Banking very briefly before I took my Cinema Manager job. I then went into care work and have been doing that since.

I enjoyed the banking job, but it was a contact centre role. I felt a little frustrated, as I was always on top of my game exceeding my targets by thousands of pounds, there was no challenge. I maxed out on the bonus's, and just felt like it was a mugs game in the end. The bonus's were capped. Although this was a completely different area to what I would aspire too if I went into finance. I am quite interested in investments/tax.