Career development vs Pay

Youngsaver

Hi Everyone,

I had an interview a few days ago and I think there is a decent chance that I will be offered the position. However, I am unsure whether to take it as my current role pays considerably more.

On paper it would probably look like an obvious choice as most people would just choose more money, but I have to plan long term. I am in my early 20's which means I need to pick a suitable career for the next 40+ years.

My degree is in Economics and the field I currently work in is IT. The issue I have is I don't have a lot of technical understanding. I am not confident that I will pick up the necessary skills for a long term career in the field. I believe accounting is a field I could go further in. I have researched career progression and requirements for future roles and it seems better for me. I covered some accounting principles in Uni so I possess basic knowledge already.

Although I feel I may not develop in IT, it is still a risk to change to accountancy as I could quite easily not pass the exams or not like the job as much as I think I will. (same with all jobs)

I'd prefer not to be too specific but if further information would help your opinion, I will provide more

I am hoping to get a few responses saying which field you think would be better for me. Or if you have been in a similar situation, how you came to your decision.

Here's a brief overview of both roles:
Data analyst at large insurance company(current role)
High salary
Bigger company (More job security if I can pick up the necessary knowledge)
Able to work from home some days
7 working hours a day
Less training
Little career development with current ream
Current work is quite bespoke to the company (Knowledge won't directly apply anywhere else)

Accounts assistant at large automotive retailer (potentially new role)
Low salary (approximately 40% lower than my current role)
8 working hours a day
Longer commute
More training
Easier to find new positions in future (accounting principles and knowledge are the same everywhere)

I have been in my current role over a year and it isn't progressing much, I do a lot of manual data entry which will be automated eventually. That is why I think it would be better to switch to accounting sooner rather than later

Thanks for any responses

Neil_Jones

I think its already been proved that the size of the company doesn't necessarily translate to "job security" or its longevity. Just look at what's happening on the High Street, big names like Woolworths, BHS, Toys R Us, Mothercare, all gone. Big multi-national companies all been around at least 50 years, and all have gone bankrupt.

To be honest you might as well forget the concept of "picking a suitable career for the next 40 years" because it doesn't work like that now, the entire concept of a job for life went out the window years ago. If your current company was to keel over and die tomorrow (touch wood) you'd have to move on anyway.

I think it basically boils down to whether you can afford to lose 40% of your current salary and still pay the bills. If you can your options are more open, if you can't then the issue sort of solves itself unless you can change your lifestyle to accommodate it.

Youngsaver

Thanks for the quick reply. I am able to live with my parents so the pay isn't too important right now. My concern is what is the most viable career for me. My parents think I should wait and see if an accounting opportunity comes up in 6 months/ 1 year with higher pay. Since I would be taking a much lower wage, it will take years to get it back to its current level. However, I feel the experience is more valuable. Once I have practical experience I will be able to get a higher paying job in the field. Obviously they both have more work experience than me but that doesn't mean they are right. That's why I am trying to see what others think. I do not want to leave a "good" job and regret it, but then I could also regret not taking this opportunity

strawb_shortcake

If you are looking for stability and job progression, why don't you look at the civil service? Some departments have graduate finance roles. In my experience the progression is usually quite well structured and learning opportunities good. Not sure how it would compare to your current wages.
I'd have thought that Accounts assistant roles are likely to be low paid with relevant experience so holding off for a better offer could be a longer wait

Marcon

Youngsaver wrote: »

I am hoping to get a few responses saying which field you think would be better for me. Or if you have been in a similar situation, how you came to your decision.

How can anyone know which would be better for you when we know next to nothing about you? It's real 'flip a coin' territory! So much depends on you, your personality, your attitude to risk (and in particular which risks you are comfortable taking) and, crucially, what your current employer thinks of you. If you don't enjoy your current role, have you discussed the possibility of moving to another department?

If after weighing up the options you decide you are going to move into accountancy, the words 'potentially new role' suggests to me that your potential new employer hasn't worked out what they want, let alone got a formal training programme in place. I suspect you'd keep your options open, and give your self a better chance of success, if you could secure a job offer with a firm of accountants or other financial service organisation where they will be able to tell you exactly what the training will cover and which qualification you'll be aiming for. This offer looks a million miles from a dream job, especially with the longer commute (more costly in terms of time and money) and a huge cut in salary.

Keep looking, but I'd be thinking very hard about frying pans and fires with this on offer.

MissMollyJ

You’re young, you are free financially at the moment to do whatever you want to do so I would say do exactly what you want. If you want to start a career in accountancy and can clearly afford to do it then why on earth wouldn’t you? Once qualified you will earn a very comfortable wage and long term will be able to easily support yourself and a family. I would say that in terms is commute/hours worked etc you could always keep looking for an accounts assistant role that is similar to your role now.

Good luck - what a great position to be in make the most of it

Floop

I think you should let go of the idea that you will have a career for the next 40 years. That doesn’t happen really these days. Look at which job is going to upskill you to maximise your opportunities across a range of job prospects.

Re salary, if there’s any time you can afford to take huge salary drops it’s when you’re young and have very few obligations. It gets more complicated once you have kids, mortgage etc and your career decisions become more focussed around financial security and maximising retirement security. Which is where you parents will be coming from. Also I suspect they want you to move out and live independently, whether they have explicitly said so or not, so of course they will guide you towards the higher salary!

Personally I would take the job with the more obvious transferable prospects. I’ve taken a big salary drop before (also in my 20s in similar circumstances) to change career and while it did take me a while to build up the same salary what I did earn along the way was perfectly liveable, and the change of career has enabled me to have a much more fulfilling and varied working life as it opened up a myriad of avenues. I’ve since changed career twice again and maintained my salary trajectory because of the transferable skills and knowledge I acquired along the way.

JayRitchie

A few questions as you have brought up the issue that you may fail accounting exams:

- which university did you go to for economics?
- what A level subjects and grades do you have?


Edited to add: for the entry level job in accounts what do they offer in terms of formal exam courses?

Youngsaver

Thanks, some helpful responses here.

I'll provide some more info to give context

Annabanna - I applied to civil service jobs last year and didn't get anywhere with it. I had a 2.1 in my degree but didn't do well at A level, so I struggled to get on graduate schemes as there was so much competition.

Marcon - There are so many variables to consider I just included those which I thought were most relevant. My current employer knows I'm interested in accounting and finance and has said on several occasions they want me to stay. I've kept an eye out on the internal vacancies over this last year and there are not many positions suitable. The entry level roles are for departments I am not interested in and the roles I am interested in are for more experienced candidates, hence why I am looking elsewhere.
I said "potential new role" because I haven't heard back from the interview yet and haven't decided if I should take it. It would only be "new role" if I actually got offered and accepted it. But I understand where you're coming from. Is there such a thing as a dream job? Everything will have drawbacks

Molly J - That's exactly how I feel. I don't think I can be too picky though because I have no experience in accounting and what I do now wouldn't make me stand out from a crowd.

Floop - I agree. I may have phrased the 40 year career slightly wrong. I was trying to say that I am 40 years + from retirement so I have to choose how best to utilise that time. Thanks for the guidance as well. I am able to demonstrate generic skills (problem solving, working to tight schedules etc) but I look through vacancies on Indeed and many say at least 1 years experience in the field. Until I am able to prove experience in the field or at least specific tasks (eg month end reconciliations) I will struggle to find an accountancy role that is much higher paid. If I stayed in my current role I would get more money over the next year, but I would be no closer to the career I want to be in. If I leave, I'll have a lower take home pay but be able to add vital skills and experiences which will help me more in the future

theoretica

Youngsaver wrote: »

My parents think I should wait and see if an accounting opportunity comes up in 6 months/ 1 year with higher pay.

How much do your parents know about the accountancy job field? My feeling is that there are unlikely to be roles that will pay more for greater experience in your current role - but I might be wrong. Perhaps a call to your old University Careers service would help answer this?

Youngsaver

JayRitchie - Covered some things in the response above. So I got a 2.1 in Economics and I studied financial management in each year, averaging 70%+ each year.

I am aware some employers are strict when it comes to study support, eg one of the big 4 might fire you for failing an exam. I think I would be ok for MA and FA but beyond that I will only know in the future. It is possible I fail one, I know people who have so I wanted a role where I pay for re-sits in the case of a failure rather than being unemployed.

The position I have applied for offers study support after probabtion, dependant on my performance. I think that is a fair policy and if they don't , I could consider moving elsewhere to find a position that will. With relevant experience I think that would be possible