IFA/Wealth management

Pianoman1

Hi,
I'm looking for a career change, I am an Accounts Assistant and was hoping to progress through to chartered status, but this is looking unlikely to happen as I have a chronic fatigue and a child. Even if I did manage to grind away over 5 years, my salary as part qualified only looking to be mid 30's  for the next 5 years, and this is not enough to support my family living in the South East. Being permanently unqualified is not an option in my eyes, as I always wanted to  progress into Finance Manager/Controller eventually, earning 60K+.

I'm looking at whether changing career to become an IFA or wealth manager might be a better option. I've always been passionate about finance, but didn't consider it as a career initially as i didn't want work that was purely by comission, which is how i understand IFA's tend to work.

I'm looking for other people's advice on this and what i could expect to earn comparably within the next few years and beyond? Also, are there many qualifications/exams involved and what these typically be harder or easier than chartered accounting exams?

I would also be really keen on asset or investment management, but don't know if i would be employed as a person in my early 30's and due to illness and family crisis, I don't think i could realistically cope with a rigorous grad scheme with exams.

Any advice would be much appreciated. 

Dox

Few employers will be keen to take on someone with chronic fatigue, especially in a role which often necessitates travel, long hours, constant tight deadlines and unremitting pressure. You seem to be entirely focussed on what you might earn if you changed career. Given that competition for the sort of roles you are contemplating is red hot, and the exams/demands are huge, I wonder if you might fare better if you looked at other qualifications you could get in your current role? Have you looked at the alternative qualifications open to you?

Pianoman1

Dox said:

Few employers will be keen to take on someone with chronic fatigue, especially in a role which often necessitates travel, long hours, constant tight deadlines and unremitting pressure. You seem to be entirely focussed on what you might earn if you changed career. Given that competition for the sort of roles you are contemplating is red hot, and the exams/demands are huge, I wonder if you might fare better if you looked at other qualifications you could get in your current role? Have you looked at the alternative qualifications open to you?

I have managed to keep in full time work without ever declaring i have CFS. I work for a large corporate and involves all the above you mentioned bar the exams, which are encouraged, but optional. 
I was planning to complete the ACCA qualification. The only alternative that seems achievable with the AAT, but from my research, the career benefits don't seem to reward enough IMO.
When you mention exams/qualifications with IFA/Wealth management, which are you thinking of? If it's CFA, then would definitely be too much of a stretch for me (practically speaking), but if it is even half the effort of ACCA, then i'm willing to consider. I definitely have the appetite for exams/study, but ACCA seems too long and doesn't benefit me enough along the way.

AskAsk

i don't know anything about the IFA career but i do know about investment career and they are very competitive.  they tend to take on very bright graduates so it would be difficult to get into that area in your 30s.

competition in that area is fierce so i wouldn't think you have much chance there, especially in the current climate.

Pianoman1

AskAsk said:

i don't know anything about the IFA career but i do know about investment career and they are very competitive.  they tend to take on very bright graduates so it would be difficult to get into that area in your 30s.

competition in that area is fierce so i wouldn't think you have much chance there, especially in the current climate.

I was thinking that might be the case. Out of curiosity, do those pursuing investment management have to study qualifications and if so, what qualifications are they?

AskAsk

Pianoman1 said:

AskAsk said:

i don't know anything about the IFA career but i do know about investment career and they are very competitive.  they tend to take on very bright graduates so it would be difficult to get into that area in your 30s.

competition in that area is fierce so i wouldn't think you have much chance there, especially in the current climate.

I was thinking that might be the case. Out of curiosity, do those pursuing investment management have to study qualifications and if so, what qualifications are they?

when I left uni, i looked into getting into the investment field and i found that although i had outstanding qualifications, i was never considered even for an interview.  yes, you do have to sit pretty tough investment exams to quality so it is not an easy career by any means.

they do take people from other profession as i have seen colleagues move over to investment but it is rare and they tend to be qualified in their own profession with investment background anyway.  so if you want to move into investment you would need to have had some experience in this field already in your existing profession and you would have to study for the professional exams.  work in that environment is also very stressful of course.