How would you tackle this?
Discussion
Firstly, I'm a regular member but I'm writing this under a different login because it will enable me to share some more detail that I wouldn't feel comfortable sharing from my usual account:
I left university in 2010 with a masters in Mechanical Engineering and fell into a job in banking via a friend who worked in recruitment (I tried out engineering on a placement year whilst at university and didn't enjoy it). I'm now working in corporate banking lending to infrastructure companies and projects following a few promotions and a company change about 18 months ago (I was doing the same at my previous bank). I've been fortunate enough to save about £90k over this period and my current salary exceeds that on a per annum basis (I know, first world problems and all that). My problem is, the job bores me. I don't feel challenged, every day is full of office politics and I just don't enjoy coming to work anymore. I haven't done any qualifications since I left university so I don't have any finance qualifications and I'm just struggling to think of what to do next. There are some aspects of my job I enjoy (excel, numbers etc), I really don't mind working the long hours that I've had to previously and I enjoy having the money but if I had to take a pay cut, that wouldn't particularly bother me either. What would you do?
tl:dr Been in work 6 years, don't enjoy current job, want a change, have money in the bank - what would you do?
I left university in 2010 with a masters in Mechanical Engineering and fell into a job in banking via a friend who worked in recruitment (I tried out engineering on a placement year whilst at university and didn't enjoy it). I'm now working in corporate banking lending to infrastructure companies and projects following a few promotions and a company change about 18 months ago (I was doing the same at my previous bank). I've been fortunate enough to save about £90k over this period and my current salary exceeds that on a per annum basis (I know, first world problems and all that). My problem is, the job bores me. I don't feel challenged, every day is full of office politics and I just don't enjoy coming to work anymore. I haven't done any qualifications since I left university so I don't have any finance qualifications and I'm just struggling to think of what to do next. There are some aspects of my job I enjoy (excel, numbers etc), I really don't mind working the long hours that I've had to previously and I enjoy having the money but if I had to take a pay cut, that wouldn't particularly bother me either. What would you do?
tl:dr Been in work 6 years, don't enjoy current job, want a change, have money in the bank - what would you do?
Agree with the first reply. Irrespective of the amount your currently earn the difference between waking up in the morning feeling energised and motivated as opposed to feeling empty can be huge; particularly when you are young and at a time in your life when you should feel optimistic and full of vigour. Think hard about what what you believe you are good at and what gives you satisfaction. You are also young enough, not to mention well-funded, to take some big risks.
Get out and do something else. Use your savings to fund a masters or something.
I was in banking for 4 years (not at your level though) after graduating and I ended up hating it. FOllowing a year out in New Zealand, I started a masters in something I'm interested in and I'm graduating in September, best decision I've made
I was in banking for 4 years (not at your level though) after graduating and I ended up hating it. FOllowing a year out in New Zealand, I started a masters in something I'm interested in and I'm graduating in September, best decision I've made
All jobs are boring - you've found one that's very well paid, but unfulfilling. You need to decide what you want from life - money to enjoy the time outside of work, or work you enjoy. It's the fortunate few that get a well paid job they love.
If it were me, I'd stay in your current role but look around inside the company to see if you can move sideways into something that will offer new challenges and opportunities. If you can't find it there, look outside. However, I'd keep taking the money!
If it were me, I'd stay in your current role but look around inside the company to see if you can move sideways into something that will offer new challenges and opportunities. If you can't find it there, look outside. However, I'd keep taking the money!
Given the industry, I'd guess there would be a few contracting options you could look at actually - tends to remove a whole swathe of politics quite effectively, as well as various other benefits.
You're in a great position if you've got cash as a back up though and I'd probably recommend spending 6m doing something totally different and working out what you enjoy doing. Rare to have the opportunity to do that.
Happy to grab a coffee if you're London based, PM me.
You're in a great position if you've got cash as a back up though and I'd probably recommend spending 6m doing something totally different and working out what you enjoy doing. Rare to have the opportunity to do that.
Happy to grab a coffee if you're London based, PM me.
If you have a talent for numbers (and presumably given your degree a reasonable Maths background) and enjoy that sort of work then start seriously thinking about cross-training into Data Science. There are various Coursera courses you can take as well as lots of books.
If you develop skills with R/Matlab and knowledge of algorithms (Logistic regression, k-means, random forests etc) then this is one of the largest job growth areas around and the pay is very good.
Take a look at https://www.kaggle.com
If you develop skills with R/Matlab and knowledge of algorithms (Logistic regression, k-means, random forests etc) then this is one of the largest job growth areas around and the pay is very good.
Take a look at https://www.kaggle.com
There was another thread on here recently, 'Would you give up a year of your life for £30 Million?'
If you really hate your job then you are almost asking us the same thing only in your case it's the next 30 years for £3 Million (ish).
I'd be looking for something else if I were you, although if you are earning that sort of money, you are obviously valued by your employers. Would it be worth while speaking to them to see if they can find you a new challenge as an alternative to losing you?
If you really hate your job then you are almost asking us the same thing only in your case it's the next 30 years for £3 Million (ish).
I'd be looking for something else if I were you, although if you are earning that sort of money, you are obviously valued by your employers. Would it be worth while speaking to them to see if they can find you a new challenge as an alternative to losing you?
Thanks for all the responses (SVH, I'll be in touch). The problem is, I'm 29 this week so I've still got 30+ years left to work, I look at my more senior colleagues and think "nope, I don't want to be them". I love the money, but I'd take less to not hate coming into work every morning I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?
Never heard of data science but will take a look, thanks.
I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?Never heard of data science but will take a look, thanks.
Realistically you are likely suffering from "the grass is greener" syndrome.
The high-paid jobs come with politics as part of the package. If it was fun, it wouldn't be a job, it would be a hobby.
You seem to have avoided the trap of living up to your wage and hence I suggest you project at what point you can retire. You may be surprised.
Move out to the shires and buy a house for £125K (i.e. your savings this time next year). No mortgage, so just regular bills - between £500 and £1000 a month of outgoings. To sustain £12K of income with ~4% returns and not depreciating your capital significantly would only require around £275000. Obviously if you found a little part time job you would be able to reduce the capital needed.
So, since you have saved £20,000 per year in five years (well done!) while working your way up the salary scale and you are now earning such an eye-watering amount you can probably save £50,000 per year I would suggest that within 5-6 years you can be contemplating retirement.
With a goal like that, it makes the current situation seem a lot more tolerable doesn't it?
The high-paid jobs come with politics as part of the package. If it was fun, it wouldn't be a job, it would be a hobby.
You seem to have avoided the trap of living up to your wage and hence I suggest you project at what point you can retire. You may be surprised.
Move out to the shires and buy a house for £125K (i.e. your savings this time next year). No mortgage, so just regular bills - between £500 and £1000 a month of outgoings. To sustain £12K of income with ~4% returns and not depreciating your capital significantly would only require around £275000. Obviously if you found a little part time job you would be able to reduce the capital needed.
So, since you have saved £20,000 per year in five years (well done!) while working your way up the salary scale and you are now earning such an eye-watering amount you can probably save £50,000 per year I would suggest that within 5-6 years you can be contemplating retirement.
With a goal like that, it makes the current situation seem a lot more tolerable doesn't it?
what2do said:
Thanks for all the responses (SVH, I'll be in touch). The problem is, I'm 29 this week so I've still got 30+ years left to work, I look at my more senior colleagues and think "nope, I don't want to be them". I love the money, but I'd take less to not hate coming into work every morning I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?
Never heard of data science but will take a look, thanks.
Have you spoken to a recruitment consultant yet? I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?Never heard of data science but will take a look, thanks.
I know it sounds like a hateful thing, but some are almost human, and they generally do have a good knowledge and experience of what you could do with your (lack of) qualifications and experience.
Try specialist Financial Services recruiters, e.g. Goodman Masson, Morgan McKinley, Michael Page (or Page Exec), Marks Sattin, etc.
schmunk said:
Have you spoken to a recruitment consultant yet?
I know it sounds like a hateful thing, but some are almost human, and they generally do have a good knowledge and experience of what you could do with your (lack of) qualifications and experience.
Try specialist Financial Services recruiters, e.g. Goodman Masson, Morgan McKinley, Michael Page (or Page Exec), Marks Sattin, etc.
Not yet, but it's in my plan. Have spoken to a few people I trust (one MD at the place I currently work) and am just trying to put together my options right now, so thanks for the advice.I know it sounds like a hateful thing, but some are almost human, and they generally do have a good knowledge and experience of what you could do with your (lack of) qualifications and experience.
Try specialist Financial Services recruiters, e.g. Goodman Masson, Morgan McKinley, Michael Page (or Page Exec), Marks Sattin, etc.
russ_a said:
Can you negotiate a reduction in hours?
Whilst the additional time would be nice, it's the type of work I'm doing that I don't really enjoy. I suspect a large part of my salary is due to the long hours, a short week is 50 hours but it can be upwards of 80 (I left the office at half 10 last night).Flooble said:
Realistically you are likely suffering from "the grass is greener" syndrome.
The high-paid jobs come with politics as part of the package. If it was fun, it wouldn't be a job, it would be a hobby.
You seem to have avoided the trap of living up to your wage and hence I suggest you project at what point you can retire. You may be surprised.
Move out to the shires and buy a house for £125K (i.e. your savings this time next year). No mortgage, so just regular bills - between £500 and £1000 a month of outgoings. To sustain £12K of income with ~4% returns and not depreciating your capital significantly would only require around £275000. Obviously if you found a little part time job you would be able to reduce the capital needed.
So, since you have saved £20,000 per year in five years (well done!) while working your way up the salary scale and you are now earning such an eye-watering amount you can probably save £50,000 per year I would suggest that within 5-6 years you can be contemplating retirement.
With a goal like that, it makes the current situation seem a lot more tolerable doesn't it?
A bit optimistic I think, £100k is only £65k p.a. after tax and NI, add in that I'm only late 20s and want children eventually and that hobbies include cycling (not cheap) and it pushes the horizon out much further. I want to work, I just want to do something that interests me and challenges me (even if it doesn't quite pay as well, although it would be nice if it did The high-paid jobs come with politics as part of the package. If it was fun, it wouldn't be a job, it would be a hobby.
You seem to have avoided the trap of living up to your wage and hence I suggest you project at what point you can retire. You may be surprised.
Move out to the shires and buy a house for £125K (i.e. your savings this time next year). No mortgage, so just regular bills - between £500 and £1000 a month of outgoings. To sustain £12K of income with ~4% returns and not depreciating your capital significantly would only require around £275000. Obviously if you found a little part time job you would be able to reduce the capital needed.
So, since you have saved £20,000 per year in five years (well done!) while working your way up the salary scale and you are now earning such an eye-watering amount you can probably save £50,000 per year I would suggest that within 5-6 years you can be contemplating retirement.
With a goal like that, it makes the current situation seem a lot more tolerable doesn't it?
).what2do said:
I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?
Utter rubbish. They'll employ anyone that can bring in work and has a set of skills they don't currently have/can easily sell to other companies.Source: a number of years in the Big 4 followed by recruiters trying to persuade me to go back to them doing something similar but different...
Shirt587 said:
what2do said:
I've seen a couple of jobs that I'd be interested in at big 4 accountancy firms, but I'm less sure about how to get into them because I'd typically expect that they wouldn't hire anyone at a more senior level (i.e. more senior than entry level) without an accountancy qualification?
Utter rubbish. They'll employ anyone that can bring in work and has a set of skills they don't currently have/can easily sell to other companies.Source: a number of years in the Big 4 followed by recruiters trying to persuade me to go back to them doing something similar but different...
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