Is it possible to earn £50k pa without a degree?

[whatnoooow]

I'm reaching my 40s and nowhere near where I'd like to be, financially.

My current salary is £30k pa and I work in financial services, with qualifications in my industry, but I don't have a degree. I think I'd probably have to stay in financial services.

I'm really struggling to know where to go from here, or how to get there.

Does anybody work in financial services who would be comfortable discussing what they do for a living and if the salary is anywhere near £50k?

Thanks you x

I think will be my move. Do you need, or would it be beneficial, to gain a qualification before hand?

If so, would you mind telling me what sort of qualification I'd need?

I sound like a complete numpty and like I have no idea how to live in the world on this thread, but I promise I'm not a total plant pot 😂.

Just been unlucky in the roles and businesses I've ended up in as they have been very small and don't give enough exposure to the bigger market.

I do have a degree but it is possible at age 18 to do a 5 or 6 year solicitor apprenticeship (although I believe Labour has just pulled the plug on level 7 apprenticeships - solicitor ones and will only fund lower level ones I understand from about now on).

You can also join the UK army aged 60 without a degree and work up.

Where I live (outer London) the people who own things like very busy tree surgeon businesses and other trade companies can earn quite well.

Yep I'm on £50k working in finance with no A-levels or degree. Think I have about 5 GCSEs maybe??

I would say winging it has got me this far 😂

£60k salary this end. Work in HR and have full CIPD qualification but no degree.

I feel like I've winged it my whole life 😂

What area of finance are you in?

To quote the song it is pretty much this:

10 percent luck
20 percent skill
15 percent concentrated power and will
5 percent pleasure
50 percent pain
100 percent people need to remember your name

I think its pretty accurate and it ran through my head when i read your comment

Note that you can make yourself more lucky by being in the right places, industry forums, networking etc.
Personal branding is also key, start small, join a linked in personal brand accountability group to post about your industry, or write a blog etc.
The pain is getting up every day and doing these things that have no immediate pay.

I'm early 50's, earn £70k, no degree or professional qualifications

DH early 50s £150k. Left school at 16 with O levels all at grade A . He joined a retail bank right at the bottom/entry level job.

Worked his way up through the grades to Director level and was then made redundant. He then went to work for an accountancy firm as a director. He did take and pass his corporate treasurers exams in his mid 30's while working but that's it as far as qualifications go.

His value to the accountancy firm was in his experience, knowledge and network of contacts rather than his qualifications.

Honestly, it works!

I'm the Finance Director of a small /medium sized company so do everything really but mainly management accounts, payroll etc. It's pretty varied day to day.

I started as an accounts administrator / credit controller at about 18/19, then just gradually worked my way up. I've done a few exams along the way but I still don't have any accountancy qualifications! But now I've got over 20 years of experience which I find more valuable anyway (in my opinion!)

I don't work in financial services sorry but I am a software consultant and my current salary is £80k and projected to rise above £100k before I'm 40.
What I'm saying is it is never to late to try something new. Do you think you would enjoy consultancy? This is where the money is for us without a degree. Degrees actually do not help or hinder in this sector, it's just not needed.

My husband has no degree and earns over 50k. He's white vanning out in all weather's though in a trade not many youngsters want to go into now which means the wage has been increasing over the years. Self employed, good contracts and a bonus on top as well. I have a degree and a "professional" job am on about half his wage.

Of course it is. Finance industry is easy money. You don’t need a degree, you just have to be sensible, dependable and intelligent. Plenty people in project management earn a £1500 day rate. Same with IT. Compliance is very well paid, as is risk. Even PAs get £60k easily. Obviously front office will be on hundreds of thousands. Retail finance pays less well unless you’re a financial adviser. Could be earning hundreds of thousands doing that. What do you do in finance? Are you ambitious or are do you middle along? £30k is very poorly paid in finance for someone who presumably left school and started working. I see people’s salary levels all day long.

I see you’re a mortgage adviser. Never going to make money as a mortgage adviser unless you run your own business I would qualify as a financial adviser, set up your own practice and you’ll be earning more than that instantly. Not hard exams to do.

You need to develop some sharp elbows. The model employees are always screwed over. I’ve worked with loads of them in the past and they’re always passed over and the more ambitious yet poorer performing guy gets the bonuses and special projects.

Think it depends on where you live. London, yes. Elsewhere might be harder.

Another one suggesting Compliance, I'm now freelance earning around £90,000, working part-time. To be honest, I've no idea how I've managed it 😀 I started off in mortgage admin before getting my first Compliance role, I only have CeMAP & CeRER, no other qualifications. I would suggest applying for mortgage compliance roles, and work your way up from there.

Wow. Do you mind me asking what you actually do on a day to day? Do you tend to work with lenders or brokerages?

Yes, it's possible. My husband works in financial services and earns around 75k. He's mid manager level, company car, good benefits. It is a huge high street bank though so he had lots of opportunities to move around within the company. He only really started to progress once he moved from branch into head office as there were so many more opportunities for progression. I can't see how it would be possible to progress within a small company. The big downside to working in a big company is they regularly have restructures and redundancies- I'm talking about every 3 years so there's always the worry that he might end up out of a job.

I work with mortgage brokerages/networks, I have a different role for each business, so days are very varied but will include auditing, recruitment, complaints, regdata submissions, setting up policies/procedures, training, issues that pop up with the FCA etc. Compliance within a lender is quite different to compliance within a brokerage, so I would suggest your skills would probably best suited to a broker than a lender (at least to start with).

@SarcasticMrKnowItAll that makes sense.

Do you need an assistant 😂

DH and I are both on 6 figures without degrees.