How to retrain to earn more money?

[lboogy]

Are there any fields I can retrain to earn megabucks? £100k plus

I saw a poster say her hubby had retrained and is on a path to earning more money

If you have very high A level grades in good subjects you could perhaps choose law which if you are good at it can be high paid. £100k at 3 years after qualification is the City law firm salary.

You’d have to work very hard for many years to earn that sort of money, whichever career you choose. Law would take 3 years in a good uni (and you’ll have to get a good grade), then another 5-10 years in a competitive firm to get your salary to that level. Medicine takes 6 years undergraduate followed by 8-12 years of work. You could probably earn 100K at the top end of most careers (e.g. nursing, teaching) but it would take many years of hard work and talent to get there. Are you looking for a quicker solution?

Thanks ladies. I'm willing to put in many years of study to accomplish that goal. I did want to study law when I was younger but I've seen so many people with law degrees struggle to get a pupillage which put me off

Are my chances slim at my ripe old 38?

What are your skills and interests?

What other careers are you considering? What are your skills and interests?

Well it would be useful to know where you’re starting at.

You can easily earn way beyond that in Technology in financial services.

Age isn’t particularly a barrier for law but to be earning £100k any time in the next 10 years you would need to be in a magic circle firm or the U.K. branch of American firm. They are incredibly competitive and once in they will have their pound of flesh! Think 12 hour days and lots of weekend working. The pay is excellent though if you don’t mind the lifestyle.

Do you mean £100k in the end (could be in 20 years time) or sometime soon?

How about accountancy or other finance/business?

I am a scientist - now very senior in biotech. It's taken a PhD and 20 years to get here (fun journey and the job is brilliant. I discover new cancer drugs.)

I think an MBA would get you there faster. What qualifications do you have?

Just to add, I think that being very good at what you choose is possibly more important than the choice itself (if that makes sense). As in: a top lawyer, top business person etc. will have a very good salary. An average one not so much and it could be much less.

What qualifications do you currently have?

I have a ba in humanities and an MA in business. I didn't bother with the mba since I wanted a qualification I could do in one year
I've spent most of my career in business- mostly BD / marketing / bidding

I'm tired of it tbh and want to do something different. I earn around 75k and would want to maintain that while I retrain

My interests are in law but I'm open to other fields

You want to earn £75k while you retrain?

Seriously?!

Lottery tickets maybe?

I think tech might be a way to go. Maybe developer ? Not sure .. I'm motivated to provide a solid foundation for my kids rather than love of the job

@BringOnTheScience I was hoping not to have to give up my job whilst I study. I expect I'd have to take a pay cut starting in a new field which I'm prepared for

If you are only after a c25% increase what about moving to a competitor, or looking into shares/bonus led packages?

I think you should develop this career - start climbing the corporate ladder, shift jobs ?

If you're already on 75k surely in 5 years you will be on a higher salary? Certain percentage wise higher than if you retrained.

Tech is really hard unless you have that sort of brain. I did an MSc. In computer science after getting two good science degrees from top unis, thinking my fortune would be made. It was the most difficult and unpleasant thing I have ever done. I ended up with a decent grade but only because I worked my fingers to the bone. I can’t imagine doing it as a job. Conversely, my DP didn’t go to uni but became an engineer after leaving school at 16. He is a computer genius and can pick up programming languages in a day or do. He’s now a semi big cheese cheese for a multinational and earns well in excess of £100k. So, whatever you do, pick something you’re already really really good at.

Compliance in finance. Easy if you are good with detail and huge growth industry. Easy to retrain. Can make lots more than £100k eventually (not as long as in law our medicine). Good luck!!

Thanks everyone.

If you do bidding andn tendering then law is a natural fit with your existing skills - you could specialise in public procurement, become an expert on the situation on it when the EU laws on it are affected in the UK after Brexit. If you want to qualify whilst working in your current £75k a year job you would have to do the GDL, and LPC courses part time if you wanted to be a solicitor. Your current employer if they haev a solicitor on staff could probably take you on as a trainee once you have done the GDL course/exam and your 2 years training contract could run along side your doing the LPC course over 2 years at weekends.

You would need to check if doing the new SQE part 1 and part 2 exams once they are in place would be easier for you eg taking SQE1 might be easier and shorter than doing the GDL part time over 2 years.