To think you can’t change career at senior level

[Purplewish]

without a big paycut?

DH is ten years into his career and doing well but no longer wants to continue down his current career path. He feels that it is possible to switch to something else and still get a promotion on the basis of his soft skills (which he is very strong on) rather than technical skills/subject matter expertise (which he is weaker on). He thinks the former are more important at senior levels. I’m not so sure that you can get away without having some technical skills/expertise/previous experience? I also only know two career changers - one did it in a company they had been with for many years (something DH does not have) and the other took on a more junior role. I guess time will tell but as I like to plan ahead and we had planned to upsize next year before the kids start school I would like to have an idea of whether this is even possible.

I don’t think it should come as a surprise that career changing would most likely come with a paycut. How much of one very much depends on what the person does now and what they are looking to move into. Without knowing anything about your DH in your position it makes sense to assume the worst, and that promotions may not be forthcoming if he makes the leap.

If you want to keep living to your means as seniority increases then it is going to limit options a bit. Personally I am factoring this sort of thing into my financial planning, we have recently decided against upsizing to allow us to build up savings and pay down our mortgage at the same time, leaving us with more options about what and how we could earn later down the line. I am very tempted to stay in our little house forever, even if it is a bit crowded at times!

It would usually mean a pay cut and a bit of retraining. Depends on the skills/job though.

I recently changed jobs in a similar fashion to what you have described and now I earn £22k more per year.

It was a baptism of fire at the start and I still have a lot to learn but glad I took the plunge.

You need to give more details. Moving across slightly, may require some extra work, an extra course. Or a drop down money wise initially, then get the experience, then move again to a different company for a promotion. None of this is major, is it?

Yes, I can't think how you'd avoid it. I was a director in music, working for a record label, and I left to set up my own business. I was earning £12k a year for the first year, as a totally single mum living in London. it's doable, but you have to hold your nerve and believe in what you are doing, and make sacrifices.

Probably the case in general, though if you are mates with someone in the Tory party, seems to happen. Dido Harding one example.

Depends. A friend moved at fairly senior level from finance to sales. He did incredibly well…

It’s impossible to say without more specifics. At a senior level of management (board level, directors, heads of) it is quite feasible to switch sectors or industries and maintain or even increase pay. In fact I would say it’s fairly normal.

He’s a lawyer but in recent years his job has become more about management and business development rather than actual lawyer work. He’s struggling to figure out what he wants to transition into right now. It will still be something in the corporate world.

@UmbilicusProfundus Board level is his ultimate aim. He’s very much a big picture thinker and enjoys ‘strategy’ rather than the details (which is why he’s not strong on the technical/SME side).

Is he earning mega bucks as a lawyer? Other sectors don't pay as well. I went from financial services to public sector and took a 50% drop purely on the differences in pay scales for similar skills.

He needs to do some research and test the market, maybe speak to an exec headhunter.

@Purplewish He’s a lawyer but in recent years his job has become more about management and business development rather than actual lawyer work. He’s struggling to figure out what he wants to transition into right now. It will still be something in the corporate world.

A friend's son specialises in Company Law and earns a packet. Would that require more training?
I know nothing about Law but it was just a suggestion.🙂

My dad did it, director of banking to director of a charity.

Absolutely possible, just needs to be approached with a bit of lateral thinking

I transitioned from a senior scientific leadership role in a small organisation into a business development role in a larger company, I had been successfully doing BD alongside my management role for some time. My income tripled the first year and this year will be nearly 5x the previous position. From what you have said it sounds like your DH could move into BD as I did. When I made the jump I did so out of interest in the role and my aptitude for it, I had no idea it was quite so lucrative financially! I wish I had done it earlier.

A lawyer with a commercial approach and strong people/soft skills would have a wide range of options available to them, not necessarily involving a lower salary. I think you’re being a bit narrow minded (or self centred…) in not understanding and actively supporting that.

Knew someone where I work who was a Barrister turned Investment Banker turned academic teaching sþudents and then head of the school. He was v.bright to say the least.

Would it have been at same salary?

Would this been at same salary?

Moving in house might be the obvious thing for him to try.

@Tryingtokeepgoing That’s possible. I’m in an area where subject matter expertise is everything so maybe my view is coloured by that. That’s why I’m interested in hearing what other people think.

Depends. I am a director at a company who may take a director with your husbands experience in law, over someone that appears to have more relevant experience.

Most of our directors have hands on experience of the actual work we do. However, they aren’t great at people management or the actual employer side. They struggle with a lot of things that’s not directly to doing the job. But their knowledge of the job is invaluable. As the company has grown (now a very big company) they are bringing in people with a more mixed skill set. We still have the hands on experience in the current directors, but also experience in other areas that we need as well.

We also pay way above average wages for all our roles. So anyone coming in as a promotion sees their wage rise exponentially and we get shares as part of the MIP scheme.

Thats how I came on board. My background was data and people management.

I don’t see why not with BD and strategy. Has he talked to recruiters / head hunter type people?

He’s going to start discussions with recruiters in the new year. If anyone has any suggestions would love to hear them. In addition to strategy he’s really good at presenting/public speaking, people management, social media and networking.

Suggestions for things to explore, not recruiters!