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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

AIBU to ask you to help me become a high/higher earner?

130 replies

VivaForEva · 03/02/2023 20:51

I’m in my mid 30’s and currently work in a nursery earning a pittance.

Alongside this, I am doing a BA (Hons) Business Management (Accounting) degree through the OU.

DH earns £45k a year in a public sector role with a set rate of progression. His pay will always go up bands/increment levels, but it’ll be very much a gradual rise.

I have two years more to do of my 6 year degree (part time) and I really need some advice on how to use it to become a reasonably high earner? I know it’s not as simple as getting a degree and walking into a job and I’m totally content with beginning on the bottom rung of the ladder, as long as I’m working towards something more.

I just want to be able to offer more to my children than I can at present and really want to better myself.

Im very grateful for any advice.

OP posts:
Chickenly · 03/02/2023 21:31

misslonglegs · 03/02/2023 21:26

You could look at following a legal route to becoming an Ilex/solicitor. If you have the drive and ability you could do very well.

OP, I could only really offer useful advice on London firms but some have offices up north too. Feel free to PM me if you’re interested in pursuing law.

Babooshka1990 · 03/02/2023 21:45

@InterminableWaitForTrains well that’s very rude, isn’t it?

Babooshka1990 · 03/02/2023 21:47

@Keepyourmummysboys what do you do for a living and what is your salary? Or is your husband a high earner ‘rocking the world’ and you suck D for lodgings?

nonevernotever · 03/02/2023 21:50

Babooshka1990 · 03/02/2023 21:45

@InterminableWaitForTrains well that’s very rude, isn’t it?

I think you've named the wrong poster @Babooshka1990 @InterminableWaitForTrains posted helpful advice about her experience. @Keepyourmummysboys is the poster being rude.

Babooshka1990 · 03/02/2023 21:51

Thanks @nonevernotever sorry @InterminableWaitForTrains!!!!

TotallyScouting · 03/02/2023 21:52

Work overseas in a tax free country for a bit. We did it for four years and it set us and our family up for life, plus it gave our children some amazing experiences and an appreciation of diversity and culture they would never have otherwise had…

1AngelicFruitCake · 03/02/2023 21:56

Keepyourmummysboys · 03/02/2023 21:12

Your husband is a relatively low earner, to be fair jus above average which is 38. Not exactly rocking the world, is he. I guess that’s why you want to do better, so you’re not skint for ever.

what’s your degree in, can it be used for other things?

And what do you earn?🤔

VivaForEva · 03/02/2023 22:00

@TotallyScouting DH is in the armed forces, so we have no say over where we go. We are actually overseas at the moment and have put the extra income he gets here straight into savings for a house deposit. Our kids have had some fantastic opportunities along the way too. We have been very lucky. After this, the likelihood is that the remainder of his military career will be within the UK so no extra opportunity for saving, hence me wanting to up my earning potential.

OP posts:
VivaForEva · 03/02/2023 22:00

@Chickenly thank you so much. I’ll have a think about that and drop you a pm. ☺️

OP posts:
PeopleAreToads · 03/02/2023 22:03

I don't think it's the case that the big 4 want top notch academic performance any more, I qualified with one of them in 2019 and most of the graduates had fairly mediocre grades. But I don't think the working environment there is family friendly, especially not the training years so probably not the right thing for you

I'd get some practical experience in entry level accounting roles and then look for a role where they'd put you through exams to become a chartered accountant. That will make a big difference to your earning potential, my salary went up 12k overnight in the same role because I'd officially qualified

TheEarlofButties · 03/02/2023 22:05

I have sent you a PM

TotallyScouting · 03/02/2023 22:05

@VivaForEva I don’t really know how it works, but we were in the Middle East where there were loads of ex servicemen working “civilian” jobs for amazing money. Ifwhen he eventually leaves you wanted to do it to give you a leg up, it would be entirely doable 😃

icanneverthinkofnc · 03/02/2023 22:07

Dear god, where is the support ? Some really encouraging posts but some utterly dire ones. The vast majority of people earn a hell of a lot less than the OPs DH, I can only dream of 38k!!
She is looking to maximise her potential. She is working to give herself options..
Good luck to you, girl, you go for it!! I wish I had done the same. Instead, I'm looking forward to old age poverty.
Ignore the idiots, take on board the encouraging posters with useful advice, and I really wish you well!

typopro · 03/02/2023 22:11

I’d have no idea what I could start a business doing. 🤦🏻‍♀️

OP open your own nursery

Santasjingleballs · 03/02/2023 22:11

Shut up you weirdo…..
try looking into doing acca/cima once completed you will be paid very handsomely 😉

Santasjingleballs · 03/02/2023 22:12

Keepyourmummysboys meant to say shut up you weirdo to this person

Mumsanetta · 03/02/2023 22:14

Hi @VivaForEva, I am a high earner and I would suggest joining a graduate recruitment scheme in the City. The Big 4 accounting firms (they do more than accountancy), investment banks, property agents, institutional investors (real estate businesses, pension funds etc) and big law firms and work your way up. It’s hard work and long eyes but it will give you the income you are after.

Unbridezilla · 03/02/2023 22:19

Personally, I'd not go for one if the big4 accountancy firms, because I'd rather earn a little less in something more family friendly. 80k doable, but it will take longer, which will coincide with your kids needing you less.

Have you thought about working in something like utilities/a regulated business? They have lots of accountancy opportunities in an environment that tends to be relatively well paid, much more family friendly and good opportunities all over the UK so you aren't restricted to London/birmingham/manchester

LikeTearsInRain · 03/02/2023 22:29

Get a graduate job that will pay for you to do either accounting (ACA, ACCA or CIMA qualification) or law (GDL and then LPC)

You will be earning more than your husband within 3-4 years.

Alarae · 03/02/2023 22:29

In my firm, corporate tax grads once qualified (about 3 years) will be on 50k. Manager probably tops out at 65kish. Next rung probably up to 75k/80k and then Director maybe 90ish onwards? Top is Partner but obviously that's a real slog.

That's for South East, so would need to be some adjustments for market rate further away.

Corporate Tax isn't the most thrilling stuff, but after qualification a lot of people will move around the firm to more interesting advisory areas. Those that wish to stay in compliance will like progress further quicker as retention rate is pants as the work can be boring.

My firm like most in the accounting sector have a massive focus on diversity and inclusion at the moment, including promoting their premise that we are a family friendly firm. As long as you interview well, you would have a decent shot at a graduate job.

wejammin · 03/02/2023 22:36

Just to say as a lawyer, apart from a minority in the city, it's not all highly paid and it can take forever to get qualified. I'm 12 years qualified and on 55k which is great for me but not what OP is looking for.

JudgeRudy · 03/02/2023 22:37

Keepyourmummysboys · 03/02/2023 21:12

Your husband is a relatively low earner, to be fair jus above average which is 38. Not exactly rocking the world, is he. I guess that’s why you want to do better, so you’re not skint for ever.

what’s your degree in, can it be used for other things?

What? The average wage is under £30k. Whilst I wouldn't call £38k particularly high, he's hardly a pauper.

Howdoesitworkagain · 03/02/2023 22:45

Your degree is a great route into a high earning job. I did a business degree then qualified as an accountant. In the 20-ish years since then, I have done various things (employee, contractor, own business) according to what I wanted and what fitted in with my life (like having children). I now have a flexible job in a company I love, and on six figures (but that’s obviously a long way from where I started).

My advice would be to look for an employed position while you’re finishing your degree,
either to take up now or to line it up for graduation time. It seems you’re specialising in accounting in your degree, is that where your interest is? If so, research ICAEW, ACCA and CIMA and see which most aligns with what you want to do. That will help to guide you to the sort of employers you need to target (roughly: ICAEW would mean accountancy practices; CIMA would mean business/industry; ACCA could be either). If you’re prepared to study while working to gain these qualifications, you will set yourself on the path to higher earnings.

You absolutely can get an entry level job with some flexibility in the post-covid era. In many areas, there’s a shortage of good candidates, which puts candidates in a stronger position. What can you do to help set you apart from other candidates? How can you prove your interest in this area outside your degree? Could you get involved with “running the business”/something more commercial in the nursery your work at?

Think about what area of finance/accounting you want to go into if earnings are a big motivator - if in business/industry, routine things like finance operations, transaction processing, payroll will not usually be the big earning roles. More commercial/business partnering, strategic type roles will pay much better. It can also open so many doors - I no longer do any accounting but it’s given me a great business grounding to build on.

Someone mentioned law as a route. This has high earning potential and can increase faster than accounting (but not necessarily) - but it’ll be more studying time while not earning (or not earning as much) before it then starts to ramp up. (My husband is a lawyer so I’ve seen a bit of both.)

You’ve also had some recommendations to start your own business. This could be a route to high earnings, but it’s important you go into it with your eyes open. Most people who run their own businesses are not very high earners and it’s hard graft. For others it can be very lucrative indeed. My best advice here would be to get some finance/accounting experience under your belt and then consider freelancing/consultancy/your own practice if that’s what you want to do. I’d strongly advise against setting up your own nursery as someone has suggested (no doubt with best intentions). It’s terribly underfunded for the so-called “free” hours. It’s a very hard way to earn a crust, and highly unlikely to make you rich or even comfortable.

Very best wishes with whatever you decide to do.

mumyes · 03/02/2023 22:46

Sparklesz · 03/02/2023 21:06

Have you thought about starting your own business?
Own hours and the potential to make a lot of money.

I second this

allthegearandnoideaatall · 03/02/2023 22:47

@VivaForEva where are you based? South East?

ex Specialist accountancy recruiter here. Salaries for ACA/ACCA/CIMA qualified accountants outside of Big 4 would start at £35k-45k outside London. Managers/Financial Controllers £60k plus. Gain as much experience as you can now, aim to go accounts assistant upwards asap.

Another idea if you have people and persuasion skills is to consider going into specialist recruitment or headhunting. You already know a bit about business and accountancy so specialise in one of those. Basic will be high £20s as a trainee or researcher. Bonuses are excellent. Hours long but more and more firms offering flex and hybrid working. Look
for independent and boutique firms.

good luck.

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