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

[VivaForEva]

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.

She’s mid 50s which makes it even worse 😂😂

Maybe look at getting a bit of a niche expertise along side your normal skills?

I was looking for an accountant that understands the NHS pension tax rules and how best to mitigate these, and every accountant I spoke to admitted they had no idea. Some sort of USP like that might help if you go into your own business

Then stick posters up around your local hospital in August time ready for the October tax letters to arrive!

I think he/she has already had more than enough wine

I think the salary stagnation point is really valid - average big 4 manager was about £50k in 2007 prob only v slightly more now(if at all. I haven’t seen many across the board pay rises in all that time. Comparing job adverts in my old tax advisor magazines over the last 15/20 years bears this out. Accountancy isn’t the big payer it once was esp for those starting out.

I see Hard-of-Thinking, Easy-of-Cunting was busy on this thread last night. One more for my little list.

Do you actually want to work in something accounts related, OP? I see it's an Accountancy related degree you're doing.

This.👆
A couple of my old colleagues have gone into consulting. Previously heads of dept and directors. I have jumped onto a head of a dept role, i could possibly move up to the director level. Which would give me 80k-100k plus.
However, Dp owns his own business and his income is far greater than mine will ever be.

@VivaForEva working in a nursery doesn't give you a lot of progression options and that's what you need. If I were you I'd look at private companies with a decent enough size and scope for regular progression opportunities.

In my experience the key to progression is to take risks, and seek out opportunities. Make sure your management know that you want to take on extra responsibility/specialise/move up the hierarchy and take responsibility yourself for seeking out roles and developing your knowledge.

My progression looks like this:

• 2014 return from mat leave - team leader - £25k
• 2015 apply for mgr role - £30k
• 2017 apply for specialist mgr role - £40k
• 2019 take on additional responsibility, create job description/role title and get sign off - £50k
• 2021 apply for director position - £80k

I'm looking at a further progression opportunity this year and expecting that to break the £100k barrier.

@betweenarockandhardplace I am referring to the Big 4 who have offices around the Uk as well as London and staff working remotely.

My progression looks like this:

2014 return from mat leave - team leader - £25k
2015 apply for mgr role - £30k
2017 apply for specialist mgr role - £40k
2019 take on additional responsibility, create job description/role title and get sign off - £50k
2021 apply for director position - £80k

I'm looking at a further progression opportunity this year and expecting that to break the £100k barrier.

A most excellent career trajectory. 🤩🤩🤩

Find a job doing something you are passionate about and enjoy.

Your enthusiasm will show in terms of your attitude and ability to deliver results. This makes progression and getting promotions much easier.

Being in big 4 tax - salaries look like this:

• grads:35k
• aca qualified: up to 50k
• manager: 65k-75k (4-5 years)
• senior manager: 80k-95k (5-8 years)
• director: 110k plus (7-10 years)
• partner: 150k
• equity partner: average is £500k or so

Non equity partner is 150k - 250k actually

Oh and to add, don't be afraid to talk about money. Research has found that men tend to get higher salaries because they negotiate higher starting salaries, they ask for pay increases, they insist on recompense for additional responsibilities. Women tend to accept the salary offered, wait for pay raises to be given and do extra work for nothing.

Haven’t RTFT so this may have been mentioned, but definitely talk to the OU careers service as they will be able to support you with this.

Do big 4 take non-graduates? I’m in similar situation like OP, but I’m not studying for degree, AAT instead.

Hi Turefu, I studied AAT level 2 foundation certificate before starting my degree. Good luck with your studies.

From the people I know, the big four are not family or work life balance friendly. It has never appealed to me as a result.

If you want to do something in finance that may require a chartered qualification which is on top of your degree but you'd likely have a fair few exemptions for exams with a university degree.

I did a public sector grad scheme in 2014 and all my accountancy exams. When I finished in 2017 I earned £32k. In 2018 I went to £42k. Went on mat leave in mid 2020 and since Jan 2022, if I was full time, my salary would be £63k. I'd say my work life balance is pretty good. So much so that I have one day off a week and could absolutely do school runs etc. I probably need to work 09.30-16.00 as core hours but only if I was absent during those ours regularly would anyone care.

In the public sector that sounds like you were HEO when you finished your qualification, were promoted to SEO a year later and then last year were promoted again and missed a grade to go up to G6.

Did you pick up management responsibilities along the way and are you in the same specialism as in my experience you can't progress like that and stay in the same department.

Consider looking at accountancy or business management for a sector - for example, if you specialised in healthcare sector you could work for pharma (huge salary potential and roles available globally and often working remotely), or in a local health service (end goal director of finance for a hospital trust for example - 6 figure salary), or for a local health board/system (again, end goal director of finance with potential 6 figures). Working locally there's actually very few jumps to get to Director level - a finance dept for a health board might have 4 posts, 1 x assistant finance manager, 1 x finance manager, 1 x assistant director and 1 x director. That's quite a transferable story across a lot of sectors.

Firstly OP just wanted to say well done you for doing a degree alongside working and having kids! It can’t be easy and the commitment is admirable.

i would agree with trying to get yourself onto a grad scheme, audit or tax, people are mentioning the big 4 but the top 10 accountancy firms all do them. You will likely be required to do another qualification as part of the programme. Audit is generally a bit more blah and you may be required to travel more. Tax is more office based. Grad roles pay £25k - £33k starting salary, I’d expect you’d be on £80k after about 7 years but it depends on the firm etc. Best of luck to you OP, you can do it!

They have a apprentice scheme.

The last two years have seen massive changes in how they recruit and retain staff in order to have a more diverse workforce.

Thank you @ThePoetsWife , that’s very interesting . I’ll look at it.

The people we know on really big money 100k plus work in the city but did get a foot in the door in their late twenties, they are all qualified to PhD level and got on grad schemes. Other big earner is an ex corporate lawyer who retired aged 52, he moved overseas for a while. I would say these jobs are or were all consuming. They were prepared to move around a lot, lots of relationships breakdowns unfortunately.

As someone who recently retired you never get time back, as much as ex corporate lawyer lives in the most amazing house I have ever been in he was miserable for years and missed his children growing up.

OP didn’t ask for comments on her DH’s wage though. Also, your comment sounds like you think the man in the house should be the earner. Are you posting from the 50s?

Hi OP roles that pay well quickly are probably sales/commission/bonus based roles eg estate agency, recruitment but it does take time still to build up.