Retraining-Pharma to Accounting/Finance?

[mishmased]

I'm 36 with about 13 years in Pharma industry. Background is Chemistry, follow on degree in Quality/Reg. Currently work in a doc control role for a large company which I absolutely do not enjoy. Role pays very well with base salary excluding bonuses around mid 60k (euro). Good perks like holidays, health insurance, life assurance/income protection, shares/stock purchase options etc.
I'm reluctant to leave for the above reasons and hoping that I could move out of this role as I got moved here during covid.
Considering CPD courses in my industry but I would love to maybe train part time in accounting or finance as I feel like I would enjoy it better.
I love chemistry but mainly academia which is never going to happen as that ship has sailed.
Basically looking for advice from people that have retrained at an older age.
We have 3 kids, eldest will start secondary in two years and youngest will start primary same time. I need to decide now as I feel I'm getting too old already. Also will like to hear from accountants, qualified persons (QP) or anyone that has experience of doing this. Should I stay out and focus on CPD or should I retrain? Thanks in advance.

I think you'd struggle to get to £60 k in accounting given I know that many of the accountants in my organisation aren't on the level of salary.

Have you looked at other pharma roles? Could you move to a QP role, medical information, pharmaCovigilance or regulatory affairs? Maybe even supply chain with your knowledge of the industry.

I can't imagine it's easy to transfer to finance from your background and you'd have to start at the bottom to work your way up.

I think your best bet might be to ask for a secondment in your current company and see how you get on.

I also think you should look for another role internally first and longer term maybe take that experience elsewhere. I was in a similar position (chemistry/quality background, was part way through QP training) about 15 years ago but got made redundant, I did think about retraining but I now work for an SME doing a similar role but so much more varied (even a bit of lab work) and totally different to working for a multinational, I love it.

@Rainbowshit that is one of the reasons holding me back, the worry that I'll have to start from almost bottom again. Thanks for your reply.

@FluffySlippers23 I am currently looking at a Higher Diploma Reg affairs at the moment. It is a one year course and the plan was to use it to test my mental capacity for studying. I just went back to work after mat leave last June and I do t want to take on studying something as intense as the QP course. I did think of doing the pharma Reg affairs first, see how I get in and then ask if work would sponsor me for the QP course. They may not because we have a lot of QPs and qualified pharmacists that do the QP role as well.

I did look at other roles but most don't come with permanency and whilst contracting is great and pay up to 100k (my contracting colleague earns that) I don't like the instability and lack of flexibility that comes with it.

I haven't looked at medical information (will do thanks) and pharmacovigilance used to not pay quite well (I heard similar about med devices) but who knows it could have changed. Thanks so much for your reply, it helps coming from someone else.

@ExtremelyDetermined that was my reasoning, sit tight through the lull, continue training and move to a different area. But I do get fed up with my current role. It is under the umbrella of "Quality" but I feel like I'm losing the quality experience that I have. I work shift (extra 33% on top of base pay) but I'm hoping to come of that soon as I struggle to sleep during the day and I'm constantly tired. I did almost 10 years in the lab and do not want to go back in a supervisory role.
If you don't mind me asking, what do you do now? Thanks

There are big reasons why accountancy is experiencing a recruitment/ retention / talent crisis. (Google "ICAEW talent crisis")

It's stressful, the progression options are poor, the working conditions are terrible, and diversity is ... problematic.

I used to have positive things to say about it as a career option, but I wouldn't recommend it now.

I hope you can find a path forward in your current field.

@mishmased I'll pm you

i used to be in Reg Affairs. Degree and PhD in Biochemistry and I loved the subject but staying in academia wasn’t an option (for various reasons). Was bored in Reg Affairs but well paid.

When I had dc I was a SAHM for several years and then I re-trained in accountancy (AAT - I’m not chartered because I got to a point where I just didn’t want to do any more exams). I find it far more interesting than Reg Affairs! But it was hard to get my first job after re-training (I was applying for part time roles and seemed to be competing with lots of returning Mums who’d been in accountancy/finance before they had dc) Also, the pay isn’t anywhere near what I was getting in Pharma.

So I suppose it depends on your main motivation for re-training.

And I agree with @Logistria , accountancy can be v stressful - eg lots of deadlines. Re-training was tough too-3 years, lots and lots of exams and a fairly demanding project in the final year. And I’m now only an accounting technician so will never earn ££££.

Medical information or an CTA role always looked quite interesting to me. I wish in some ways that I hadn’t chucked it in but the company I worked for looked to be going down the pan, I had a v long commute and there aren’t any pharma companies near where we live so moving to a different company wasn’t an option.

I work in finance, ICAEW qualified. Most my friends are through work. We are late twenties. Don’t know anyone on less than £65-70k. I am on £120k. I have unlimited hol, share options (RSU) and other amazing perks. I love it. Would always recommend. We started in Big 4.

What country are you in?

I moved into an Accounts role, mostly bookkeeping with very old out of date qualifications and experience. On €45k now (partly because part of the role includes stuff I have a lot of experience in). In Ireland though. Lots of similar jobs with decent money, but to go further I think I'd have to fo Accounting Technician exams or even better, Accountant exams.

That's not representative and if you genuinely think it is then you're out of touch.

If it's so amazing, why has there been a 36% drop in new entrants?

Obviously it depends where you train. However, the jobs are out there. I am speaking as a London based person and my figures and knowledge only expands to UK major cities (London, Manc, Bristol etc). There are a lot of jobs. Yes there’s hiring freezes but not for grad intakes in audit, the main pathway in the Big 4. Stats can be manipulated easily, any finance based person should know that.

I also wouldn’t bother unless you are going for ACA or similar qualification (ACCA, CIMA, CTA)

I work in accountancy (in tax, top 10 firms outside London) and you don’t really get to £60k until you reach senior manager, so maybe 8/9/10 years?

Studying takes up a lot of time and is generally done outside work hours, so a big commitment especially with children. There are also busy times of year were overtime has to be done.

However, you are pretty much set with a career for life and a lot of firms are very flexible in terms of studying/progression now. If you don’t want to stay in accountancy forever then once you’re CA qualified you can move into industry very easily.

Could you move into a Risk role instead and then sideways into other industries? I’m in a finance role in financial services and my risk colleagues are highly sought after. I agree than unless you’re willing to do the Big 4 slog (which I would not recommend with children…60 hour weeks as a norm etc) you may not reach £60k easily.

I'm a management accountant (CIMA). Now in my mid 50s. My career has been varied but an awful lot of my career has been systems related: implementation and development. Salary is now £80k plus 15% bonus. Theoretically London based but I only go in once per month.

Chartered accountancy never interested me. So glad I never went into audit!

People always bang on about Big 4 training contracts. From what I have seen they are incredibly tough. No flexibility. A lot of people struggle with combining taking exams in quick succession, travel and any sort of home life.

@mishmased there would be nothing to stop you looking into CIMA. Maybe even take some exams. Some of the best accountants I know have come in from other careers. It gives them a depth and breadth of knowledge.

Is it specifically accounting that catches your eye? Have you thought about something like financial advice, or that sort of thing? There is a real shortage of female financial advisers, and from what I understand (not an adviser but work with them often) a good role for second careerists as a lot of people would prefer someone with a bit of life experience as an adviser vs a young person fresh out of uni.

Your currently salary would be achievable but I suppose it's whether you'd enjoy the role.

I assume your company has a finance department. Would there be any chance of doing a short stint in that? It would give you an opportunity to dip your toe in without having to dive in completely.

What about something like an MBA ? It would included some accounting, and you might get a secondment for it.

Thanks so much for the replies. I am in Ireland. Putting the baby to bed. Will read the replies later. Thanks again.

@Iheartsummertime Ireland.

Accountancy is very broad - there will always be “high flyers” and more admin type roles.

My DH is an accountant and earns c£100k and I’m also an accountant earning £35k - both Chartered Accountants (ICAEW) and I’m also a Chartered Tax Adviser (CIOT), both with about 10 years experience, but we took very different paths and I value having an easy life and being able to switch off on an evening much more!

I really enjoy it as much as I think I could enjoy any job!