Leaving the City...what do people do?

[Peppaagain]

After 15 years working in the City and two dc, I have decided this may be the time for me to leave. I've worked really hard but have decided the hours and politics stress is creating too much of a compromise to my family life - and that comes first imo..

I've been considering my opinions - same job/ different industry, same job but setting up on my own, retrain, or a completely different business venture ( very appealing), but I'd be really interested to know from other MNers who have already made similiar career changes. What did you do and did it give you a better work-life balance or did you need up seeing even less of your family?

I went from City to academic life, then SAHD/WAHD and will go back to part time academic life quite soon as well as still working for myself too.

I will be earning less than I did in 1987!

Peppaagain - I know 2 situations which may give you some insight, one local authority principal accountant who went to be business manager at secondary school, absolutely loves it and hasn't looked back (salary about £50k)
Someone else I know took a bursar role in a private girls school, she was more traditional accountant and struggled with the diversity of the new role, managing contractors on site, cleaning and admin staff, hr issues as well as the budget and planning, with a bit of yard duty thrown in!

So really it depends on the type of work you enjoy, doesn't seem to involve as much finance as expected. Definately a growth area with the new academy status situation as schools will not have central accountancy support from the LA's so are recruiting their own staff. Civil service is setting up education funding agency to deal with academy grants from 1st April and they have just recently advertised for finance posts

DH is a lawyer for an investment bank but they regularly have contractors in stuff like IT, change management and financial consultancy. They pay their contractors between £450 a day to £900 a day dependiong on what they are doing and levels of experience and qualifications. I know this because as an English teacher he often asks me to go through applications and give my opinion of the bit where they make a statement of experience. I always have a nose at the daily rate.

So, in the banking sector at least, contractors earn pretty good money. Oh and they're not always in London. DH's company has offices in Manchester and Edinburgh too and they have contractors there. DH also has a friend who left practice the same time as him and became a contracting management consultant. She works all over the country and earns very good money whilst arranging contracts which end in July before starting a new one in September.

Used to be lawyer in City/Westminste (15 years - was partner when left) . Have now moved to other end of country.. Wanted to leave commercial law altogether and move into something more creative. Made a good start but then DC2 arrived unexpectedly have had to go back to lawyering.

BUT - I am working in-house, 3 days a week, 9-4.30. Money is about 1/5 of what I used to get (yes really) - but it is much much nicer to be able to see kids more/not spend every weekend working or worrying about work.

thanks all!
So I think I've decided to try contracting for a while - hopefully that will give some flexibility in the interim and also allow we some time to have a think about the next move..
Next step before that - handing my notice in... wish me luck!

Good luck! How did it go!? Did they offer you more money to stay? Or are those days over.

Well I did it! But they want to see if they can offer me more flexibility. I'll see what they come up with.

Well done - i hope they can come back with something workable

Just remembered too the other good website to try is GAAPWeb

My friend was/is an accountant and now works as a finance manager in a school as mentioned previously in thread - great for her work/life balance but poorly paid and she is hopelessly over skilled. she doesn't apply for the burser/next step up because doesn't want full time and difficult to find part time. i left the city to be sahm and now after 4 years feel i can't find anything! i could do a refresher and go back to old job but then same issues with work/life hours would arise. Finding it impossible to find part time work as all positions are full time. all the people i know with part time roles already had a full time role and negotiated part time after ML.

Weaselbudge could you think about contracting? Believe me i have spent many hours/ days/ months thinking about this, and, for me anyway, i think it is the best option.

After much discussion, i decided to follow my heart and my formal resignation was accepted yesterday. I am sad in one way, but incredibly relieved in another way..

Well done on making that final leap Peppa - I guess they couldn't come up with a compromise in terms of hours?

Weasel - are you an accountant? If so, have a look at the links above or if you are an FD let me know and i can give you some other options for interim/contracting.

On the school bursar/finance manager theme - ISBA (Independent School Bursars Association) run a day's course on what it's like to be a school bursar. I've haven't been on it but have been tempted just to see what the reality of the job is like.

Why not train to be an IFA? I was looking for a career change that was flexible enough to fit in with children (if self-employed) and still could earn ok money. There's a few ways to do it but I'm doing it through Financial Adviser School, which charges fees but it tutors you through exams over 18 months and you can pay your fees back via commissions. The training is designed to fit around full time work (or looking after children). Apparently because of the industry becoming more of a profession (everyone needs exams to practice) there is due to be a huge exodus and so lots of opportunities for those who are qualified. They also v keen to have more women in the industry.

I left work behind as a city lawyer, and work as a lawyer for a charity now. better hours, better quality of life, more rewarding, and much lower salary.

there are positions in charities for accountants too - in the finance/internal audit functions.

Girlguide - i do know a lady that took this route and often wondered what it would be like. She seemed to put an awful lot of time in relationship building and advising but not getting paid for it ( perhaps she was just too generous with her time!). Do you take the additional studies on top of qualification?

Hi peppa. Firstly good for you for handing in your notice. I don't have kids but am now pregnant with my first. A year ago I was in a Job i hated found the 1.5 hour commute. I set up my own business as a marketing consultant to small businesses. I do this 3 days a week and freelance for another business 2 days a week which pays the same amount as I would have got paid in 3.5 days as a full time employee. I actually earn the same now as I did working full time for someone else but am now completely in control of my time. I can't tell you how much it's changed my quality of life.

There are tons of smaller businesses outside of London who will pay someone for admin and financial support - you just need to go out and find them. Running your own business or working as a consultant can be tough but the best bit is that you are the master of your own universe.

You should also read a book called the 4 hour week. I truly believe that the only thing stopping us having what we want is our own fear.

Good luck!