Career progression in 40s

[Beansprout30]

I currently work part time hours in finance at a school which I absolutely love and fits in perfectly with my young children. I’ve always had an admin background and wanted to move into finance and I’m slowly working my way through the AAT qualification.

Although I love my job, the aim was only to stay till my children were older then go back full time with an aim to progress. By that time I will by at mid forties! Still young in the world of work I guess but will I have much chance of progressing then? Did anyone else out there change career at that age and make decent progression? Particularly in finance, where did you start out and where are you now?

Also I’ve always struggled to bag a decent pay rise too, I’ve just been reading the thread about what people are earning and I feel like I’ll never earn anywhere near as much as most people out there

Yes I multiplied my income fivefold between 2016 aged 45 and today.

Did anyone else out there change career at that age and make decent progression?

Yes -- actually a bit older, but not in finance.
tbh what holds me back now is me -- the natural career path doesn't appeal, I don't want those duties. I'm satisfied, I keep the door closed to suit me. I could jump ship to find other ways to 'advance' but I like my comfortable job, instead.

If someone started a new job at 22 yrs old, would you say -- "Oh you'll make no career progress by the time you're 30!"

So why think starting at 42 means no career movement by age 50?

That’s a good point @lljkk. I’m a bit like you in terms of preferring to be comfortable sometimes and that’s why I’ve never fully pushed myself to move forward

@ImsorryWilson fantastic! Can I ask what it is you do?

Law.

But at your stage I was self-employed. So no one knew how much(little) I was earning and no-one had a right to ask.
No one knew how much time I was spending on family and community work. And on being comfortable!

Where would you like to get to in your 40s?

I’d like to get back to full time work, progressing in finance and be earning a good 6-7k more.

well, you do right to think about it and use this forum. keep the flame alive and consider the timing and the stepping stones.

Absolutely, thanks for your reply

Yes! Lots of people in their 40s and older approach their careers with renewed vigour - they seem to almost re-engage with work as a way of expressing themselves as their children become more independent. I’m an independent career coach, but previously led a talent management scheme for senior managers in the civil service and it was a common theme there, especially for women. You absolutely can do this!

And you also can get the money you’re after too - it’s all a matter of mindset and personal impact. I’m actually running sessions at the moment on boosting your personal impact and unlocking your potential. Drop me a PM if you’d like to know more - I’m absolutely happy to chat about it. No worries if not, just think it might prove useful for you.

I switched careers at 40 and went FT for the first time in 5 years. 3 years later, and I'm earning an additional 9K - don't know if that increase will continue until I'm 50, but was definitely worth it - also boosts my poor pension!

@MirandaWestsNewBFF just sent you a PM

[quote ItsLoisSangersFault]@MirandaWestsNewBFF just sent you a PM[/quote]
Fab - I’ve replied 😀

I changed career and went back into education in my mid 40s, did a series of degrees and became an academic.

Til mid 80s I was a qualified librarian but found future progression blocked by lack of a degree. The structure of the profession changed - no degrees in Library Science when I entered. That came in later, so kids coming into the profession with no idea of how to run a library were being promoted over the heads of people like me. They had a bit of paper we lacked.

I stepped off the career ladder initially for 3 years, intending to do a degree which would give me more options. Got a 1st in psychology then went on to do a masters and a PhD. Needless to say I never went back to librarianship and became an academic. Loved it. Finally retired to run my own company but still did some consultancy while building my company up.

What I learned is that its never too late to change careers but I did have to work very very hard.

Thank you everyone

AAT is a fab stepping stone into Finance but I'd highly recommend continuing onto ACCA/CIMA once you've passed AAT as all the higher paying finance jobs seem to have this as a requirement, even if you have several years experience.
I want to progress in my role but even with AAT and 15 years finance experience, I'm still being paid at the lower level. My colleague passed 1 CIMA exam about 10 years ago and is on £10K more than me salary wise. So that gives you an idea of the pay gap between AAT Qualified and CIMA/ACCA Qualified.

Great posts. I'm in very similar situation as OP, 44 and halfway through AAT. I find studing enjoyable and I'd be happy to carry on to ACCA. But I've been bank cashier for last few years, not really accounting. I've just been offered work from home position, which I accepted, mostly, because my job contract is better and I knew I won't progress in the branch. There're finance jobs in my organisation, but very few. I want to start actually accounting job, but I'm worried about current situation, at least I've got some stability here. Should I take the plunge and find accounting job elsewhere? Ideally, I'd like to stay in organisation. Any advice?