High paid job vs lower paid career opportunity

[Summer022022]

Here's my dilemma. I have been in my current job for 5 years now. Very well paid but very niche. Due to how niche it is, I have no chance of doing this job elsewhere so I'm stuck if I ever wanted to move on. I currently earn near to 50K. But I feel there are no progression opportunities, just potentially more money.

On the other hand, I'm thinking of going into an actual career such as Accountancy or Finance. I'm well aware I'll be starting from the ground up, possibly as low as 18K. But I'd have space to grow and develop and eventually earn more.

So my question is, would you be happy with a high paying job with next to no career prospects?
Or would you rather take the jump and earn less but have an actual "career"?

I'm in my late 20s.

Jump for sure. You've got another 30+ years ahead of you!

If you’re bored, move on. You’ve got many many working years ahead of you!

I can’t think of many £50k jobs where the person wouldn’t have lots of transferable skills. Look for another job with more opportunities for career progression.

Depends how much you enjoy your current job. Compared to how much you think you’d enjoy accountancy, etc.

It’s hard to say without knowing current job

I would jump but I wouldn’t jump to start of the ladder - find your transferable skills and make a switch to something with more legs! Don’t go from 50k to 18k - find a move for 70k!

My salary wasn't as high but I took a chance and left a job and ended up with a career. Wasn't my planning but has worked out with me being on twice the salary and a bonus too

This was in my 30s x

@MarshaBradyo

It’s hard to say without knowing current job

Agree - what is your current niche job?

Accountancy/finance is extremely broad.
What qualifications and experience do you have that is transferable? You shouldn't have to start on £18k.

Hard decision I would probably find a role that was in the middle between what you want to do in the future and what you do now so you don't drop so much in income. Late 20s is the time if not already you want to be thinking about getting a mortgage, family, possibly travelling more extensively or putting more into your savings/pension pot. I don't think I would want to start at that income level again and spend the next five + years climbing when I could enjoy like on £50k a year.

It's just under £2k difference a month that's a lot of money.

Can't really say unfortunately without outing myself if any of my colleagues or managers read here.

@Emsie1987
Yes that's definitely a good point. Thinking of having kids in the next year or so. So that's one of the things stopping me from moving on when I earn so much.
In terms of the property ladder, that's not an issue as I bought my house a few years ago now and the mortgage is comfortable even if I had a huge pay cut.

It would not be for me.

I was in a super niche job that was well paid but I wanted to get out of. I spent a lot time on my chest and used my transferable skills to “jump to a different ladder” and moved sector /role without taking a major pay cut. In fact I got a slight pay rise and the company I moved to has an excellent maternity leave policy (which I am now taking advantage of)

Your priorities will change. Mine did. I also don't have the time to study with a nearly full time job to enable me to climb higher which
Would be needed. So I would look at what you need to do qualification wise to be able to increase your income in a new career line. Maternity leave would be a good time to study if your baby is a sleeper but obviously that's not guaranteed and May change.

If you really want to change careers and the drop income won't affect you too much go for it you only have one life. Especially if you can't see yourself doing this role for the long term as you said it's a niche role and you will need to drop income at some point.

Accountancy is basically a sales job if you want to climb the ranks after qualifying. Are you a natural salesperson? Are you good at networking and being political? Do you enjoy those things?

If you don't mind a three year pause before achieving your current salary level, then I would say go for it. There is a massive issue with lack of good talent in accountancy/tax. I would recommend leaning towards tax rather than audit as the hours are more manageable.

In my firm, graduates are probably on around 23k but you get rises after each exam. You then get a big hike to 45k on qualification (all exams and 3 years experience). A year after qualification if you show promise, you could go up to the next grade and should be around 50k which would go up from there.

This is based on a challenger firm though (not big 4). Big 4 would definitely pay you more, but you would definitely also work harder for it. Big 4 is a good option though if you don't mind slogging it for three years and then jumping into industry, as a lot of companies like the idea of a 'Big 4 trained' accountant.

[quote Summer022022]@Emsie1987
Yes that's definitely a good point. Thinking of having kids in the next year or so. So that's one of the things stopping me from moving on when I earn so much.
In terms of the property ladder, that's not an issue as I bought my house a few years ago now and the mortgage is comfortable even if I had a huge pay cut.[/quote]
This is absolutely crucial and I wouldn't advise changing now.
Plenty of time to retrain as an accountant after having children if you still want to.
I changed career from accountant to teacher in my late thirties and haven't regretted it.

I was in a very niche job and do something completely different.

I did courses whilst working, enabling me to keep my salary but enabling me to try something else too.

I earn almost the same as before too.

No need to start completely from scratch. You could get a similar salary doing something with a mixture of your new and old skills and there WILL be some skills that are transferable.

@Logistria

Accountancy is basically a sales job if you want to climb the ranks after qualifying. Are you a natural salesperson? Are you good at networking and being political? Do you enjoy those things?

While I agree a lot of Accountants are like that, especially the ones who own their own practices, it’s possible to work as an Accountant and not be good at or enjoy any of those things.

Yes, agree, just in my experience it limits your career progression / possibilities. I got the impression op was considering accountancy with a view to climbing as far up the ladder as possible. That's all.