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Career change

Discussion in 'General Property Chat' started by andrew_t, 18th Aug, 2016.

  1. andrew_t

    andrew_t Well-Known Member

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    Hi all, I am sure it happens quite regularly but i have come to a point in life where i need a change in career. I have worked in IT for the same company for the past 12 years and the passion just isn't there anymore.

    Recently I took long service leave and had a good think about the future. Started looking at other jobs as i thought i just needed a change of scenery, a new product keeping within the IT industry but as i apply for jobs which i feel i can do there is a gut feel i want to do something else. I have worked my way into a managerial role and love working with people, i get satisfaction out of talking through peoples issues and finding a solution or direction they can action to get them to their end result.

    I have been interested in property for a while, its something i enjoy doing and talking about. While my investment purchases haven't been the best and would of done something different knowing what i know now i feel i owe it to myself to gain a better understanding of it through working in the industry and advising others (in their best interest) but i need to start somewhere.

    I have a young family, am on an above average income and work close to home. I have a good relationship with my boss and have advised him i am seeking employment elsewhere, while there has been no push for me to go i have indicated i am around for another 3 months.

    Accepting I will need to take a paycut to change am hopeful it will be short term pain for long term gain.

    Mortgage broking or financial planning is where i am thinking, is a mortgage choice or aussie homeloans a good place to start to get the training and an insight in the industry?

    I would love to hear any stories of people on these forums who may have been in a similar situation and what you did to change and your feelings now?

    Thanks for reading :)
     
  2. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    I won't comment on what's best/anything specific but a few notes that I think a lot of people overlook. Broking is a go hard or go home industry TBH - you have to enjoy working long hours in a high stress environment, especially dealing with third parties constantly causing issues which you have to then manage to provide best outcomes, not for the feint hearted.

    Financial planning is a hard one to get in now - at a minimum you'll need an Advanced Diploma of Financial planning OR a degree in Financial Planning/related degree under the new rules coming in and dealer group requirements.

    If you can get the education requirements for FP, you'll find a lot more PAYG employee roles in this position and there's generally long term career progression - I don't know too many senior advisers under six figures. On the flip side most brokers are self employed, either through a franchise or self employed.
     
  3. bob shovel

    bob shovel Well-Known Member

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    Is 3 months enough time to get ready for your new adventure? I'm all for it but you may want a bit more time to do some studies (during work time;)) and research a bit more, plus interview processes if you find a job may take 3 months alone. Can find you find other avenues with your current experience or some studies to tweak things and move into the finance side, without the huge pay cut?
    Or your own business a similar field to where you are now

    Also those brokers are everywhere around here... over supply of brokers, house prices peaked, apra changes... It's bottom of the market for brokers, if it were legal I'd buy one :p
     
  4. New Town

    New Town Well-Known Member

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    Are you crazy? I.T. is the career of choice in these times. Structural growth and highest paying.

    Use your income to develop a portfolio that you can invest your time in.

    Get back and say sorry to your boss and work late tonight :)
     
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  5. Obsidian

    Obsidian Active Member

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    Probably less true then it was 5yrs ago. There has been a lot of outsourcing to Indian firms in companies the past few years, so the job market is tighter.
    But agree, there is still good money in IT for good resources. As senior developers can still get $120-130k/pa perm, or $650-700/day contracting (~140/160K/pa). A good manager level or project manager should be even higher than this.

    Andrew_t, your bored because you have done the same role for 12yrs. Move around more.
    Contract for higher and invest. Loyalty in IT went out years ago with companies firing people to replace with Indian oursourcers. As a contractor , I sometimes earn more for 6mths, etc than the manager who hires me :)
     
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  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    As @Corey Batt explained being an MB is a mega hard slog at the start and still a hard slog when established.

    Write of the first 2 years as a break even apprenticeship. Year 3, if you have done the groundwork you will likely earn average wage, year 4 a bit higher and year 5 start to kick it.

    Stats for AFG (Australia's largest aggregator) are 67% leave within 2 years and the remaining 36% are probably form a banking / finance background with an established client base and / or join a brokerage that spoon feed them leads.

    Then there is the 1% who have no finance background, no referral sources and no spoon fed leads, just a never say die attitude and an ability to get punched over and over and keep getting back up and saying "is that all you got"! Thats me :)
     
  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    @andrew_t after my discourse if you are still interested I think Michael Chan offers a mentorship agreement that would be worth investing in IMO.

    Not sure if he still does and couldn't tag him and dont see him around these parts much lately.

    @Redom ???
     
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  8. JDP1

    JDP1 Well-Known Member

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    one of the benefits with IT ( from what I know - could be wrong), is that it offers lots of variety, especially in consulting companies.
    Maybe consider that if you are feeling bored/stuck in your job.
    Having ambition in IT goes a long way, the salaries are usually high and there is work for those who are agile and welcome change as demonstrated by lots of consulting engagements.
    As another poster said, a lot of the 'safe' and commoditised work has gone overseas to cheaper players. This trend will certainly continue as well, and those who will be competitive are those who are driven and agile in their mindset.
    If you have that, you can go a long way in IT.
     
  9. Obsidian

    Obsidian Active Member

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    I would consider a job change first after your 12yr tenure before going a massive change and changing careers completely.
    IT is not locked in the back room these days. Its an integral part of most organisation. Many roles offer plenty of opportunity to work with people and solve business problems.
    I'm in the BI space ( business intelligence and reporting) and its not uncommon to talk and work even with senior management and even VP level for important management reporting.
    What you need is a change in environment, not a change in career.
    Interest in property is one thing. Use that interest to build a property portfolio from higher IT income. Working in property is another this. Less pay, potentially longer hours.
     
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  10. PorkBellyLover

    PorkBellyLover Active Member

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    A bit off topic, this reminds me of a Robert Kiyosaki book, Rich Dad Poor Dad.

    There's a chapter in which he told a story of one of the McDonalds' owners, Ray Kroc asking a question to a group of MBA students "What business I am in?".

    If you haven't read the book, highly recommended.
     
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  11. datto

    datto Well-Known Member

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    Andrew, the grass always looks greener on the other side.

    Sometimes you can't see the forest for the trees.

    A bird in the hand is worth two in the bush.
     
  12. CatCafe

    CatCafe Well-Known Member

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    When I get bored working on a particular product/functional area I move on and the fun of learning about how IT can be used to solve business problems comes back in full swing!
     
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  13. Scott No Mates

    Scott No Mates Well-Known Member

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    Do they still have those nowadays?


    Plenty of green jobs around.
     
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  14. CatCafe

    CatCafe Well-Known Member

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    Have you considered working for a software company that produces mortgage broking or financial planning software?
     
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  15. Obsidian

    Obsidian Active Member

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    Very good point. It also does not have to be a software company. I've seen job ads for places like RPData, Stockland, Dexus Property Group, etc. RPData especially has many IT systems feeding information to/from banks (all the valuation, etc), mortgage brokers, government organisations, etc.
    Why not combine the two interests. Work in IT for a property related company. And the bonus is, working for RPData, you'd have free access to all that valuable information! Just imagine the boost to the property portfolio.
     
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  16. wobbycarly

    wobbycarly Well-Known Member

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    And a hand in the bush is worth... ?
     
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  17. sleekgeek

    sleekgeek Active Member

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    Was in IT for 6 years and got out for similar reasons. I love IT but I suppose not enough to face it non stop... Before leaving I mapped my future for the next 10 years whether to stay in IT or to change careers. Pros, cons, future costs, anything I could think of. It was a 12 month mental process before I decided to pull the plug. I ended up changing career and suffered 4 years of Full Time university as a mature aged student. No regrets... Boss even let me work back during my uni breaks.

    know that whatever you do next, that you will be fully committed, and that your partner is ok with it.
     
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  18. Davothegreat

    Davothegreat Well-Known Member

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    I agree with all above who said find a new job before you think about a new career. Lots of people get bored with a job and wrongly blame the industry or career path. Besides, if you're now in a management role then you're no longer locked into technical jobs - your move into management was your move into a people focused job and so you can find that anywhere, you just need to start looking.

    I made the switch from in-house IT architect jobs to consulting earlier this year. The variety of both technologies and people you get to work with is great but be prepared for a very steep learning curve and to be thrown in the deep end. And since everything you work with is new, it's often difficult to find good sources of information and even vendor support can be questionable at times. In other words, you're on your own ;-)
     
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  19. Obsidian

    Obsidian Active Member

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    Who says you need to face it non stop. I see a 9-5 "job" as just the tool that allows me to invest in property, build wealth, and retire early in the 40's and enjoy life (travel 6mths of the year, etc).
    My view - 4yrs uni timeout + lower starting salary in new career + uni $$$$ to pay back = ~8-10yrs more working life!!. Not for me.
    For Andrew_t, 12yrs is an long time in one company. He just needs a change of environment, new work, new people. As an IT contractor (direct, not via consultany firms), I do 3/6/12mth stints at different companies. Always new work, new people.

    I've has the same feelings of "I gotta get out of this" as Andrew_t (anyone in IT has)!. Anyone in any career has (the grass in not always greener on the other side). But in the end I get over it, and count down the days to early retirement.

    Andrew_t, Sleekgeek is right. Ask yourself "In 10yrs, I want to be......". It that still to be a wage slave, or be financially independant?
     
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  20. Obsidian

    Obsidian Active Member

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    Is the purpose of a career change to mortgage broking or financial planning to improve your property investment strategy? There are better ways to achieve this. Ask the next financial planner you see when they expect to retire!. Also read up on the potential crackdown/cutting of Broker trail rates.
    ASIC kicks off review of commissions in mortgage broking

    If you want to talk property, get it out of your system on the forum :D, but keep the day job.
     
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