Career Pathways, Job Security and Lifestyle... (1 Viewer)

[TBU21]

I've only looked into this area recently as I've always had my mind set on med/dent thinking that was the only type of career for me (won't get in this year as my UMAT was below par), talking to some professionals in the industry and doing a fair amount of reading on here and elsewhere the past few weeks, it's really got my head spinning as to what is the best career path for me.

ATM I'm interested more in the investment side (planning/consulting/analyst), but for all I know that could change once I start studying and learning more about other paths etc. I want to keep my options open to other career paths, so is it best for me to do a single Commerce degree with 2 or more majors (e.g. Corporate/Investment Finance and Accounting) or a Law/Commerce degree with 1-2 majors? Which option would give me the best range of skills/job prospects and competitiveness?

I've seen plenty of graduate salary reports, but I haven't read much on how salary's progress from that point on i.e. 2nd, 3rd..... 10th+ years (except for one on accounting jobs: link). Where can I find info on job progessions/progressive salaries in other fields of finance like investment?

Also, what is job security like in the different fields. I've heard it's poor in the investment field, but much better in the accounting field. Is this true? Are there any stats to back it up?

Finally, where can I read more about lifestyles of various commerce professions. I've read a couple of IB 'day in the life' articles, but what about other professions in the financial sector? Is IB the extreme in that at the end of the day you only have time to go home and sleep, or are a lot of other professions in the financial field similar?

 

[danny_tq]

I recommend doing Commerce (finance)/Law

Probably the most powerful degree you can have in the profession....you have the option of being a lawyer, a Tax consultant (big 4), trading, banking, management consulting etc etc....basically the sky is the limit.

rough stuff on salary, inclusive of Super

big 4 audit - 48k
big 4 tax - 56-58 k
big 4 bank 60k + bonus (for all roles, however this changes after the first year depending on role e.g. M&A, corp finance roles I assume would rise dramatically compared to accg)
I Bank 90k + bonus (front office type roles)

good luck champ, I did Com/law and it gave me a world of opportunities, only problem is if you dont want to be a lawyer like me, law school can get tough!

 

[stazi]

I would guess that job security would be both good and bad in accounting:
1) There is often a skills shortage in accounting thus you are wanted by the company
2) You are also easily replacable as many accountants have very similar training and skill levels - it's harder to differentiate yourself from others, and if there's a cutting of staff members, it's possible that you will go

 

[TBU21]

Thanks for the advice, guys. Interested to hear other's opinions as well...

 

[jazzyman]

In my opinion, if you were to pursue a job in the finance industry, get one that pays commisions rather than relying on just a salaray. My pick, financial planning. You basically advise people on where to invest there money and you get a commision from their net invested assets (not just a commision in the profit you get from the investment but a share of the total investment)

Eg, you advise a client to invest 5million into a fund, you might get around .5% of that per year ($25 000) and thats just for one client!! By the time you reach 35, you may have 6 or 7 high net worth clients bringing in around 150K a year for you. + older you get....less work you have to do for more money.

 

[Vagabond]

Financial planning can be pretty damn sweet if you land yourself a job at a boutique firm.

A mate of mine had the right connections, left uni after a year to go work on the gold coast with a small company. 6 figure by 23 years old.

I think the major lifestyle pro of the field is that your job is learning how to invest money from a retail side. That would obviously include yourself - nice mix of hobby/career.

 

[Minai]

Strangle, big shortage. Large supply =/

When there is mention of a "shortage of accountants", most of the time it means qualified accountants (i.e. CA/CPA qualified)

 

[ahallam2]

In my opinion, if you were to pursue a job in the finance industry, get one that pays commisions rather than relying on just a salaray. My pick, financial planning. You basically advise people on where to invest there money and you get a commision from their net invested assets (not just a commision in the profit you get from the investment but a share of the total investment)

Eg, you advise a client to invest 5million into a fund, you might get around .5% of that per year ($25 000) and thats just for one client!! By the time you reach 35, you may have 6 or 7 high net worth clients bringing in around 150K a year for you. + older you get....less work you have to do for more money.

Possibly the worst advice I have read on this board - especially in the weeks since your post. Anybody working in finance on commissions at the moment is/should be absolutely shitting themselves.

 

[quixote studios]

Possibly the worst advice I have read on this board - especially in the weeks since your post. Anybody working in finance on commissions at the moment is/should be absolutely shitting themselves.

Tell that to all those bosses who still pocketed millions after getting dumped.

Hell, that exec from Centro didn't even get fired properly. He's still a director

edit: Actually I reckon now's the ideal time to get into finance. You'll finish your degree round about the time the world economy gets on going again, with America as China's economic bitch. There'll be millions of cashed up Chinamen wanting someone to tell them what to do with it.
God bless communism.

 

[blackjackdavey]

I have been working at an accounting firm whilst studying accounting at uni for the past two years. An accounting degree is a very handy thing to have. I am leaving my job in a few months and am going to study Commerce/Law. From what I have seen, Comm/Law is a very powerful degree to have. Giving yourself more career options is always a good thing. Money wise, accountants dont start earning well until after completing CA or CPA and making manager level.

A Law degree opens up a huge amount of doors - and remember, just because you have an LLB doesnt mean you have to work in a law firm