Dilemma - Am I mad?

LegacyUser · 10-01-2019 10:02am #1

I've been trying to make up my mind about my career and wanted some opinions:

Currently I work in Fund Accounting and earn a good salary (45k+), pension, health insurance, little over time or stress.

However there seems uncertainty in the next 5-10 years in this space in Dublin.

I have been offered an opportunity to do a electrical apprenticeship with a state body that will pay a similar starting salary once qualified however the pay as an apprentice is terrible, starting salary of €250 a week for the 1st year. I will get a good pension however I wont get health insurance paid for and slightly less holidays.

In one way I think I'm mad to consider taking such a pay drop for a job which will be physically tougher than an office job although not as demanding as an electrician on a building site. In other ways I think long term it may lead to great opportunities and certainly job security. However where might I be if I stay in funds in 5 or so years?

Any thoughts? Anyone here made a similar move?

Doop · 10-01-2019 1:02pm

It sounds a bit of a mad move, have you always wanted to get into electrical work? or are you only considering it now that the offer is on the table? if its the latter then its a big risk. I know many electricians who got brunt out with the job after couple yrs.

Also whats the opportunity cost here? in one year you will have scarified €32,000 with the difference in salary (net not take home) how many years is the apprenticeship? say 3? thats €96k... alot of money.

Sloan depends what age are you? what are your plans for the medium term future re buying a house/renting somewhere etc etc.

[Deleted User] · 10-01-2019 1:05pm

It’s a brave move.
I know it’s difficult to choose anything other than job security but I always say “hold onto what you have for as long as you can.”

OMM 0000 · 10-01-2019 1:12pm

Fund Accounting is not really a good job. I know someone doing it who has no qualifications, and he says it's very easy.

As you know yourself, it has no real future.

I have very high opinions of apprenticeships, but they're not for everyone.

If you think you would be happy working as an electrician, I think it is worth the risk.

Duffryman · 10-01-2019 1:35pm

From fund accounting to an electrical apprencticeship is not exactly an obvious or common move, so as somebody above has already asked, how much of an interest do you really have in electrical work?

As an extension of that - if you are particularly interested in electrical work, what led you into fund accounting in the first place?

Really big factors though are again what somebody else has already asked - how old are you? Short/medium/long term plans about accommodation, renting, buying, etc.? Also - do you have any dependents, or are you free(ish!) and single?

My gut feeling is that if you think you'd like the work, then it might be worth taking the short-term financial hit for the eventual long-term security (three years is not that long in the greater scheme of things if you're still relatively young). But I'm speaking as someone who values security above just about anything else, after my own experience of the past few years. And that's a whole other story, which I won't tell here....

Muckka · 10-01-2019 1:41pm

If you want job security and a bit of traveling around the country side, fresh air and security I'd go for it.

Being good with numbers and electrical work goes hand in hand.

If you've no mortgage or financial commitments it's a sure thing.

A friend of mine who's an accountant did something similar,and on the side to make more money he does tax returns and has maybe 100 clients...

Good luck with your decision

Sebastian Dangerfield · 10-01-2019 2:00pm

WorksGuest wrote: »

However there seems uncertainty in the next 5-10 years in this space in Dublin.

What are you basing this on? IrishFunds really seem to be selling Ireland as a centre of excellence for FA. Yes, a lot of the lower value stuff has been sent offshore, but there are a couple of routes you could go down - progress into management, there will always be a need for onshore expertise, or move off in any number of directions such as project management, relationship management, or even into TA or Custody.

I'm looking into RM roles now (no NAV experience, Custody and others) and there are a fair few senior roles for NAV experts paying big money.

What's right for one person won't be right for everyone; maybe have a think about what you want to be doing in 5-10 years and plan on how you might get there. I wouldnt share the pessimism for the function personally. Good luck either way!

Edit: Looking back at the last 10 years, to think of an electrician as a more secure job than a fund accountant doesnt really tally - just my my opinion. It has also become far less Dublin-centric - you can do FA in Wexford, Kilkenny, Cork, Limerick or Galway as far as I know.

antix80 · 10-01-2019 2:56pm

Op, if money didn't come into it would you rather be an electrician or a fund accountant?
There's no comparison. If you were afraid of the way fund accounting is going, the logical thing would be to upskill in that industry or something to do with data, analytics, actuary.. build on the skills you have while you are still working.
If you want to be an electrician, I'm assuming you've done your homework and you know what's involved and the kind of work you'll be doing, so it sounds like a good offer from the state body. I know a particular electrician and I'm not sure how he qualified because he can barely wire a plug and keeps getting fired from jobs he gets. So don't pigeonhole yourself in an area you don't want to work in long-term.

LegacyUser · 10-01-2019 8:47pm

Thanks for the replies.

I'm 26 having been working in funds 5 years now. I would have gone into a trade however there was a downturn and it was never encourage in our school. I do enjoy doing all the sort of work. My father was an electrician so I have always had an interest and I understand it could lead to more project management or engineering roles if I carried on with studies after the apprenticeship.

In relation to the funds industry, every place I've been has had large numbers of redundancies, I understand that the number of Irish domiciled funds has increased however there doesn't seem to be a correlation between the numbers of staff to service these. I'm open to correction.

I suppose what is leading me away from fund accounting is the repetitive nature of the work and little job satisfaction at the end of the working day.

I do intend to purchase a house but I think given property prices delaying this might not be a bad idea.

AndrewJRenko · 10-01-2019 9:11pm

If you're going to make the change, there's no better time to do it than now. Do you have any financial commitments - family or loans or whatever?

Are you sure you have a good understanding of what live is like for an electrician? Have you had any good chats with electricians? Could you maybe take a week off and work for free as a labourer with an electrician so you could see it first hand?

LessOutragePlz · 10-01-2019 9:16pm

Are you a qualified accountant?

Do you want to get out of accounting all together?

If not there's many other accounting roles that you could pursue.

If you do want to leave and make the switch and you can afford to take the financial hit then go for it.

banie01 · 10-01-2019 9:20pm

LessOutragePlz wrote: »

Are you a qualified accountant?

Do you want to get out of accounting all together?

If not there's many other accounting roles that you could pursue.

If you do want to leave and make the switch and you can afford to take the financial hit then go for it.

FA bares practically no relationship to actual accountancy and accounting quals are not a requirement for the role.

It is a job that is moving more and more towards automation and as such whilst Ireland is well served by a wide range of FA companies and opportunities it may not be a long term opportunity.

ongarboy · 11-01-2019 11:14am

[QUOTE=OMM 0000;109085153]Fund Accounting is not really a good job. I know someone doing it who has no qualifications, and he says it's very easy.

As you know yourself, it has no real future.

I have very high opinions of apprenticeships, but they're not for everyone.

If you think you would be happy working as an electrician, I think it is worth the risk.[/QUOTE]

I don't agree with Fund Accounting not being a good job! Yes, entry level Fund Accounting is quite basic and automated which is why most of it is being off-shored to Asia or low wage countries due to the low value and easy to automate nature of it. However, if you show ability, drive and ambition, there are loads of opportunities within the Funds industry to ascend to management, project, transformation or re-engineering teams within the Funds companies (and much better salaries and bonuses). Those type of high end, high value roles remain in Ireland as we've developed a smart economy reputation and critical mass to accommodate those higher end requirements. These type of roles are also far more interesting as your work is far more varied and challenging unlike basic fund accounting which is very repetitive and procedural.

If the funds industry or finance in general is something OP is not interested in and always had a passion for a trade like electrician then I wouldn't think he is mad to consider changing career. I wouldn't be making significant life changes on perks such as pension or health insurance alone. Yes, they are important but being happy or motivated by what you do (as opposed to how you are compensated) should be a more important consideration.

_Brian · 11-01-2019 11:52am

I think it depends on your commitments over the time it will take you to get jack to your current earnings.

By mentioning you will have a pension you seem to expect to be kept on by a state body as a spark, make sure you are confident of that. Many places start more apprenticeships than they need qualified lads and then choose the best fit at the end.

If you have hands on aptitude and you commitments allow amd it’s something you want - I’d say do it.

OMM 0000 · 11-01-2019 1:01pm

ongarboy wrote: »

I don't agree with Fund Accounting not being a good job! Yes, entry level Fund Accounting is quite basic and automated which is why most of it is being off-shored to Asia or low wage countries due to the low value and easy to automate nature of it. However, if you show ability, drive and ambition, there are loads of opportunities within the Funds industry to ascend to management, project, transformation or re-engineering teams within the Funds companies (and much better salaries and bonuses). Those type of high end, high value roles remain in Ireland as we've developed a smart economy reputation and critical mass to accommodate those higher end requirements. These type of roles are also far more interesting as your work is far more varied and challenging unlike basic fund accounting which is very repetitive and procedural.

If the funds industry or finance in general is something OP is not interested in and always had a passion for a trade like electrician then I wouldn't think he is mad to consider changing career. I wouldn't be making significant life changes on perks such as pension or health insurance alone. Yes, they are important but being happy or motivated by what you do (as opposed to how you are compensated) should be a more important consideration.

Sure, I didn't say the funds industry is all bad jobs, I said fund accounting is not really a good job. Its basically admin work. You seem to be agreeing with that...

LegacyUser · 13-01-2019 11:58am

WorksGuest wrote: »

Thanks for the replies.

I'm 26 having been working in funds 5 years now. I would have gone into a trade however there was a downturn and it was never encourage in our school. I do enjoy doing all the sort of work. My father was an electrician so I have always had an interest and I understand it could lead to more project management or engineering roles if I carried on with studies after the apprenticeship.

In relation to the funds industry, every place I've been has had large numbers of redundancies, I understand that the number of Irish domiciled funds has increased however there doesn't seem to be a correlation between the numbers of staff to service these. I'm open to correction.

I suppose what is leading me away from fund accounting is the repetitive nature of the work and little job satisfaction at the end of the working day.

I do intend to purchase a house but I think given property prices delaying this might not be a bad idea.

If I stay in my current job in 4 years I could have 80k saved for a deposit which seems like a lot to give up on.

beauf · 15-01-2019 11:12am

I think you'd be crazy to move. Job security in trades isn't a given, even the public sector. They might outsource it and move you to clerical job.

If I was you I'd keep the current job. But build up a skill in something else as a contingency. Something you enjoy doing. Some people make a good second income doing DIY for people.

LegacyUser · 16-01-2019 3:37pm

Thanks for all the replies I have been back and forth on the idea for some time.

It's a very hard decision to make, I reckon I would enjoy the work but then again am I being niave about thinking you can find a job you really enjoy. My concern is that if I take the job and resent it because it restricts me outside of work in doing things such as holidays, settling down and so on.

I don't think I'm going for this to get away from FA more that I saw this as an opportunity to try something I may enjoy yet that's a hard chance to take given in the 1st year I'd have to give up €500 a week in wages.

Dilemma - Am I mad?

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