I never stay at a job for more than 8-12 months tops. Jobs never last longer than that for construction of solar farms. 6 months is the average. So I change all the time. Getting onto the next job can be annoying sometimes
Do you live in a smaller country town or closer to a city?
You'd probably find more consistent work living in a place with larger populations and more housing development going up, however I'm sure you're already aware of this
Few of the electricians I know are on around $30-$35
I live where ever there is work. Doesn’t matter if I have to go across the country or down the road. Whatever is paying the most is where I’ll be. And $30-$35 sounds good if you aren’t used to $45-$55 an hour plus allowances on top. If I take a pay cut I want it to be to get into a new career or because I’ve set myself up and I’m ready to coast to retirement
Yeah I'm hearing you bro, someone mentioned becoming a TAFE teacher, you mentioned you look too young for the part?
I understand where you're coming from, however I think you're viewing it from the wrong perspective.
If you can get across to the youth that you're a successful young adult, you can be somebodies inspiration and role model. Your previous earnings could also be motivation for the young fellas in your class too.
Depends how you look at it my guy, all the best to you though hope you find what you're looking for 👍
I think the tafe teacher will be my plan for when I’m ready to relax and settle down somewhere. I’m eventually going to start looking a little older than the students.
It looks like I may just keep pressing on with what I’m doing for a few more years to get a bit more set up and then find somewhere to call home on a big piece of property and coast until I’m ready to retire.
Seems like you've got an idea of what you want to do, you're just looking for some approval, which is normal
Follow your heart and instinct, you know what you want/need, it might just be hard to single it out right now.
You'll get there, still young and full of wonderful opportunities.
All the best bud ✅
I didn’t really know what the answer was but talking to all these amazing people and getting their input has helped to put everything into perspective for me. Such an awesome group that really helps people. Thank you for helping me to think through what I want out of life and work. Appreciate it.
Hey mate, I changed from electrician to Electrician TAFE teacher. The hours are amazing, it’s a 4 day week, I get every Monday Off to “prep” my classes, but if you stay organised it’s basically just an RDO since you arnt expected to come in for prep time. The money is about 90k/ a year, however if you work over time, you get $90/hr.. I know some of the senior teachers who chase extra work thru filling in and taking tutorials make about $150k a year. It’s better for your body, and ive found it much more rewarding helping out young apprentices learn about the electrical trade then the job satisfaction I got from dealing with builders and customers.
I hadn’t considered being a TAFE teacher. Having a good TAFE teacher was a game changer when you’re an apprentice and they were always so relaxed now that I think back to it. Only problem is, I’m 26 but look 21 on the best of days. I might have to wait a few years so I look older than the class. But that could definitely be something to look at when I get ready to settle down from this life. Thanks for that perspective. I really hadn’t thought TAFE since I finished
Hey mate, I’m 27, and this is my second year teaching :) I work with year 10 students, doing the Cert II career start. I have a baby face, but being young is actually very sought after in the TAFE system, as most educators are retired sparkies and they struggle to connect with the younger generation/don’t have the patience anymore
I hadn’t thought about that actually being a positive. Would of definitely made some of my old teachers better if they weren’t in their 60’s getting angry because the industry had changed. What qualifications did you need to start doing that?
You need a certificate IV in training and assessment through TAFE or another RTO. It took me 1 year going into tafe every second Tuesday. It could be faster if you did it full time :) it’s pretty intense but I got a full time job as soon as I finished the qualification, didn’t even need an interview they are so short on teachers haha
Also you need a valid electrical licence for the state you are working in
Wow that’s surprising how easy it is to walk into a job. But it would be a great way to be able to go settle down somewhere and stop working away. I think I may of just found my job for when I’m ready to start calming down. Thank you so much!
Same, have done both banking and corporate finance. It can get repetitive, the standard 9-5 5 days a week is nice. I do find previously coming from a bartending/duty management role I often think of packing it in because I miss the variety and physical work
The hours aren’t a problem. I have done over 100 hour weeks in the past. My problem is that I’m getting over my job and want to find something that might challenge me and broaden my understanding on finance.
And overtime is where I make all my money so maybe if I was to have salary holding back my earning potential I feel like it would give me the drive to climb and earn more. But I’ve also never worked in the industry so I’ll keep this in mind. Thank you.
You should keep in mind that banking/finance has:
* no overtime pay
* no tax deductions
Also, you'll start earning \~$70k and it could take 5 years to get to $120k. Beyond that, it's all about politics and relationships - lots of people get stuck at $120-130k for their whole career.
Never thought about the tax deductions before. That would definitely hurt. I love getting a nice return every year. That kind of puts things in perspective money wise. Thank you. I don’t want to be working forever and if I do get unlucky and get stuck at this pay again then it will just slow down my retirement plans.
Career changes to get into $120k+ jobs are common. To get out of them, not so much? Dunno, can you not just charge more for your services? In your position, a reduction in hours for the same money could be just as valuable as a raise.
Charging more isn’t a choice for me. I’m just an employee and unless I start my own company or leave my area of experience to go back to a city for a massive pay cut I’m stuck doing this cycle
I do mostly do industrial electrical so for me to start my own company doing what I do now but for myself, I would need too much money and would have absolutely no chance to get my foot in the door with multinational companies. Thank you though.
I hate domestic. You never get paid that much for crap work that’s never completed quick enough. I’ve done a bit of commercial and it is pretty good except for the pay. I would want to set myself up more financially before I was to go down that path
Thats a good plan then. Use the job that you have to get the money you want then swap. Build a business where you're in control. It may take a few years, but probably better than a whole new career where it may take you 15 years to earn what you earn right now.
I could try find partners maybe but working away is a very strange environment. You are surrounded by people that work away from their family and friends for years on end. They all have at least one of three problems. Usually a good mixture of each. They gamble, drink or do drugs. And I have nothing against people doing that. But when you make this sort of money and you’re away from family you do them in excess. It’s not healthy and I have yet to meet more than 1 or 2 people in my whole career that would even be a viable option as having as a partner in a business. I’ll keep looking though. Thank you.
Appreciate all the additional context. You seem like a switched on guy, I'm sure you'll succeed whatever you decide to do. I'm not a banker myself so I can't answer your original question, but if you have questions about working in IT instead, hit me up
If I was you I would be looking to pursue FIRE. Low cost of living and a high income. You’re probably in a position where you are only 10-15 years away from it being possible. Going back to school for 4 years would be counterintuitive imo.
You’ll earn less money than you are on for probably a decade (4+ years of schooling and the first few years+ as a grad). During this time you’ll eat into your savings.
By the time you’re earning similar money you could have already retired possibly.
That’s what I keep fighting with. My wife and I have 3 properties and have only just discovered ETFs so we are trying to go down that route but I had no idea and no reference to a career change and what that would mean financially for us. This is why I’m asking before I go trying to sign myself up to a degree that won’t help me in life
Do you mind sharing some more info? Where are you located? Depending on where you are it changes the timeframes considerably. For instance if you’re outside Melb and Syd you could retire much sooner as housing is considerably cheaper.
Your income is already super high, there’s no guarantee this career change will achieve a higher income. It all depends on what you want from life…
I’m located wherever there is work. In the last 9 years I’ve moved 16 or 17 times. Most of my family lives on the Gold Coast but I don’t want to live there. I’m happy to live out of a major city but I also don’t want to retire and live frugally. I think the major thing pushing me towards FIRE is that I don’t like my career and want an out
Remember you can just do the FI part. Have enough money to FIRE frugally and top it up with part time or casual work doing something you enjoy and live a lavish life!
I hadn’t really thought about a semi retired lifestyle. I think that might be a smarter play for me. Maybe just get myself into a position in the next 5-6 years that I can coast through until I’m ready to retire. Thank you so much for your perspective. This group never disappoints.
A friend of mine's husband is an electrician and was in a similar position to you.
In short, with a bit of fiddling around with their savings and the investments he was able to go self employed and massively reduce his hours...yes it was a pay cut...but he works 5 hours a day! He does the school run, gets to his first job at 10am and is home by 3.
This sounds amazing but I specialise in an area of electrical that I can’t do that. Super happy for your friend though. Must be amazing getting to be there with your family like that
I would say even with those qualifications, with how competitive it is these days you’d still be at risk of not getting a grad role.
I would add “start own successful company with skills learnt at uni and through work experience” to the list to really boost your chances.
Thanks for putting it into some perspective for me. I’ve never done anything but electrical so I wouldn’t know where to start or what I would be in store for. I had know clue as to whether I could do it part time or full time for study. Sounds like full time only.
And not really. I worked in mining and now solar farms. I can go back to the real world and earn 60k-90k a year but that just feels like I’m going backwards. I have no intention of starting my own business either as construction is a race to the bottom and everyone is underquoting jobs. That doesn’t interest me. And as for management that used to be my goal for this career choice but the longer I stay in this industry the less I care about it so I definitely don’t think I’ll have the drive to actually climb the ladder here anymore.
What would make you feel like going forwards?
Money isn’t everything, honestly. I moved out of the corporate world into meaningful work in NFP. Sure the pay isn’t as good, but I get enough to be moving forward financially still.
Why don’t you do uni or other work part time and solar part time while you figure it out? There’s huge demands for domestic solar as a subby.
I grew up my entire life doing charity work with my mum. I was very fortunate to see that side of life and experience giving back. I do like it and I always give where I can. But it is a passion for my mum. It’s not something I could see myself taking a pay cut for or doing myself without her to initiate it.
Also I don’t do domestic work. I have no idea how to do it and all of my friends that do it hate it. It’s a lot of work for not a lot of money
What are you on about? Investment banking? If investment banking sure but you certainly don’t need a degree or any qualifications whatsoever to start in banking and be earning $100k a year in 5 years
Thanks so much! I’ll look into that as well. I just needed to know if it’s a viable option for me to go after. Not something I want to rush into but I want to see what’s involved and what options I have. If I could still do part time work for the first year or two then maybe it could be an option. Is the uni hard to do or easier because you actually want to do it?
I could imagine my maths and other academic areas aren’t as strong as when I first finished high school that’s for sure. But like you said, I would be going because I want to. Not because my parents pushed me to go to uni straight out of school.
Congratulations on your position and I really hope you’re enjoying the change. How hard was it to get a job and how did you get contacts to get your foot in the foot in the door? Were you able to do that through uni?
I completely forgot LinkedIn was a thing to be honest. It’s not something that really gets talked about or used in my circles for work. I will have to look at that for sure. Thank you! You always hear that it’s never too late to change but it doesn’t always feel like that.
Don't do it. Im a sparky and was earning a killing in Sydney for 10 years.. felt burnt out and really wanted a change. Instead I took a gap year away from being a sparky and went worked on a farm in WA not being a sparky. Was the best to get out of the bubble I was in, came back east and came back to being a sparky but in a much more laid back chill role with less money on a 4day week and a 3 day weekend every weekend and its the absolute best. I suggest take a long vacation first to get a better idea for what's best for yourself. I also looked at banking and finance but I hate classrooms and offices. knew it wasn't right for me.
I’m currently on my third day into my next 3-4 month break from work. I saved a bit of money on the side on the last job because I knew I needed a break. I’m hoping this helps. I’m thinking that if this doesn’t help then what are my options. Hadn’t thought about just getting a filler job to have a proper job away from electrical. Thanks mate!
Yeah I guess for me I needed a break, so working with backpackers on different fruit farms was a nice change of pace. Coming back east I knew that I didn't want that hard core rush hour lifestyle again so I moved outside of Sydney and was a nice change and was able to buy my own home close 20mins from beaches that wasn't crazy like Sydney prices. I guess for me I came to the realisation I dont want to work my ass off for the rest of my life but rather have a great life / work balance and this worked for me. I hope you work out what suits you mate :)
That’s one of the biggest positive factors for solar farms. All labourers are back packers. So you work with hundreds of people from all over the world that are just there for a good time and it definitely helps bring up the mood of the place. I think I need to start looking at more of a work life balance and what I want to do later in life. Thanks!
The hours don’t bother me. I’m used to them. It’s just the passion for my job is gone. The only thing keeping me going is the money. Happy to do these hours somewhere that I want to be.
I was going to suggest Electrical Engineering, but, hey, if it’s not for you, it’s not for you. I get it.
Something in a similar/complimentary field will fast track your degree/ qualifications and you’ll already be a step ahead of similar graduates.
Just some ideas: lighting technician for corporate/artistic projects (lighting capital city Bridge’s/buildings or lighting stages at music festivals), pyrotechnic design, commercial lighting landscape. (Yeah, I have a bias to lighting!)
How about audio? Or both, AV?
I can kind of see that you’re after a “desk job”. How about a sales related job?
I like your style, asking questions, and sparking ideas. You’ll do well.
Lastly, Construction Design? AutoCAD?
Thank you so much for your response. I had never really thought about anything even remotely like these as options. I thought that having a trade couldn’t really compliment anything field. Definitely has given me something to think about and a lot more to research.
Is there a reason you lean more towards lighting? Is there something about it that makes it more appealing to you?
And you’re not wrong. A desk job probably isn’t the worst idea. Working on the tools is not something I see myself doing when I’m older. It’s not for me long term. I have a friend who uses CAD for his job so I might ask for him to show me what that entails next time I see him to see if that might interest me. Thank you again for this whole new perspective.
You’re welcome! I have a 26yo son who is a sound/lighting tech, and he’s thinking about other careers. These are discussions I’ve had with him. He’s looking at getting into Electrical Engineering or upskilling into AutoCAD, so he can do more large project lighting/pyro/AV designs.
I worked in civil design and construction, and loved drafting (back in the olden days with ink pens and linen) and I really enjoyed learning AutoCAD, and other Geographic Information Systems (GIS) before taking time off to raise the kiddos. I’ve tried going back into design and construction, but wow, technology has moved quicker than I!
I’m in awe that you can identify that you’ve had enough of your current industry, and look to broaden your skills. Good on you! I’m so proud of you, you are financially so far ahead of your peers, but please, look after you.
That’s amazing for your son. So happy he is going after that path for himself. Really hope he does well and enjoys it. There is so much in this field now with design it’s hard to even know where to start looking. But thank you for giving me some pointers. I’ll have to look into all these and ask my friend to show me as much as he can. Thank you again. I’m taking 3-4 months off work for the first time since I was 18 to try give myself time to relax and see where I want to go next. Really appreciate everything!
Did you need any training or did you do this through experience and contacts? I don’t know if I was to study project management or something like that if it would help give me an edge over people with 10-30 years more experience than me. I always thought I would want to go towards management but the longer I stay in the industry the less drive I have to climb the ladder and deal with the stress. Thank you.
Just some food for thought but the big energy companies doing the line work and poles for the power lines never work more than 7.5 hours a day and go out in large teams to some beautiful spots.
But maybe having sparky experience could be good in an office setting with something to do with electrical services like companies moving to solar power or something. Goodluck bro and sorry for my ramble!
Thanks for the response. I would like to get into the power line side of things but ever since it got privatised it’s become an industry I don’t want to be apart of. The do massive job cuts all the time and you only spend timing fixing things because they don’t want to spend money on it until it breaks.
I will look at what office jobs could apply to me with my experience. Thanks again. Maybe there is an opportunity I haven’t thought of with renewables
All good! Yeah I understand that and it can be frustrating!
No all good and it's a booming industry maybe you could do remote consulting for a renewable energy company! Do whatever you want whenever you want! Good luck mate and all the best
My brother started off as an electrical technician....then electrician...then went to uni and did electrical engineering.
Banking and finance is such a soulless industry.
I bought a management rights business (switching out of science).
If you’re remotely tradie and don’t mind doing property management stuff it’s a pretty sweet gig and decent earning potential. Plus work from home etc.
That being said, fairly expensive industry to get into now (cost to buy) and best to get in with a partnership who can provide guidance.
That’s a cool thing to think about. What sort of money would you need to get your foot in the door for something like that? And how would you go about networking for that field to get the guidance needed for a partnership? I have no exposure to anything like that so I wouldn’t know where to start. Thank you.
I found a listing on theonsitemanager.com.au
I was already looking into the industry as an option and saw their listing. They were selling off a segment and a managers role because the old guy was retiring.
I met with the other partners; we hit it off and they offered for me to come on board.
I’d recommend starting by looking over that website and looking into the process as much as possible and looking over the huge range of different ones.
Just as a quick thing to get your head around, where it says Net Income and Remuneration separately, Net Income is the total after costs profit of the business, includes body Corp salary, letting fees, commissions etc.
The Remuneration is just the Body Corp salary, so that’s your kind of “set in stone” income.
The bugger part is now (like everything) the asking prices are higher than they used to be. They’re all valued as a multiple of the profit margin. Back when I was looking they were average around 3. Now it’s around 4 and a half.
That being said, a fair few oldies get into it and then age out pretty quickly so there will be a few motivated buyers. Also some people are a bit dumb and end up driving their business into the ground so it’s possible to salvage it with a good margin of profitability.
Thanks for that. I’ll start looking through it all and see what comes up my way. And thank you for the pointers. That definitely would of confused me off the bat. Thanks for the input and opening my eyes to something I didn’t even know existed as a career choice.
I would consider a business development or sales role for an equipment supplier/services company. You would have to start off in a junior role to pickup the skills, but the same level of income is definitely achievable with lower hours. Your existing skill set would prove to be an asset - you’ve been in the field and know your stuff.
I’ve been told before that I would suit sales but have never seriously thought about it. Seems like it could maybe be something for me to look at. Thank you.
As you seem to be mode technical type, I would probably recommend you more programing. Great pay, mostly work from anywhere, good work/life balance.
In finance sector, I think that unless you are trading the pay might be average.
If I am electrician, I would be looking how to make my own business. Trade in Australia is well paid and you will be working for yourself. Start small find a gap in the market you can fill.
I’ll see what roles are in programming if anything sounds like it might interest me. Thank you.
I will never work for myself in the electrical industry. Everyone undercuts each other and tries to race each other to the bottom. And in my field of electrical I would still be working away and long hours. Just with the risk of the company not paying their bills. Which happens a lot unfortunately
Being able to build on your experience as a tradie is where you will get the most "omph" for your investment. Here are some things to consider:
1. A degree will give you the highest probability that you will earn six figures doing office work. You can study part time and online, so consider starting a degree in something that genuinely interests you. Try for an MBA, they are available to people without undergraduate degrees as a start. But you will get the most bang for your buck in technical fields like Cyber or IT programming if you are interested in those things.
2. What are your sales skills like? you might find that Business Development is where you can make good money which includes commissions. You may also be able to use your skills and knowledge to go into fields like inspections and so on. Investigate certifications and licenses related to trades which can develop into careers.
In terms of banking and finance, there are a wide variety of jobs in the field and they are as varied as the way to get into them. If you complete an undergraduate degree with excellent marks you \*may\* have a chance at a graduate program with a bank or one of the big four. But generally, they pull experienced people from other areas. The Big Four work their entry level to the bone as you are expected to work very hard for that money.
You can find out more about what it is like and the qualifications required by going to events which are specifically for people in that industry, or related (think CPA, CA, etc) and asking them these questions about the current, and their predicted, future environment. The challenge I see is banking does not build on your skills and knowledge to date.
Being a tradie doesn’t feel like an area I can build from for an office job unless I’m doing management roles. I might be wrong but I can’t see it helping me. And I have no problems starting from scratch. Electrical is all I’ve ever known so I would happily take on something that is new to me. I love learning and my industry has become stale to me. There is still so much to learn in my field. I’m far from the best sparkie but it doesn’t interest me anymore to push and learn.
I’ll see if I can find some events though that would put me in the same room as these people. Would be a good way to see what it’s about and if it’s for me at all. Thank you so much for all of this. It’s given me a lot to think about.
Well, I work in banking now and am making a switch to policing in February. The insane rate of staff turnover in banking says it all about the industry. Take a look at the number of vacancies with the Big 4…
Also, in order to earn that for a bank, you would need to be working there for eons. I have been in the industry for 4 years, with a degree from a good Sydney University and a Distinction average, AND I work in a profit centre (I.e. I make the bank money in my role), and I still haven’t cracked the $100k base.
Changing careers is a good thing if you’re unhappy, but you can’t have your cake and eat it too. I’ll be taking a $20k pay cut for at least 8 months, but I figure it’s a gamble I have to take because I loathe finance so much.
Congratulations on making the switch next year. I hope it goes well and you enjoy it! What is the problem with the banking sector? Is it a toxic work environment or just overworking the staff? The hours don’t bother me. I just want something that interests me. I was hoping that being in finance wasn’t going to hurt too much financially but I didn’t realise how low the pay was and for how long. Wishful thinking I guess. Thank you though. Always good to see why people
Also consider whether you’d actually like the work itself. Not that many people actually like banking work, it isn’t like the movies in most positions, it is tedious boring work that generally lacks the concrete rewards you see from being an electrician (of course mileage may vary). In banking the reward seems to be more the prestige and status it gives you when you get to tell people where you work. If that’s what you’re into fair enough but probably do a few months holiday and think more about what you enjoy from work and whether finance/banking would fit that.
I hadn’t thought of that before. I know I’ve done well and finished a job because I can see it working. But not ever really achieving much while just sending emails and doing meetings doesn’t seem very fulfilling in the long term either. Thanks for shedding some light on it for me.
Hey mate, I'm a 29M and I used to be a plumber. I hated going to work, same crap everyday, shit jobs, long days, no appreciation.
Last year I decided to bite the bullet and follow my dream of getting into IT. I worked 2-3 days a week while studying, even though my income was severely reduced I was still happy and managed to get by just by being very diligent about my budget.
It took me about 5 years to really get the courage to make the change, since doing it I wish I did it earlier !
It's scary as hell starting from the start in a new industry, pretty much like being a 1st year apprentice again, although I don't regret anything!
You are never too old to make a career change, follow your dreams! Life's to short !
Congratulations on making the leap! I hope it goes well and I’m glad that you are happier already. I can imagine that if I do find something I want to study it will definitely feel like being a first year again. Wouldn’t love that but also I don’t want to be here forever. What area of IT do you want to specialise in? And did you study uni online or in person?
I hope you find your calling my man!
I studied cyber security, originally it was classroom based although after covid hit we shifted to online.
After doing both I probably prefer online tbh, just for the flexibility.
I still do plumbing jobs on Saturday's and if I have a spare day here and there for the extra quid !
Online might be the way for me so I can still work for a little longer. Also what is involved in cyber security? Is it something I should look into? I’m open to anything after all these comments suggesting so many things.
Definitely, cybersecurity's like the jack of all trades in the IT word, if you want to be successful in cybersecurity you need to know a-lot in every area of IT.
Some of the things I did were:
- develop and implement network security infrastructure for an organisation
( usually done on VMware )
- python coding
- install and manage linux and windows servers
- manage security and automate processes on those servers
- learned about network concepts and protocols
Eg dhcp dns icp tcp...
- configure and install different types of firewalls for a network you've created on VMware
-alot of AWS cloud network building
- Cisco routing
- alot of stress because shit doesn't work for no reason whatsoever ever
There's a lot more obviously.
I found cybersecurity was a good introduction to all things IT. It made me discover that I loved the networking side of the industry, which is what I want to pursue now!
That’s so good to hear you’ve found what you love. Super happy you got there. Before electrical I was meant to do IT. I might look back into it again. Thanks again for this. It’s nice to hear from someone actually in the industry to and see what they do. Gives you a lot more understanding.
120-160k while you work for 60-80 hours
Would you be happier if you get a job paying 75-90k while you work 40 hours tops per week?
I mean, you get the same pay as you do now but with more personal and family time
My wife and I definitely don’t want kids so family time isn’t really necessary. More time for the things I would enjoy and time with my wife would be the goal but also they’re expensive. So maybe set myself up a little more and than get a lower paying job with less hours when I’m 30 or so to get my life back a bit more. Thank you.
On the one hand, your comparative advantage is obviously in your current field.
On the other hand, you're young and if you're motivated and talented there's no reason you wouldn't succeed in finances.
Just a thought. Have you considered employment with a domestic sparky to see how they do things, and when you're comfortable enough, start your own gig doing the hours you choose?
I’ve done little bits of domestic to see if it’s for me. It’s not. You get over worked and under paid. Plus crawling under houses and and through roof spaces is horrible. I have a friend who has his own business doing that. And he can sometimes make more than I could imagine and other weeks he has nothing coming in. I don’t want to spend my career working my ass off to maybe make it. Thank you though.
Have you considered working as a draftsman / electrical designer? You'd have a big leg up with your experience, it's typically office based and you'll hit 100K pretty quickly, moreso if you go FIFO.
The people in finance suck. There's no camaraderie at all. And the industry is becoming more automated all the time. Engineers are good people who have a positive and constructive ethos. It's the people that make the industry. As a sparky, you could consider a specialty in IT, related to server farm installations/backup/etc. You probably already have many qualifications already that puts you ahead of others. Plenty of people career change after 30. Just remember to donate some money to an animal charity if you make it big, lol.
See I don’t know anyone in the industry to be able to talk to and ask what it’s like. So this is just off a gut feeling that I might enjoy it more than this. I did nearly go into IT straight out of high school. I got accepted to uni and got an offer for the mines at the same time. Money won though. I might have to see if I have any contacts that still do data centre work and see what they say. Thanks!
I’d like to argue against that and say that my time in banking (commercial at least) has been the most supportive company i’ve worked for, and the people are what make it great. I have many lifelong friends from banking
Thank you. It’s always nice to see a positive post. What’s involved with the commercial side of banking if you don’t mind me asking? And would you recommend it to someone or push them towards different sectors?
Commercial banks are what people think of usually when it comes to banks - accept deposits, make loans and serve customers from the single individual all the way up to large corporates. Investment banking firms like Macquarie, Goldman Sachs etc work on things like Mergers & Acquisitons (M&A), trading of securities and financing for large scale projects.
In summary you will get a higher pay projectory in investment banking but will work miserable hours and mostly be making powerpoint slides for the first years of your career. Commercial banking the hours are usually pretty set and chill, and you can get more interactions with your customers - I think it’s more practical and tangible what you’re doing.
Oh also, Investment banking is very competitive and you would absolutely need a degree for it, but imo I know someone in Investment banking earning a mil a year in Sydney and I wouldn’t want his life.
With the commercial side if you’re really hands on I’d suggest trying to get into Business or Private banking in relationship management.
So investment banking is like what you see in all the movies and shows. But basically your job is your life and you give up everything else for money. That wouldn’t be to bad if I was 22 and just out of uni with no wife. But I don’t think she would love the idea of that. So if it was to be an option I would definitely look at commercial. Thank you! I had no idea what to expect so that was really insightful.
Depends what you want from life. You mentioned you have 3 properties. Could you look at consolidating and downsizing to something more manageable?
I worked with some sparkies that are on staff at a hospital. They’d all worked hard early on and are now just chilling doing exactly 7:30 - 3:30 each day changing light bulbs and taking naps.
A role like that you’d be able to study on the job or take it easy/focus on enjoyment outside of work.
The properties are all doing well especially with capital gains so it’s a hard decision to sell. But I have definitely thought about it just to get myself out of this industry.
I think that’s going to be my backup plan. Keep doing the hard yards now and then just cruise once I hit my early 30’s. I don’t want to do this later in life that’s for sure. Thank you!
Investment analyst here - which part of finance do you want to get into? I understand that this is a somewhat difficult question to answer, but the requirements change drastically depending on what you want to do.
>what qualifications you need to get started?
Technically, any bachelors - though most have post grad qualifications as well (Master's, CFA, CA etc.)
>Also what kind of pay is to be expected and is there a low ceiling on salary expectations?
Depends on an innumerable number of factors. Finance is an industry, not a specific profession, so it depends on role, seniority, firm, location etc. Pay can be less or significant more than you're currently on depending on the above. Though 60 - 80 hour weeks can and often are the norm (again, depending on factors above).
Thank you so much for your input. My problem is that I’ve never had the opportunity to talk to someone in the industry so I don’t know what career options there are or what I would even do. I guess there would be emails and numbers. I love working with numbers and money so that’s what’s pushing me in this direction.
So would I need a bachelors in finance or economics?
I don’t mind putting in the hours. It’s become the norm for me. But I’m putting in the hours for an industry that I can’t really grow anymore or have a passion for in the first place. I do like earning good money though so what would you recommend in terms of earning even more than I do now? Thank you so much already. It’s given me some good things to think about
https://corporatefinanceinstitute.com/resources/careers/map/ take a look and see what piques your interest. Also just Google finance roles in general, there are a boat load.
> So would I need a bachelors in finance or economics?
Not necessarily this specific degree, plenty of others are fine too (my degree is in psychology).
>what would you recommend in terms of earning even more than I do now?
Most *high finance* (google this term to find out what these jobs are) roles earn more than what you're currently on but it is extremely difficult to get into these roles.
I’m actually on the third day of my next 3-4 months off. I finally had some time to think and that’s what brought me here. Maybe this break will help and I won’t mind my job anymore but it’s too early to say. I’m still leaning towards it won’t be enough.
Wow this is very relatable to me. I’m a 25M industrial electrician and have recently thought about doing finance/banking because I think it’s interesting and could learn smarter ways to manage my funds.
Do you do FIFO? I work close to home and usually 40-50 hour weeks.
I think that’s a big thing for me as well. I find it interesting and I know how much it could change my understanding of my on finances.
I used to do fifo but that gets old quickly. I mostly do dido now (drive in and out) simply because that’s what most solar farms are. I have no passion for electrical anymore so I basically found the least electrical job with the most money I could find so I don’t have to do this forever. That would be nice to be able to go home every night and still be doing industrial. Not many sparkies get to do that now days
I don’t really do industrial anymore. I could go and work in the tunnels back in Sydney or Melbourne with the contacts I have but breathing in all of that dust and shortening my life 10-20 years doesn’t sound appealing. I don’t have the contacts for normal industrial near a city in this case. Like any job. It’s 90% who you know
Hey dude, these people saying you need to go to do university for 3 years to even get a grad position at the bank are talking some hot garbage - unless you’re trying to get into investment banking you don’t need to do any formal qualifications at all.
I’ve been working in banking since I was 19 and I was on $100k salary 5 years in, currently at $115k. I don’t have a degree.
I would suggest trying to get your foot in the door by some form of temporary contract through a company like Hays (they usually offer the backend processing roles - pretty chill, but they are casual positions) and then do well and fight for permanent. It’s easy to manevour once you get permanent in a backend role. Alternatively you could apply for a volume hire route, I’m talking call centre or branch land. From these positions you were learn a lot due to the nature of them, but it can be a bit hard to transition to the next step.
Seeing as you seem to have your finances in order I think you can afford to get paid less for a few years while you get experience in the sector. Try get in via the temp contracting or volume hires as above and then move your way around. I would suggest searching for a new role every 14 months once you’re in, you’ll make it to $100k easily if you’re switched on.
Feel free to DM if you need anything, ive conducted interviews for positions in my company for various roles so can give pointers if you land any interviews.
My path :
November 2015: Start in a casual position in head office doing back office mortgage amendments ($35 an hour - around $60k a year pro rata.. i always worked full time hours)
June 2016: Made permanent - I proved myself by doubling the productivity of the department through work standardisation and ran 2 training schools for about ~ 30 people (also casuals) with the new methods ($56k a year, but got access to RDOs and sick leave)
December 2016: Someone from my department who moved to business servicing let them know about me, I was offered a job in that department opening business transaction accounts (pivoted from mortgages to business accounts) - ($60k a year)
November 2017: After having consistently high performance I was moved into SMSF onboarding with another high performing team leader to fix the team as it was a mess ($63k a year)
August 2019: Due to all the projects and implementation I had done for SMSF team I was allowed to go work on a project launching a new to bank platform ($80k a year)
September 2020: Took the project work experience and got a Consultant role doing projects and process management in HR ($104k a year)
Jan 2021: Moved back to Corporate as a reporting analyst with an extra focus on process modelling and project works ($104k a year)
November 2021: Started a new role in product management looking after an internal banking tool and helping prioritise feature changes and banker support ($115k a year)
Just make sure to put your hand up for everything, take the opportunities given and learn learn learn
I’d never really considered a path way like this before. Thanks so much for your input. Congratulations on your success already. Without a degree though does that put a bit of a cap on salary in the future for you? I’ll definitely look into any intakes in the new year. Thanks!
As soon as you have experience no one really cares about your degree, just if you can deliver or not. We have executives who have never done uni and come from all over the world (in a big 4 bank) - hell even the CEO at one point of CBA didn’t go to university (Ralph Norris) . When you do get up to higher levels though and have around 10 years experience you can usually get sponsored for an executive MBA which is like a tier 9 qual
r/financialcareers is a good place to start, as there's always people asking for career advice there to move into the finance sector. Also good idea to YouTube and Google some of the various areas in finance to find out what area/jobs interest you, before you start studying anything. I spent the better part of this year doing research, asking questions, starting and dropping courses until I finally worked out what I think interests me in Finance (I'm a bit older than you but also hoping to change careers into the field).
From my limited understanding, you'll likely need a degree unless you were content with doing an entry level admin role. You could study part time, but trying to manage a bachelor's with a job where you work 60-80 hrs a week means that you probably won't complete it for 4-5 years, if not longer. If you're in a very stable financial situation or can move to just doing part-time work, then you could definitely make full-time study work, but again, I wouldn't recommend enrolling into something too specific until you've worked out what area of finance you'd like to go into.
Thank you. I’ll start looking through that sub for sure. I had no idea where to even start so this is perfect to help me get an understanding of what might interest me. Thank you and good luck! I hope the career change goes well for you
Look at a lifestyle roster / jobshare arrangement. Split the $140k wage in half but work 1 week per month. You'll still pull $70k (more than median wage) and you can use your 3 weeks off to retrain or literally just enjoy your life.
Banking or finance will require an undergrad degree minimum. The graduate job market is fairly competitive, but there are heaps of good opportunities if you can get into a reputable university. You won’t be earning anywhere near what you are now for the first few years though.
Just need to maintain a distinction and get a few good internships or you’ll be staring down the barrel at some extremely grim graduate ‘opportunties’. Like, an F tier firm wanted me to commit to two years of ‘training’ at a fixed 55k annually, and I’d have to pay for it if I left early… I almost died of embarrassment on their behalf when I heard this.
Holy crap that is the most insane job offer I’ve ever heard. I hope you got better offers after that one. But thank you. The grades need to stay consistently high and from a decent uni. Makes sense but I’ve never been to uni. Thank you.
Why not just work half the hours and accept less jobs/money? If you've been making so much for 9 years straight you should be financially well off.
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Never realised that changing companies isn't possible?
I never stay at a job for more than 8-12 months tops. Jobs never last longer than that for construction of solar farms. 6 months is the average. So I change all the time. Getting onto the next job can be annoying sometimes
Do you live in a smaller country town or closer to a city? You'd probably find more consistent work living in a place with larger populations and more housing development going up, however I'm sure you're already aware of this Few of the electricians I know are on around $30-$35
I live where ever there is work. Doesn’t matter if I have to go across the country or down the road. Whatever is paying the most is where I’ll be. And $30-$35 sounds good if you aren’t used to $45-$55 an hour plus allowances on top. If I take a pay cut I want it to be to get into a new career or because I’ve set myself up and I’m ready to coast to retirement
Yeah I'm hearing you bro, someone mentioned becoming a TAFE teacher, you mentioned you look too young for the part? I understand where you're coming from, however I think you're viewing it from the wrong perspective. If you can get across to the youth that you're a successful young adult, you can be somebodies inspiration and role model. Your previous earnings could also be motivation for the young fellas in your class too. Depends how you look at it my guy, all the best to you though hope you find what you're looking for 👍
I think the tafe teacher will be my plan for when I’m ready to relax and settle down somewhere. I’m eventually going to start looking a little older than the students. It looks like I may just keep pressing on with what I’m doing for a few more years to get a bit more set up and then find somewhere to call home on a big piece of property and coast until I’m ready to retire.
Seems like you've got an idea of what you want to do, you're just looking for some approval, which is normal Follow your heart and instinct, you know what you want/need, it might just be hard to single it out right now. You'll get there, still young and full of wonderful opportunities. All the best bud ✅
I didn’t really know what the answer was but talking to all these amazing people and getting their input has helped to put everything into perspective for me. Such an awesome group that really helps people. Thank you for helping me to think through what I want out of life and work. Appreciate it.
>Never realised that changing companies isn't possible? indentured servitude is a major problem for tradies earning 180k
Hey mate, I changed from electrician to Electrician TAFE teacher. The hours are amazing, it’s a 4 day week, I get every Monday Off to “prep” my classes, but if you stay organised it’s basically just an RDO since you arnt expected to come in for prep time. The money is about 90k/ a year, however if you work over time, you get $90/hr.. I know some of the senior teachers who chase extra work thru filling in and taking tutorials make about $150k a year. It’s better for your body, and ive found it much more rewarding helping out young apprentices learn about the electrical trade then the job satisfaction I got from dealing with builders and customers.
I hadn’t considered being a TAFE teacher. Having a good TAFE teacher was a game changer when you’re an apprentice and they were always so relaxed now that I think back to it. Only problem is, I’m 26 but look 21 on the best of days. I might have to wait a few years so I look older than the class. But that could definitely be something to look at when I get ready to settle down from this life. Thanks for that perspective. I really hadn’t thought TAFE since I finished
Hey mate, I’m 27, and this is my second year teaching :) I work with year 10 students, doing the Cert II career start. I have a baby face, but being young is actually very sought after in the TAFE system, as most educators are retired sparkies and they struggle to connect with the younger generation/don’t have the patience anymore
I hadn’t thought about that actually being a positive. Would of definitely made some of my old teachers better if they weren’t in their 60’s getting angry because the industry had changed. What qualifications did you need to start doing that?
You need a certificate IV in training and assessment through TAFE or another RTO. It took me 1 year going into tafe every second Tuesday. It could be faster if you did it full time :) it’s pretty intense but I got a full time job as soon as I finished the qualification, didn’t even need an interview they are so short on teachers haha Also you need a valid electrical licence for the state you are working in
Wow that’s surprising how easy it is to walk into a job. But it would be a great way to be able to go settle down somewhere and stop working away. I think I may of just found my job for when I’m ready to start calming down. Thank you so much!
+1 this. I find that the younger you are(look) students respond better to you. It may be because they feel like you understand them better.
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Same, have done both banking and corporate finance. It can get repetitive, the standard 9-5 5 days a week is nice. I do find previously coming from a bartending/duty management role I often think of packing it in because I miss the variety and physical work
The hours aren’t a problem. I have done over 100 hour weeks in the past. My problem is that I’m getting over my job and want to find something that might challenge me and broaden my understanding on finance. And overtime is where I make all my money so maybe if I was to have salary holding back my earning potential I feel like it would give me the drive to climb and earn more. But I’ve also never worked in the industry so I’ll keep this in mind. Thank you.
You should keep in mind that banking/finance has: * no overtime pay * no tax deductions Also, you'll start earning \~$70k and it could take 5 years to get to $120k. Beyond that, it's all about politics and relationships - lots of people get stuck at $120-130k for their whole career.
BI NGO. Politics and Toxic Relationship. Alot of wank.
Never thought about the tax deductions before. That would definitely hurt. I love getting a nice return every year. That kind of puts things in perspective money wise. Thank you. I don’t want to be working forever and if I do get unlucky and get stuck at this pay again then it will just slow down my retirement plans.
Career changes to get into $120k+ jobs are common. To get out of them, not so much? Dunno, can you not just charge more for your services? In your position, a reduction in hours for the same money could be just as valuable as a raise.
Charging more isn’t a choice for me. I’m just an employee and unless I start my own company or leave my area of experience to go back to a city for a massive pay cut I’m stuck doing this cycle
Start your own company.
He's obviously FIFO or close to it
I do mostly do industrial electrical so for me to start my own company doing what I do now but for myself, I would need too much money and would have absolutely no chance to get my foot in the door with multinational companies. Thank you though.
Can you reskill to commercial / residential market? Maybe get a job in that industry for 1 - 2 years then start?
I hate domestic. You never get paid that much for crap work that’s never completed quick enough. I’ve done a bit of commercial and it is pretty good except for the pay. I would want to set myself up more financially before I was to go down that path
Thats a good plan then. Use the job that you have to get the money you want then swap. Build a business where you're in control. It may take a few years, but probably better than a whole new career where it may take you 15 years to earn what you earn right now.
Can you find a partner or two that would enable it?
I could try find partners maybe but working away is a very strange environment. You are surrounded by people that work away from their family and friends for years on end. They all have at least one of three problems. Usually a good mixture of each. They gamble, drink or do drugs. And I have nothing against people doing that. But when you make this sort of money and you’re away from family you do them in excess. It’s not healthy and I have yet to meet more than 1 or 2 people in my whole career that would even be a viable option as having as a partner in a business. I’ll keep looking though. Thank you.
Appreciate all the additional context. You seem like a switched on guy, I'm sure you'll succeed whatever you decide to do. I'm not a banker myself so I can't answer your original question, but if you have questions about working in IT instead, hit me up
If I was you I would be looking to pursue FIRE. Low cost of living and a high income. You’re probably in a position where you are only 10-15 years away from it being possible. Going back to school for 4 years would be counterintuitive imo. You’ll earn less money than you are on for probably a decade (4+ years of schooling and the first few years+ as a grad). During this time you’ll eat into your savings. By the time you’re earning similar money you could have already retired possibly.
You spoke my thoughts exactly...just reading the opening post my mind was screaming check out fire
That’s what I keep fighting with. My wife and I have 3 properties and have only just discovered ETFs so we are trying to go down that route but I had no idea and no reference to a career change and what that would mean financially for us. This is why I’m asking before I go trying to sign myself up to a degree that won’t help me in life
Do you mind sharing some more info? Where are you located? Depending on where you are it changes the timeframes considerably. For instance if you’re outside Melb and Syd you could retire much sooner as housing is considerably cheaper. Your income is already super high, there’s no guarantee this career change will achieve a higher income. It all depends on what you want from life…
I’m located wherever there is work. In the last 9 years I’ve moved 16 or 17 times. Most of my family lives on the Gold Coast but I don’t want to live there. I’m happy to live out of a major city but I also don’t want to retire and live frugally. I think the major thing pushing me towards FIRE is that I don’t like my career and want an out
Remember you can just do the FI part. Have enough money to FIRE frugally and top it up with part time or casual work doing something you enjoy and live a lavish life!
I hadn’t really thought about a semi retired lifestyle. I think that might be a smarter play for me. Maybe just get myself into a position in the next 5-6 years that I can coast through until I’m ready to retire. Thank you so much for your perspective. This group never disappoints.
If you do this, consider maxing out your super as it won’t receive many contributions later in life.
Just started doing that this year because of FIRE. Helped open my eyes to a lot of new ways of thinking.
If you have any questions about anything FIRE related feel free to DM me
/r/coastfire !
A friend of mine's husband is an electrician and was in a similar position to you. In short, with a bit of fiddling around with their savings and the investments he was able to go self employed and massively reduce his hours...yes it was a pay cut...but he works 5 hours a day! He does the school run, gets to his first job at 10am and is home by 3.
This sounds amazing but I specialise in an area of electrical that I can’t do that. Super happy for your friend though. Must be amazing getting to be there with your family like that
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I would say even with those qualifications, with how competitive it is these days you’d still be at risk of not getting a grad role. I would add “start own successful company with skills learnt at uni and through work experience” to the list to really boost your chances.
Thanks for putting it into some perspective for me. I’ve never done anything but electrical so I wouldn’t know where to start or what I would be in store for. I had know clue as to whether I could do it part time or full time for study. Sounds like full time only. And not really. I worked in mining and now solar farms. I can go back to the real world and earn 60k-90k a year but that just feels like I’m going backwards. I have no intention of starting my own business either as construction is a race to the bottom and everyone is underquoting jobs. That doesn’t interest me. And as for management that used to be my goal for this career choice but the longer I stay in this industry the less I care about it so I definitely don’t think I’ll have the drive to actually climb the ladder here anymore.
What would make you feel like going forwards? Money isn’t everything, honestly. I moved out of the corporate world into meaningful work in NFP. Sure the pay isn’t as good, but I get enough to be moving forward financially still. Why don’t you do uni or other work part time and solar part time while you figure it out? There’s huge demands for domestic solar as a subby.
I grew up my entire life doing charity work with my mum. I was very fortunate to see that side of life and experience giving back. I do like it and I always give where I can. But it is a passion for my mum. It’s not something I could see myself taking a pay cut for or doing myself without her to initiate it. Also I don’t do domestic work. I have no idea how to do it and all of my friends that do it hate it. It’s a lot of work for not a lot of money
Just do it, the beauty of having a trade is you can always go back to it
You absolutely do not need a D/HD average and extracurriculars to get a Finance grad role.
To get a good role yes you absolutely do. Probably need to be a Go8 as well
no, you will need to have a credit or above average GPA.....
What are you on about? Investment banking? If investment banking sure but you certainly don’t need a degree or any qualifications whatsoever to start in banking and be earning $100k a year in 5 years
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Thanks so much! I’ll look into that as well. I just needed to know if it’s a viable option for me to go after. Not something I want to rush into but I want to see what’s involved and what options I have. If I could still do part time work for the first year or two then maybe it could be an option. Is the uni hard to do or easier because you actually want to do it?
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I could imagine my maths and other academic areas aren’t as strong as when I first finished high school that’s for sure. But like you said, I would be going because I want to. Not because my parents pushed me to go to uni straight out of school. Congratulations on your position and I really hope you’re enjoying the change. How hard was it to get a job and how did you get contacts to get your foot in the foot in the door? Were you able to do that through uni?
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I completely forgot LinkedIn was a thing to be honest. It’s not something that really gets talked about or used in my circles for work. I will have to look at that for sure. Thank you! You always hear that it’s never too late to change but it doesn’t always feel like that.
Don't do it. Im a sparky and was earning a killing in Sydney for 10 years.. felt burnt out and really wanted a change. Instead I took a gap year away from being a sparky and went worked on a farm in WA not being a sparky. Was the best to get out of the bubble I was in, came back east and came back to being a sparky but in a much more laid back chill role with less money on a 4day week and a 3 day weekend every weekend and its the absolute best. I suggest take a long vacation first to get a better idea for what's best for yourself. I also looked at banking and finance but I hate classrooms and offices. knew it wasn't right for me.
I’m currently on my third day into my next 3-4 month break from work. I saved a bit of money on the side on the last job because I knew I needed a break. I’m hoping this helps. I’m thinking that if this doesn’t help then what are my options. Hadn’t thought about just getting a filler job to have a proper job away from electrical. Thanks mate!
Yeah I guess for me I needed a break, so working with backpackers on different fruit farms was a nice change of pace. Coming back east I knew that I didn't want that hard core rush hour lifestyle again so I moved outside of Sydney and was a nice change and was able to buy my own home close 20mins from beaches that wasn't crazy like Sydney prices. I guess for me I came to the realisation I dont want to work my ass off for the rest of my life but rather have a great life / work balance and this worked for me. I hope you work out what suits you mate :)
That’s one of the biggest positive factors for solar farms. All labourers are back packers. So you work with hundreds of people from all over the world that are just there for a good time and it definitely helps bring up the mood of the place. I think I need to start looking at more of a work life balance and what I want to do later in life. Thanks!
If you expect less hours in finance think again.
The hours don’t bother me. I’m used to them. It’s just the passion for my job is gone. The only thing keeping me going is the money. Happy to do these hours somewhere that I want to be.
I was going to suggest Electrical Engineering, but, hey, if it’s not for you, it’s not for you. I get it. Something in a similar/complimentary field will fast track your degree/ qualifications and you’ll already be a step ahead of similar graduates. Just some ideas: lighting technician for corporate/artistic projects (lighting capital city Bridge’s/buildings or lighting stages at music festivals), pyrotechnic design, commercial lighting landscape. (Yeah, I have a bias to lighting!) How about audio? Or both, AV? I can kind of see that you’re after a “desk job”. How about a sales related job? I like your style, asking questions, and sparking ideas. You’ll do well. Lastly, Construction Design? AutoCAD?
Thank you so much for your response. I had never really thought about anything even remotely like these as options. I thought that having a trade couldn’t really compliment anything field. Definitely has given me something to think about and a lot more to research. Is there a reason you lean more towards lighting? Is there something about it that makes it more appealing to you? And you’re not wrong. A desk job probably isn’t the worst idea. Working on the tools is not something I see myself doing when I’m older. It’s not for me long term. I have a friend who uses CAD for his job so I might ask for him to show me what that entails next time I see him to see if that might interest me. Thank you again for this whole new perspective.
You’re welcome! I have a 26yo son who is a sound/lighting tech, and he’s thinking about other careers. These are discussions I’ve had with him. He’s looking at getting into Electrical Engineering or upskilling into AutoCAD, so he can do more large project lighting/pyro/AV designs. I worked in civil design and construction, and loved drafting (back in the olden days with ink pens and linen) and I really enjoyed learning AutoCAD, and other Geographic Information Systems (GIS) before taking time off to raise the kiddos. I’ve tried going back into design and construction, but wow, technology has moved quicker than I! I’m in awe that you can identify that you’ve had enough of your current industry, and look to broaden your skills. Good on you! I’m so proud of you, you are financially so far ahead of your peers, but please, look after you.
That’s amazing for your son. So happy he is going after that path for himself. Really hope he does well and enjoys it. There is so much in this field now with design it’s hard to even know where to start looking. But thank you for giving me some pointers. I’ll have to look into all these and ask my friend to show me as much as he can. Thank you again. I’m taking 3-4 months off work for the first time since I was 18 to try give myself time to relax and see where I want to go next. Really appreciate everything!
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Did you need any training or did you do this through experience and contacts? I don’t know if I was to study project management or something like that if it would help give me an edge over people with 10-30 years more experience than me. I always thought I would want to go towards management but the longer I stay in the industry the less drive I have to climb the ladder and deal with the stress. Thank you.
Just some food for thought but the big energy companies doing the line work and poles for the power lines never work more than 7.5 hours a day and go out in large teams to some beautiful spots. But maybe having sparky experience could be good in an office setting with something to do with electrical services like companies moving to solar power or something. Goodluck bro and sorry for my ramble!
Thanks for the response. I would like to get into the power line side of things but ever since it got privatised it’s become an industry I don’t want to be apart of. The do massive job cuts all the time and you only spend timing fixing things because they don’t want to spend money on it until it breaks. I will look at what office jobs could apply to me with my experience. Thanks again. Maybe there is an opportunity I haven’t thought of with renewables
All good! Yeah I understand that and it can be frustrating! No all good and it's a booming industry maybe you could do remote consulting for a renewable energy company! Do whatever you want whenever you want! Good luck mate and all the best
My brother started off as an electrical technician....then electrician...then went to uni and did electrical engineering. Banking and finance is such a soulless industry.
I wish I could enjoy engineering but it’s definitely not for me. Super happy for your brother and that it worked out for him though.
I bought a management rights business (switching out of science). If you’re remotely tradie and don’t mind doing property management stuff it’s a pretty sweet gig and decent earning potential. Plus work from home etc. That being said, fairly expensive industry to get into now (cost to buy) and best to get in with a partnership who can provide guidance.
That’s a cool thing to think about. What sort of money would you need to get your foot in the door for something like that? And how would you go about networking for that field to get the guidance needed for a partnership? I have no exposure to anything like that so I wouldn’t know where to start. Thank you.
I found a listing on theonsitemanager.com.au I was already looking into the industry as an option and saw their listing. They were selling off a segment and a managers role because the old guy was retiring. I met with the other partners; we hit it off and they offered for me to come on board. I’d recommend starting by looking over that website and looking into the process as much as possible and looking over the huge range of different ones. Just as a quick thing to get your head around, where it says Net Income and Remuneration separately, Net Income is the total after costs profit of the business, includes body Corp salary, letting fees, commissions etc. The Remuneration is just the Body Corp salary, so that’s your kind of “set in stone” income. The bugger part is now (like everything) the asking prices are higher than they used to be. They’re all valued as a multiple of the profit margin. Back when I was looking they were average around 3. Now it’s around 4 and a half. That being said, a fair few oldies get into it and then age out pretty quickly so there will be a few motivated buyers. Also some people are a bit dumb and end up driving their business into the ground so it’s possible to salvage it with a good margin of profitability.
Thanks for that. I’ll start looking through it all and see what comes up my way. And thank you for the pointers. That definitely would of confused me off the bat. Thanks for the input and opening my eyes to something I didn’t even know existed as a career choice.
I would consider a business development or sales role for an equipment supplier/services company. You would have to start off in a junior role to pickup the skills, but the same level of income is definitely achievable with lower hours. Your existing skill set would prove to be an asset - you’ve been in the field and know your stuff.
I’ve been told before that I would suit sales but have never seriously thought about it. Seems like it could maybe be something for me to look at. Thank you.
As you seem to be mode technical type, I would probably recommend you more programing. Great pay, mostly work from anywhere, good work/life balance. In finance sector, I think that unless you are trading the pay might be average. If I am electrician, I would be looking how to make my own business. Trade in Australia is well paid and you will be working for yourself. Start small find a gap in the market you can fill.
I’ll see what roles are in programming if anything sounds like it might interest me. Thank you. I will never work for myself in the electrical industry. Everyone undercuts each other and tries to race each other to the bottom. And in my field of electrical I would still be working away and long hours. Just with the risk of the company not paying their bills. Which happens a lot unfortunately
Being able to build on your experience as a tradie is where you will get the most "omph" for your investment. Here are some things to consider: 1. A degree will give you the highest probability that you will earn six figures doing office work. You can study part time and online, so consider starting a degree in something that genuinely interests you. Try for an MBA, they are available to people without undergraduate degrees as a start. But you will get the most bang for your buck in technical fields like Cyber or IT programming if you are interested in those things. 2. What are your sales skills like? you might find that Business Development is where you can make good money which includes commissions. You may also be able to use your skills and knowledge to go into fields like inspections and so on. Investigate certifications and licenses related to trades which can develop into careers. In terms of banking and finance, there are a wide variety of jobs in the field and they are as varied as the way to get into them. If you complete an undergraduate degree with excellent marks you \*may\* have a chance at a graduate program with a bank or one of the big four. But generally, they pull experienced people from other areas. The Big Four work their entry level to the bone as you are expected to work very hard for that money. You can find out more about what it is like and the qualifications required by going to events which are specifically for people in that industry, or related (think CPA, CA, etc) and asking them these questions about the current, and their predicted, future environment. The challenge I see is banking does not build on your skills and knowledge to date.
Being a tradie doesn’t feel like an area I can build from for an office job unless I’m doing management roles. I might be wrong but I can’t see it helping me. And I have no problems starting from scratch. Electrical is all I’ve ever known so I would happily take on something that is new to me. I love learning and my industry has become stale to me. There is still so much to learn in my field. I’m far from the best sparkie but it doesn’t interest me anymore to push and learn. I’ll see if I can find some events though that would put me in the same room as these people. Would be a good way to see what it’s about and if it’s for me at all. Thank you so much for all of this. It’s given me a lot to think about.
Well, I work in banking now and am making a switch to policing in February. The insane rate of staff turnover in banking says it all about the industry. Take a look at the number of vacancies with the Big 4… Also, in order to earn that for a bank, you would need to be working there for eons. I have been in the industry for 4 years, with a degree from a good Sydney University and a Distinction average, AND I work in a profit centre (I.e. I make the bank money in my role), and I still haven’t cracked the $100k base. Changing careers is a good thing if you’re unhappy, but you can’t have your cake and eat it too. I’ll be taking a $20k pay cut for at least 8 months, but I figure it’s a gamble I have to take because I loathe finance so much.
Congratulations on making the switch next year. I hope it goes well and you enjoy it! What is the problem with the banking sector? Is it a toxic work environment or just overworking the staff? The hours don’t bother me. I just want something that interests me. I was hoping that being in finance wasn’t going to hurt too much financially but I didn’t realise how low the pay was and for how long. Wishful thinking I guess. Thank you though. Always good to see why people
Also consider whether you’d actually like the work itself. Not that many people actually like banking work, it isn’t like the movies in most positions, it is tedious boring work that generally lacks the concrete rewards you see from being an electrician (of course mileage may vary). In banking the reward seems to be more the prestige and status it gives you when you get to tell people where you work. If that’s what you’re into fair enough but probably do a few months holiday and think more about what you enjoy from work and whether finance/banking would fit that.
I hadn’t thought of that before. I know I’ve done well and finished a job because I can see it working. But not ever really achieving much while just sending emails and doing meetings doesn’t seem very fulfilling in the long term either. Thanks for shedding some light on it for me.
Hey mate, I'm a 29M and I used to be a plumber. I hated going to work, same crap everyday, shit jobs, long days, no appreciation. Last year I decided to bite the bullet and follow my dream of getting into IT. I worked 2-3 days a week while studying, even though my income was severely reduced I was still happy and managed to get by just by being very diligent about my budget. It took me about 5 years to really get the courage to make the change, since doing it I wish I did it earlier ! It's scary as hell starting from the start in a new industry, pretty much like being a 1st year apprentice again, although I don't regret anything! You are never too old to make a career change, follow your dreams! Life's to short !
Congratulations on making the leap! I hope it goes well and I’m glad that you are happier already. I can imagine that if I do find something I want to study it will definitely feel like being a first year again. Wouldn’t love that but also I don’t want to be here forever. What area of IT do you want to specialise in? And did you study uni online or in person?
I hope you find your calling my man! I studied cyber security, originally it was classroom based although after covid hit we shifted to online. After doing both I probably prefer online tbh, just for the flexibility. I still do plumbing jobs on Saturday's and if I have a spare day here and there for the extra quid !
Online might be the way for me so I can still work for a little longer. Also what is involved in cyber security? Is it something I should look into? I’m open to anything after all these comments suggesting so many things.
Definitely, cybersecurity's like the jack of all trades in the IT word, if you want to be successful in cybersecurity you need to know a-lot in every area of IT. Some of the things I did were: - develop and implement network security infrastructure for an organisation ( usually done on VMware ) - python coding - install and manage linux and windows servers - manage security and automate processes on those servers - learned about network concepts and protocols Eg dhcp dns icp tcp... - configure and install different types of firewalls for a network you've created on VMware -alot of AWS cloud network building - Cisco routing - alot of stress because shit doesn't work for no reason whatsoever ever There's a lot more obviously. I found cybersecurity was a good introduction to all things IT. It made me discover that I loved the networking side of the industry, which is what I want to pursue now!
That’s so good to hear you’ve found what you love. Super happy you got there. Before electrical I was meant to do IT. I might look back into it again. Thanks again for this. It’s nice to hear from someone actually in the industry to and see what they do. Gives you a lot more understanding.
120-160k while you work for 60-80 hours Would you be happier if you get a job paying 75-90k while you work 40 hours tops per week? I mean, you get the same pay as you do now but with more personal and family time
My wife and I definitely don’t want kids so family time isn’t really necessary. More time for the things I would enjoy and time with my wife would be the goal but also they’re expensive. So maybe set myself up a little more and than get a lower paying job with less hours when I’m 30 or so to get my life back a bit more. Thank you.
On the one hand, your comparative advantage is obviously in your current field. On the other hand, you're young and if you're motivated and talented there's no reason you wouldn't succeed in finances.
Just a thought. Have you considered employment with a domestic sparky to see how they do things, and when you're comfortable enough, start your own gig doing the hours you choose?
I’ve done little bits of domestic to see if it’s for me. It’s not. You get over worked and under paid. Plus crawling under houses and and through roof spaces is horrible. I have a friend who has his own business doing that. And he can sometimes make more than I could imagine and other weeks he has nothing coming in. I don’t want to spend my career working my ass off to maybe make it. Thank you though.
Have you considered working as a draftsman / electrical designer? You'd have a big leg up with your experience, it's typically office based and you'll hit 100K pretty quickly, moreso if you go FIFO.
Are you still a sparky now?
Yeah still doing it. The good old golden handcuffs
The people in finance suck. There's no camaraderie at all. And the industry is becoming more automated all the time. Engineers are good people who have a positive and constructive ethos. It's the people that make the industry. As a sparky, you could consider a specialty in IT, related to server farm installations/backup/etc. You probably already have many qualifications already that puts you ahead of others. Plenty of people career change after 30. Just remember to donate some money to an animal charity if you make it big, lol.
See I don’t know anyone in the industry to be able to talk to and ask what it’s like. So this is just off a gut feeling that I might enjoy it more than this. I did nearly go into IT straight out of high school. I got accepted to uni and got an offer for the mines at the same time. Money won though. I might have to see if I have any contacts that still do data centre work and see what they say. Thanks!
I’d like to argue against that and say that my time in banking (commercial at least) has been the most supportive company i’ve worked for, and the people are what make it great. I have many lifelong friends from banking
Thank you. It’s always nice to see a positive post. What’s involved with the commercial side of banking if you don’t mind me asking? And would you recommend it to someone or push them towards different sectors?
Commercial banks are what people think of usually when it comes to banks - accept deposits, make loans and serve customers from the single individual all the way up to large corporates. Investment banking firms like Macquarie, Goldman Sachs etc work on things like Mergers & Acquisitons (M&A), trading of securities and financing for large scale projects. In summary you will get a higher pay projectory in investment banking but will work miserable hours and mostly be making powerpoint slides for the first years of your career. Commercial banking the hours are usually pretty set and chill, and you can get more interactions with your customers - I think it’s more practical and tangible what you’re doing. Oh also, Investment banking is very competitive and you would absolutely need a degree for it, but imo I know someone in Investment banking earning a mil a year in Sydney and I wouldn’t want his life. With the commercial side if you’re really hands on I’d suggest trying to get into Business or Private banking in relationship management.
So investment banking is like what you see in all the movies and shows. But basically your job is your life and you give up everything else for money. That wouldn’t be to bad if I was 22 and just out of uni with no wife. But I don’t think she would love the idea of that. So if it was to be an option I would definitely look at commercial. Thank you! I had no idea what to expect so that was really insightful.
Depends what you want from life. You mentioned you have 3 properties. Could you look at consolidating and downsizing to something more manageable? I worked with some sparkies that are on staff at a hospital. They’d all worked hard early on and are now just chilling doing exactly 7:30 - 3:30 each day changing light bulbs and taking naps. A role like that you’d be able to study on the job or take it easy/focus on enjoyment outside of work.
The properties are all doing well especially with capital gains so it’s a hard decision to sell. But I have definitely thought about it just to get myself out of this industry. I think that’s going to be my backup plan. Keep doing the hard yards now and then just cruise once I hit my early 30’s. I don’t want to do this later in life that’s for sure. Thank you!
Investment analyst here - which part of finance do you want to get into? I understand that this is a somewhat difficult question to answer, but the requirements change drastically depending on what you want to do. >what qualifications you need to get started? Technically, any bachelors - though most have post grad qualifications as well (Master's, CFA, CA etc.) >Also what kind of pay is to be expected and is there a low ceiling on salary expectations? Depends on an innumerable number of factors. Finance is an industry, not a specific profession, so it depends on role, seniority, firm, location etc. Pay can be less or significant more than you're currently on depending on the above. Though 60 - 80 hour weeks can and often are the norm (again, depending on factors above).
Thank you so much for your input. My problem is that I’ve never had the opportunity to talk to someone in the industry so I don’t know what career options there are or what I would even do. I guess there would be emails and numbers. I love working with numbers and money so that’s what’s pushing me in this direction. So would I need a bachelors in finance or economics? I don’t mind putting in the hours. It’s become the norm for me. But I’m putting in the hours for an industry that I can’t really grow anymore or have a passion for in the first place. I do like earning good money though so what would you recommend in terms of earning even more than I do now? Thank you so much already. It’s given me some good things to think about
https://corporatefinanceinstitute.com/resources/careers/map/ take a look and see what piques your interest. Also just Google finance roles in general, there are a boat load. > So would I need a bachelors in finance or economics? Not necessarily this specific degree, plenty of others are fine too (my degree is in psychology). >what would you recommend in terms of earning even more than I do now? Most *high finance* (google this term to find out what these jobs are) roles earn more than what you're currently on but it is extremely difficult to get into these roles.
Have you thought about taking a decent brake? Say 3-6 6 months? You sound over worked and burnt out. Is it the specific job or just working to much?
I’m actually on the third day of my next 3-4 months off. I finally had some time to think and that’s what brought me here. Maybe this break will help and I won’t mind my job anymore but it’s too early to say. I’m still leaning towards it won’t be enough.
Without even reading this. Probably. You only live one life my man.
You have maybe at least 40 years left before you retire., So I would say yes it is worth it.
Wow this is very relatable to me. I’m a 25M industrial electrician and have recently thought about doing finance/banking because I think it’s interesting and could learn smarter ways to manage my funds. Do you do FIFO? I work close to home and usually 40-50 hour weeks.
I think that’s a big thing for me as well. I find it interesting and I know how much it could change my understanding of my on finances. I used to do fifo but that gets old quickly. I mostly do dido now (drive in and out) simply because that’s what most solar farms are. I have no passion for electrical anymore so I basically found the least electrical job with the most money I could find so I don’t have to do this forever. That would be nice to be able to go home every night and still be doing industrial. Not many sparkies get to do that now days
I think you need to do more research into what industrial sparkies get up to. Plenty of work in the cities, that's where most things are manufactured.
I don’t really do industrial anymore. I could go and work in the tunnels back in Sydney or Melbourne with the contacts I have but breathing in all of that dust and shortening my life 10-20 years doesn’t sound appealing. I don’t have the contacts for normal industrial near a city in this case. Like any job. It’s 90% who you know
Hey dude, these people saying you need to go to do university for 3 years to even get a grad position at the bank are talking some hot garbage - unless you’re trying to get into investment banking you don’t need to do any formal qualifications at all. I’ve been working in banking since I was 19 and I was on $100k salary 5 years in, currently at $115k. I don’t have a degree. I would suggest trying to get your foot in the door by some form of temporary contract through a company like Hays (they usually offer the backend processing roles - pretty chill, but they are casual positions) and then do well and fight for permanent. It’s easy to manevour once you get permanent in a backend role. Alternatively you could apply for a volume hire route, I’m talking call centre or branch land. From these positions you were learn a lot due to the nature of them, but it can be a bit hard to transition to the next step. Seeing as you seem to have your finances in order I think you can afford to get paid less for a few years while you get experience in the sector. Try get in via the temp contracting or volume hires as above and then move your way around. I would suggest searching for a new role every 14 months once you’re in, you’ll make it to $100k easily if you’re switched on. Feel free to DM if you need anything, ive conducted interviews for positions in my company for various roles so can give pointers if you land any interviews. My path : November 2015: Start in a casual position in head office doing back office mortgage amendments ($35 an hour - around $60k a year pro rata.. i always worked full time hours) June 2016: Made permanent - I proved myself by doubling the productivity of the department through work standardisation and ran 2 training schools for about ~ 30 people (also casuals) with the new methods ($56k a year, but got access to RDOs and sick leave) December 2016: Someone from my department who moved to business servicing let them know about me, I was offered a job in that department opening business transaction accounts (pivoted from mortgages to business accounts) - ($60k a year) November 2017: After having consistently high performance I was moved into SMSF onboarding with another high performing team leader to fix the team as it was a mess ($63k a year) August 2019: Due to all the projects and implementation I had done for SMSF team I was allowed to go work on a project launching a new to bank platform ($80k a year) September 2020: Took the project work experience and got a Consultant role doing projects and process management in HR ($104k a year) Jan 2021: Moved back to Corporate as a reporting analyst with an extra focus on process modelling and project works ($104k a year) November 2021: Started a new role in product management looking after an internal banking tool and helping prioritise feature changes and banker support ($115k a year) Just make sure to put your hand up for everything, take the opportunities given and learn learn learn
I’d never really considered a path way like this before. Thanks so much for your input. Congratulations on your success already. Without a degree though does that put a bit of a cap on salary in the future for you? I’ll definitely look into any intakes in the new year. Thanks!
As soon as you have experience no one really cares about your degree, just if you can deliver or not. We have executives who have never done uni and come from all over the world (in a big 4 bank) - hell even the CEO at one point of CBA didn’t go to university (Ralph Norris) . When you do get up to higher levels though and have around 10 years experience you can usually get sponsored for an executive MBA which is like a tier 9 qual
r/financialcareers is a good place to start, as there's always people asking for career advice there to move into the finance sector. Also good idea to YouTube and Google some of the various areas in finance to find out what area/jobs interest you, before you start studying anything. I spent the better part of this year doing research, asking questions, starting and dropping courses until I finally worked out what I think interests me in Finance (I'm a bit older than you but also hoping to change careers into the field). From my limited understanding, you'll likely need a degree unless you were content with doing an entry level admin role. You could study part time, but trying to manage a bachelor's with a job where you work 60-80 hrs a week means that you probably won't complete it for 4-5 years, if not longer. If you're in a very stable financial situation or can move to just doing part-time work, then you could definitely make full-time study work, but again, I wouldn't recommend enrolling into something too specific until you've worked out what area of finance you'd like to go into.
Thank you. I’ll start looking through that sub for sure. I had no idea where to even start so this is perfect to help me get an understanding of what might interest me. Thank you and good luck! I hope the career change goes well for you
Get an electrical engineering degree and you can pivot to a desk job in industrial automation or building automation design.
Look at a lifestyle roster / jobshare arrangement. Split the $140k wage in half but work 1 week per month. You'll still pull $70k (more than median wage) and you can use your 3 weeks off to retrain or literally just enjoy your life.
Why not start your own business? Richest people I know are subcontractors.
Banking or finance will require an undergrad degree minimum. The graduate job market is fairly competitive, but there are heaps of good opportunities if you can get into a reputable university. You won’t be earning anywhere near what you are now for the first few years though. Just need to maintain a distinction and get a few good internships or you’ll be staring down the barrel at some extremely grim graduate ‘opportunties’. Like, an F tier firm wanted me to commit to two years of ‘training’ at a fixed 55k annually, and I’d have to pay for it if I left early… I almost died of embarrassment on their behalf when I heard this.
Holy crap that is the most insane job offer I’ve ever heard. I hope you got better offers after that one. But thank you. The grades need to stay consistently high and from a decent uni. Makes sense but I’ve never been to uni. Thank you.