Hi everyone, I’m looking for some career advice. I currently work in a contract role at a large University supporting both the CFO and the Treasurer. There is a variety of work with a very broad scope, mostly supporting ongoing projects across the University. I’ve slowly moved towards the Treasury department and have been told I will get a full time role when someone retires. I expect that to be within 2 years at the most.
I have been offered a management position in a Faculty within the University at a significant salary increase, and the role would be full-time (+benefits, not part of the union, etc.). I currently have passed the three levels of the CFA program, but have no investment industry experience. I have applied to every investment related position within the last 6 months, but I’ve had no luck.
I want to get out of the public sector, but it has been difficult. The reasons why I’m considering this other role are: much higher pay, management role, and full-time position. I also do not know if the Treasury role will be in the union and whether the pay then will be comparable to this new position. I realize that as soon as I take this position, I will most likely never make the transition into the investment industry.
I think if you really want to get out of the public space you shouldn’t expect a direct lateral move to the commercial sector. There are a lot of things out there that you haven’t been exposed to and that’s not necessarily your fault.
IMO try and tame your expectations for a “management” role and see if you can find something more junior that will lead you down the career path of your desire.
If it helps your decision, it’s unlikely that you will make it into the investment industry anyway. Most people don’t. So perhaps it would be best to just take the best of your available options without considering that possibility.
Life entails winding roads with things you’d never guess would lead you to where you end up. I view things in terms of probabilities. Certain choices increase the probabilities of certain things happening. Working at a University has a very, very low probability of ending up in the investment industry. There are some other types of jobs that may put you closer and I’m sure you are smart enough to realize these positions. May not always be a direct route.
Why do you want to work in the investment industry? A lot of the traits of the industry can be found in other areas, that aren’t as competitive or as hard to break into.
Galli - thanks for the response. I understand your point, but I’m only 2 years out of University and have only been applying to junior roles.
ohai - thanks, I appreciate your bluntness. I’ve had the same sentiment, which has influenced my decision. I’m pretty sure I’m going to go with the management role, as I’ll at least start to gain some management experience. The role is still within finance, so hopefully that helps as well.
rawraw - thanks and I agree. I guess I worded that poorly, it’s not specifically the investment industry, but more private sector. I’m just looking long-term and know that compensation in the public sector is much lower, and I don’t want to be trapped in the University/public sector for my career.
I won’t say that the window closes on you if you take the job and move into the mgmt role, which is the best decision short term, but it does become harder to convince private sector people of your story as time passes.
Do a stellar job here, keep applying, and maybe see about an MBA later on down the road, since you’re still young.Study on the side and excel at whatever you do, if it’s transferrable, great, if not at least you still have a record of achievement.
That said, get aggressive at networking and keep at it. This is the step everyone skips because it’s so brutal, and employers recognize the effort it takes, and use it as a ‘proxy’ for how much you want it.
Sorry I read your post as saying you were looking for an external move that would land you the same level you’re at now or looking to move into you.
I think if you really want out, now is the time to do it. Maybe accept the job and aggressively persue something else in the private sector. At some point in your career you pigeon hole youself into a specific work type, category or function and it just gets more and more difficult to get out of that the longer you’re in it.
If you’re prepared to take the job and stay for at least a year to 1.5 years, take the job and kill it while networking/studying on the side.
If you’re not prepared to commit, then get an exit quick. It’s not good form to get a promotion then leave in a couple of months - you’re too young in your career and still need references.