Best Undergrad DL degree for high $$$ income career change

Discussion in 'Business and MBA degrees' started by dnvoss, Feb 8, 2011.

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  1. dnvoss

    dnvoss New Member

    Hello,

    15+ years in Banking/lending Industry. Economy and Government regulations are making it tuff to make a good income anymore.

    any Ideas for degree for career change ? I think I have a lot of business/finance knowledge, so that degree might be fastest.

    But what kind of job can you get in today's market with a BS in Business? I have 15 yrs banking/business experience but no degree, and I can't find a job outside of my industry making half of what I need.

    Is an DL IT degree the way to go? or ?
     
  2. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    Welcome to DegreeInfo. I'd be interested in seeing others' response as well.
     
  3. AUTiger00

    AUTiger00 New Member

    With your experience, I'd say the degree will help qualify you for some jobs you might be passed over for just because you're missing the piece of paper. You're obviously not going to be going after the same jobs that kids fresh out of college are. How much are you looking to make? Accounting and Engineering degree holders tend to make more than most right out of school.
     
  4. Fortunato

    Fortunato Member

    I don't know how much you make, but when most people say high $$$, I tend to think low six figures on average. Unfortunately, I can't think of a single undergraduate major where a DL degree alone will lead to a six figure salary, and more or less, the degree is all you have to go on when you are looking to change careers.

    Speaking to your question about IT specifically: Some, but not many, people make six figures in IT, but that is going to be with close to a decade of experience and top-of-the heap certifications (think CISSP, CCIE, etc.) Someone fresh out of college might be lucky to be making $12 an hour on a help desk, regardless of the experience they bring from an unrelated field. One possible exception is if you could find (or create) an IT job that combines your existing knowledge with IT skills - building websites for banks, or developing programs to automate loan origination, or something else along those lines. You'd most likely be doing something entreprenuerial here, so it's a high risk = high reward kind of deal. You might get rich, or you might go broke.

    Now, if you stay in your field, adding a degree to your resume might unlock some doors that have been heretofore closed to you - you might be considered for a management position that comes with a bump in pay in addition to more responsibility, or you might get a shot at handling bigger accounts with correspondingly bigger commissions. Or, you might find that even if you add a degree, it doesn't necessarily mean that new doors will open. Nothing is guaranteed.

    One thing that is true is that someone who has been successful tends to find a way to get back to the top. You might be burned out on banking now, and really, really want to change careers, but you're worried that you "need" to make $X. That mentality leads to you staying exactly where you are, because the risk-averse side of you is always going to prefer the bird in the hand to the two in the bush (it's a proverb for a reason, after all), but you can make adjustments if you really want to make a change. Cut down your lifestyle, move to a smaller place, drive a cheaper car, and eat sandwiches at home instead of the Emperor's Delight combo at the teppanyaki place, and you can find that you can afford to make a career move, then you can build your lifestyle back up as you climb the ladder in your new career.

    Bottom line, a diploma is not a lottery ticket. Changing careers involves significant risk, and making a dramatic change to a field where your existing experience carries little value involves even more risk. Still, people do it all the time, because they would rather take the hit in pay than face onemoregoddamneddayinthatjobihate. Best of luck to you, and keep us updated on your journey!
     
  5. ChiSquare

    ChiSquare New Member

    In this case (finance background) accounting is a better choice.
     
  6. sentinel

    sentinel New Member

    With your banking and finance background an undergraduate degree in forensic accounting might be the ticket necessary to transition into consulting roles with firms such as Deloitte, PricewaterhouseCooper, and similar firms. Firms involved in hedge funds might be another option for a straight-up accounting, finance or economic degree; a move over it the IT side of things if you have an information management, information systems, or information technology degree.

    In this economy a complete career change and high renumeration just ain't likely to materialize overnight without paying your dues unless you move directly into management.
     
  7. dnvoss

    dnvoss New Member

    Without going into my life story, basically my specific position went the way of the horse drawn carriage maker almost overnight . I've always been in commission sales/management, but now I"m making 1/4 th of what I did yearly a few yrs. ago. In the Banking world, It not how smart you are or great at your job as much as who at the top knows YOU. I tried to find a different career for over 1 year. (a lot of that time I was unemployed, so I really tried.) without any luck finding anything close to what I need to make.

    I want a solid career with a good wage . I'm willing to make sacrifices and work hard, I just want to make the most out of my investment into a new career.
     
  8. SurfDoctor

    SurfDoctor Moderator Staff Member

    I agree with the others; accounting is the way to go. This is especially true since you have experience. I don't know this for a fact, but I have heard others say that the unemployment rate is usually much lower for those in the accounting industry.

    I further agree with the others that it is probably the silly little piece of paper, called a diploma, that is holding you back. You probably have much more experience and skill than many people fresh out of a bachelor's program, but they are being taken more seriously than you just because of the degree.
     
  9. sideman

    sideman Active Member

    If you become a CPA and work for one of the two major powerhouse accounting firms: Price-Waterhouse or Deloitte and Touche (sic?) you'll make very good money right off the bat. If you sign on with a smaller firm you'll probably make less but you'll probably have less stress. It's rare that I see an accountant unemployed and if they are I have to wonder if it's a personality problem or if they're just incompetent. Either way I agree with the other posters regarding accounting since most bankers like math and a bonus, they like people too.
     
  10. TEKMAN

    TEKMAN Semper Fi!

    I would say, Business Admin with Accounting, MBA with Finance to claim for ladder to be CFO (Chief Financial Officer). I don't see the point to make a career move from the Financial industry. Especially you have 15 years experience under the belt. You don't want to move to the IT industry; which you have to start as a Help Desk job.
     
  11. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    Watercloset, Toilet and Douche?
     
  12. MISin08

    MISin08 New Member

    And I thought I was a thread-killer.

    Phillip
     
  13. emmzee

    emmzee New Member

    Ya gotta be able to handle the stress though. A friend of mine got his CPA and was hired by one of the big firms, and now works ridiculous hours and plans to quit. He's not lazy, he's extremely hard working, but his job is killing him and his marriage (he got married last year). Just something to keep in mind, all accountant friends that I know are stressed about their jobs.
     
  14. major56

    major56 Active Member

    At this stage of your career, your professional experience you bring to the table will make the principal impact (degreed or not). With over 15-years in banking and lending, my advice to you is selecting an undergraduate degree that will compliment /round-out your industry practice. With the information you’ve provided, it appears to me that a BBA /BS in Finance concentration could be more significant. With your banking /lending industry knowledge, a nonspecific BS or BBA in business administration would add little immediate ROI at this stage in your career IMHO.

    The link below lists their considered best 2010-2011 undergraduate degrees by salary. (BTW, finance is ahead of accounting; of course this is only stand-alone undergraduate degrees—so it doesn’t include the additional CPA for the accounting degree holder.

    Best Undergrad College Degrees By Salary
     
  15. dnvoss

    dnvoss New Member

    Looks like in Ohio, I can sit for CPA exam with Associates degree including 30 hrs Accounting and 24 gen. business hrs and 620 score on GMAT instead of 150 hrs and bachelor's/
    This might be easiest route. I learn fast and score well on tests.
    I have a friend with similar background as me, except with a MBA from OSU. he is stuck as an underwriter now making 1/3 to 1/2 of what he used to 3 yrs ago. Unfortunately, I don't have my underwriter designation.( its not something you can test or take classes for.) a bank needs to sponsor you to get it, and banks are not hiring or sponsoring underwriters without already having the designation or endorsement.
     
  16. muaranah

    muaranah New Member

    I'd avoid becoming an underwriter because software specialized for the industry is reducing the demand for underwriters.

    I'd double major in accounting and finance if I were you, and if you don't have time for that, just major in accounting.If you are interested in public accounting, I'd advise you to look for firms other than the Big 5, who probably will be less interested in hiring someone new to the industry who is in their mid-30s or older. There are regional public accounting firms, and consider management accounting as well.

    As for the Ohio CPA requirements, verify this, but I think that they require at least a year's work experience in public accounting to actually get licensed, which passing the exams is part of.
     
  17. AUTiger00

    AUTiger00 New Member

    While I don't know what you were making four years ago, I am assuming you were somehow involved with selling bundled mortgages (I could be completely off, just a guess based on friends who are in a similar prediciment), if that is the case I think you need to forget about making what you were making four years ago for the foreseeable future. My guess is, with your experience and a CPA you could likely make $60k depending on the market you live in (I inquired with a couple of accounting PhD candidates to derive that number). Not sure if that is acceptable to you.

    The CPA deal in OH sounds really good. If you're a good test taker the 620 on the GMAT should be no problem. Do you have any college credits at all? Even if you don't, you should be able to complete the 54 required credits in a relatively short period of time.
     
  18. major56

    major56 Active Member

    Have you considered pursuing the Certified Management Accountant (CMA) and/or Certified Financial Manager (CFM) certification/s? The downside, both certifications do require a bachelor degree. Thus far the CMA or CFM exams only require that you have a bachelor’s degree -- it does not require a specific number of credits in any subject converse to the CPA exam sitting requirement.

    Re Institute of Management Accountants (IMA)
    IMA - The association for accountants and financial professionals working in business
     
  19. joel66

    joel66 New Member

    I am also one trying to do a career change from insurance claims into the finance field with an accounting degree. Over the past few months that I have hit the job market for another job, I realized that I am tapped out income wise for claims and companies are trying to offer 5K to 20K less than what I make. Also, I am getting tired of dealing with claims and want to jump into auditing, financial analysis, or financial risk management jobs. I just started at Liberty University's MS in Accounting program and only regret I have is that I wish I started earlier instead of flip flopping to different schools. If you are military veteran, the tuition is only 250 per unit and it's doable to take two 8-week courses at a time. I should be able to complete the degree by this December.
     
  20. dnvoss

    dnvoss New Member

    thank You for your feedback. I got a lot of good answers! I started down this path 10 years ago, of getting a degree, but when I was making six figures plus, I felt I didn't need it, as I would always be able to go to a competitor, as I got recruiter calls 2-3 times a week.

    Boy, was I wrong then. I just wish I started sooner. All advice is appreciated.
     

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