Hi All,
Looking to hear from professionals in both fields want a career change and both these interest me. Give me the facts and tell it to me straight. Has anyone done a a career change to one of these? What would you change or what advice would you tell someone thinking about doing the same thing. I am mid 30s with plenty of working life ahead of me!
Finance or Engineering?
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Agreed, this is why i did a b.eng/b.com - couldn't expect myself to choose a career path at 17
What does this have to do with tacos?
If you are in your mid 30s then go into finance.
If you are a math wiz then go into engineering then come out and be a trader at an investment bank trading desk and make millions.
while this is very brief I'd have to agree.
whilst you have plenty of working life left, a new career in your 30s is also quite late in many regards.
Working in Finance I can personally attest to many people returning/starting in Finance in the mid-30s and being successful with/without having to complete a new degree.
Usually some reskilling/requalification work is all they need and that's usually on the job.
Don't want to make any assumptions about yourself, but most of the people I'm talking about are mothers returning to work, but they're also been some people from a variety of backgrounds (esp. Defence/Army) who join on at around that age and are usually quite successful.
Finance generally is quite welcoming of people from a range of educational backgrounds, as the critical thinking skills of those from non-finance educations can be highly sought-after.Engineering is quite technical and you'd be competing with some younger brilliant minds (not trying to be ageist) and the field itself doesn't lend too much to people from other backgrounds. A lot of my mates who are circa-25 yrs old and are coming out of 4/5 year Engineering degrees are finding it quite difficult to find gainful employment, and are resorting to many second-tier/alternative industries to start their careers.
Unless you are a "math wizz", the prospects of starting a new career in engo and building yourself up at a later stage in life doesn't seem to be the most viable scenario.+1 to this - as an anecdotal example one of my friends who did mining engineering went on to do a masters in finance because of the difficulty of the job market. The advice is very particular to what type of engineering though - e.g. you won't have trouble finding a job in software regardless of your skills.
Would say similar things. Many people working at banks come from all walks of life because the jobs in a bank are quite diverse. Banks also are pretty nice places to work physically and are at the upper end of general benefits. Plus if you ever get retrenched 10+ years in you get paid out a bit and then can easily find another job at a different bank with all your experience.
Plus in a bank working hard and delivering positive outcomes will get you pretty far. A lot of disenfranchised people working in banks so being a person who can simply rise above and get stuff done can make some pretty decent career progression. Although if you want to be a senior leader, that takes a whole other skill set that is akin to running for political office.
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31 min agoYou haven't told us anything about what you do now, and why those professions interests you…
"Finance" and "Engineering" in general are very broad fields… so it's like going into "IT"…
Why do you want a career change? What are you looking for? eg. pay, interesting work, work life balance
Easiest way to move into Finance is to study CFA and relocate to Sydney. If you are mid 30s, the chance of you going into an investment bank is very low unless you have something to offer that is so different to other (much younger) candidates like you are a math wiz or have some magical ability predict the market. All companies will have a finance team which does business analysis and reporting. You could try these type of roles as entry point.
have some magical ability predict the market
Only way to do this reliably and consistently is insider trading.
Even then you'd need a friend who works for the government to make millions.
And have a nice toilet cubicle and check Ozbargain regularly for burner phone deals.
i always trade inside, i don't want my computers to get wet
Unsure how much of a maths genius you need to be to use PowerPoint or enter data into pre formatted excel templates. If you are good at sales and internal politics then investment banking could be a good option. Advanced calculus skills are not going to help when you are trying to win a client’s business. Being personable, likeable and having a phat expense account will.
I think it's just a misconception in the eyes of the public as to what investment bankers actually do - but also worth noting if OP is after the 9-5 life then IB is not the place they want to go.
9am to 9am 7 days a week.
sign me up
Both areas have many fields to them, more than what simple 'branding'.
I'm an engineer, and earn a very comfortable income, where I know many other engineers that are paid less than half of what I am on.
It's also unclear why you're considering the change - simply interested? or is it income you're after (more or less of it)?.. etc etc..
I've worked in Finance for 13 years
Engineering.
I’ve worked in Engineering for 15 years.
Finance.
lets swap jobs!
Why not become an engineer in the finance industry.
@Gaz1: Although only sometimes having an actual engineering degree, I am a cost engineer. Just the dollarydoos in large infrastructure and engineering projects. Decent salaries and in demand (similar to quantity surveying).
@brauhem: I think cost engineering is one of the most boring jobs. its just an accountant not a real engineer ;)
this is gona trigger a lot of people lol
You can have a financially rewarding career in either.
Which you should choose depends on which aligns with your interests. If you're interested in tinkering, how things work, mechanical bits and bobs, you should consider engineering. If not, you should weigh up if it's really right for you. People without genuine interest can still get somewhere, but why actively pursue a career that's not interesting to you.
Becoming an engineer in your mid 30s is not easy at all!
Most companies will not hire graduates at your age. I'm an engineer and will always hire the young kid with a brilliant and fresh mind in problem solving, easy going personality, probably free from kids/major commitments, tech savvy after a life of gaming/tinkering and mathematics.
I am mid 30s with plenty of working life ahead of me!
An Engineering degree is 4 years plus the work experience you need to get.
I left industrial engineering in my mid-thirties to do an IT degree and become a software engineer. In my experience there are a minority of employers that are ageist. I had one interviewer ask me: "How do you feel about working with people who don't have grey hair?". I was… 42 years old. Needless to say, I didn't get that job. However, I've also found plenty of employers who are more sensible about this. In my first job after uni' the guy who hired me said I don't consider you a graduate, but some who has upskilled. Bless him! They certainly paid me more that graduate money. Luck of the draw I guess.
You're doing hiring wrong mate, you'll be missing out on good staff, and the decision making matrix you've outlined is illegal too
decision making matrix you've outlined is illegal too
Oh please, save it. Most engineering graduates these days are highly competent and smarter than the graduates of 20 years ago. They're also cheaper and find it easier to pick up new skills and move around the company.
You do realise that someone in their 30's is a millennial who's grown up with the internet, playing video games, and tinkering. The benefit that someone in their 30's has is that they've experienced both sides of the coin. One without the internet, the other with.
Personally I was given an opportunity and have thrived. I was married at the time as well. Your life isn't over if you have kids and a partner.
You're honestly sounding bitter, and discriminatory.
As a young engineer I would push back on the “tech savvy youth” narrative. Using Google, Facebook, Instagram, Steam? Yes. Understanding how the technology actually works? Less so.
Most companies will not hire graduates
at your age.FTFY. Getting any entry-level engineering job can be exceedingly difficult if you don't have connections
I've worked with 2 undergrads/recent grads that were around 40 in the construction engineering field. They have a discipline and maturity that candidates in their 20's don't have that I think works to their advantage. I wouldn't put their age at an immediate disadvantage apart from the admittedly long hours the field demands.
Questions for you OP
what you good at ? what strength can you bring into each of field?
which has more jobs currently? which would be popular in four years time?
Which field you think you can get experience easily?if you specialise in data science you can work in either industries
Don't you need a software degree to get into data science?. I have been looking at a few jobs myself
No
You need IT knowledge as these are the tools you use to get, process and test your data, but fundamentally your main domain is the mathematics and statistics. Why you are using this model, what are the limitations of the model, how are the results applicable to the problem you are trying to solve.
Okay i see what you mean, thanks
Left finance a few years ago. Got a masters degree and working towards my CFA too. Burnt out as I was working much harder than I was required (no one's fault). Now i trade pepes and shitcoins and have my own business. But I do have a lot of friends from all kinds of background in finance. Depends on what area of finance you are interested in. Front or back office. Big difference between the two in terms of skills needed. Definitely a lot of backstabbing and politics in the banks.
Honestly,
If you like finding how things work and fixing/breaking them, then engineering is the field to go into (although a lot of the time we end up just being project managers.)Just know that before you change up, prepare to take a hit to the hip pocket. Grads when i came out earned on average $50-60,000/year unless you go FIFO when it goest into the low $100's, which was hard for some mature age students to stomach after coming from 6-figure salaries. But honestly job satisfaction is a big thing and problem solving as an engineer is pretty rewarding, as opposed to playing with numbers and spreadsheets in finance.
why not both? Financial Engineering
GFC 2.0
I'm in my early 30s as an Engineer, I've been in this role for the last 8 years now. Started from 48K/year now around 70K. The senior position, in my field they would make at around 80K/Year (could be more depending upon which engineering field). It sucks that I've worked so hard for years (and trust me I've worked my heart and soul) and will only make 10K more with years of experience.
You'll have L1, L2, and L3 jobs floating around at your disposal but hardly for senior positions. Once you wanna jump higher up in the hierarchy now the management comes into play for roles such as SDM (Service Delivery Manager) or TLs. The problem with engineering is the people in senior have been there for years and are not leaving anytime soon.
I can go on and on but stuff engineering and get into finance, mark my words you won't regret it.
I'm just trying to get my foot on the door for a finance or management role.
what type of engineering?
most engineer grad roles start at 80-90k now days
IT Infra
First of all your not an engineer. The guys that made the hardware you configure are the engineers FYI.
@T1OOO: Yeah not in an engineering role, only requires BachIT for job. Probably studied CS engineering but couldn't find CS job because they are as rare as hens teeth and tend to be volatile contractor work.
@[Deactivated]: Edit: couldn't find CS job requiring an engineer rather than someone with a standard IT degree or having suitable experience without the paper who gets paid slightly above an IT support role and lower than an engineering grad role.
Did you need to do an engineering degree for that?
well, you might be the lucky ones with the right color, good networking, unbiased manager, and so on.
But I do agree with what this guy has to say about engineering
[Engineering] (https://imgur.com/RD5Fi3b)Thanks @user236885
lucky ones with the right color…
+1. A young engineering graduate I know with ‘right’ colour started 5y ago is making $175k plus super.
It's because you're not an engineer.
It's not a race thing, people are talking about different jobs.
It sounds like he is in a service delivery role/support team if the management he first thinks of is an SDM; much lower paying than L4 and above. I've had no problems with pay or roles in my time in Software
Uhhh dude you need to switch companies
I agree, that is quite low for the amount of years experience you have, try switching companies or pivoting roles..
I can weigh in on this topic.
I was an electrician. Not very mentally stimulating, so i returned to study civil eng. & commerce. I think I was about 25 when i returned to uni. The additional year of study for the double degree allows a lot of versatility if you dont like engineering you can easily move over to finance field. It also allows you some "easier" subjects in your final year, as the engineering workload can be quite high.
After my 5 year degree, i got a job working for a large builder(head contractor)
Salary was 50k as an estimator
Next year 55k, then 63k. Found new job for a different builder 70k, as a contract administrator.
Changed copmanies again, and worked as a contractor (just dumb luck), 120k. Procurement and contract manger in the rail industry. Then moved into a Project Engineer role.I'm currently working as a Project Engineer which typically has a salary range of 80-120k + super.
Hope that provides an insight into a potential salary progression and the potential roles you can end up in.
Did you run your own business as an electrician (which is more mentally stimulating) or were you an employee? Can you advise what you were earning? I've a close friend in tax law with a sparky client who earnt nearly $2 million (profit) last FY.
Net Profit or Gross Profit? Both numbers can mean significantly different things.
I was an employee. At the time i think i was on about $32/hr when i was fully qualified. I started on $6/hr. I spent 3 days wages to put fuel in my car to drive to the multiple job sites every week.
The currently hourly rate is $59 for an A grade electrician, for a 36 hour working week. This is only applicable on large EBA construction sites. They get a bunch of allowances on top of this rate.
Domestic sparkies or those working on smaller jobs will be on significantly less.
https://www.etuvic.com.au/ETUV/Your_Union/Contracting/Wage_R…I dont know why everyone compares employee salaries against owning your own buisness? Chalk and cheese.
The risk/reward is not even remotely comparible.If you work in finance, do you compare your salary against the profit from finance firms?
Thanks for the feedback.
I'm well aware that there are significant differences between the risk (and consequent earning potential) between those who are employees and those who operate their own business, hence the comment about my friend's self-employed sparky client.
I'm in law and effectively on $30 per hour (less than some third-year adult apprentices, apparently), given my hours actually worked (overtime generally isn't paid under a salary arrangement). I hate being stuck at a desk 10-12 hours a day and am considering a move to a physically healthier job. I figure that the stresses of my profession and in running a business (of any kind) are probably similar, and I like the idea of running my own business one day (just not in law). So I'm always interested in hearing about what various people (including tradespeople) earn in running their own show.
@Shiny Mew: Law? Just move to the public sector. Still a lawyer but you get paid the hours you work.
You will also do much more varied and interesting work.
@greatlamp: I've been trying to move into government for over a year and haven't been able to even get an interview. I'm in a niche area of law unfortunately so there's really only 1-2 government bodies that would find my skillet useful (and I really want to change practice areas).
@Shiny Mew: I'm not sure how senior you are, but if you want to change practice area, or aren't limited to continuing to practice law, you could apply for any job with the word 'policy' in it.
It's easier to move around once you are in the system too. I imagine your pay would be less overall though, so I understand not wishing to enter at a low level
Finance or Engineering?
Financial Engineering…
So OP wants to get into Crypto :)
That could be an Option…
How did you derive that?
I am a software engineer part timing in a finance company. The people that I've seen get hired at the finance company are either people who look good on paper, honors students, award winners, etc. or have some sort of similar background to whom ever the current CEO is. But if you're just after a lower end type job then apply for everything and you'll eventually get somewhere.
For software engineering, it helps to be a non-social person. Someone who can dig their head into things without being distracted. Some jobs are quick, only a few months of contract work, but this can be pretty good too if the job is crap.
You've picked good industries. Even if you just serve coffee, you'll be paid more those industries than in hospitality.
Good point, i love software i should have switch while in uni. i have been thinking myself of leaving the engineering field and moving into software. What would you recommend, doing a masters in software or a bachelors?. Software is vast not to mention the many languages, which field you you recommend. Thanks
Just do a bachelors. The Masters of Software Engineering programs are just too bland, cram too much into any given year and struggle to give students a deep understanding of various languages and disciplines in software. Stay away from trimester unis unless you're competent in programming and can ace advanced understanding subjects.
Thanks for the info. I see Computer science or Software engineering when i look at job ads, they require one of the two. Is there an advantage of doing one over the other?.thanks
@Jim341: Find a senior engineer on youtube (not some big mouth graduate) who will explain to you the difference between computer science and software engineering. There's 100s of videos on this exact topic.
If I was you, I'd look at what type of work you are interested in doing, then choose from there.
Software Engineering is the safer pick, because computer science can be very overwhelming with the huge amount of maths required in the pure maths, abstract fields and machine learning subjects. Some people enjoy doing this kind of maths no matter what their age is, but a lot of this can be tedious and feel like you're in your 20s again. In some of these subjects it's literally just picking up a maths textbook and doing problems which is a real snooze.
Not to be the dog in the manger, but speaking realistically; if you're not passionate about one or the other, you're bound for disappointment.
If you did do engineering, that will usually encompass finance as well. By the time you graduate you'll be forty, when people you are competing with have 20 years experience under their belt.
You do need a degree to become certified, prove you're not an idiot and have some technical ability, but it's the experience that you get after that which is most valuable. Unless you're a genius or something like that, I'd advise you to stay well away.
Go and get a trade where you can run your own business would be your best option.
I do agree with what this guy has to say about engineering
[Engineering] (https://imgur.com/RD5Fi3b)Maybe life is not all about money? maybe some people want to build things and have more meaning in their life
Yeah, there is a lot of truth to his post in the AUstralian Engineering industry.
STEM in general I think. I work in a science field and I regret it. It's not a growth industry and filled with entrenched individuals who stifle any sort of progression.
Finance.
Just get your credit card ready, liver tested, and nose preped.Oh, and don't become a tie kicker or (profanity) banker. They typically don't last long!
Good luck with the change!
Finance or Engineering?
People that are smart enough to consider a career change into finance or engineering should have a look at DeFi and digital assets.
This industry wants all the talent that it can get including devs, data scientists, analysts, researchers, legal consultants, chartists, lobbyists, PR, marketing, risk management, sales, admin, content creators, social media coordinators, tax compliance specialists, infrastructure engineers, security/fraud specialists, technical writers, freelance news writers, artists, and the list goes on and on.
What field are you changing from OP?
Finance if you want to make a motsa
Engineering if you want to make a greater use of your cerebrum & have a more fulfilling lifeElectrical Engineer here!
When I graduated uni there were a number of mature aged students, I believe most of them were successful in getting jobs. Most of them had some exposure to the industry though.I have a good friend who is moving into finance from engineering, it's like most chosen career for engineering defectors. Apparently engineers are treated like gods amongst men in finance because of the transferable skillset and advantageous thought process. This friend reckons that when he moved to study his masters of finance all the other students couldn't believe how he could produce such high tier work, when all he was doing was producing basic deliverables as he would in his engineering job. Easy HDs for engineers.
Really depends on your situation, if you've been exposed to the industry, go engineering then you can slip into finance if you don't like it. If not then I'd go finance.
A trade.
I got a degree in industrial design (similar to Engineering). There are hardly many jobs around. If you found a job you might only work for a short period. If your boss is losing money, you will get the boot very soon. For Engineering, your opportunity will depend on which type you are going after. I decided to take a master in teaching instead and found it very good. There are many Technology teaching jobs around. Schools are everywhere.
Teaching sounds good and as you say, plenty of schools around. Is the pay ok though in comparison to your previous jobs?
The pay for teaching is around 100k with 7-9yrs of experience in NSW. In Engineering, i got around 65k, i did not work in Mech Eng too long.
Hey OP, I am a civil engineer working in construction on a major infrastructure project in Melbourne and previously in Sydney for a head contractor.
The role has definitely been rewarding as you can physically see the hard work you put in.
However prepare to work 11-12 hour days 6 days a week and occasional night shifts as required.
During the school holiday periods when the roads are quieter prepare to work around the clock during these construction blitz's.Do you "engineer" much on a daily basis?
construction engineers are more about planning things and buying materials for the labourers to build and admin work. More of being at the mercy of the labourers if you think about it. Not much design goes on. They just follow the drawing and try find ways to save money, mostly by cutting corners and justifying why they are entitled to cut corners.
What do you find interesting? holy smokes, this should be your first question.
Exactly
It depends on what type of Engineering and what type of Finance you're interested in, as well as if you're a people person or not.
Both areas have so many different jobs that it's hard to help you without answering those two questions.
Personally, I'm in Insurance Broking, which falls under Finance but honestly, it's more Risk Management which is probably 85% people based. Bonus for me is that I didn't necessarily get an entire degree in it, which is the same as a good 3/4 of us.
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Porque no los dos?