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Employment: Going from public to private sector (Finance)

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Derivative
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PostPosted: 01:23 - 24 Feb 2017    Post subject: Reply with quote
I seem to have written a post and forgot to click send. I'll just do the TL;DR version.

Absolute top pay in the public sector AFAIK is ~300K e.g. head of MoD. PM earns ~150K + expenses, MPs ~80K + expenses; the money is in the brand and access.

I actually find the MP thing kind of amusing. General public opinion is that they're overpaid because the general public is poor. I could go off and be MP for Hammersmith and struggle to buy more than a small flat. It's basically a profession for those who have family money.

Private sector is essentially unlimited in comparison, 300K is a mid tier salary at a prestigious company.

Before you ask, no, I'm not on silly money, and I doubt you will be either. I would just consider that your value can be linked to the profit you are able to generate rather than some arbitary 'salary band'. Potentially even more so if you go self-employed. Far less scrutiny and moralizing too.

Last edited by Derivative on 01:27 - 24 Feb 2017; edited 1 time in total
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D O G
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PostPosted: 01:27 - 24 Feb 2017    Post subject: Reply with quote
Derivative wrote:
300K is a mid tier salary at a prestigious company


Absolute bollocks.
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Derivative
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PostPosted: 01:29 - 24 Feb 2017    Post subject: Reply with quote
D O G wrote:
Derivative wrote:
300K is a mid tier salary at a prestigious company


Absolute bollocks.


Probably a bit hyperbolic. Mid tier was a lazy way of wording it.

Basically what I'm trying to say is that there actually exist companies where you don't need to be exec level to earn 300K. Yes, they are few and far between. The point is that in the public sector they don't exist at all as far as I'm aware, and that filters down (how easy is it to earn 50K private vs 50K public?)

At the top end/exec level, CEO of a FTSE100 company earns an order of magnitude more than anyone public sector (in the course of their employment, at least, politicians seem particularly adept at stuff like 'speakers fees'...).

Then again, the experience isn't necessarily useless. I know of a fair few accounting firm partners that jumped from HMRC to basically triple+ their pay. Helps to know the other side... Laughing
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Itchy
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PostPosted: 01:36 - 24 Feb 2017    Post subject: Reply with quote
Derivative wrote:



Probably a bit hyperbolic. Mid tier was a lazy way of wording it.


It's not a BIT hyperbolic.

£50,000 puts you in the top 8% of the population.

£100,000 puts you into the top 1%

£300,000 and above puts you in the top 0.001%
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Last edited by Itchy on 01:37 - 24 Feb 2017; edited 1 time in total
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Derivative
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PostPosted: 01:36 - 24 Feb 2017    Post subject: Reply with quote
I would also wonder whether it's different outside the London bubble.

There is a London weighting on many public sector jobs but it's a bit of a joke as far as I can tell (e.g. teachers might get 20-30% more but property can cost 5x)
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Derivative
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PostPosted: 01:38 - 24 Feb 2017    Post subject: Reply with quote
Itchy wrote:
Derivative wrote:



Probably a bit hyperbolic. Mid tier was a lazy way of wording it.


It's not a BIT hyperbolic.

£50,000 puts you in the top 12% of the population


You missed the 'prestigious' point, though.

The argument I am making is that there exist companies with very, very well paid workers. Not that it's an average over all companies, that would be ridiculous.

The private sector has far higher variance. The median private sector employee earns less than the median public sector as far as I know. But the top end is completely different.

You can certainly pick apart my wording (I tend to be lazy and blat out whatever's in my brain without considering word selection), but do you disagree with the point that the private sector is the best place for those with ambition?
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Az
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PostPosted: 11:42 - 24 Feb 2017    Post subject: Reply with quote
MarJay wrote:

Shirkers. You know the types, the ones who sit around moaning all day and don't do any work. Literally don't do anything. You get them in EVERY public sector job, and they destroy morale, never contribute anything positive and never back up their colleagues in any way. You know the type, the "I'll take the time off if you talk to me at lunch", the "It's not my job mate", the "Why are you doing it THAT way?" and the "I'm just off out for 5 minutes" ... 3 hours later. And my very favourite, the Union rep.


It's mental how accurate this statement actually is haha. I can think of at least two people who are like this within the department I work in.

Edited: quoted the wrong text.

Last edited by Az on 11:53 - 24 Feb 2017; edited 1 time in total
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Az
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PostPosted: 11:47 - 24 Feb 2017    Post subject: Reply with quote
D O G wrote:
Get out of the public sector ASAP if you want to work in the private sector in the future, which you have indicated is the plan with UAE jobs. Private sector experience will always be more attractive to another private sector employer when you look for that next move, and the next one, and the next one...

LinkedIN is a good place to start job hunting. If you don't already have one, make a profile, get bombarded by connection requests from agents, watch as they spam jobs constantly.

Connect to local large corporates, they often have in house recruitment teams who scour LinkedIN for fresh meat. It works out cheaper than paying agents' fees.

Or go trad, do a cv, look at recruitment agents' websites, apply for jobs which look interesting. That will get you on their radar, go in, meet them etc. etc. If you are non moronic then they should put opportunities in front of you.

Key is getting the ACCA/CIMA qualification, once you have that you open up the next level of opportunities either within the same organisation or another.

I'd suggest you do not need anything more than that to get to the top, if that's what you want, if you are good enough to get to the top you will piss your exams, and progress quickly within an organisation.

Can't see you mentioning if you have any finance qualification? 25 is an excellent age to achieve one's qualification, you might be able to make that Wink


I'm currently 22 and i'm scheduled to be starting my level 4 AAT in September. I'm hoping to skip AAT Level 4 and move straight onto my ACCA if possible though, I know it'll mean having to do an extra 3 modules during my ACCA if this route is possible, but i'd rather be doing my ACCA my AAT.

A handful of individuals have come to work within Finance with no previous finance qualification (albeit they did have degrees, but nothing Finance related) and just jumped straight into their ACCA or CIMA, so i'll aim to find out if I can do the same as them (but without a degree under my belt, but Level 3 AAT).
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Itchy
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PostPosted: 15:05 - 24 Feb 2017    Post subject: Reply with quote
Az wrote:
Stuff.


Wait were you that guy at the 2015 barbecue who spoke to me?


Just a heads up. Even if you have qualifications like the ACCA etc sometimes you will need an undergraduate degree for visa purposes.

This leads to strange situations where you have a qualification higher than a degree but they won't let you in because of it. There are even instances where people have their Masters degree yet no undergraduate and get denied because of this.

The last massive massive change was in the Middle East and nurses around 2009-2011. The Mid East area attracted many nurses with high pay. There were many nurses who became nurses without having a degree from the old training programme.

Around 2009 they required a degree to get a visa. Many had to leave. Others got round it by distance learning. Then in 2011 they mandated that degrees tied to the visas couldn't be distance learning type degrees.



Way back (mid 00s) I remember a lot of QBE (Qualified by Experience) accountants affected similarly in the UK too.
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Nobby the Bastard
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PostPosted: 15:14 - 24 Feb 2017    Post subject: Reply with quote
level 3 AAT and can't deal with the stress?

Fucking hell. The £120M that I deal with every day would have you crapping your pants.
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Az
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PostPosted: 15:49 - 24 Feb 2017    Post subject: Reply with quote
Itchy wrote:
Az wrote:
Stuff.


Wait were you that guy at the 2015 barbecue who spoke to me?



Lol, yes i'm that guy Thumbs Up
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Az
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PostPosted: 15:50 - 24 Feb 2017    Post subject: Reply with quote
Nobby the Bastard wrote:
level 3 AAT and can't deal with the stress?



Sorry, where did I say I can't deal with the stress?

I said the complete opposite didn't I...

Az wrote:
Now, to be clear I can live with the extra stress and work load (I have done for the last year with no issues).



Nobby the Bastard wrote:
Fucking hell. The £120M that I deal with every day would have you crapping your pants.


Cool story bro. Laughing Thumbs Up
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Andy_Pagin
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PostPosted: 17:47 - 24 Feb 2017    Post subject: Reply with quote
Nobby the Bastard wrote:
level 3 AAT and can't deal with the stress?

Fucking hell. The £120M that I deal with every day would have you crapping your pants.


I'll take your £120M and raise it ...

Twenty years ago I was single handedly responsible for the IT services for 120 Lloyds Insurance syndicates, by my fair hand £100M transactions flew around like a swarm of bees. I also looked after about £800M worth of Company based insurance, so no pressure Cool

I mean seriously it didn't stress me at all, why should it? I knew what I was doing, knew I was quite good at it, and my employers gave me all the support and resources I needed. That's the crux of it really, confidence in yourself and colleagues who watch your back instead of trying to stab it.
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D O G
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Joined: 18 Dec 2006
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PostPosted: 22:20 - 24 Feb 2017    Post subject: Reply with quote
Az wrote:
I'm currently 22 and i'm scheduled to be starting my level 4 AAT in September. I'm hoping to skip AAT Level 4 and move straight onto my ACCA if possible though, I know it'll mean having to do an extra 3 modules during my ACCA if this route is possible, but i'd rather be doing my ACCA my AAT.

A handful of individuals have come to work within Finance with no previous finance qualification (albeit they did have degrees, but nothing Finance related) and just jumped straight into their ACCA or CIMA, so i'll aim to find out if I can do the same as them (but without a degree under my belt, but Level 3 AAT).


Finish the AAT, it is a piece of piss, the exemptions are worth it, you should be able to use work based experience gained whilst studying AAT to count for your ACCA practical experience when exams are passed, and it will make you more marketable as you actually then will have a full qualification.

Given that you can sit most of the exams whenever you want, smash the shit out of it and get it done in less than a year. Start now, not September.

Swiftly completed qualifications, career progression, and relevant experience all count on a cv.
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Az
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Joined: 16 Apr 2013
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PostPosted: 18:13 - 27 Feb 2017    Post subject: Reply with quote
D O G wrote:
Az wrote:
I'm currently 22 and i'm scheduled to be starting my level 4 AAT in September. I'm hoping to skip AAT Level 4 and move straight onto my ACCA if possible though, I know it'll mean having to do an extra 3 modules during my ACCA if this route is possible, but i'd rather be doing my ACCA my AAT.

A handful of individuals have come to work within Finance with no previous finance qualification (albeit they did have degrees, but nothing Finance related) and just jumped straight into their ACCA or CIMA, so i'll aim to find out if I can do the same as them (but without a degree under my belt, but Level 3 AAT).


Finish the AAT, it is a piece of piss, the exemptions are worth it, you should be able to use work based experience gained whilst studying AAT to count for your ACCA practical experience when exams are passed, and it will make you more marketable as you actually then will have a full qualification.

Given that you can sit most of the exams whenever you want, smash the shit out of it and get it done in less than a year. Start now, not September.

Swiftly completed qualifications, career progression, and relevant experience all count on a cv.


Appreciate the advice, thank you Thumbs Up
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