Saturday, Aug 8, 2009
My Current Situation:
I'm an analyst employed at a bank that has drastically reduced its operations and staff over the past year due to the changes in the world's economy. I'm also completing a physics degree part time after hours and am now half way through with 3 (part time) years left to go. In 18 months the work I'm doing will dry up and I will be made redundant and issued a severance equal to about a years salary.
Path 1:
I accept the severance and go complete my degree full time in an effort to turn my degree into a career. While it was never my intentions to get a job in this industry, it is something I'd love to try.
Positives - An industry and field I am passionate about which would certainly see me entertained and challenged daily.
Negatives - It would be many years before I hold a role which would pay me anything near what I'm currently on. A large impact on lifestIe.
Path 2:
I am shortlisted to be offered a new role at the bank which will see me promoted and offered a secure position.
Positives - Increased pay, secure position and work I am familiar with and find challenging.
Negatives - I would have to cease my studies and give up the cool avatar I'm currently using.
So that's where I'm at. Path 1 or Path 2. It would be disappointing to give up my studies after investing so much time and energy into it. But given the current economic environment, a secure job with good pay is critical (mortgage payments, investments, future children?). It's almost like one of those scenarios, Take the safe road or follow your dreams. Except now may not be the time for risk.
I expect to be offered the position in the coming week and will have to make up my mind soon after. Anyway, I'm just regurgitating my thoughts. I'd love to hear what anyone thinks though.
Comments
Posted Aug 8, 2009 8:29 pm PT
@COD4ME - I do and she does work. Though if we decide to have children in the near future that may change.
Posted Aug 8, 2009 8:33 pm PT
mjcowley I'd say go with #1. We (my wife and I) went thru a very similar situation several years ago, yes I miss us making 4X what we do now, but I'm not bored out of my mind and unchallenged.
Posted Aug 8, 2009 8:52 pm PT
@btaylor2404 - It certainly is the most tempting option at the moment.
Posted Aug 8, 2009 8:53 pm PT
How good are your chances at securing a job with the course you are doing but? Is there much of a demand for that kind of thing? And can you fall back on your other job if things go bad, or will they just not want you anymore.
Posted Aug 8, 2009 9:06 pm PT
@COD4ME - Science will be the big thing moving forward. Nuclear power, climate control, energy crisis and all that jazz. So I have no doubt I could secure a job down the track. Finding another banking job would be difficult though. The market is flooded with redundant staff at the moment and many of the big banks are centralising to their capital city. (I'd have to move)
Posted Aug 8, 2009 9:16 pm PT
Go with what you love best, there is no point in working in an environment that doesn't interest you. But, with the other option, you get job security and a stable income, a rarity in this economic times. I'll say go with the first option as its what you are passionate about.
Posted Aug 8, 2009 9:21 pm PT
A tough choice, that's for sure! I've never really had a choice like that so I don't really know what I'd pick... probably option 2 cause I like money 
Is there an option 3 - Take the promotion and suspend your studies until the economy fixes itself, then pick them up where you left off? I'd probably pick that if it was possible, but by the time the economy is back up you might have other things stopping you from studying.
Is there an option 3 - Take the promotion and suspend your studies until the economy fixes itself, then pick them up where you left off? I'd probably pick that if it was possible, but by the time the economy is back up you might have other things stopping you from studying.
Posted Aug 8, 2009 9:26 pm PT
david_lck - Certainly a gamble isn't it?
Posted Aug 8, 2009 9:33 pm PT
@Turbo-Evil - Your option 3 is actually what my wife has been proposing. I have 10 years to complete the course and I've used up 4 so far (took a year off last year while I was a manager). It may be the way to go.
Posted Aug 8, 2009 9:34 pm PT
Man this is a really tough choice. I have to say I would stick with Path 2 the reason being that job security is REALLY important right now. If you had a couple of industry jobs lined up that would be different, but when the job market is so slim, I would stay where you have a job.
It doesnt mean you won't ever work in the industry but finding a job right now is very difficult. Whatever you choose, hopefully everything will work out for the best.
It doesnt mean you won't ever work in the industry but finding a job right now is very difficult. Whatever you choose, hopefully everything will work out for the best.
Posted Aug 8, 2009 9:56 pm PT
@DouglasBuffone - Cheers mate 
I'll be chatting with a few execs later this week so I'll see how they sell it to me and make up my mind then and there I think.
I'll be chatting with a few execs later this week so I'll see how they sell it to me and make up my mind then and there I think.
Posted Aug 8, 2009 9:59 pm PT
Very Hard Decision, think long and hard about this MJ. I recommend path A it seems your passionate about the subject and the industry. I would choose it because I wouldn't want to feel the worst feeling ever, which is regret. Choose wisely MJ.
Posted Aug 8, 2009 10:10 pm PT
@dynam3 - It'll be a tough one. Sunday afternoon is the hardest time as well Well I have a few days to ponder it more.
Well I have a few days to ponder it more.
Posted Aug 8, 2009 10:13 pm PT
I'd go with Turbo's option MJ. I'd take the promotion; save up as much as possible then later down the track if you're sick of it or want to take up a position in science chuck the banking job in and move into the science department.
That way, you've got some money if things go downhill and you could be potentially doing what you love. Its all up to you but. If you really want to go ahead with a career in science then do it. Its your life, none of us can make the decision for you.
Good luck with whatever path you choose
.
That way, you've got some money if things go downhill and you could be potentially doing what you love. Its all up to you but. If you really want to go ahead with a career in science then do it. Its your life, none of us can make the decision for you.
Good luck with whatever path you choose
.
Posted Aug 8, 2009 10:25 pm PT
@COD4_Shinedown - Well there are quite a few games coming out at the end of this year and beginning of next. Money is important
Posted Aug 8, 2009 10:27 pm PT
Posted Aug 8, 2009 10:29 pm PT
@COD4_Shinedown - MW2 huh? I'm sure it's on the list.
Posted Aug 8, 2009 11:11 pm PT
Good luck dude, hopefully all goes well.
Posted Aug 8, 2009 11:39 pm PT
I"m not sure which you should do as both obviously have the positives and negativs, but I willl say that getting over your ecstacey addiction should help matters regardless of your choice.
Posted Aug 8, 2009 11:43 pm PT
Posted Aug 9, 2009 12:08 am PT
That's a toughie. I believe in following your dreams so I'd go option 1, but I don't have a wife/possible children to consider at the moment. If you had to guess, how many years would you say it would be before you had kids? Would your salary at that time be sufficient to provide for your family, ignoring for now how it affects your lifestyle? Maybe you are better to go with Turbo's idea of saving up now and resuming studies later.
Good luck with whichever path you choose.
Good luck with whichever path you choose.
Posted Aug 9, 2009 12:51 am PT
@Locked1089 - Difficult to say. The children plan was pretty soon since I'm becoming an old geezer now. Thanks for the well wishes
Posted Aug 9, 2009 1:02 am PT
Not at all! Blue and red those pills may be, but they are still most certainly ecstacey.
Btw I just realised... Why didn't you use blue and red text?
Btw I just realised... Why didn't you use blue and red text?
Posted Aug 9, 2009 2:19 am PT
Path 3: Become a hustler. Maybe a bit of on-the-side pimping. You even get to wear a furry purple suit, a huge hat and walk around with a can, presumably, to beat people with.
Posted Aug 9, 2009 2:32 am PT
Damn, that's an agonising choice. Increased salary, security, familiarity, and challenge is all you could ask for from a job, but three years of a physics degree down the pan would be hard decision to make. Someone already suggested the possibility of resuming studies later on down the line, and I think that's a decent compromise if it's viable. Either way, hoping the resolution of this tough choice works for you!
Posted Aug 9, 2009 3:07 am PT
@Foolz3h - Yeah I noticed the text colour after but I'm too lazy to go and edit it now.
Posted Aug 9, 2009 3:18 am PT
@raghraghragh - I wear that on casual Fridays already
Posted Aug 9, 2009 3:19 am PT
@PAJ89 - Thanks mate. I'm sure the answer will dawn on me soon.
Posted Aug 9, 2009 3:19 am PT
I know what you mean and the only advice that I can give you is to do what you think is best. I have a friend that went out to California to study. He came back with his masters and yet, he can't land a job out there. I feel that there are no job security out there. So playing it by ear is sometimes the best thing you can do to keep up.
Posted Aug 9, 2009 7:06 am PT
Well... you could always go for path one and then dramatically restructure your budget so you can save a lot more before your work dries up. That should help ease during the wait before your new positition starts earning better pay. Whatever you decide, best of luck to you.
Posted Aug 9, 2009 8:03 am PT
Good luck, mjcowley, hope this goes well.
Posted Aug 9, 2009 8:17 am PT
I would say go with Path 2, at least for now. There is always time for studies later. However, it may depend what role you are offered.
Posted Aug 9, 2009 9:32 am PT
Sorry to hear about your difficult situation. I know this may sound corny, but go with your heart. If you think one path is safer than the other, go for it. You will always get second chances, you just have to wait for them.
Posted Aug 9, 2009 12:02 pm PT
While the chance to get to do what you love is tempting I would go with number 2. Job security and the increased pay that comes along with it is crucial. You say you find it challenging to so you should definitely go with 2.
But is path 1 a enormous drop in money? If you could get by OK I would go with 1 since your passionate about it.
Whichever path you might take I wish you the best of luck with it.
But is path 1 a enormous drop in money? If you could get by OK I would go with 1 since your passionate about it.
Whichever path you might take I wish you the best of luck with it
.
Posted Aug 9, 2009 1:31 pm PT
I would take the safe job and increased money, dreams can become a reality if you work at them but sometimes the risk is not worth the outcome, especially with how things are at the moment. No matter what you choose i wish you the best though.
Posted Aug 9, 2009 2:03 pm PT
Hmm. I'm planning on going to university this january, and that would mean that I have to give up my job. I would recommend path 2. It would be unfortunate to give up your studies half way, is there any way you could do it part time or a long distance course at your new job?
Posted Aug 9, 2009 10:06 pm PT
Now is EXACTLY the time for risk. Your position and skills will easily get you a bridging job to fill the gap. Don't live your life looking back on what you wanted to do. BTW, check out Randy Pausch's last lecture. He sums it up the best for me.
Posted Aug 9, 2009 10:55 pm PT
TeabagChampion - That's shocking to get that much education under your belt and not get a job 
.
JustPlainLucas - Budget restructures can be difficult with mortgage, investments and regular medical bills. But sometime you gotta do what you gotta do.
ArmoredCore55 - Cheers mate.
.JustPlainLucas - Budget restructures can be difficult with mortgage, investments and regular medical bills. But sometime you gotta do what you gotta do.
ArmoredCore55 - Cheers mate
.
Posted Aug 10, 2009 12:54 am PT
@Lightfellower - The position on offer is quite an attractive one. I'd be the product specialist for Equipment, Trade and Property finance at the bank. I'd look after all the policies, rates and budgets associated with the products. Something I'm sure that would keep me entertained.
Posted Aug 10, 2009 12:57 am PT
MasterBolt360 - Gotta listen to your heart
Posted Aug 10, 2009 12:58 am PT
@siberian142 - Money on Path 1 (If I get a role from my degree) would be a chop in half. While Path 2 would be about a 20% increase :S
Posted Aug 10, 2009 12:59 am PT
AzelKosMos - Thanks
Posted Aug 10, 2009 1:01 am PT
@paul939 - I do part time now during the day. The hours of uni that eat into the day need to be made up. For example, today I had uni from 2-4 but I started an hour earlier and finished an hour later at work. I may not get this option in the new job. Distance education may be an option. I might have to look into that.
Posted Aug 10, 2009 1:03 am PT
@selbie - Well I do still wanna be an astronaut!
Posted Aug 10, 2009 1:04 am PT
Haha nice one MJ. Hope it goes well.
Posted Aug 10, 2009 4:49 am PT
Selbie - Cheers mate.
Posted Aug 10, 2009 4:55 am PT
it really all depends on if you see yourself sticking with the financial institute for the long term ride or not. if you foresee your promotion turning into something you'll eventually get bored and frustrated with, then it might be best to follow your passion.
Posted Aug 10, 2009 6:54 am PT
chicknfeet - Difficult to tell how I'll feel about the roll after an extended period of time. I was in finance for 10 years before I finally opted to start uni studies as I was getting a tad bored. But since then the studies have given new life to my job as it has opened up opportunities for me I never would have had.
Posted Aug 10, 2009 3:01 pm PT
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