MyCIMA

Career Life in late 40's

Posted: Saturday 17 October 2009 by Andy
Replies : 10
Keywords: career
I am FCMA and FCCA working in Asia.  In my career life, I have worked for US/European funded manufacturing enterprises for my past 20 years.  In the recent financial crisis, I lost my job.  I found that it was very difficult to find a job even you lower your salary.  Age is really a problem.  Most employers don't want late 40's employees.  Is there a way to get around this problem?  Please share

vast experience and qualification as trainer or lecturer

Posted by Goh Pei Loong on Saturday 17 October 2009 14:40
( 1 ) Act as principal consultant or parther with other consulting firm to provide training services. Tap on your vast commercial and management experience. ( 2 ) Setup management consulting firm to render accounting and administration services. Home office is a trend for millenium trades & services. ( 3 ) Take up insurance exams to qualify for MII and unit trusts exam to qualify as UTC to promote and sell financial products from established financial institution. ( 4 ) Never lower your salary or position that make employer suspicious or lower confidence on the credibility and technical skillset worth. ( 5 ) Always present ourselves at best and eloquent at all circumstances. Good luck.
  • Reported

Career move in your 40's

Posted by John M on Sunday 25 October 2009 09:02
I'm 41, living in a small island state in Europe (not mainland). ACMA and ACCA-recognised local qualification. Presenlty working as a Management accountant (costings, budgeting, regulatory accounts, strategic position in communication company). Though my job is interesting, I find that I have very little chance of advancement. Been actively searching for an FC job for over a year, but the current economic siutuation is not easy. I am afraid of risking a job that could render me unemployed in a couple of years' time. But becasue of my age, I believe that I have to make the move now or else forget about it. I have 23 years experience, working in different industries (financial services, retail, communication, hospitality). There's a glass ceiling where I am presenly employed, and the company is actually contracting not expanding, though the work for me is alsmost assured. I am not interested in picking up a consultant career, so it has to be a new employment. As Andy said, it is difficult for an over-40 to find a job, especially after having been made reduntant. What are the risks? What should I look for in a potential new job? How can I best sell myself? Any advice is sincerely appreciated. Thanks.

Career move in your 40's

Posted by B on Sunday 25 October 2009 10:56

This is a difficulty that most of us are going to hit and being under 40 (just) I feel this is not just confined to over 40's.

As someone looking for a new role for most of this year I can tell you the market is difficult but I think you know that already

I would think there is generally more job security in public sector, not for profit and charities. That however isn't universal and I'm sure there will be cuts there too depending on where you work.

You need to think about whether you are prepared to relocate, whether you are prepared to move into public sector, not for profit etc. Those choices are not everyone and just because you are ok with moving to public sector doesn't mean you will find a job there as lots of people are applying there.

If you want to move up in a commercial organisation I would think this is easier in a smaller organisation though again nothing to say you wouldn't find an FC role in a similar sized business to where you work now or a same division of a larger organisation.

Another option is either stay where you are or keep seeking a new employed role but at the same time try to build up a business as a CIMA Mip doing anything from general accounting complicance, tax or even acting as a part time FC/FD to multiple companies and go self employed over a longer timetime. There is a CIMA MIP group on here and the overall support network is very good.. For general self promotion get your CV on Monster and other job sites and your profile on LinkedIn if not already done so. Good luck with whatever you decide.

Job Advancement

Posted by John M on Tuesday 27 October 2009 07:10
Thanks for your contribution, Brendan, much appreciated. I am really looking into the financial sector, which, in my country, is the best performing industry. But I am keeping my options open for alternatives, as I have already been in financial services and would like some different experience. The CV would look better too, apart that I am always looking for something new. Thanks again and best of luck.

Insurance - CIMA MiP

Posted by Subbu Iyer on Wednesday 16 December 2009 14:42

I am in an exactly similar situation to John and Andy. Just over 40, strong experience in business partnering, financial planning etc, and freshly redundant from a leading financial services company. Based in London. Brendan and Goh Pei, many thanks for your inputs. Just a couple of further questions to anyone who might know: (1) As I am thinking of started my own management consultancy practice by registering with CIMA as MiP, would you know how much Professional indemnity insurance one needs to have even before getting your first client? (2) would you know any insurer who is practice-start-up-friendly? Many thanks in anticipation. Subbu Iyer

PI insurance

Posted by B on Friday 18 December 2009 00:11

You could try brunelpi which I think is the one advertised in Accountancy Age. I believe that was cheaper than the one recommended on the CIMA website. Probably worth shopping round I paid £248 based on a £50k turnover level as that was the lowest limit they had. The thing is to register as a MiP you need PI but may not have any clients.

 

Network, network, network

Posted by Adrian Rutter on Tuesday 22 December 2009 11:05

I've just picked up this post from Brendan's PI under the 'latest posts', so apologies if the thread's now gone quiet.

I've hosted and attended several events in the SW for potential MiPs, and many people there are moving into consultancy and practice for all the reasons you've been discussing here.

Can I please stress Brendan's point about getting actively involved in CIMA's MiP networks. Sole-practice is a very, very different environment for anyone used to life in large corporations - and the average 'shelf-life' as an MiP is under 3 years before moving back into corporate life. 'Networking' isn't about schmoozing and schmaltzing, it's about making yourself part of an active finance and professional community.

And a word of advice, if I may, for Andy, John and MiPs: when you're marketing yourself as an employee or as an MiP, you need to have an attention-grabbing specific "unique selling point", an area of work or achievement where your expertise puts you way out in front. It's sometimes not easy to find that one single USP after 20+ years of work successes, but I'm old enough to remember Yosser Hughes' "Gi's a job - I could do that!" and that just doesn't work. And, of course, you need a USP that the market wants!

Brendan, appreciate you made your point about job security in the VCS and public sector several months ago, but, in the UK at least, even then it wasn't the case.  And both sectors are wary about people from the private sector who'll pile-in now and pile out equally quickly when the private sector picks up and once again starts out-paying "us". By all means people could look for opportunities in the VCS and public sectors - CIMA skills and experiences are valuable, valued and transferable - but they must be clear about their motivation for moving across. It's far from a safe haven.

career life in late 40's

Posted by masclif on Tuesday 22 December 2009 10:37

I am 32 and on ma way to changing career. I am a Telecoms Engineer working as IP engineer in a Telecom company. I am currently doing subjects in managerial level. I had to sit for 4 of the 5 certificate level subjects to go to managerial level.

I guess even in the 30s the ageism thing is popular in my country (Zambia). However, my desire to shift career from Engineering to finance keeps on growing everyday. I plan to complete my CIMA by 2011 (I will be 34 then). Agony is i have had no accounting or financial experience. How do i venture out (either in consultancy or employment)?

Change to accountancy without prior experience

Posted by Adrian Rutter on Tuesday 22 December 2009 11:20

Clifton, I don't have the pleasure of knowing life in Zambia so this may not be transferable, but if you were in the UK I'd advise you to look for opportunities to volunteer with your local community groups as either an administrator or an assistant treasurer. You wouldn't be paid, but you'd be learning the practical side of your studies and you'd be building up a strong record to show prospective employers that you're serious about a change of career.

Have you thought how you'll be able to complete your Record of Practical Experience in 2011 when you complete your exams?

And are you joining in with CIMA's network in Zambia http://www1.cimaglobal.com/cps/rde/xchg/SID-0AE7C4D1-2D23C975/live/root.xsl/25744.htm 

Good luck with your venturing and adventuring. 

Change of career, consider volunteer work

Posted by masclif on Tuesday 22 December 2009 14:32

Adrian, I shall be honest with you...Unfortunately i have not yet sorted out the practical recorded. However, as you say i can consider to do some volunteer work in order to gain the necessary experience.

 Hey, thanks