How old is too old to change careers?

[Dee*Jay]

I am 42, and have been a compliance officer in the financial industry for 15+ years. Frankly, after a decade and a half of the Federal securities laws, and the self-regulatory organization mandates, and a constant focus on firm policies and procedures… well… I’m “complianced out.”

Since 2004 I’ve had a real estate business “on the side” (and I did actually at as a full time agent with no compliance job from 2007-2009).

And now I’m finishing the requirements to sit for the CPA exam.

My *ideal* scenario would be some sort of part time compliance role (there are often firms that need consultants for projects, or there’s even a private equity firm courting me now for a three day a week gig), and then I could still do my real estate business, AND I would like a small accounting practice on the side (small biz bookkeeping, maybe some tax work--I could easily become a certified tax preparer and gather some business from my real estate colleagues, especially since I understand their industry really well).

Another option is to go into some sort of financial role within an investment firm (fund accounting, operations, etc.).

BUT… am I too old to make a shift like this??? E.g., with option number two of a financial role within a firm, if my resume goes across a hiring manager’s desk and I’m “new” to finance, even though I have many years of industry experience, will I even be considered over the young up-and-comers?

The compliance industry, for those who don’t know, is very good financially, and there is tremendous stability, especially in this regulatory environment (which also plays into the fact that I could always get another job—back in 2009, which we can all agree was a LOUSY employment market, I decided to leave real estate and go back to compliance and I had three [good] offers in three weeks).

Anyway, sorry for the ramble, but would love some feedback on the idea of career shifting at this point! And if anyone has ideas I may not be thinking of in terms of potential jobs, please throw them out there.

And if anyone thinks I’m crazy and that I should just stop this goofy CPA thing and focus on a nice stable lucrative compliance career for the next 20+ years, please tell me that too.

I find that PSers have a tremendous amount of insight and I am open to guidance… !

 

[Skippy123]

I don't think you are too old at all. I have a friend who is 36 and she had Finance background, then finished up the courses for Accounting and travels all over the world. You have the financial background and passing the CPA would be an asset to an accounting firm. You would be great at it!

eta: also at the firm I use to work, lawyers would make a switch into accounting and that actually helped them with tax accounting.

 

[zoebartlett]

I know people who are much older who have changed careers and love it. Too old?! No way!

 

[Dee*Jay]

I don't think you are too old at all. I have a friend who is 36 and she had Finance background, then finished up the courses for Accounting and travels all over the world. You have the financial background and passing the CPA would be an asset to an accounting firm. You would be great at it!

eta: also at the firm I use to work, lawyers would make a switch into accounting and that actually helped them with tax accounting.

Thanks Skippy!

Also, I should clarify: I am NOT a lawyer! I did spend three miserable semesters in law school (many moons ago... ) but realized that I did not want to go that route.

 

[Skippy123]

I don't think you are too old at all. I have a friend who is 36 and she had Finance background, then finished up the courses for Accounting and travels all over the world. You have the financial background and passing the CPA would be an asset to an accounting firm. You would be great at it!

eta: also at the firm I use to work, lawyers would make a switch into accounting and that actually helped them with tax accounting.

Thanks Skippy!

Also, I should clarify: I am NOT a lawyer! I did spend three miserable semesters in law school (many moons ago... ) but realized that I did not want to go that route.

I know you are not a lawyer. I guess I am saying people who have law backgrounds, or finance backgrounds (like you have), would be a huge asset to an accounting firm, if you decided to sit for the exam and satisfy working under a CPA. There are all sorts of specialized niches in firms, depending on the firm. I think you would do great and could also use your compliance background.

 

[Dee*Jay]

I don't think you are too old at all. I have a friend who is 36 and she had Finance background, then finished up the courses for Accounting and travels all over the world. You have the financial background and passing the CPA would be an asset to an accounting firm. You would be great at it!

eta: also at the firm I use to work, lawyers would make a switch into accounting and that actually helped them with tax accounting.

Thanks Skippy!

Also, I should clarify: I am NOT a lawyer! I did spend three miserable semesters in law school (many moons ago... ) but realized that I did not want to go that route.

I know you are not a lawyer. I guess I am saying people who have law backgrounds, or finance backgrounds (like you have), would be a huge asset to an accounting firm, if you decided to sit for the exam and satisfy working under a CPA. There are all sorts of specialized niches in firms, depending on the firm. I think you would do great and could also use your compliance background.

Gotcha! I just wanted to make sure I wasn't confusing anyone with the lawyer thing.

Thanks Zoe! I need all the encouragement I can get!

 

[Tacori E-ring]

It is never too late IMHO Someone will appreciate all of your life experience and diverse knowledge.

 

[rubybeth]

I don't think you are too old at all! Now, if you were 62 and just needed to hang in there for a few more years and retire with a good pension or something, that would be different. But there's no point in doing something you don't enjoy if there are other opportunities, and it sounds like you have many open doors. If you change your mind, you can go back to it, right?

 

[Matata]

I was an HR director for many years and counseled hiring managers about unconscious discrimination that could eliminate worthy candidates based on the manager’s reaction to the resume. Hiring managers will have questions regarding your work history – why do you want to change; why did you go into full time real estate and then back to compliance; what is motivating you toward CPA – in other words, are you having a mid-life crisis and experimenting and would you be willing to accept their salary range if you are applying for entry level positions. That will bring up questions regarding your commitment to the positions you’re applying for should an offer be made. Whatever the hiring manager’s gut reaction is to those questions will determine whether your resume goes in the potential pile or the reject pile.

The human resource philosophy (I think the current trendy term is talent management/acquisition) of the organization will affect your candidacy also. Up and comers will work for less money, are seen as raw material to be molded by the organization, and yet, hiring managers know that once sufficient experience is gained, off the newbies go to greener pastures. The cost of training and lost productivity while the new employee gets up to speed is greater. On the other hand, a savvy experienced candidate, even one new to the field, who has poise, confidence, and superb communication skills can hit the ground running in ways a true newbie can’t and cost investment in training and lost productivity is often less.

Candidate age and gender always affects hiring managers’ decisions – whether consciously or unconsciously. Don’t let that stop you from pursuing what you want to do. You only lose if you don’t try.

 

[iLander]

I think I read an article that said that most people actually end up having two or three careers in their lives, so there's no such thing as too old.

Think of it this way; if you do it, five years from now, you could have the life you want. Or 5 years from now, the time will have gone by anyway, and you'll still be where you are.

If I were you, I'd take the three day gig, and start the real estate business. If you work for someone else, they decide how much money you make. If you work for yourself, you decide.

My son, who works for a big bank as a manager, has mentioned being a compliance officer some day. Are there courses he should take, or certifications? He's very big into following rules (for other people, never for his parents ) and procedures.

I'm glad you're feeling better, I was worried about you!

 

[Dee*Jay]

Tacori – “life experience and diverse knowledge” – I like that!

Rubybeth – If I were near retirement I wouldn’t even consider this, but one of the important factors is that I had a light bulb moment and said, “Wow, I have 20+ years to retirement. Look at what I’ve done with my career in the last 15.” So time is definitely one of the things I thought about. If I was able to get where I am in this field in that amount of time, and I have even more than that amount of time left, maybe I can accomplish great things all over again!

Mata – thank you SO MUCH for your perspective! I do worry about the things you mentioned (e.g., am I just having a mid-life crisis—although I think I solved that with a new 911!), and how they will be perceived on paper. That’s the challenge (as you well know!). I interview GREAT, but I need to get to that point. Also, one of the things I’ve tried to be very good about is networking, so hopefully when I’m ready to make this move I will have a good contact network that may get my foot in the door in places that I might have otherwise been overlooked.

 

[Dee*Jay]

iLander – I interviewed with a major investment firm a few years ago when I was coming back from my real estate hiatis. I was worried at the time about the break from the industry and one of the best things the recruiter said to me was that it’s almost strange now if people of our age (we were both 40ish) HAVEN’T done something else at some point. This ties in, I think, to you point about having more than one career along the way. My worry was that I waited to long to do it!

We will have to see about the part time gig. One thing is that they need to pay me a reasonable amount of money so I can actually live! I suspect that to be the case (although not as much as I make here, but maybe 3 days/week in Chicago will be close in $ to 5 days/week in Kansas City!). Plus, I am giving up a lot of real estate commission here in KC that I would recapture if I moved back.

Regarding your son, does he was to be a compliance officer in the banking industry or the investment industry? There is a big difference, so let me know and I’ll give you appropriate advice (or my opinion, as the case may be!).

 

[iLander]

Hi DeeJay!

He's thinking banking industry, I doubt he would ever leave the bank. He's a Capricorn, they're not good with transitions.

 

[madelise]

NEVER too old. I sat with a 60+ y/o man in my neuroscience class last year. It's never too old to change, and never too old to learn new tricks.

 

[MichelleCarmen]

Hi,

Every field is different. My dh changed careers about four years ago and used his original degree for his new field (which he didn't use after graduating - he decided not to apply his degree at that time) and we had hoped that he would be happy with the switch, but it didn't work out and he is moving on. He found that he was competing against younger new graduates who would be willing to work for less. Where I do think you have the advantage is your will be FRESHLY educated with your courses and that will look great on your resume, but you might be competing with some with less years experience, willing to work for less (not an absolute, but a possibility). My DH was pretty much told if he got his MA he would be moved right on up to a higher paying position, but after his first graduate course, he decided he doesn't want to stay in the field he is in because some things never change. The pay is good, but it's not good enough. So, the current switch, is one DH knows will make him happier and equal more money. He did some serious thinking on it and researched A LOT.

Best of luck to you!

 

[Dee*Jay]

iLander – unfortunately I am in securities compliance and not bank compliance, so I can only give limited advice here. There are probably courses specific to bank compliance that I’m not aware of, but his colleagues in the area should be able to tell him that. I do know that AML is a big big compliance area for banks, so if he has any interest in that he should have quite a bit of opportunity. Privacy and information security area also big topics. The banking world is so different than the investment world that I do have a ton of specific insight for him. But if he decides to come over to the dark side of investments, well, I’ll talk his ear off!

Madelise – I love that there was a 60+ y/o man in your class! Makes me feel young at *only* 42!

MC – yes, the young freshly minted grads willing to work for less are definitely an issue. I’m sorry to hear that your husband’s attempted career change didn’t pan out as he’s hoped. But it sounds like he’s moved onto the right track and hopefully he’ll be in a job that pays well and—most importantly—makes him happy!

 

[NovemberBride]

Dee Jay,

I think you are not too old to change careers, but I think the biggest issues will be the pay and lack of seniority and whether you are willing to deal with those two things. I assume that as chief compliance officer you are well compensated and are dealing with executive management on a regular basis. Starting pay for those in fund accounting, even for those with advanced degrees, is relatively low so I'd have to think you'd be taking a large pay cut. Although your experience might allow you to come in slightly above the most junior level, without accounting experience you are going to be pretty low on the totem pole. Are you going to be happy reporting to those who may be younger than you and being left out of higher level meetings when you are used to being a manager? You would also likely lose other intangible benefits to seniority, such as flexibility. For me personally, I would have to really, really want to make a career change to deal with those two things. The benefits that come along with seniority in an industry are not insubstantial.

 

[Dancing Fire]

And if anyone thinks I’m crazy and that I should just stop this goofy CPA thing and focus on a nice stable lucrative compliance career for the next 20+ years, please tell me that too.

I find that PSers have a tremendous amount of insight and I am open to guidance… !

go for it DJ!!... wish i was that smart....

 

[JewelFreak]

DJ, I wish I had had the possibilities & smarts you do at 40! I love iLander's advice: if you do it, five years from now, you could have the life you want. Or 5 years from now, the time will have gone by anyway, and you'll still be where you are. So go for it! Sounds like you have a ton of talent, experience, & presentation; add perseverence & you'll get there.

It's never too late: when my uncle was around 64 he went back for his MBA. Asked why, he said, "I might need it someday!"

--- Laurie

 

[madelise]

Madelise – I love that there was a 60+ y/o man in your class! Makes me feel young at *only* 42!

He was the oldest one in my field, but not the only older student. There are more than a handful of 50+'s. And they're treated like absolute equals. I love my classmates.

I've once had a 70+ man in my philosophy class in community college. He wanted to get his BA alongside his grandchildren.

You are young, Deejay! 42 is not old at all. There's no reason to settle in a place where you feel you're ready to move on from. Age should never be a limit just an experience.

 

[Missy]

Madelise – I love that there was a 60+ y/o man in your class! Makes me feel young at *only* 42!

He was the oldest one in my field, but not the only older student. There are more than a handful of 50+'s. And they're treated like absolute equals. I love my classmates.

I've once had a 70+ man in my philosophy class in community college. He wanted to get his BA alongside his grandchildren.

You are young, Deejay! 42 is not old at all. There's no reason to settle in a place where you feel you're ready to move on from. Age should never be a limit just an experience.

I completely agree with this Dee*Jay, and with what many others here have written. You are still young in the grand scheme of things and it really is never too late. I know many people who have changed careers later in life and improved the quality of their life by doing so!! Best of luck in your new endeavor(s)- I know you will be a success in whatever you decide to do!!!

 

[isaku5]

Go for it, DJ!!!!!! You're still a baby compared to some of us.

Our daughter was in her 30's when she started on a correspondence course with additional evening and weekend classes. She had been schooled in marketing, but decided to take the plunge. It took her 8 years of nights and weekends while working full time as an accountant/bookkeeper. She was making about $40k when she started and after her graduation as a CGA, she worked her way up to the position of controller (perfect title for her ) making $200k + profit sharing.

While she didn't do it for the money, she said, it was one heck of a challenge. During those years, she took a semester off to get married and three years later, another semester to give birth and care to their daughter.

DJ, you should do it now to prove to yourself that you CAN, if nothing else.

 

[AprilBaby]

You are too old when you can't get out of bed anymore!

 

[ChristineRose]

I took and passed the CPA exams this summer. I was 49 for three of them, then I turned 50 six days before I took the last one. I have an awesome job, which I got in large part because I took the exams.

 

[canuk-gal]

HI:

Anyone who goes back to school at 42--to certify to count beans--is bloody marvellous!

DeeJay, you have fortitude. Full stop.

Regardless of age, it doesn't matter what you do. You will be a success.

cheers--Sharon

 

[Enerchi]

Do what you love, no matter what it is. I decided at my 40th birthday, that I did not want to be "just a nurse" so I finally went back to school to do my dream job - Interior Decorating. I took the courses at night, I started a business and I loved it!! I learned a lot, made a whack of connections, had some incredible clients ... it was the best thing for me at that time. Then... life took a bit of a sideways turn and things just had to shift so I remained in nursing and then re entered full time work. Even tho it was still nursing, it was a like a whole new career--- so I think it is NEVER too late or people are too old, if it is something that holds an interest for you.

What's worse is to go thru life, get to a point where there is no option for you to explore something else and then you feel "STUCK" - you missed a chance at something that could have been awesome. If you can afford it, it won't alter your lifestyle too dramatically or your retirement plans won't be derailed (significantly...) if you pursue this --- why not??? You've certainly conquered the career you are in now, you're good at it, you are obviously looking for something to stretch yourself with (since you are in school and plodding along quite nicely!) so if you can do it --- take that chance!!! You only live once and you want to minimize your regrets ... Good luck!!! You'd totally rock it if you went for it!!!

 

[iheartscience]

Dee Jay,

I think you are not too old to change careers, but I think the biggest issues will be the pay and lack of seniority and whether you are willing to deal with those two things. I assume that as chief compliance officer you are well compensated and are dealing with executive management on a regular basis. Starting pay for those in fund accounting, even for those with advanced degrees, is relatively low so I'd have to think you'd be taking a large pay cut. Although your experience might allow you to come in slightly above the most junior level, without accounting experience you are going to be pretty low on the totem pole. Are you going to be happy reporting to those who may be younger than you and being left out of higher level meetings when you are used to being a manager? You would also likely lose other intangible benefits to seniority, such as flexibility. For me personally, I would have to really, really want to make a career change to deal with those two things. The benefits that come along with seniority in an industry are not insubstantial.

I agree-I wasn't as far along in my career as you are, but I switched from being a buyer to working in research, and it was a bit rough to go from being completely self-directed and essentially not having a supervisor to having close to zero responsibility. I took a pay cut, too, which also sucked. That said, I moved up quickly and got 2 raises in a year that put me over what I was earning before, and I took on a lot more responsibility. I'm sure you would do the same if you switched careers.

 

[diamondseeker2006]

Dee Jay, if you are miserable in your job, then you should get out. But leaving a job that is very in demand, very lucrative, and that you have tons of experience in, I'll tell you, I don't think it is necessarily wise! I mean, do you really think you are going to "enjoy" accounting more than what you are doing now? Plus starting over?

You are certainly not too old to change careers, but I would really hesitate giving up a great job with fabulous pay! There are a lot of people who would very much envy your current job!

 

[LaraOnline]

In my view, your existing substantial experience in compliance should hold you in great stead for advancement once you have done your studies.
I'm not sure that a new grad 20yr old with no previous work experience can be fully compared to a 42 yr old with extensive work experience in the finance industry...two completely different creatures in my book.

 

[woofmama]

I believe you're never too old to change careers. I personally have had three distinct careers in my 48 years. I am constantly exploring new ideas and may end up with a fourth.

I was a real estate agent in my early 20's, followed by a lucrative sales career in a few different sectors while in my mid 20s to early 40s. Then in 2003 I quite my job to go to school. Didn't love that career, went back to sales for 4 yrs. In 2007 I resigned again from sales and started my own business. I am very much an entrepreneur and am so glad I took the risk.

My sister was a corporate travel agent for many years. After 9/11/01 most of her large clients cut down on flying and started teleconfrencing. She was 38, divorced & has a son. She decided to put herself through nursing school & now has a wonderful career making triple what she did as a travel agent.

Moral of the story for me & sis: You can teach an old gal new tricks

I don't know anything about the sector you work in. Just wanted to be a cheerleader in your decision to give it a go. You are already a very successful person. With 20 more years in the workforce I believe you should do what you think will make you happiest.