I’m a chartered accountant and a recently qualified CFA charterholder - 35 years old and my ultimate long term goal is to run my own firm in 3- 5 years time –whether accounting or investment firm managing HNW clients. I have always desired an investment/portfolio management career (I have self funded/self studied – CFA, CISI, Msc etc) all with the desire to transition into this area; but I have been an accountant & tax person all my life. I have a middle management role, my key duties is preparation of financial statements for listed companies and managing a small team; my salary ok – circa $90k. Recently I have been offered an entry level position (junior portfolio manager) for $60k with a local private wealth management firm and im willing to take a salary cut! The role will include conducting research and market analysis, analytical evaluation, proposal building, portfolio modelling and eventually manage a small book of client relationships. My dilemma is 1. Whether I should continue in accounting/tax advisory –ultimately set up a small accounting/tax practice Or this junior portfolio manager role with the hope of setting up a private wealth firm. My issues with accounting/tax business are: 1. Its too crowded; 2. Very low margin and high volume – eg to make $100k a year, I would need 100 clients each paying $1,000. With the private investment firm I’m confident I can raise $10m capital from a few HNWs and perhaps charge say 2% management fee = $100k a year with lesser effort. There aren’t many investment firms where I live- its an offshore centre with zero corporate tax and low personal tax! 2. I’m technical – CFA, MSc finance, CISI (chartered wealth manager), CA etc but not much experience in client facing roles and I’m worried about the transition from accounting/tax to investment management. I’m yearning to hear from someone with similar experience and any other comments/ideas re the above. Thank you.
What is your income scenario in 5, 10 years in the new job? Have you had a detailed conversation with someone who had a similar job before?
I’m sure you have thought about this a lot. It’s sometimes worthwhile to take a pay cut for a new job. But we must be careful that it is done for well thought out reasons and not influenced by the excitement of change.
Junior PM for 60k? Where is this and but that seems really low.
^ That’s probably accurate for anywhere that pays a middle manager $90k…
It would be low ofcourse as he is not yet experienced in doing that new task.
You are already in the middle of your career life, that decision would have a huge impact on your life. Unless you have so much funds and the -$30k annual cut would be nothing for you. Then pursuing what you want in life would be a great choice. But if you would be needing that extra annual $30k, then it’s hard to shift.
Changing career path at your age is like you’ve already constructed a 35 out of 65 floors of the building and yet you want to slightly move it on a different spot.
About me, I am 22 years old, with a Year experience in Securities Settlements, but I hate handling of post trades, and ofcourse I want to face the PRE TRADE decision making for the securities. Therefore I resigned my settlement job in the Philippines and I currently moved to Dubai (3 months visit visa) hoping to hit a well suited job for me 
I am jobless, and seeking for what would I really want to do in the world of finance
Cheers!