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Back and need career vent/advice
Happy New Year ladies! I hope everyone's holiday season went well. I took off for vacation on the 24th and have barely been on the Nest until today.
Work has just been so stressful that I am at my breaking point. I want out and I want to go back to school. However, I want to make sure that my new career choice isn't just a "grass is greener" decision. My DH is very supportive and has encouraged me to take time off while I mull over the possibilities. I thought I wouldn't feel as strong about this after a week and a half off, but the desire to leave is even stronger this morning.
Here's my issue. I want to go to grad school full time and that will not be until Fall 2010. If I quit work after I get my bonus (if there is any), I will be unemployed for about 18 months (worst case scenario). DH makes enough where we will be more than fine, especially since he has more job security than I do. However, this means that I will move to Tampa instead of DH moving back to NY, where our family and friends are located. The job prospects are pretty much at zero, so I plan on filling my time with charity work and perhaps even starting a new foundation.
I feel strangely calm and I want someone to slap some sense into me if this truly sounds insane. My closest friends and mentors' knee-jerk reactions unanimously decided that I was crazy. After explaining what I would be doing, they think it is feasible even though they feel that law school is not the way to go (I am torn b/w JD or MBA). I take everything they tell me with a grain of salt since most of them have MBAs who have expressed dislike for 3 years of additional schooling.
Right now, I don't have a clear idea of what I want to do since I am open to anything. Heck, I might end up back in finance but in a different role. I am fine with that. I just need the advanced degree to be able to make that move since no one will give me a chance otherwise (I've tried). This time off will be a way for me to take the GMAT and the LSAT and really think about what I want to be when I grow up.
Not sure what the point of my post is, but I already feel better by typing out my thoughts. I have been considering this situation for the last 6 months. My last straw was when my boss' boss forced me on a call Christmas Eve to deal with client requests and then proceeded to bombard me with emails for the rest of my vacation. Working during a vacation is not fun but I wouldn't mind as much if my bosses recognized my work or promoted me. Our group's business model is broken and there is no hope of fixing it, which is another reason why I want out.
Anyways, I just want to make sure I have decent sounding plans before leaving this position given the economic times. There are so many out there without a job and I am feeling slightly guilty about leaving one by choice.
Has anyone ever done this before? Any thoughts? Advice? Please slap me if you think I need it. I want to hear all of the good/bad. TIA!
Re: Back and need career vent/advice
It sounds like an MBA with a concentration in finance would be a good fit with what you're doing now, assuming you like you field, but want more opportunities for advancement.
Why would you have to move to Tampa? Couldn't you go to school in NY?
I'm one of those attorneys gtown is talking about that went to law school by default and now hates being a lawyer. I actually liked law school, though.
Honestly, you sound really burned out. If you and DH can financially survive on one income for 18 months, and you have a clear plan for what you want to do - I say go for it. Move to Tampa and spend your time loafing on the beach until you get bored and then start doing charity work or even part time work.
I'm probably a little bit biased because we went to St. Pete Beach in late October and I've been dying to go back ever since... and I spend a significant portion of my days fantasizing about leaving here for good. Of course, in that fantasy, I immediately find a new, awesome position that lets me start 6 weeks later, which gives me time to loaf around and then take a kick-a$$ vacation to Europe.
I'm at a different level than you are, but I understand the desire to leave an investment bank and the relief that follows when you do. The 18 months of nothing sounds a little terrifying, as well as the moving away from family and friends but in January, Tampa always sounds preferable to NYC imo.
Your mentors, I'm sure, know better than I do, but I don't think going for your JD is an awful idea. You'd have more options, I would think, as you can still be an exec at an investment bank with a JD (my former boss is a Director on the fast track to Managing Director, and she's in her mid-30s coming from a law background). Or you can get out of banking and be a well-rounded transactional attorney. I think it'd be difficult to start law school in the winter, but I may be wrong on that.
Good luck! And let me know before you quit so we can hit up the dessert cart.
Thanks gtown. A part of me is done with the number crunching part of finance. I work with many people now that have law degrees and do a slightly different role, which is what got me thinking about law school. Before the financial meltdown, I was dead set on an MBA. However, I don't think the cost is worth a full-time MBA anymore now that the large bonuses are gone. Again, this time off is supposed to allow me time to see what I like and don't like. I've tried to do this while working but the stress and amount of hours hasn't allowed me to do this in the 5 years I've been in the industry. Ugh.
My DH moved to Tampa 2 years ago to pursue a better job opportunity. I was supposed to follow but couldn't find a job right away. We decided to wait until after the wedding, 5/31/08, before we decided who would move where. No matter what, one of us will be unemployed for a significant amount of time. I would much rather have him stay at his current job since it is more stable than mine (and he makes more than me).
As far as school goes, we will both move back to the northeast.
Is it selfish to say I want you to move to Tampa 'cause I live in Clearwater and am jealous that so many of the board live within gtg distance?
In all honesty, if you all can financially afford for you to not work, and you and DH would be in the same city, I say go for it. The only reason I have stayed in jobs I hated before was because of financial reasons. If we could have lived on DH's salary alone I would have been out of there so fast.
After you move, you could always get a part time "fluffy" job that would get you out of the house, a little extra spending money on the side but leave you with enough time to study and soul search.
ETA: Also, We have University of South Florida, University of Tampa and Eckerd College (last two are really good small private schools). You could take a class or two and try out the legal beagal side to get a feel if it really is something you want to pursue full time.
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Good points Elizabeth and MD! I have a lot of thinking to do since law school is tough and I don't want to go just b/c.
MD, I have a few months left so we can meet at the Dessert Truck whenever.
One other thing to consider is the cost of law school. I know it can vary quite a bit depending on where you go, but you're probably looking at $20-30k/year for law school, and purely from my experience, scholarships are pretty few and far between.That could be just the law school I went to and the one DH went to, though. I don't know if that could be detrimental to you, but you should probably assume that you'd leave law school with quite a bit of debt. Most people I know have to pay back somewhere around $1,000/month.
I have no idea if MBA school is any different, though.
I made a similar descion and so far it's working out great. I reached a point where I coulnd not move up with out my Masters- so come last August I quit my job and moved the here. DH had already found a job here - and like your DH he has more security and made more than me. I have an grad assistanship so I have some income coming in ( it pays the rent with $7 left over lol). Most of my friends have done the same thing- so no one thought I was crazy. I actually only have once close friend who still has an FT job.
I also had the same guilt about leaving a perfectly good job, with good pay in the economy and I still have a lot of anxiety about finding one when the program is over next year. THe only advice I have for that is to network and use your professors and contacts as much as possible. My bosses and prof's have mentioned that it will be difficuly, but are committed to helping us anyway they can. ?
Sometimes you reach a point where you have to do what you have to do and you are the only one that really knows what that is . As long as your DH supports you and you have savings and a ?back up plan you should be fine. It's not always easy ( one income, school), but I fully belive in the end it will be worth it.?
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HTH and GL!?
I havent read the other replies yet but GL with whatever you choose first off! Second - I would vote that regardless, if you arent happy now, now is the time to make a change. THe older you get, if you start a family, further along in your career, etc etc... the harder it will be.
I will comment that I have my MBA and I didnt hate school at all. I kinda liked it to be honest - I enjoyed the mgt classes and focus on case studies and looking at big picture stuff, I enjoyed the chance to have debate and discussion in class on these topics (which you get more of in MBA than in BS in my experience). Granted, I stayed as far away from Finance classes as humanly possible and took mostly mgt and mktg type classes as electives. But, it wasnt some horrible experience at all. I would urge you to research programs though - look to see what classes are required, what classes are available, if you will be eligible to skip any based on your undergrad transcript, what the programs at various schools are like to make sure you get the best fit.
Other tip if it is a concern - I managed to get my MBA 100% gratis. 1/2 of it I worked as a Grad Assistant (similar to TA but without the teaching) which gave me free tuition and the second half I worked for Target who offered 100% tuition reimbursement since it related to my job. And even had I not... it wasnt nearly as $$$ as undergrad, or from my understanding, law school. Many programs (most??) offer flexibilty for you to work FT and be in school FT if you wanted too. Or, if you dont work while getting your degree you may get through it more quickly than you think.
HTH and GL!!!!!!!!!
If you do decide on law school, here are my thoughts: study your little butt off for the LSAT. High LSAT scores are pretty key for scholarships. I'd advise against going anywhere you don't get a scholarship. I applied to way too many law schools, and I got scholarship offers to most of them. I didn't even consider places that didn't offer me scholarship money. With the exception of the top 5 or so law schools, if you aren't offered a scholarhsip, then you are probably in the middle or lower portion of the incoming class, which will make it that much harder to be in the top half of the class and get a good job. Don't rule out private schools because they give scholarships. My private options were the same price or cheaper than my public options due to scholarships. Since you've been out of school a while, your undergrad GPA won't matter as much. You'll get credit for having a demanding, high-stress job. But LSAT score will be key for you.
I'd also advocate trying to figure out where you'd want to practice (assuming you'd be practicing) and figuring out what school would best help you get your foot in the door. If I had known I'd end up in Wisconsin, I should have chosen a different school. I went to a school that is, by all metrics, better than the schools here, but the schools here absolutely dominate the legal market.
Good luck with everything!
Thank you so much for all of the words of wisdom ladies. There is a lot to think about, even possibilities of scholarships.
PGH, the free MBA is very tempting and I will have to consider that. I never thought about grad assistant positions and I didn't realize that it gave you free tuition. I worked so many hours while I was in undergrad so I would prefer not working an off-campus job while in grad school.
As far as timing goes, PGH you hit the nail on the head. I feel some internal pressure to really figure out what type of career I want since I want to start having children by 35. I am 26 now, so I have time but not that much anymore. If I go back to law school in 2010, I will not graduate until 2013 and I will need a few years to build a base in my new career before I feel comfortable taking maternity leave.
I didn't realize you live in Clearwater! We should definitely have a GTG since I will be there for the MLK long weekend as well as the Superbowl.
Thanks for the tip about the law schools in the area. I will definitely try to take one class to see how it goes.
It is definitely worth looking into if you go the MBA route - the deal may be different from school to school, but if accepted, it would help for sure!
Also - if you are going to school FT and not working - if the program is not tracked you may be able to sneak through it a semester early. I recommend taking a full load off the bat - it is easier to take fewer classes in subsequent semesters if you need than it is to up your load if you can handle more.
Given your experience, would it be easier for you to get in to a top MBA program vs. a top-tier law school? Given the economy, school choice is important, IMO.
How would you meld your job experience with a JD vs a business degree?
You said you want to start a foundation (Sounds so cool!),so it sounds like you are more business-y oriented. If you don't want to practice law - I think (with no expertise to say this) that an MBA would be the way to go.......
I didn't realize your husband was already living in Tampa. In that case, you have even more reason to quit your job and move down there. If you can live off of one salary, then go for it.
I wouldn't advise going to law school in FL unless you want to stay there after you graduate. It wouldn't be impossible to leave the state, but if you ultimately want to move back to NYC, I think it would be easier to find a job if you go to school in the northeast. Some of the bigger/more prestigious firms are picky about which schools they hire from.
Hands down, it is definitely easier for me to get into a top MBA program vs law school. I agree with you in regards to school choice in this economy, but there are a handful of schools that have the same recruiting power as the top-tier law schools. One of my bridesmaids attends one of these schools and she received offers from most of the top tier law firms, which none of our friends from the top 5 law schools can match this year.
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When it comes to career advice, I am not going to be any help. I'm wrestling with many similar issues. (And I feel your pain about working on vacation...I will never forget how my supervisors tracked me down two years ago while I was in ISRAEL for work stuff...it still goads me to this day!)
Ultimately, I think taking some time off to think will be great. Sometimes you need to step away and take a breather. You're fortunate that your husband's job and income will help you do that
My only advice is to follow your heart and your gut. Most of the time, one--if not both, lol--are right on.
Good luck!
Hey, I just spent 10 minutes deleting! But aren't my boys cute?
If you have options in terms of schools and job opportunties, then go with whatever is best! And move to Tampa with your cute DH!
I can do corporate strategy work or even manage pension funds or school endowments. Until I landed my current position, I had no idea that there are so many different job opportunities for people with law degrees.
Ditto 150%. This is what I'm doing right now.
Nothing strange about that at all! I believe this is a good sign!
You ladies are the best! Thanks for the thoughts, I really appreciate them.
2Vermont, how is your time off so far? Are you still new to it or are you now slowly starting to figure out whatever you wanted to figure out?
That's what my former boss does (I think)! She spent 8 years as a coprorate attorney and now does business selection for the M&A group at a major investment bank. She said she got the position in part because of her work on a deal where our client came out of the blue to acquire this hot business. Sorry to be vague, but it was a big deal (on the front page of the Daily Deal). They wanted her to help choose the right clients to back in various transactions. It's a high 6-figure position, and she only works 40ish hours/week. Of course, those are sometimes odd hours as she does conference calls with execs worldwide, but still. She likes the change. Now, if only the support staff there was competent, she'd totally love it.