# New career path choices



## jcgd (Oct 30, 2011)

I'm looking for some thoughts from people who don't personally know me, as to my current situation and possible paths I could take. I'm finding those close to me don't offer up much because they don't want to sway me one way or another, and that is exactly what I want.

- I am 25.
- I'm currently an Electrician. I will have my Master's certification in four months (three years as a J-man plus an exam from the safety codes council).
- I've been with the same company seven years now.
- I feel like I will start moving up, things are going well and I am receiving more responsibilities.

So overall, things are going great and I have no reason to stop what I'm doing. BUT, I kind of want a new challenge.

I have been considering doing another trade, which would net me less money for two years, but I would make about 35% more with the new ticket as a j-man in four years. I wouldn't be doing it for the money, I would be doing it for the new trade, and the challenge and work of the new trade.

I've also been considering getting my electrical engineering. I feel like it makes sense with my current experience, but I'm not sure I want to be an engineer.

I've also really wanted to do a finance degree, but it is a complete 180 and it makes me very nervous.

My good friend recommended I do a combined degree of B.Eng and B.Comm which would take 5-6 years of full time study as well as meticulous planning and gruelling study. I feel like this would be an excellent choice if I can stomach six years of study and finance it. I also feel like this will satisfy me intellectually which is something I've been really craving lately. 

The combined degree would also allow me to discover if I truly like, or dislike either discipline and I could drop one if I so choose. If I was to successfully complete the degrees I feel like the combination of master electrician, electrical engineer, and B.Comm would be pretty powerful.

I've been trying to do a pro/con thing, but I think the best choice is clearly the combined degree if I can have the courage and determination, and deal with being rather broke for six years. I would likely be 32 if/when I complete the program.

If I decide to do this I will start next September giving me a year to save. I think I can save at least $15k cash in that time and I'll likely have around $70k in RRSP savings. I would probably be able to work as an electrician for four months each year and make around $20k per year while I'm in the program. I assume if I work at an engineering firm during summers I would make substantially less, but the experience may be vital. The next seven to eight years will likely be the most gruelling years of my life if I go this route.

Staying at my current job or getting the new trade are essentially effortless choices, and I'll make decent money, likely retire somewhat early and I will probably do well. The combined degrees may or may not make me more money, but I feel like it would be more of a challenge. The earnings potential is probably substantially higher if I'm willing to work hard at my career.

I'm just looking for anyone's opinions on my dilemma.


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## Daniel A. (Mar 20, 2011)

I know a Master Electrician retired now that ran his own company and did consulting work even at 75 he still does a bit of work.

I wonder how one could study till 32 and still retire early maybe you need a wife and kids.


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## jcgd (Oct 30, 2011)

I said I could probably retire early if I stay an electrician. Likely not if I go back to school, but it entirely depends on my earnings which I cannot estimate. 

I have a wife. She's working on eventually getting her PhD.


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## humble_pie (Jun 7, 2009)

what a great dilemma to have. Go this way & you'll win. Go that way & the route will be longer & steeper ... but you'll win again.

i imagine you will receive many valuable responses here. It seems fairly clear that you are favouring the B.Eng/B.Com route, although still puzzling out how to finance it & how to summon the stamina for the long haul.

i hope you will keep this possible goal firmly in mind, jc. You have a marked talent for writing plus an original, authentic insight into many aspects of finance. The challenging route you are contemplating would offer so many opportunities, including leadership positions in engineering firms where your communication skills plus the knowledge you would have gained would dazzle.

(drum roll while we wait for Plugging to arrive & encourage you to dare yourself to take the professional route)

as for the $$, i rather suspect these will show up by themselves if you make up your mind to take this giant step. You haven't mentioned scholarships. There has to be at least one with your name on it. The fact that you're willing to work for a few summer months as an electrician or as an engineering intern ... plus a good scholarship ... with a little bit o luck you might even be able to get through the university program with rrsp still partly intact.


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## donald (Apr 18, 2011)

Start your own electrical company(this will easily satisfy your desire for a challenge)Mid 20's is the perfect age to strike out(i started my construction company at your age)You can take this route and at the same time be doing a mba and a finance degree in one shot lol.
It has taken me 8 yrs but i have finally built a solid reputation and have a book of business and repeat clientele.(6 employees)
I pay myself a healthy salary and retain earnings in the corp every year,You can completely leave the tools behind and focus on the business end or still operate in the field.I'm in the residential sector so i know it is different than commercial(requirements to bid jobs ect)
If you enjoy building a stock portfolio you will love building a business(and enjoy people ect).
I know a few journeyman electricians with there own companies(smaller companies)and it's not out of the question to be able to make 250k a year(if you were to choose to be compensated this route)Its not for everybody but maybe its a though for you?I started by approaching home builders and landed contracts and branched out from there.
There is a ton more but no need to go into all that.


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## Plugging Along (Jan 3, 2011)

This really is a soul searching question, with no right or wrong or obvious answer.

My questions to you are why do you feel you want a challenge? Are you not enjoying the work that you are doing? Do you feel that you are missing something? The money? etc.

There is nothing wrong with getting more education and bettering yourself but you should consider why you want to do this, and are there other ways to have the similar fulfillment. 

In terms of the program, I think an engineering/b. Comm is a great combination to have. You have the technical subject matter expertise, and the business acumen. I have a B. Comm, but with no 'recognized' expertise area. 

If you are going to do it, your age is the perfect time. You have some experience behind you, but not so much that you can change your views. Also, you don't have dependents on you, things really change if you have kids. When you have kids, one can not take such risks as easily, as the impacts are much greater. My spouse debated about a Ph.d for years, he kept on changing his mind if he wanted to pay for it, or if it was worth the effort. I told him, he would have my 100% support financially and emotionally, but he had to do it before decided to have kids. He decided he didn't want to. Now, he keeps thinking he should have, but with 2 kids that needs us in terms of time, and money, it would be too much stress to bring into the home at this moment. 

My point is, if you want to do, go for it now. 32 is young, that's when we started having kids. You don't want to have regrets later. You don't need the money now. So take the chances and see what doors they open up, really, when you are young, it's all about opening as many paths and building your skills up. No one can take that away from you.

Finally, one book that I find really useful is 'What's Next' by Barbara Moses. It's a career conselling book, and it's great as it makes on reflect why they might be wanting change and provides some guidance.

PS. I might be looking for a summer electrician in 2 years if do my renos :tongue-new: and I'm in Calgary


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## Daniel A. (Mar 20, 2011)

Guess my point is really the same as Donald if its a challenge your seeking building a company may fit the bill.


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## jcgd (Oct 30, 2011)

humble_pie said:


> what a great dilemma to have. Go this way & you'll win. Go that way & the route will be longer & steeper ... but you'll win again.
> 
> i imagine you will receive many valuable responses here. It seems fairly clear that you are favouring the B.Eng/B.Com route, although still puzzling out how to finance it & how to summon the stamina for the long haul.
> 
> ...


Thank you for the kind words, as always. I do think the professional route would open up so many possibilities, and that is what I find so appealing about it. I know (more or less) my current path, whether I work for the man or start my own company. While I can be successful, I simply find is boring that I pretty much know what is in store for me.

As for coming up with money, I'm not too worried. I can save the majority of the cost before the program start. Between part-time and summer work, and my partner working some, I think we could more or less maintain our current lifestyle. Lean but not missing out on the little things we value. I believe I could leave my RRSP untouched, and this would leave around $100k in there that would be growing while I study.

My most daunting part for me is the stamina required for six years of study. I think this is the real choice. Almost any other option is simply *easy* but if there is one thing I've learned in my short life, nothing good comes cheap.



donald said:


> Start your own electrical company(this will easily satisfy your desire for a challenge)Mid 20's is the perfect age to strike out(i started my construction company at your age)You can take this route and at the same time be doing a mba and a finance degree in one shot lol.
> It has taken me 8 yrs but i have finally built a solid reputation and have a book of business and repeat clientele.(6 employees)
> I pay myself a healthy salary and retain earnings in the corp every year,You can completely leave the tools behind and focus on the business end or still operate in the field.I'm in the residential sector so i know it is different than commercial(requirements to bid jobs ect)
> If you enjoy building a stock portfolio you will love building a business(and enjoy people ect).
> ...


This is definitely something I have been considering. While I do think I need another 2-5 years experience before I go out on my own due to the complexities/ large variations of commercial work, if I were to stay in the trade I think this would eventually happen. IF I go this route I would like to make foreman for a year or so for the experience. It's a big jump from journeyman/ lead hand to a foreman or super and a practise run would be beneficial. 



Plugging Along said:


> This really is a soul searching question, with no right or wrong or obvious answer.
> 
> My questions to you are why do you feel you want a challenge? Are you not enjoying the work that you are doing? Do you feel that you are missing something? The money? etc.


Yes, I do want a challenge. I do enjoy my work, but I do wish I had a more involved workload. I have lots to do, but I don't find it overwhelming by any means. I could handle more difficult work. I feel like I am not reaching my potential which is my main reason for wanting to try something more. That may sound arrogant but I don't mean it that way, it's just the way I feel. 

I wouldn't say no to more money, but that's not what I'm after. I don't spend near what I make right now anyway. However if I had that much extra I'm sure I could find somewhere to spend it.



Plugging Along said:


> There is nothing wrong with getting more education and bettering yourself but you should consider why you want to do this, and are there other ways to have the similar fulfillment.


Do you have any ideas I could consider besides my own company? (I am already considering that, and preparing for this route as a default)



Plugging Along said:


> In terms of the program, I think an engineering/b. Comm is a great combination to have. You have the technical subject matter expertise, and the business acumen. I have a B. Comm, but with no 'recognized' expertise area.
> 
> If you are going to do it, your age is the perfect time. You have some experience behind you, but not so much that you can change your views. Also, you don't have dependents on you, things really change if you have kids. When you have kids, one can not take such risks as easily, as the impacts are much greater. My spouse debated about a Ph.d for years, he kept on changing his mind if he wanted to pay for it, or if it was worth the effort. I told him, he would have my 100% support financially and emotionally, but he had to do it before decided to have kids. He decided he didn't want to. Now, he keeps thinking he should have, but with 2 kids that needs us in terms of time, and money, it would be too much stress to bring into the home at this moment.
> 
> My point is, if you want to do, go for it now. 32 is young, that's when we started having kids. You don't want to have regrets later. You don't need the money now. So take the chances and see what doors they open up, really, when you are young, it's all about opening as many paths and building your skills up. No one can take that away from you.


I think you are right. If I'm going to do it, now is the time. Having regrets later is something I really want to avoid and I'm thinking if worse comes to worst, I am not really giving up a lot compared to the possible gains. If I look at it from a risk vs reward perspective, it seems to be a rather safe, and possibly highly lucrative bet. It could be a quadruple whammy of challenging myself, having many opportunities, making lots of money and realizing my (perceived) potential.



Plugging Along said:


> Finally, one book that I find really useful is 'What's Next' by Barbara Moses. It's a career conselling book, and it's great as it makes on reflect why they might be wanting change and provides some guidance.
> 
> PS. I might be looking for a summer electrician in 2 years if do my renos :tongue-new: and I'm in Calgary


I'll have a look at that book; good idea. 

And well... think of me if you do. I'm actually looking into starting a small residential company with a friend, for fun on the side. I have to avoid commercial work or I believe it would be a conflict of interest.



Daniel A. said:


> Guess my point is really the same as Donald if its a challenge your seeking building a company may fit the bill.


It might be what I need. However, it is an option that will always be there. The professional route option is fleeting.


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## humble_pie (Jun 7, 2009)

but taking the B.Eng/B.Com route wouldn't preclude you from heading up your own company at some point in time ...


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## donald (Apr 18, 2011)

This is just M.O and what i have observed from other owners of companies(esp construction and likely engineering)and i'm sure applies to most people's bosses or owners in any field for that matter,Few(and this has nothing to do with the needed skills/credentials ect)start businesses past late 30's.
Starting a business is not some ''locked-up" second choice 1st plans fail back-up plan.It takes at least half a decade to build(the stress is likely better suited for the younger person)This is somewhat off topic maybe but there is a few comments that make it sound like of course you can open up a business @ ''some point" in the ''future" that is highly unlikely past a certain point.
I think one tries the self-employment route FIRST and than if it doesn't work out than you have time to recover and seek employment from others,could be a little off and there is exceptions but this is likely reality.


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## jcgd (Oct 30, 2011)

Generally it seems that the main issue people have with starting a business is having the funds required to keep them going until the business is profitable. I'm not concerned about this because my partner and I will both _generally_ earn about double what we need to support the two of us. I would guess that if we have kids would require one of our incomes in full. Now obviously anything could happen, but I can't control the extreme situations (divorce, no work, disability, etc.) so I'm not going to worry about them. If I feel the urge to start my own business before I'm 40 I would still have eight years to do so.

Why, factually speaking, is it highly unlikely one could not start a business past a certain point? One would likely have more knowledge, more contacts, more expertise, more credentials and more money. Why would failure be more likely? It might not snowball to the same scale, but I've seen people build businesses to have 1-2 employees all the way up to 30+. It seems most individual's results are pretty much exclusive of other's.

I don't mean to be insulting by saying that starting my own business would be a fall back plan. Trust me, I'm not discounting the talent and hard work it would take. I just see it as a different beast. 

I never like to put myself in a position where the default result isn't a good result or inaction results in a bad situation. Right now doing nothing results in a respectable career I will likely be proud of. I'm just trying to explore the other options and their possible outcomes.


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## Daniel A. (Mar 20, 2011)

Have you thought about finding a mentor it sounds like this is what you need.


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## FrugalTrader (Oct 13, 2008)

Since you are considering going back to school, why not do your B.Eng first, then move onto your MBA? If you can find a 4 year B.Eng program and a 2 yr MBA program, shouldn't take much longer than a B.Eng/B.Com combo, and you'll be more marketable.


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## MoneyGal (Apr 24, 2009)

Or B.Eng + CFA, or B.Eng + Master's in Finance (some of those are designed to be completed by people in the workforce).


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## Toronto.gal (Jan 8, 2010)

jcgd said:


> 1. I feel like I am not reaching my potential which is my main reason for wanting to try something more. That may sound arrogant........
> 2. most daunting part for me is the stamina required for six years of study.


1. Wanting to discover/reach your maximum potential does *not* sound arrogant at all, so never think that! 
2. It would not be easy, but I believe you would thrive!


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## hystat (Jun 18, 2010)

Electrician to me seems like one of those trades like plumber or some of the motive power trades where it's about 9000 trades and other jobs rolled into one. I can't imagine someone would have to switch trades completely to get a different workday experience. Every physical and mental task one could do on this planet is in that business somewhere. 
I would step back and look around and see if there is someone you would like to "be" in your current industry. Work towards that.
For me it was the education side of my trade. After trying supervision and management. (I hated that side of it). This common advice to start your own business would have been awful for me. I hate bill collecting. I just like the technical and human aspects.
If I tried to run a business and manage employees, I would be in an early grave.


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## sharbit (Apr 26, 2012)

What about part time courses to try things out? I did this with finance and have continued part time ever since.


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## Toronto.gal (Jan 8, 2010)

hystat said:


> If I tried to run a business and *manage employees*, I would be in an early grave.


These days, +1.


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## humble_pie (Jun 7, 2009)

jc on stamina, you of course are going to be the final judge of that.

but one can't help but observe that, all your young life so far, you have shown a great deal of stamina! you were able to leave nova scotia at the youthful age of 18, to travel out west seeking employment, to complete 7 years of a challenging trade formation while successfully advancing at the same employer! 

now, that's stamina, imho.


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## donald (Apr 18, 2011)

fear of failure jcgd is one big one!when one reaches mid age(40)usually one has lost a bit of the cojones!m.o,but here are some reason I think it gets difficult after a certain age.
1)lifestyle-the first half a dozen yrs all your going to do is live and breath it,this is easy when your young and full of piss and V.
2)relationships/family-this is going to take a toll,again its just no this isn't the ideal age to launch.
3)risk-if your not use to risk and heavy uncertainty by 40 and you would rather avoid it(and I think it shows if one waits this long)you will be dead in the water,forget the technical/managing aspect here but the actually pressure/demands.
I just think most of us know a few business owners/self employed people and I'm willing to bet they were all working for them self almost from the get go.The odds are tough in the market place and I don't think its suited to the first time entrepreneur at age 40 that's all(the personality of a self employed person is the exact opposite of waiting till 40)you would likely be doing side jobs now and bidding on work ect not thinking of school.
Just my thoughts,that's all.


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## donald (Apr 18, 2011)

I'm just thinking of my own self here and I shutter thinking back to the first 3/4 5 yrs lol,I would not want to go through that again.I've finally just stabilized and my challenges are a lot easier now than what they were earlier.
btw,I run a small outfit and I'm trying to grow more but I've finally got to where I can handle it.
it was just stressful,I can't compare it to anything because its my life and maybe its different for others!


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## jcgd (Oct 30, 2011)

So a little update, I've done a good amount of research and have pretty thoroughly looked into my options. I just got off the phone and passed on the trades job. I figure if I do that I'll be right back where I am now in a few years. No point starting at the bottom again.

My high school marks aren't good enough for me to get into any decent university engineering programs. My averages are pretty good considering how much time I didn't spend in high school, but I don't have the 90+ average that would make me competitive. The double degree with engineering is off the table. 

I have a few options:
1) Enrol in another program, get my marks up and transfer into engineering. 
- I would need to transfer universities after a term when we move.
- No guarantee I could get in to engineering after the first year.
- The degree would be 4-5 years and only after the majority of it would I find out if I even enjoy engineering work.

2) Enrol in BCIT. They have a two year diploma and an accredited four year B.Eng program in electrical engineering.
- First year is shared, I can choose to do another year and get the diploma or do three more and get the degree.
- I can likely be accepted to this program based off high school and trade school marks.
- I can do the diploma, only give up two years, and see if I want to actually become an engineer by working in the field.
- If I go for the degree, I can drop it at any point and finish the diploma in a year. (A way out if something comes up)

3) Do a bridge program and finish degree at University of Victoria
- If I have a diploma I can do a six month bridge program which lets me enter UVic as a 3rd year engineering student. 
- Has co-op work terms during the summer.

I think I'm leaning towards choices two and three depending on where my partner will be doing her masters. If she wants to stay in Vancouver for sure, I can do the BCIT degree. It's still accredited and I could use it to earn my professional engineer, but I think it would cause problems if I ever wanted to do a graduate program. I think earning the diploma first and then doing the bridge is the best of both worlds. I get some hands on training with BCIT, I can get some workplace experience afterwards and if I really want to continue I can do the bridge and have a degree from UVic. I would end up with a diploma and degree in 5.5-6 years as well as work experience. I feel like this is the safest, smartest combination.

Thoughts?


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