Next Steps in My Career
Hi everyone,
I’m a 27-year-old currently earning just over $20/hour, which feels insufficient considering my workload and the high cost of living in my area. I’m reaching out for advice on my next steps, given my experience and background.
I hold a Bachelor of Science in Equine Business Management, which involved several business classes focused on agriculture. I’m currently about halfway through my MBA in finance, progressing slowly since my employer only covers two classes each year.
In my current role, I handle 45 accounts daily, effectively working as a pre-collections agent. My responsibilities include assisting members in getting their debts back on track through renegotiating loan terms and setting up payment plans. I also help collect collateral, such as vehicles due for repossession, coordinating with dealerships for pickups and managing the necessary paperwork.
My daily tasks involve a range of activities: communicating via phone and email, sending letters, verifying account information in our systems, and checking with our insurance carriers to ensure collateral is properly insured. I often have to locate individuals who are hard to reach, pulling credit reports when necessary.
Recently, I’ve also been involved in handling various insurance claims, including those for disability, life insurance, and repossession damages. Additionally, I analyze monthly reports on loans paid ahead, contacting individuals to explain the implications of early repayment on their interest rates and guiding them on their payments.
I felt compelled to share this after seeing a finance worker, younger than me, earning a higher salary. It made me question if I’m fully recognizing my worth.
I aspire to work in agricultural loans, specifically on the front end rather than recovery. I want to know if that field offers better compensation than my current position. If anyone has suggestions for other rewarding career paths that I might not have considered, I’d love to hear them! Although I was initially planning to pursue a career in horse breeding, a severe allergy to grass forced me to shift my focus. I genuinely enjoy my work in finance and take pride in helping individuals regain control of their finances, especially when they feel like they have no options left.
Thank you for your insights!
One response
It sounds like you have a diverse skill set and a genuine passion for helping people, which are both valuable assets in any career. Given your background in Equine Business Management and your ongoing MBA in finance, you have a unique combination of expertise that can open several doors.
Here are some steps you might consider for your next career move:
Network Within Your Desired Field: Connect with professionals in agricultural loans and finance through LinkedIn or local industry events. Informational interviews can provide insights and may lead to job opportunities that aren’t publicly advertised.
Leverage Your Current Experience: Highlight your skills in negotiation, communication, and financial analysis in your resume and LinkedIn profile. These are valuable in roles like loan origination, credit analysis, and financial advising, especially within the agricultural sector.
Explore Certifications: Consider pursuing relevant certifications, such as a Certified Agricultural finance Professional (CAFP) or any other finance-related credentials. This could bolster your qualifications and distinguish you from other candidates.
Consider Entry-Level Roles in Agricultural Finance: Look for positions related to agricultural loan processing or financial advising in agribusiness firms or banks specializing in agricultural financing. These roles may provide a pathway into the field while still allowing you to use your financial skills.
Research Salary Potential: Use resources like Glassdoor, PayScale, or industry reports to assess salary expectations for roles in agricultural finance. This can help you gauge if a move is financially worthwhile.
Stay Informed about Industry Trends: Keeping up with trends in agricultural financing can better prepare you for discussions during interviews and networking, demonstrating your serious interest in the field.
Consider a Side Hustle or Freelance Work: If feasible, working part-time as a financial consultant for small agricultural businesses could provide additional experience and income while you transition into your desired field.
Think Outside the Box: You mentioned that you enjoy data and spreadsheets. Consider roles in agricultural tech companies or fintech that focus on innovative financing solutions for farmers. These areas are growing and might offer lucrative positions.
It’s great that you find your current job rewarding, but it’s also important to ensure that your compensation reflects your skills and contributions. With your MBA in progress and your deep experience in finance, you’re in a strong position to negotiate for a role that satisfies both your financial and professional aspirations. Best of luck on your journey!