Career Progression Inquiry
Hi everyone,
I’m a 27-year-old currently earning just over $20 per hour. Given my workload and the high cost of living in my area, I’m starting to feel like my compensation isn’t quite adequate. I’m reaching out to gather some insights on possible next steps I could take, considering my background and experience.
I hold a Bachelor’s degree in Equine Business Management, which involved a number of business courses, primarily focused on agriculture. Currently, I’m about halfway through my MBA in finance. I’m pursuing this degree at a slow pace since my employer only covers about two classes each year.
In my current role, I manage 45 accounts daily, functioning essentially as a collections agent before the formal collections process begins. My responsibilities include helping members bring their accounts up to date by renegotiating loan terms, setting up payment plans, or urging them to address debts they’re considering ignoring. I also coordinate the collection of collateral, such as vehicles due for repossession. This involves liaising with dealerships for vehicle pickups and handling all related paperwork, including sale and deregistration processes.
My daily tasks range from calling and emailing clients to sending letters and ensuring our internal systems have accurate information. I also check with our third-party insurance carrier to confirm active coverage on our collateral and file claims when necessary. Additionally, I research external sources to find contact information for clients and occasionally pull credit reports for the same purpose.
In recent weeks, I’ve started assisting with various insurance claims—disability, life insurance, collateral protection insurance charges, and those related to repossession damage. Each month, I also review loans that have been paid ahead, reaching out to clients to explain the implications of prepaying and converting to new loan due dates.
I’m sharing this because I recently came across a finance professional who is younger than I am and earning more, which made me question my own worth in this industry.
My main question is about future opportunities. I’m particularly interested in transitioning to agricultural loans, specifically on the front end rather than in recovery. Is there potential for higher earnings in that area? I’d also love to hear about other career paths that might be a good fit for me, especially rewarding options that might not be immediately obvious. I was initially inclined to pursue horse breeding, but an allergy to grass has made that dream unfeasible.
I genuinely enjoy the finance field and have a passion for working with spreadsheets. Despite the lower income, I find personal fulfillment in helping individuals regain financial stability when they feel overwhelmed by their circumstances. Often, it’s about teaching them how to manage their finances better.
Thanks for any advice or insights you can offer!
One response
It sounds like you’re in a challenging yet fulfilling role, and it’s clear that you’ve gained a lot of valuable experience. Your background in Equine Business Management, combined with your ongoing MBA in finance, puts you in a great position to explore different avenues in the finance sector, especially in agricultural loans, which align with your interests.
Here are a few steps you might consider to advance your career and potentially improve your salary:
Evaluate Your Current Position’s Pay Scale: Research salaries for similar roles in your area and in the agricultural loans field. Websites like Glassdoor, Payscale, and LinkedIn Salary can provide valuable insights. This will help you gauge if your current pay aligns with industry standards.
Network in the Agricultural finance Sector: Attend industry-specific events or join professional organizations related to agricultural finance. Networking can often lead to job opportunities and valuable mentorship.
Consider Certifications: Depending on your interests and career goals, obtaining additional certifications related to finance or loans might enhance your credentials. For example, becoming a Certified Financial Planner (CFP) or obtaining a certification in agricultural finance could help you stand out.
Update Your Resume and LinkedIn Profile: Highlight your extensive experience in collections, customer relations, and financial education on your resume. Tailor it for roles you’re interested in, especially those in agricultural loans.
Seek Out Opportunities for Advancement: Consider talking to your current employer about your career goals. If there are paths for advancement within your company that align with your interests, express your desire to participate in any relevant projects or roles.
Explore Diverse Financial Roles: While your interest is in agricultural loans, there might be related roles that fit your skills and experience, such as risk assessment positions, credit analysis, or financial consulting for agricultural businesses. These roles can often lead you to your desired area in the future.
Consider Job Shadowing: If possible, reach out to someone in the agricultural finance segment and ask if you could shadow them for a day. This can provide you with insight into the role and help you determine if it’s the right fit for you.
Be Open to Relocation: If it’s feasible, consider looking into job opportunities in areas with a lower cost of living or where agricultural finance roles are more prevalent. This might increase your chances of landing a higher-paying job.
Remember, it’s crucial to not undervalue your experience and the impact you’ve had in your current role. Helping individuals manage their debts and finances is rewarding work, and that skill set is incredibly valuable in the finance sector. Good luck with your career journey!