Monday, May 19, 2014

Career Advice - Marketing vs. Finance, Accounting, and Banking

Marketing vs. Finance, Accounting, and Banking

Accounting, Finance, Banking as Career

If you are not taking any risk, then go for the boring career. i.e. Accounting, Finance, Banking. Becuase what they pay is:

Initial Salary + Structured Yearly Increment (never based on your performance) + Loyalty Premium

In Accounting, Finance, Banking you have to deal with large amount of money. And it is really tough to make people work without greed if you don't pay them "loyalty premium". e.g. same formula in

10,000 Salary + 5,000 Increment + 25,000 Loyalty Premium = 40,000

So after 5 years you get:

10,000 Salary + 4,0000 X 4 Increment + 25,000 Loyalty Premium = 55,000

That's why, people gets bored after some years. They are the ones that do day to day structured job, highly protocolous, tedious job but the salary is not raised to that level.

In most cases, they try out other stuffs to get out of boredom. The only way you find it interesting when you have a lot of money and maintain investment portfolio. So, if you don't have too much money, this career will make a robot out of you.

Marketing as Career

In Marketing, what you get is:

Initial Salary + Flexible Yearly Increment (based on your performance) + Motivating Bonus

There is no loyalty premium here. So salary is pretty low. e.g. in same situation:

16,000 Salary + 4,000 Increment + 5,000 Motivation = 25,000

So, if you get 25,000 in marketing, you can bet, that initial salary is higher than Finance. Assuming that increment is same. But, after 5 years your salary can be more than 55,000. But, in most cases, you can cross salary of your bank or finance friends in 10 years. I did in 7 year.

Marketing clients or employers can be successful if they get good ROI (Return on Investment). It means they will want to get more return from less investment. The investment they have on you is really uncertain. If you can't make any money for them, then the whole money is wasted. So, the starting salary is never high. But, if you can prove your worth, your salary will rise along with your performance.

Always remember that marketing people are Core Employees (who are variable cost). And Fiance people are Overhead Employees (who are fixed cost). So, fixed cost employee never can enjoy the real pie of sales. But, marketing people can.

There is a big BUT. To stay in marketing field for that long time, you have to smart enough. Those who think that marketing is not the field, they are not smart enough. Sorry to say. Marketing is mostly about finding opportunities and understanding people. If you are smart at this and very creative in engaging people, you should prefer marketing. It is really a myth that, you have to go from door to door for marketing. Marketing, Advertising, Branding has so many jobs that does not need you to go anywhere. And if you think you are not creative enough, then go for less interesting job in Fiance.

1 comment:

  1. Very informative post as regards careers in "marketing" versus careers in banking & finance.

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