Changing Career - Opinions?
- Thread starter Norrissa
- Start date
I was really excited about this opportunity until these responses. QUOTE]
Norissa, don't take this the wrong way but...don't let what is said here deter you. People are simply giving you various perspectives and are honestly listing the cons, along with the pros of the job.
I don't work insurance full-time yet either due to the same issue you have...I also make $60k per year at my full-time job and it's a frightening thing (to put yourself out there and risk the cut). Ask yourself this...are you really happy doing what you are doing now? If not, you felt the pull towards insurance for a reason.
Also, it's been my opinion that anytime you want to make the switch from a "secure" salary to a commission-based job, you are going to catch slack from people. Why? Most are afraid to do what you are thinking about doing. Most people would rather, although maybe unhappy, stay where they are and choose security over taking the risk to be happy.
Don't take what these guys/gals are saying as trying to sway you to NOT make the leap; rather than take it as sound advice to give you honest opinions on what you could encounter. Let's also face it...you ARE going to experience rejection in this field. You have to learn that it will be part of your job. You learn to deal with it, get past it and move on to the next.
Okay, off my soapbox now. I think you should try it though. At least give it a go part-time until you can financially make the change. Good luck!
I was really excited about this opportunity until these responses. QUOTE]
Norissa, don't take this the wrong way but...don't let what is said here deter you. People are simply giving you various perspectives and are honestly listing the cons, along with the pros of the job.
I don't work insurance full-time yet either due to the same issue you have...I also make $60k per year at my full-time job and it's a frightening thing (to put yourself out there and risk the cut). Ask yourself this...are you really happy doing what you are doing now? If not, you felt the pull towards insurance for a reason.
Also, it's been my opinion that anytime you want to make the switch from a "secure" salary to a commission-based job, you are going to catch slack from people. Why? Most are afraid to do what you are thinking about doing. Most people would rather, although maybe unhappy, stay where they are and choose security over taking the risk to be happy.
Don't take what these guys/gals are saying as trying to sway you to NOT make the leap; rather than take it as sound advice to give you honest opinions on what you could encounter. Let's also face it...you ARE going to experience rejection in this field. You have to learn that it will be part of your job. You learn to deal with it, get past it and move on to the next.
Okay, off my soapbox now. I think you should try it though. At least give it a go part-time until you can financially make the change. Good luck!
Average compensation except it isn't salary. Based on these numbers it is a stretch to thing you will earn $60,000 plus the value of benefits anytime soon.
</H2>Type of Employer
- The average insurance agent in the United States made $61,330 as of May 2009, according to the Bureau of Labor Statistics. Less experienced agents in the 10th percentile earned less than $25,800 per year. The median salary was $45,500, with agents in the 75th percentile earning
more than $69,540 per year and those in the 90th percentile earning more than $114,910.
- The industry with the highest number of employed insurance agents was agencies, brokerages
Well, you also have to look at it this way...MOST career changes require a pay cut. That's typically the way it happens until you learn the new industry.
I do not disagree. That is usually the case unless one is very exceptional.
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If you really wanted to change careers, consider working in another agency while learning the ropes. You could possibly get a decent salary while you get comfortable with the industry.
I worked with a large carrier in my home state for about 9 years, and I would say we lost about 10-15% of the agent force each year. Most were new starts. Understand that sales can be difficult. It's easy to say "I can handle rejection" until you have had nothing to show for a month's worth of work and you need to make a sale.
Not trying to deter you, but someone jumping to a sales profession without sales experience; it can be a rude awakening. Good luck on whatever you decide to do.
I worked with a large carrier in my home state for about 9 years, and I would say we lost about 10-15% of the agent force each year. Most were new starts. Understand that sales can be difficult. It's easy to say "I can handle rejection" until you have had nothing to show for a month's worth of work and you need to make a sale.
Not trying to deter you, but someone jumping to a sales profession without sales experience; it can be a rude awakening. Good luck on whatever you decide to do.
- 120
Norrissa,
From a veteran career changer who just recently figured out what he wanted to be when (IF?) he grows up...
With your accounting background, you have a world of options open to you... including a career in insurance sales if that is what you want. BTW, I'm sure there are insurance carriers and other private firms that would love to put your number-crunching savvy to work for them.
If you really feel you need a change (been there too) then by all means pursue your dream.
Again, I see your background as a huge plus. Take a look at BTNRS' blog The Insurance Pro Blog | Life Insurance Information from Professionals as I think this might be a great place to start learning about the insurance end. Pay particular attention to the posts on cash value insurance, etc.
Andy
From a veteran career changer who just recently figured out what he wanted to be when (IF?) he grows up...
With your accounting background, you have a world of options open to you... including a career in insurance sales if that is what you want. BTW, I'm sure there are insurance carriers and other private firms that would love to put your number-crunching savvy to work for them.
If you really feel you need a change (been there too) then by all means pursue your dream.
Again, I see your background as a huge plus. Take a look at BTNRS' blog The Insurance Pro Blog | Life Insurance Information from Professionals as I think this might be a great place to start learning about the insurance end. Pay particular attention to the posts on cash value insurance, etc.
Andy
BTNRS, is a very knowledgeable pro!
Josh, I find it hard to believe that a 47 year old with a strong work ethic and accounting background would not succeed. $60000 is not a tremendous amount of income. Half of $60k?! C'mon. I would think that the OP would earn 60k in his sleep. There is nothing more motivating than being on commission. Just need a marketing plan.
- 11,995
I'm still inclined to be more cautious about that assessment. I'm not doubting it's possible to do quite well, but it takes more than I think most folks realize to get started. I'd be shocked if there was any empirical evidence that pointed to any conclusion other than 9/10 people that leave a steady paying job to pursue a career as a commission only agent end up making significantly less than what they made at the job they left. I also firmly believe that most folks that have a salaried job aren't cut out to work for themselves. As a self-employed man I know some days not only do I not make any money, but as the result of expenses I lose money. I also know that some days I work for an hour and make more than most folks make in two weeks. Such is the life of an entrepreneur. Let's take a look at some realistic numbers though:
At $60k/year plus benefits and employer contribution on fica is easily at least $70k/year, probably more. That's about $5,800/month. We haven't established what products she'd be looking at, but for the sake of discussion let's say it's life insurance. She'd need a minimum of $1k/month for marketing which let's say includes the cost of her transportation. She'd have to write at least $7k/month in premium to hit those numbers. Does she have the ability to get in front of enough folks that have enough need for insurance to write that type of premium along the extra premium to cover anything that doesn't issue? Now we're getting closer to what her situation is. She'll need more than a marketing plan, she'll need several marketing strategies and the ability to invest in them in terms of money and time in order to start reaching her goals. If she has that type of a plan, now she's in a better situation to be in the minority that succeed. The less planning ahead of time, the more likely she joins in the less favorable statistic.
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