Hi awesome Mustachians, I would love some career advice. Should I retrain in a new career, or continue with the one I don't love?
Background: I'm 32, a qualified high school teacher (Bachelors in Biology and Education, and a Masters in Education) with a good permanent job, earning around $48k AUD after taxes.
I have outstanding student loans of $23k, (indexed at inflation), and savings of approx. $20k. I'm a single parent with an amazing 11y/old I have 100% responsibility for.
I went into teaching 5 years ago because it was the perfect option to raise a kid alone. After working hard, I snagged a permanent job at the same school DS attends, so we have all the same holidays, and there is no need for before/after school care, and we spend a lot of time together - I love this.
However, I cannot see myself teaching forever. I enjoy some parts of teaching (the 90% of kids who want to be there, the learning, some great colleagues), but not others (behaviour management, psychotic parents, incompetent/unsupportive admin staff (some, not all), ridiculous expectations).
I also realise that I'm at my most energetic and patient now, and dread the thought of teaching for the next 15-18years (what I'll need to comfortably FIRE). Some of the 50-somethings I work with are so tired, defeated, they get sarcastic, angry, jaded, hate their jobs. I don't want to be one of those people that counts the days down or is constantly on medical/stress leave because they can't handle the thought of coming to work.
I'm considering starting study for a Masters degree in Biostatistics. I'm considering it now for a few reasons:
-I love statistics, and am good at it. It combines my love of Sciences and Maths into a high demand field. I think it'd be interesting, it is good pay and strong projected growth in Aus in the next 10 years. There are also options for work at home.
-In Aus, qualifications need to be pretty recent to allow you to continue to Masters level (I graduated in Jan 2011). if I don't recommence study next year, I'd have to recomplete my undergraduate Biology degree to go further in the Sciences (cost $30k more/3years), or start over in something different.
- I could do a low-part time load (3 units/year) for 4 years externally, and graduate as my DS is heading into Year 10 (sophomore I think?), meaning I could take on a new job without concerns re day-care. Here we pay per unit studied, so there is no financial incentive to study faster (in my case, I wouldn't want to graduate for at least 3 years anyway).
- I could work full-time at my current job until then, upon grad I could possibly finagle a 6 month leave of absence, take a biostats job, and ensure it is a good fit (risk-free) before giving up my permanent teaching job.
- Wide range of jobs I could take on, including government, private, academic, possibly lecturing.
Downside: costs. The degree runs about $35k total, which I'd pay out of pocket (around $9k per year). If I can get work to sign off on it as a work-related expense (not sure if possible), I could pay it pre-tax, reducing it to around $6k/year.
Pay would probably be initially slightly lower, though it would catch up fairly quickly to equal/overtake my current salary.
So, what do you think, oh wise ones? What factors should I consider when deciding whether or not to go through with a career change like this? Any advice would be great.