In his own words: Why Melbourne financial analyst Nicholas Cox took pay cut to be teacher

Financial analyst Nicholas Cox says he knows his earning power is about to take a big hit. But he still can’t wait to become a teacher.

Nicholas Cox was a senior investment analyst before switching to teaching after the job left him feeling empty. Picture: Wayne Taylor

When Nicholas Cox finishes a masters of teaching at La Trobe University later this year, the 34-year-old will pursue a career explaining science and mathematics in secondary schools. Here, he tells how love not money led to a career change.

“I am excited to get into classrooms as soon as I can. I love teaching more than anything else I have ever applied myself to. The challenges are all so meaningful, in a way I have never experienced in my life.

I just cannot wait to sink my teeth in.

My move into teaching has really been driven by a passion for the work, the salary has little to do with that decision. I have been fortunate enough through some very tough life experiences to gain a perspective on the things I chose to do with my life, to seek what truly fulfills me over a drive to achieve material success.

Nicholas Cox says teachers are underpaid but he didn’t pick this career for the money. Picture: Wayne Taylor

Losing my father in my 20s forced me to evaluate what I held as important in my life, and being defined by my salary no longer felt like my greatest goal.

Earlier in my career as an investment analyst, graduating salaries begin lower than in education for many, while the workload and time commitment are enormous.

However, there is an almost open-ended opportunity for salary progression throughout your career making this early sacrifice palatable for many.

While graduating teacher salaries are competitive with other industries, it is the lack of opportunity to scale and grow that income significantly over time that leads to much of the stigma around teachers being underpaid.

Had I stayed in my previous career in Melbourne, my compensation would be well into six figures, which over time means the opportunity cost of my career switch is significant.

So, are teachers underpaid?

Are they undervalued in society? Of course they are, particularly the great ones.

Almost everyone I know can look back at their schooling days and remember one or two teachers that really made a difference in their lives, helped shape and support them, certainly beyond what their pay grade demands.

The motivation to be these kinds of teachers though often doesn’t come from monetary compensation, but a true love for what they do and the effect they have on their students.

Teaching is an extremely challenging profession, it demands creativity, resilience and dedication.

Without the long-term financial incentives offered in many other industries it becomes difficult for motivated and talented individuals to choose or even remain in the career.

If the goal is to attract and retain dynamic and inspiring educators, we need to better value the role they play in shaping the generations to come.

Originally published as In his own words: Why Melbourne financial analyst Nicholas Cox took pay cut to be teacher