She Took a Pay Cut From ₦250k to ₦150k to Pursue Investment Banking. Now She Earns ₦3.5m Monthly

Bio

Age: 30

Gender: Female

Occupation: Investment Banker

Monthly Income: ₦3.5m gross

At 30, she's earning ₦3.5m monthly as an investment banker. But in 2023, she was earning ₦250k as a social media management associate. Then an opportunity to pursue her dream career came along, with one catch: she'd have to take a pay cut to ₦150k. She took the leap. Here's how it worked out.

Please tell us about yourself.

I studied Economics at UNILAG and graduated around 2018/2019. After NYSC, I spent about a year at home without a job before starting a career in social media management as an intern.

By 2023, I'd become an associate and was earning ₦250k monthly. I left that career when an investment banking internship opportunity came along, even though the salary was lower at ₦150k.

₦250k in 2023 wasn't bad. What made you dissatisfied enough to consider a career change?

I actually always wanted to become an investment banker. I couldn't get admission into my dream course, so UNILAG offered me Economics, and I took it.

When the opportunity came, it felt like a second chance to pursue what I'd always wanted to do.

Plus, there was the money aspect. I had a friend working at that particular company who was earning ₦450k at entry level.

Was the transition smooth, or were there moments when you wished you'd stayed at your previous job?

Hmm, my internship days weren't exactly fun. I was even placed on a performance improvement plan (PIP) at some point, and I ended up spending more than I expected.

But looking back, I'm glad I had that rough start because I needed a firm foundation to get as far as I have.

I never felt like going back to my old career. I'd sort of buried that part of myself before embarking on this new career path.

How did you survive the internship financially?

Well, I'd saved ₦100k monthly for three months before resigning from my previous job.

I also had to get a roommate for my one-bedroom flat to ease the burden of rent and other expenses.

Things got difficult towards the end of the internship, though, and I had to take a ₦200k loan from the bank, which I split into ₦50k monthly for the remaining four months of the internship.

Quite a sacrifice, now that I think about it.

Looking back, would you advise someone else to take a pay cut for a career change? Was it worth it?

It depends on your goals in life. For me, it was about the money.

I'm not even at senior level yet, and I'm earning over ₦3m monthly. For some people, it's about climbing the corporate ladder or getting better job titles.

So, yeah, it was definitely worth it for me. I'd recommend it to people with similar goals. Lol.

Skrimm whoever wants title over money 😂... But how did your salary grow from ₦150k to ₦3.5m?

Well, by the time I finished the internship, the next role was at associate level, and the salary had increased to ₦600k from the ₦450k offered the previous year.

Two years later, I left the company for another associate role that paid ₦1.1m.

My salary eventually grew to ₦2.5m before I left that company two months ago. I currently work at an international company that pays me ₦3.5m monthly.

Well done! What do the next few years look like for you?

I'd love to relocate out of Nigeria and join my company's head office one day, all things being equal.

I think I love it here. I also want to travel more. Maybe do another master's degree, get married, have children and experience motherhood. I think it's time. Lol.

How would you rate your financial happiness on a scale of 1–10?

I'd say 8/10. I think I'm doing well right now.

8/10? 😂 Is there anything you want right now but can't afford?

A 2025 Cybertruck. It'd cost me about ₦93m.

You've made a major career transition once. Do you see yourself making another one anytime soon?

I don't think so, but who knows? If there's ever a need to do this again, I'd do it over and over again.

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