From stock exchange to staffroom

My quality of life has improved and I feel as though I’m giving something back. The holidays are great, too
Mike Marion, economics and business studies teacher, Ipswich School

Jonathan Cohen’s working day used to start well before dawn and would involve a long train commute before braving the high-pressure lifestyle of the City. Now he enjoys a later start, his day typically beginning with lesson planning, chatting to pupils or a contemplative service in the chapel at Haileybury, the co-educational boarding school in Hertfordshire were he works.

Jonathan, who is in his late thirties, is one of those increasing numbers of financial whizz kids who has opted out of the City to become a teacher. Jonathan left Lehman Brothers four years ago to train as a teacher and found the transition “quick, straightforward and successful”.

“I reached a point in the City where I was looking for a more fulfilling job. Also, I was working away every other week, which had an impact on my home life, so I decided on a change of lifestyle, to have time to dedicate to myself and my family.”

The post of Head of Economics at Haileybury came up at just the right time. “A number of my colleagues realised that the expansion and glut of money in the City couldn’t continue as it was. I probably missed out on one big bonus, so my timing was quite good.

City pressure points

“There were many more pressure points during my working day in the City,” explains Jonathan, who specialised in currency trading and sales. “First thing was a high pressure point as were other parts of the day, when the New York Stock Exchange opened or when our markets closed. At Haileybury, it’s more evenly spread, even though I work longer hours now. 
“When I got home from the City, that was it in terms of my work, but as a teacher, you’re forever marking into the night or planning lessons and, with Haileybury being a boarding school, we have lessons on a Saturday morning and sport in the afternoon. This was quite alien to me at first.”

 “There were aspects of my former life that I got used to – eating out at expensive restaurants, fine wine, staying in top-class hotels, all on expenses. We worked in plush surroundings, in an ex

citing environment and there is an unmistakable buzz to London and the City that I miss,” admits Jonathan. “I get a buzz from teaching, though, and the material things aren't important – they’re just superficial.”

Mike Marion (60) is another ‘lucky escapee’ from the City. Now living in Aldeburgh, Suffolk, with his wife, he worked in the City for eight years as a bank manager and as an assistant accountant for Lloyds TSB. He’s now a teacher of Economics and Business Studies at Ipswich School.

Having worked in the training department for Lloyds TSB, he had a number of friends who were teachers and they convinced him that it was a path worth following. He laughs off the fact that at age 48, when he started his teacher training, his fellow students were a couple of decades younger than him.

“Financially, the bank made it worthwhile for me to leave,” Mike explains. “So I was able to re-train as a teacher under an accelerated degree and mature teaching programme.

“I definitely made the right decision. My quality of life has improved and I feel as though I’m giving something back. The holidays are great, too. Even as a senior manager in the City, I only had a maximum of two weeks’ holiday over summer.”

What advice would Mike and Jonathan offer to City employees considering a career in teaching? “Do your research and visit several schools,” says Jonathan. “There are many different types of schools, each with their own ethos. I was attracted to a private boarding school not only because of its focus on academic achievement but the extra-curricular activities on offer.

“Do you want a social challenge?” he asks. “In which case you should go to an inner city school. But if you want academic achievement, look at a high achieving day or boarding school.”

Gap in salary “isn’t that big”

Jonathan also points out that the salary difference is not as great as people think. “Leaving bonuses aside, add in to salary the perks – accommodation at a boarding school, longer holidays, a final salary pension scheme and school fee remission – the gap in net terms isn't that big.  

 “Let’s not be fooled,” Jonathan continues. “It’s not an easy ride. I work as hard in teaching as I did in investment banking and sometimes I am as stressed, albeit in different ways. It’s not a retirement option. If you want to do it well, you have to be fully committed.”
 
Mike’s advice for people changing career is that if you have worked in other industries, you have a wealth of experience to offer pupils. “It’s a demanding but rewarding career.”

Despite the dramatic change of career choice, both men say they love teaching. As Jonathan explains, “I can be teaching my academic passion in the morning, coaching rugby in the afternoon and offering pastoral support in the evening. I have tremendous variety in my working day.”

He also believes that his professional background enhances his ability to teach his subject. “Pupils like nothing more than hearing true war stories. What we teach in economics is what happens in the ‘real world’. That's never been more relevant than right now.”

Discover the differences between the daily lives of teachers in the state and private sectors

Haileybury photography by Ray Dexter

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