Help me make a decision (employee, owner, middle class, employer)

[AhRainess]

I have been in my current job and with my current employer for almost two years (financial company). I currently work in an admin job, and the company has doubled in assets and revenue since I started. Part of the reason they hired me was because they anticipated that growth.

What I currently do is portfolio administration, compliance administration and office management. One of our owners is designated as the Chief Compliance Officer, but eventually he would like to step away from that role. He and others have approached me if I am interested in assuming that role in the next year or two. At first, I was pleasantly surprised and flattered that they would consider me because this has never happened to me. In the past, no matter how hard I worked, I was never promoted or given any kind of offer even when I was considered a top employee at other firms

Now that I finally have been considered, I am struggling with accepting it because:
1) It is in compliance and law where I absolutely have no passion in it at all. Anytime I do a task and it is compliance related, I procrastinate heavily. I do not understand legal language, meaning I have to read it 10x to just somewhat grasp what should be simple English. Now I know why lawyers get paid so much.
2) It is a position that has high responsibility. The firm can get fined a lot of money if things are not in compliance and I will be responsible for that.

The benefits of this promotion would mean:
1) More pay. At least 30-40% more than what I’m making now. More pay means more money into retirement and other personal goals for my family.
2) ]A better and more respected job title. It will look super on my resume. I can now brag to everyone that I am the Chief Compliance Officer of a growing firm.

I am also currently pursuing the CFP designation (Certified Financial Planner). That area is more of what I love to do. I want to help others who cannot afford a financial planner and need it. I am planning on opening up my own firm eventually for that market. I do not plan on making a lot of money in this field as I am targeting the middle class and under, but it’s one of those things that I love to do, and even willing to do it for free because it benefits others.

What should I do? Take the CCO job, hold my breath every day or just continue to work as an Admin? Admin job is easy and stress free. I can still pursue the CFP as a CCO, but eventually, I will want to get out and work for a financial planning firm.

[beera]

I'd do the higher up job, you can always do it for a short time and then move on to what you want to do later. How long will it take you to do the CFP? Say it's 1-2 years, that's 1-2 years of more pay and higher experience

[lifeexplorer]

Do not take on a job that you dont enjoy. You will be frustrated by it and will hate to go to work. You then will make mistakes that you cant afford.

You can certainly politely turn down the offer and ask for opportunities that fit you.

[EzPeterson]

While it sucks to have a great opportunity present itself in an area you don't hold a ton of passion for, there could be worse things!

I'd personally suck it up and opt for the resume-padding and pay - then take the additional income and either save it all, putting you in a position to one day have a TON of flexibility, or, plan one huge vacation every year and blow a chunk of that money on seeing the world, or just laying on a beach with a rum&coke and a book.

[Squirl]

My suggestion is to tell the CCO that you are very interested and ask what kind of formal training the company might provide to prepare you for this role. You may, if fact, discover that with proper education the work is interesting and you won't be intimidated by the contract language. You really have no way of knowing how well you really fit in this role without taking some formal training -- which also gives networking opportunities and understanding of the career potential.

[HappyDogToday]

Flip a coin and call it.

If you're disappointed in the outcome then you will know what you really want to choose in your heart!

I am serious. I've done this and gained self-insight beyond thinking about it over and over for days and weeks.

[thebunny]

Take it. When I started in the healthcare field I knew nothing about the lingo. I did a LOT of googling. A lot. But I learned it as I went and now I can talk to medical people about the things I deal with and I can do it like a pro. The job will get easier as you get more accustomed.

Also, the compliance isn't that stressful once you get the hang of it...I am in compliance and as long as you are organized and good at details, you will be fine. And the position, if you are good at it, gets you a lot of respect as the people who can handle the job and do it well are not easy to find...