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Are you a mid-career finance, real estate or accounting type who suddenly wants more from life than a fat paycheck?

You do not have to leave your profession to change the world. Instead, try the transition to the nonprofit sector.

Any shift to the nonprofit career world means sacrifices, starting with a smaller salary. If you are one of those flexible type, you could adjust easily to the changes that will occur.

Salaries for accountants are 10 to 20 percent lower at nonprofits than at for-profits. The starting salaries are not significantly different, but as you go up to senior accounting levels, the disparities are greater.

The largest and best-known nonprofits are most likely to pay a market rate. While salaries are rarely more than $100,000 at nonprofits, salaries of $60,000 to $80,000 are not unusual for positions where an MBA or CPA is a major plus but not required. The lowest salaries Lieb has seen were in the $45,000 range for accounting professionals with several years of experience.

Why is your motivation for doing it?

Money doesn’t motivate some folks. Maybe your family does not need your salary, or you want to give back to an organization that helped a family member.

Whatever your reason, be ready to explain why you are willing to work for less money. If the pay is going to be considerably less, what draws you to that? You have got to think it through.

Making the Cut

Nonprofits are always looking for experienced finance career professionals. They lose a lot of talent to for-profit positions because of salaries. If you have great skills and experience and you want to take a nonprofit position, you definitely have possibilities.

Good candidates have a public-sector background or experience in a service-oriented niche such as law.

What You Get

In exchange for a lower salary, the nonprofit sector often offers very nice benefits. There will be a $10,000 salary cut, but employees can wear shorts and T-shirts on most summer days. He dons a suit and tie for VIP meetings.

The benefits at nonprofits are excellent. They often include retirement plans, family medical and dental coverage and three weeks’ vacation.
Most of all, there is the benefit of knowing you are helping to make the world a better place. Knowing this fact like giving yourself a silent pat in the back.

Maybe in the past, you would come home to the acknowledge that no matter how tired you are and what you have accomplished, your work served only the stockholders of the company.

With nonprofits, you are rejuvenating and rehabbing houses. And doing programs that support quality-of-life improvements for people you can see right outside your window.

Just think. In a sense, you are starting your finance career again from square one. Obtaining a part-time job or volunteering in your new career field not only can solidify your decision, but give you the much needed experience.

Unfortunately, only the very progressive employers recognize that once happy employees can be happy and productive again, but in a different capacity.

Once you have discovered the purpose behind what you are doing, you will realize all the money is not enough to keep you satisfied. Practicing your finance career in a nonprofit industry is one experience you would not want to miss.

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