Peter Saacke, a veteran fund manager with 25 years of experience, has swapped managing £30 billion in assets for teaching mathematics at a central London boys' school. The career shift, facilitated by the charity Now Teach, came after Saacke's retirement from Artemis at the end of June 2024. He was motivated by the national shortage of maths teachers and concerns about declining numeracy and financial literacy skills among students.
Saacke described the initial transition as a significant adjustment, noting the overwhelming noise and a different kind of stress compared to his previous role. "The first thing that hit me was the noise. So much so I found myself lying down in a dark room after school for 30 minutes every day," he wrote. While he felt like a novice again, the long hours reminded him of the early days of his finance career, and he found the experience exciting.
He highlighted the demand for educators with relevant professional backgrounds, particularly in economics and business studies, where hiring targets have been missed. Saacke believes individuals from finance can make a valuable contribution by teaching financial literacy, connecting personal and macro finance, and making money concepts more tangible for students. His own background allows him to bring real-life examples to mathematics textbooks, which he found often feature unrealistic scenarios.
Saacke is currently developing a financial literacy course at his school and sees many transferable skills from the business world to teaching. These include organization, working under pressure, and effective communication. He also noted that his experience in client relations and hiring interviews has helped him prepare students for university admissions, including Oxbridge interviews, and in challenging self-imposed limitations on their career aspirations.
While many former City colleagues sought philanthropic opportunities or volunteer work to give back, Saacke found teaching to be his calling. He recalled enjoying sharing his knowledge and experiences, which often extended beyond the subject matter. He noted that only one in three career changers who apply to become teachers successfully complete a training course, a lower rate than younger applicants.
Now Teach, the charity that supported Saacke's transition, is campaigning to place 600 STEM-focused career changers into disadvantaged schools. Saacke advises those considering a similar path to contact the charity for guidance. Despite the changes, some habits from his finance career persist, such as checking global markets and politics before starting his school day. He finds the energy and curiosity of students to be invigorating, comparing it to the rewards of raising children. The public sector pension, with its generous employer contribution and guaranteed lifetime income, along with long summer holidays, are also appealing benefits. Saacke stated he has not regretted his decision to change careers.
