A 36-year-old former Wall Street employee now earns $1,000 an hour as a tutor and finds his new job more fulfilling than he ever imagined.

In his early 20s, Steve Menking began his career on Wall Street, believing he had found a lifelong profession.

At the age of 25, Menking joked about experiencing a "quarter-life crisis" while working as an equities trader at SMB Capital.

"Menking, 36, tells CNBC Make It that he watched his younger colleagues excel in their careers, but he found it challenging to imagine staying in the office until 1 a.m. and thought it was not the lifestyle he wanted for himself."

He desired to teach when he pondered what type of employment would bring him joy, rather than banking or the stock market.

"As a teaching assistant and tutor in college, I discovered a more patient and purpose-driven version of myself. Teaching gave me a profound sense of meaning, and I felt called to teach."

In 2014, Menking decided to leave finance and become a full-time tutor, believing it would be a less time-consuming but equally significant path into education as obtaining a second bachelor's degree to become a teacher.

In 2024, Menking is projected to earn more than $500,000 through private tutoring, a feat he has already achieved ten years after making a decision that has led to both career satisfaction and financial success.

Menking, residing in Connecticut with his wife and three children, typically works 20 to 25 hours per week from home.

He has established a successful career with two primary sources of income: working with Forum Education, a New York-based tutoring agency, and managing his own online business, Menking Tutoring LLC, which he started in 2020.

He says it's been more fulfilling than he ever imagined.

Menking transitioned from finance to education and secured a high-paying job that enables him to work remotely.

Building a six-figure tutoring career

Menking, after leaving his finance job, submitted his resume to numerous tutoring agencies in New York and created a profile on Wyzant, an online tutoring platform.

He established his hourly rate at approximately $90 and utilized his Wall Street background to specialize in assisting high school and college students in mathematics, finance, and accounting.

With more experience and referrals, Menking raised his rates on Wyzant and secured higher rates with the agencies he worked with. By 2017, he was earning approximately $150 per hour.

Thomas Howell, the founder of Forum Education, encouraged Menking to work for the agency that year, which led to a significant increase in Menking's earnings potential.

Menking's earnings more than doubled from $95,000 to $200,000 a year after joining Forum and its extensive network of schools, students, and families.

Menking began teaching online to students across the U.S., including those at prestigious Ivy League universities such as Princeton and Yale. The majority of his students are in high school or college.

Currently, he is working with a group of 12 students, most of whom are undergraduate finance or related field majors.

He assists students with practice problems, internship interviews, and complex concepts in college-level math courses at least once a week.

Menking's current rate is about $1,000 an hour.

Menking Tutoring LLC offers online test prep courses and corporate training, such as coaching entry-level investment banking analysts, when he is not working with students one-on-one through Forum.

'An extraordinary work-life balance'

Menking's work schedule varies throughout the year. During the summer months, he works between 8 and 10 hours per week, but in the winter and spring, he works closer to 40 hours per week.

Although he frequently works nights and weekends to accommodate his students' schedules, he sets aside a few nights each week for family dinner and quality time with his children.

Despite the occasional stressful week, such as when he gets stuck on a homework assignment or receives a panicked email from a student, Menking says that being a private tutor has given him an exceptional work-life balance.

If you're willing to endure the long hours and inconsistent earnings that come with tutoring, it can be a fulfilling full-time career.

"According to Menking, there is no replacement for starting each day with the knowledge that you are contributing to the greater good through your specialized skills. This profession enables me to be imaginative, assist others, and operate as an entrepreneur. I thoroughly enjoy it."

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