Basically, yeah. And since armor is level based (every piece of armor I saw has a level requirement on it, even if it's level 1) you can't even use your high level equipment when you start over again. The only thing that you have to show for all your work is skill points, which are only available if that class has access to them. So yeah, whenever you strart leveling a new job it's basically like you made a new character.

Leighton