Many people dream of changing their careers. The reasons are many; the prospect of a change from the same old routine, or a new challenge, learning a new skill set or industry, the opportunity to relocate (perhaps internationally). A career change can be part of a fresh direction or start in life, or the realisation of an old dream or ambition.
For whatever the reason, many people have considered changing careers. What stops most people is the cost.
It is not easy to break into a new industry, especially when already comfortable and experience in the workplace. Additionally, not only does such a change take much time, effort, planning and research, but it can be expensive. There might be training course to attend, certificates to acquire, or costs associated with a necessary relocation. Work experience may often be necessary when starting a new profession; those are often voluntary. Pursuing opportunities to enter a new career field may mean that you have to take time off your existing work.
Even when successfully starting out in a new career, career changers will inevitably be at the bottom of their new profession- and undoubtedly take a steep pay cut, which will impact on their lifestyle, especially when taking existing debts and financial obligations into account. All the benefits accrued in your previous industry (health insurance, holidays, parking, industry specific perks) will all vanish, and have to be laboriously worked towards all over again. Effectively, you will be starting at the bottom of the career ladder again; mentally and financially, can you handle that?
Although it is a major thing to consider when contemplating a career change, there is absolutely no reason that financial issues should stop you making that longed for change.
Consider your current financial position carefully, with your existing obligations and income. Can you afford to make that change? How long can you afford to be between jobs and careers? Start saving, and building up financial reserves to deal with the expenses of such a change (nobody said that a career change would take place quickly!). Small steps in managing your finances will pay off dividends when actually taking the plunge and making the change.
According to some life coaches and self- help gurus, challenge and revise your thinking about money. Many people have certain limiting beliefs about money, which often hold them back. Now is the time to challenge those beliefs, and to change your thinking as regards money. Try turning limiting or negative financial beliefs or concerns into positive thoughts; for example, instead of ‘I can’t manage money’, thinks instead ‘how can I manage money more effectively?’ Don’t allow yourself to be held back from your goal of a career change by financial concerns. After all, you can stay at the same job, with the same lifestyle and finances- or you can take an expensive and risky chance. The reward, however, is a sense of achievement and accomplishment, a fresh start in an area that probably makes you happier overall. With greater positivity will come greater effort and enthusiasm- and over time, more money.
A point to consider is timing. Time your career change right, so that there is the minimum of time between jobs and careers, ideally when you have enough saved, or are financially stable enough. Time your change so that it is a good time break into your new profession, when the markets are good, companies are hiring, or (if applicable) it is the right time of year or season for hiring.
Gradually get the experience, skills, and qualifications that are required for your new profession. Research your new profession carefully, so you understand exactly what is required at entry level, and exactly what it involves. Talk to people in your prospective field, or specific, specialist recruitment consultancy agencies. For example, for financial and similar professionals, recruitment consultancies such as Randstad are very experienced and are knowledgeable about the job market out there right now, and will be able to help and advise those seeking employment.
Although challenging, tough, and a very long drawn out affair, a successful career change is ultimately fulfilling. There are many questions to consider, and issues to overcome- but don’t be put off career changing by financial concerns.