3 Things to Consider Before Making a Career Change
With people living longer and the retirement age getting higher, it’s becoming more common to have multiple careers in your working life. You’ll often see people going back into education to retrain, whether it’s to get a better career or to switch industries, and age is seemingly no longer a barrier. However, it’s important to be cautious when making this kind of change, so here are a few things to consider.
Costs
Money is often the biggest factor when deciding to make a career change. While you may have studied for free the first-time round, the average undergraduate student accumulates £36k in debt. Of course, this includes things like living expenses, so your debt might not be as high, and you may be taking vocational courses which aren’t as expensive as degrees. Either way, it’s important to know upfront whether you’ll be in debt once you qualify for your new role. It’s also essential to know how you’ll support yourself during the transition between your old career and the new one. You’ll still need to pay for the mortgage, utilities, food, etc. Will your spouse be happy being the breadwinner for a while? Will you be able to survive on a lower salary if you are further down the career ladder?
The Industry
Many career changes come about because someone is working in an industry that’s struggling, and they want to move into one that’s more stable. For example, those who work in struggling industries, such as manufacturing or retail, may look at those working in thriving industries, such as IT or healthcare, and think that all they need to do to get a well-paid job is qualify in these fields. However, there are lots of factors to consider, such as your location, whether you have transferable skills and the amount of competition. Have a look at recruitment adverts for financial adviser jobs in your region, or whichever career change you’ve chosen, and pay attention to the salary, the number of applicants, and other practical details to see what’s out there. Even better, if you already know someone within the industry, ask for their honest opinion about your chances.
Getting Some Experience
You may spend years dreaming about becoming a nurse, vet or engineer, yet once you’ve qualified, it’s possible you’ll start your new career and just not like it. According to a study by the London School of Business & Finance, around 23% of people regret their career choice, so it’s not uncommon to switch. The only way to really avoid this is to do your homework and do some networking in the industry, as well as getting some practical experience, if possible. While you’re unlikely to be able to do your new career full-time, you could see if you could get a part-time role at a lower level, or even some volunteer work to see what it’s like. This will also look great on your CV and start you on the right path.
A career change is a big step, as it can sometimes feel that you’re going backward; but, if it’s something you’re passionate about and you plan it carefully, then it could be the start of an exciting new chapter.
