Home Business Insights & Advice What factors should you consider when switching careers?

What factors should you consider when switching careers?

by John Saunders
26th Sep 22 5:43 pm

There are many times in life when a profound change is necessary in order to achieve a greater degree of success. This can often involve switching careers. If you are considering such an option, you are certainly not alone. A recent study found that 32% of professionals aged between 25 and 44 have contemplated this scenario. In fact, a staggering 29% of all university graduates will completely change their fields at least once.

There are nonetheless some crucial factors to address if you hope to make an informed decision at the appropriate time. Starting with a handful of popular options in terms of a career change, it will be easier to examine other factors before making the final decision.

More mobility than ever before

The good news is that there are many potential fields that are attractive to those who wish to reinvent their professional careers. Here are the top ten industries to consider:

  • Social Media Director
  • Financial Planner
  • Software Developer
  • Human Resources Manager
  • Operations Research Analyst
  • Marketing Manager/Director
  • Network Administrator
  • Sales Manager
  • Wealth Management Specialist
  • Public Relations Coordinator

We can see that many of these roles are at least partially associated with the digital domain. It therefore stands to reason that certain careers will require a fair amount of prior experience within the online community.

Variables to analyse well in advance

Now that we have briefly discussed some common choices in regard to career changes, let us move on by examining the top factors to address.

New Vs existing skill sets

What innate talents and skills do you bring to the proverbial table? Are any of these transferrable or will you need to learn new ones? Becoming immersed within an unfamiliar industry can be quite daunting; particularly if you will need to spend a significant amount of time in training. This is why determining which skills can be transferred to a new profession is crucial during the initial decision-making process. When thinking about making a career change, think about transferable skills that can be applicable to many different careers, such as experience in management, sales, and the technical side of business.

Certifications and/or additional industry-specific qualifications

There may also be instances where you will first need to obtain an official qualification before embarking upon an entirely new profession. For instance, those considering a new business venture can often benefit from university degrees such as an MSc in management. The main takeaway point here is that possessing specific accreditations will help to simplify the migration process. Furthermore, those who demonstrate their experience within a specific field are much more attractive to headhunters.

Salary changes

It is now important to address a decidedly utilitarian concern. How will a career change impact your financial situation? There are many times when those who enter into an entirely new industry may be forced to take a cut in pay. This can result in a significant amount of financial pressure. It is therefore wise to utilise sites such as Indeed to analyse average UK salaries and your expectations based on variables such as age, industry and education. Developing a realistic perspective will help to avoid unexpected surprises in the future.

Your long-term objectives

What factors have motivated you to consider such a change? Do you wish to enjoy a higher salary? Are you interested in further advancing your professional career? Might you instead desire a greater level of personal autonomy? These are three common long-term objectives that will ultimately impact the decision-making process.

Some of the most attractive careers right now are in industries such as marketing, legal, and finance. If you have a certain job role in mind or industry to get into, you might want to identify particular career paths that you can follow. For example, starting a career in financial planning can lead to senior positions and open up attractive career advancement opportunities, while entry-level planners have the potential to earn £31,200 in the United Kingdom.

Before making a final decision on a career change, it’s best to create a list of pros and cons of the switch, along with your long-term objectives. Try to be as objective as possible in regard to your goals.

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