Risky Business: Changing Careers in your 40s
As the saying goes, “no risk, no reward.” Changing careers in your 40s can be a challenging and often, risky feat. Whether you have built a career in one industry, worked in various fields or just spent too much time in the wrong field, taking the leap can still seem overwhelming. A well thought out plan will aide in setting you up for your career transition success. Let’s take a look at three things to consider when making the big move.
1. Taking a pay cut is a big possibility.
At this point in your life, you are decades into your career – yes, we said it – and you have settled yourself into an industry of some sort. Making a move now is risky but can also be rewarding. Take a good look at your finances and determine, how much, if any, of a pay cut you can afford to take to get your foot in the door into a new field.
Changing careers in your 40s will obviously come with a learning curve. You have built your career in a particular field and branching out may seem like a hard feat. While you might not have the exact experience, you certainly have transferable skills. Do your research beforehand and gear your resume or cover letter to the position. Talk about your desire to get into the industry and let your enthusiasm shine through. If all else fails, consider looking into getting a certification or taking an online course to gain experience.
3. You may have to make a sideways move.
Making a lateral move to get into a fresh new industry is another great option. You may want to accept a position with the same job title and duties to get your foot in the door and progress from there. Often, making such a move can pay off big time in the future. A larger company may have more opportunities for growth or making a move into a new industry could broaden your skill set. Think of it as simply re-positioning yourself for future career advancement.
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