Worried About Your Financial Future? Consider a Mid-Career Switch
Updated: May 9, 2022
Now that you’ve spent some years working in your chosen industry, you might have second thoughts about spending the rest of your working career in it. There are many possible reasons.
For starters, maybe it was the best offer you had at the time. Perhaps your interests and goals aren’t aligned with your current job any longer. It could also be because the current industry or job you’re in just doesn’t have enough career and financial growth. Moreover, it could also be because the industry has been greatly affected by the pandemic.
The list could go on and on. Whatever the reason may be, it’s never too late to pursue a different path, if that’s what you feel is most suitable for you.
Below, we’ve put together some tips for those considering a mid-career switch.
Consider what you want
You need to figure out what’s making you unhappy to guide you on what you need to do next. Maybe you don’t feel challenged anymore, or perhaps there’s no work-life balance. Other questions you need to consider include:
Do I need an industry change using the same set of skills?
Perhaps just a new job in the same field?
Or maybe a complete change of job scope in a different industry?
If financial factors are the utmost of your concerns, you can look for a job that has better-earning potential, such as a career in the financial sector.
Leverage your existing skills
If you’re mid-career, that means you’ve been working for around 10 years. In short, you’re a seasoned worker with skills that are tremendously useful to other companies!
To make the transition easier for you, look for jobs in industries where your current professional skill sets are transferable. Doing this helps you avoid having to start from a junior level as well!
Visiting a career coach may also be a good idea. They can help you get a bigger picture of whether your current skill sets are complementary to the industry and types of jobs you’re looking at.
Besides your skillset, you can also use your related experience and network connections to have an easier transition as well.
Get first-hand advice
Talk to other people who are in the industry that you’re interested in to get a better understanding of what you’re getting into. From here, you’ll be able to get first hand opinions and experiences about the industry or job type you’re considering. You might also want to supplement this with research online as well.
If you’re looking to be an entrepreneur, consider looking at government resources such as Enterprise Singapore.
Find out what support is available
There are programmes spearheaded by the government that support those who are considering a mid-career switch. You can take a look at SG United Mid-Career Pathways Programme, as well as the new SkillsFuture Mid-Career Support Package. Both aim to create more career transition opportunities for locals aged between 40 and 60.
Find out whether your chosen field supports you with training programmes. For example, if you’re thinking of switching to a financial services career, Virtus Associates has structured training programs in place to ensure that their consultants are better equipped with knowledge instead of being thrown out straight to the field. You’ll be guided every step of the way until you gain the right skills to be an independent financial planner.
Lastly but most importantly, the support you need the most is from yourself. It’s okay to be uncertain, but don’t dwell on the feeling for too long. Check in with yourself regularly, and ask yourself whether your current job is aligned with your long-term goals. Just remember that it’s never too late to restart again to do what you love.
If you want to find more about landing a financial planner job, reach out to us. We’ll refer you to experienced consultants in the industry to help you get a better idea and to kickstart your new career!