Depending on the industry, changing careers may require additional education or skill sets. This can result in expensive costs which limit many people from exiting their current career. Here are three tips for everyone to consider when contemplating a career switch:
1. Establish and Emergency Fund
Emergency funds are common among people regardless of the industry. These funds act as a safety net for unforeseen emergencies and expenses. Build a fund with three to six months of living costs since switching a career can result in a reduction of income. Adjust your lifestyle to fit your financial needs and be aware of entry level pay averages of the industry you’re entering.
2. Keep Your Retirement Account
Some people consider withdrawing money from their retirement account when changing career. Avoid touching your retirement account unless it’s your last resort. You could lose earned interest and thousands of dollars if you withdraw early. There are options to rollover retirement accounts between two employers. Communicate your retirement account concerns with HR personnel in the interview process.
3. Master the Art of Marketing Yourself
Tailoring a resume to an industry you have little to no experience in is a common challenge for career changers. However, skill sets can be transferable across many different industries. Some of the most common transferable skills include communication, problem solving and management. Detail specific experiences in your interview that explain how your skills fit the role you’re applying for. Additionally, consider explaining your reasons for changing careers in the cover letter.
Regardless of your age, changing careers is common for many people. The infographic below explains eight different insights for navigating a career change and motivation from tech industry powerhouses.
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Credit: Credit.com
About Natalie Issa, Guest Contributor
Natalie Issa is a content specialist for Credit.com. Her experience spans working with a variety of content, including blog posts and journalistic articles, as well as film and podcasts. She’s applied her writing and editing expertise in the retail and digital industries at companies, such as Overstock.com and Deseret Digital Media, while applying her creativity to passion projects in her personal time. Natalie has her degree in English with a minor in journalism.
You’ve highlighted some really valuable tips here that are certainly valid when considering a career change. It’s great to see career pivoting being normalised, especially during times of change and uncertainty.
Kate, thanks so much for your kind comments. Yes, career change is an absolutely acceptable and normal part of any evolving career, especially as your interests, priorities, and skills evolve over time. I’m glad to hear you enjoyed reading this article.