Thinking of switching careers? Top tips to navigate the transition
Switching careers can feel daunting, but with the right strategies and mindset, it doesn't have to be. Here are some practical tips to help make your career change a success.
Changing careers used to be rare. It was seen as risky and unorthodox, so people typically stayed in one industry their entire working life, only calling it quits when it was time to retire.
Today, things couldn't be more different.
Having multiple careers is the norm, with most people changing fields at least once in their life. In fact, research shows the average American will go through 3-7 careers before they retire. And over two-thirds of respondents to our Graduate Outlook Survey expect to have multiple careers over their lifetime.
People switch careers for various reasons: a better work-life balance; a higher salary; to pursue a passion; or because they simply want a new challenge.
Whatever the reason, career switching has become accepted and even celebrated. But it's not always easy to make the jump. It requires careful thought, planning and action.
Here are 5 top tips to help you navigate your next career change successfully.
Tip 1: Do your research
Before taking the plunge, it’s important to research your new field. Talk to people in the industry and find out what they like and don’t like about it. Ask them about their job, training, and career development.
A good place to start is industry events and conferences. Alternatively, join relevant online groups where influential figures hang out.
Spend as much time as possible immersing yourself in the new industry. This is a big decision and you want to go into it with your eyes open and figure out if it’s a route you really want to take.
CFA charterholder, Isaac Kwaku Mensah, who has a biochemistry degree but pursued a career in finance, says you need a genuine enthusiasm for your new industry.
“When transitioning from another field, one key thing to consider is your level of interest. If the interest is there, then you should do it,” he said.
Tip 2: Find a mentor
A mentor can play a pivotal role in helping you successfully transition to a new career. Many successful entrepreneurs including Mark Zuckerberg, Richard Branson and Bill Gates say they owe their success to their mentor.
A mentor offers personalized guidance and can help you make informed decisions, avoid common pitfalls, and help you build connections. Research shows employees with a mentor are paid more, promoted more often and develop greater confidence.
Finding a good mentor isn’t always easy. Here are some handy tips:
- Research potential mentors. Learn about their experience and background before approaching them.
- Ask for an initial meeting in person or virtually. Keep it brief and don’t ask them straight out to mentor you. It’s all about nurturing a relationship.
- Follow up and ask for another meeting (if you think they’d be a good fit).
- Join an official mentorship program in your field. Many industry associations offer their own programs.
Tip 3: Consider retraining or skilling up
You may have obvious skills or training that will help when switching careers.
CFA charterholder, Wanfeng Zhou, for example, worked as a financial journalist before pursuing a career in finance, so she already had a general understanding of finance under her belt.
“My responsibilities involved covering the global financial markets and I interviewed many top economists and policymakers,” Zhou said.
However, she still opted to gain a formal designation in finance to improve her knowledge.
Conversely, CFA charterholder, Hyuk Yul Choi, had no relevant experience when he decided to switch from architecture to finance.
“I started my career in an architectural design firm. But what really caught my interest was the financial side of building projects—how they're funded, the investment aspect, and leasing space to tenants. So, I decided to change my career from architecture to finance," he said.
Choi decided to gain a qualification in finance to help with his career transition.
While formal training isn’t necessarily essential, it can boost your confidence and potentially open more doors. It can also fast-track your progress in your new career, enhance your resumé and make you more attractive to employers.
Tip 4: Update your resumé
Your resumé is a great way to showcase your skills, successes, and excitement for your new field.
Make sure it highlights your commitment to a new career, even if you don’t have direct experience. Focus on transferable skills that apply to your new path and include past achievements that showcase your abilities, even from different contexts.
Here are some top resumé writing tips:
- Don’t necessarily use the reverse-chronology format. Prioritize highlighting your skills instead.
- Include a brief personal statement explaining your reasons for changing career and how your previous experience is relevant to your new industry.
- Showcase any new qualifications or courses.
- Tailor your skills to match the job description.
A bonus tip: use figures, where possible, to illustrate your successes. For example, “created and implemented a new business development plan, leading to a 23% increase in client retention.”
Tip 5: network, network, network
Networking can feel daunting but it’s important when switching careers. It helps you make valuable connections, discover new opportunities and gain insights from others in your new field.
Start with your existing network. Reach out to family, friends, old colleagues and acquaintances who work in or are connected to your new industry. Then branch out and consider joining Facebook groups or connecting with relevant people on LinkedIn. You could even identify influential figures in your new world and drop them an email explaining what prompted your switch.
The best tip is to own your story. People will admire your courage, embrace your authenticity and be genuinely interested in your journey.
Take CFA charterholder, Arielle Bittoni, for example. Her career has taken a winding path.
“I began my career as a financial economic litigation consultant and in the aftermath of the 9/11 attacks, I transitioned into the mortgage industry, and ultimately became a senior structurer where I was actively involved in creating mortgage-backed securities.
“The financial crisis of 2008 caused me to pivot into the municipal space, where I was an institutional salesperson. After becoming a mother and having some time to reflect on my journey, I decided to transition into wealth management, where I am today."
Switching careers is a bold move but with careful planning and preparation, it can open up a world of new and exciting possibilities.
For more career insights, visit our dedicated resource page full of top tips and takeaways.
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