A reader asked me last week if it is too late in her early thirties to follow her passion to become a financial analyst. My answer to her was, “No, it’s not too late.”
A study has shown that the majority of people, estimated as high as 80%, are in the “wrong” industry. When students are fresh out of school, some reasons they base their choice of their first job may be:
• a career they think they like
• a career that was popular at the time
• conforming to peer influence
• following the advice from their parents or peers
• taking the first job that’s available
• a temporary job that became permanent
• strong earnings potential
Do any of these describe you?
Career switch is more common than most people think. Most people realize in their thirties that they are in the “wrong” career. They discover their life passion and want to follow a new direction. They want to stop doing what they can do well but don’t enjoy.
I don’t have the statistics but my feeling is that most people end up not making that switch. I say this because I meet many more people who are dissatisfied with their work than those who are fulfilled. I can relate to the multitude of fear that comes with making a major career decision:
• Fear of change
• Fear of the unknown
• Fear of what others may think
• Fear of appearing like a failure
• Fear of starting over
• Fear of a lack of experience in the new field
• Fear of the financial gap during a career transition
• Fear of being too old or too late to change
I was in a love/hate situation with my job at one point and I was so grappled with all these fears that I never voluntarily made the choice to switch. It took a layoff to spare me from making the tough decision. It wasn’t until I had turned down several job offers that were even more attractive than the one I lost that I finally realized that I had wanted to switch career anyway.
If you are currently contemplating a switch, either into or out of the financial industry, I challenge you to let go of limitations and open your mind to possibilities. I also challenge you to be comfortable with developing your career based on your own time frame rather than conforming to the norm. You’ll bring with you valuable experience from your previous work to your new career.
To help you make an informed choice about your new career direction, here are some considerations to help you explore:
• Why are you gravitated towards the field?
• What does it mean for you if you succeed in this new career?
• What would be the cost to you if you stay in your current career?
• What’s the worst that can happen if this new direction does not work out for you?
• Research the industry, the major players and the companies you’re considering.
• Talk to some insiders to better understand what it’s really like to work in the industry – is it like what you imagine it is?
• If you’re switching into the financial industry, are you prepared to put in the demanding hours to work?
• Are you willing to invest your time to study for the exams to earn your credentials?
• In some cases, if there aren’t any transferable skills, are you willing to start from the entry level?
• What is your financial plan during your career transition?
Most important of all, follow your passion. There is nothing more rewarding that doing what you love doing rather than feeling stuck doing what you have to do.
i appreciate the way you had put the direction map for who are thinking of diversifying.
Myself is in same condition, and decided over to chageover to finance field.
Keep writing