Factors to Consider for a Mid-Career Change in a Tough Job Market

Career changes after 40 are usually considered by people, who do not find their current job challenging enough, or they are experiencing job burnout, or perhaps who have lost their job or their company went out of business. The reasons are varied, but the bottom line is that career reinvention after 40, although it can be stressful, it can also be really productive.

Perhaps the most difficult part of a mid-career change is to adapt your new career to the tough economy. Reinvention might suggest different (not necessarily more) financial resources. To reduce the impact of a tough economy on your career, you have to consider the current economic uncertainty and capitalize on career opportunities that can offer more than your current job offers you.

Having worked as a financial adviser with many clients who have faced economic uncertainty as a result of career change after 40, I consider two factors as fundamental to mid-career change: education and mindset.

Do you possess the education and experience to compete with younger graduates in your field? If you decide to enter the direct job market, hopefully your experience will provide you with a competitive advantage over recent graduates. This can also provide you with a higher salary. If not, you will be required to do some re-training or hone your skills with further education to be able to compete with a larger pool of candidates.

Do you possess a positive mindset? Career reinvention after 40 might also suggest age discrimination. And although age discrimination is illegal , it happens. Competing with candidates who are a lot younger may be challenging and employers might consider that younger candidates have higher employability and are better assets for the company than their over 40 counterparts. Are you ready to deal this? The challenge in mid-career change is to be certain that you have the motivation to proceed in the right direction with a positive mindset.

In my mid-career decision, I chose self-employment. I have switched from a financial adviser to Finance contributor in several websites and I also manage my own writing and publishing business. My career reinvention at my 40s was challenging mostly because I also faced financial uncertainty. On one hand, I desired financial freedom and I had worked hard my way up the career ladder. On the other hand, I wanted to slow down job stress. However, as a financial adviser I was paid 60k (+) annually, while as a Finance writer I had to live with $600 a month.

Today, I earn approximately $1,200 a month. I have doubled up my earnings in less than 3 months and even If I'm not earning $5,000, both my mental and physical health is in great condition while my stress levels are quite controlled. To me, money is definitely a factor to be taken into account when considering a mid-career change, but it is less important than keeping yourself motivated everyday to do something that you really like. This will give you the energy and the strength to try for more, to look for more opportunities in your area of occupation and eventually to earn more money.

Career reinvention after 40 can be challenging and tough. But it cal also be rewarding if you are flexible and consider all your options. Consider self-employment. Consider relocation. Consider contract employment. Consider part-time employment. Consider anything that can ensure you are not hurting your financial footing and you can manage a successful transition.

Sources:

http://www.eeoc.gov/laws/types/age.cfm

http://www.job-interview-site.com/mid-life-career-change-at-40-career-change-at-50.html

http://www.marketwatch.com/story/five-tips-make-your-midcareer

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