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What Should You Consider Before Changing Careers?

career change

Is a change of career what you need to reignite your passion for work? After a long stint in one industry, some people fall out of love with what they do. The solution could be to change professions, but this is not a decision you should make lightly. It can come with some financial stress, and you might need support from your trusted advisors at BOQ.

What could another career offer you?

If you’ve stopped loving what you do, another career could offer what you’re missing.

If you’ve stopped loving what you do, another profession could offer what you’re missing. Is your passion interacting with people and your current job doesn’t allow for that? Well, another job could. Customer service or human resources for example are both people-heavy options, so you’ll be doing what you love.

A big part of changing careers is figuring out what you don’t like about your current job and then finding another one that offers you what you do want. Self-analysis will help, as well as seeking advice from a professional – whether they’re a careers advisor or a colleague/friend.

You should ask yourself “what should I consider before changing careers?” That list could be long, and will likely include your finances.

How to financially prepare for a career change

If you decide to go down the path of changing professions, you’ll likely have to give up your main source of income. You won’t be able to continue with your current job if you’re training for a new one. The training might involve some study or on-the-job training in an apprenticeship. If you have a partner who can offer support then the task may be easier. If you rely on only your income, you may need a personal loan from BOQ to support you when you’re unable to work.

Taking some time away from working to study could end up being incredibly rewarding for you – if the profession you choose to move into involves doing what you love. It might be a year of study where working will only be part-time or casual, so you’ll likely have to save specifically for your year away from regular income before leaving your current position. A high-interest savings account can help you to make the most of the money you put away, meaning you can get out of your current line of work faster.

Changing careers will be an expensive process and you’ll need to be prepared. Studying will also cost money. You may be eligible for government assistance which could pay for your course/s, but that’s a loan you’ll need to pay back over time . Alternatively, you can pay for it upfront out of your savings, or with a loan from BOQ. A Bachelor’s degree in Business Management at the University of Queensland, for example, will cost approximately $11,000.

Whatever way you go about it, changing careers will be an expensive process and you’ll need to be prepared.

What else do you need to consider before changing careers?

A change of profession will involve a big emotional strain. You might end up doubting your decision after a year or when something goes wrong on your first day of work. You’ll need a strong support network in place – family and friends to help and encourage you when times are tough. Assessments at university can take a toll if you’re not accustomed to the time pressure, and if you don’t have anyone to lean on you could struggle to find the motivation and encouragement to keep going.

Changing jobs is a big step, and it’ll require a lot of analysis before you take the plunge. It could be incredibly rewarding in the long run, but also a financial strain if you aren’t prepared before you leave your current line of work. For help getting your ducks in a row and for financial advice about changing careers, get in touch with BOQ today.

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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