We understand. It’s time for a career change.

Whether you’re leaving a toxic boss, falling out of love with your industry, or wanting more control over your prospects, you’re not alone. According to the Bureau of Labor Statistics, around 4 million Americans quit their job every month from July 2021 through January 2022. This high turnover rate has been attributed to toxic corporate cultures, reorganizations, and job insecurity are the leading causes of employee turnover. 

Even if you have a great reason for changing jobs, that doesn’t mean it’s not scary. Changing careers can be intimidating at any age. You might leave behind a professional network, social connections, and your reputation and skillset. This is all magnified when you’re in your 40s, having worked hard to establish yourself somewhere and with more financial wellness and family responsibilities to consider. You might be weighing the pros and cons of leaving, thinking about how you’ll support your family, or feel that you’ve wasted time on a career you don’t like. It can be overwhelming.

The first step is to take a deep breath. Now, let’s review some things that can help you make decisions on your journey.

Is it possible to make a career change at 40?

You’ve probably grown a lot since your first job — personally and professionally. You learned how to speak up in meetings, work constructively with difficult team members, keep productive with self-talk, and reinvent yourself time and time again. With all of this under your belt, it makes sense that you might consider a career change. You have different needs now than before and different interests. You also know more about the possibilities. Your job might no longer be the right fit.

Yes, it is possible to start a new career at 40 — or 50, or 60, for that matter. It might take some extra effort, but it’s never too late to set new personal goals and professional goals and live a life that feels meaningful.

4 advantages of a midlife career change

In many ways, you’re better off switching careers now than later. You might actually find it easier to change jobs now than when you were younger. Here’s what you have going for you.

1. You’re already a pro. You’ve likely been in the workforce for at least 20 years, or longer if you include that summer job from high school. You’ve learned a lot since then, and chances are many of your skills will be transferable to a new career. Lean on your years of experience.
2. You still have plenty of time. Assuming you plan to retire at 67 years old (the full retirement age for those born after 1959), you still have plenty of time to save money and develop yourself in a new career. You may have even more time: According to a recent analysis of U.S. workers, 55% plan to continue to work in retirement age. Changing careers might also come with a pay raise and a 401(k) employer match program.
3. Your mental health will thank you. Working a job you don’t like is stressful, can lead to burnout, and often takes a toll on your personal life. Long-term, this can lead to lethargy, anxiety, or depression. In addition to seeking mental health support, if your symptoms are severe, a new career could help you feel energized again.
4. You can live a life that brings more satisfaction. No matter how you define success, this is a chance to reconfigure things how you want. Whether you want a better work-life balance, a higher salary, or a leadership position, changing careers could be what you need. You spend 1/3 of your life working, so prioritize your well-being and give yourself a second chance to do something truly fulfilling.

4 challenges to a midlife career change

For all of its potential, adjusting your career path at 40 does have some drawbacks.

1. You have more responsibilities now. By now, you might own a house, have kids, or be a caregiver to an elderly parent. If you need to go back to school to prepare for a career transition, this might eat into your other responsibilities or savings.
2. You have more expenses. You might have to take a pay cut or transition to an entry-level job, so keep this in mind: the cost of living for a 40-year-old is higher than when you were younger. If you’re going to take a career break while looking for a new job, make sure you’re prepared. Gone are the days when you could handle a week straight of 99-cent noodles. You’ll need a plan to cover the mortgage, healthcare, and other bills and expenses. At the same time, you won’t necessarily have to take an entry-level position if you can tell a good story about the relevance of your skills and experiences.
3. It’s not just about you. In your 20s, it may have been easy to hop from job to job without a second thought. But now, you may have to lean on your spouse or partner as you make the switch. You should consult them before making any big decisions. These considerations might make you more risk-averse. They hold many people back from taking the plunge. Just remember: not doing anything and feeling that your work and values are misaligned or that you’re wasting your life is a risk with real costs as well.
4. Self-doubt. Self-doubt is a form of self-sabotage. When we feel incapable of doing something, we don’t try as hard — sometimes, we don’t try at all. It’s important to let go of the fears that hold you back, like imposter syndrome or being too old for a position. A successful career isn’t about longevity in a single position or field. Rather than falling into the craters of self-doubt, think about all the professional goals you’ve already accomplished. How many skills and experiences have you developed over the course of your career? Your age isn’t a negative attribute — it’s a value you bring as a candidate, even when pivoting industries.

What to consider when changing careers at 40

While you can make a career switch to just about any industry, some roles are harder to attain later in life. For instance, becoming an astronaut or a professional athlete are probably off the table. Joking aside, if you aren't already in the field, careers that require a significant accumulation of specialized knowledge and practice hours will be harder to build a new career in. Transferable skills will only take you so far in open-heart surgery. So will jobs that have a very structured, formal career path. You may need to think more creatively about less technical roles or be prepared for a few years of education and a low-paid apprenticeship.

How to change careers at 40

Here’s some advice on how to change your career at any stage and make the transition as smooth as possible.

Information is power

• A successful job search is about tapping into the assets surrounding you. It’s no wonder 31% of job seekers find job opportunities through networking. You’ve spent years developing a professional community — it’s time to use it.
• Update your LinkedIn profile, reach out to people on the platform, network with colleagues, and seek out recruiters and friends in your newly chosen industry. Post to ask your entire network about job opportunities and let people know you’re on the hunt.
• Make sure you know what you’re getting into. Research your dream job, investigate companies on Glassdoor, and list the skills you need to be successful in that role. This process will also help you think of questions to ask prospective hiring managers.

Be clear on why you’re looking for a change

• Take a moment to reflect on why you want to leave.
• Write down all your reasons for leaving. Figure out why you really want to change careers at 40.
• Then reframe by focusing on the positive — what are all the things you hope to get in a new career? You don’t want to make a decision based on running away or escaping a situation.

This reflection will help you determine whether you want a career change or just a new company, role, or workplace. Either way, only you can decide if it’s worth it for you to quit. Consider if you can improve things at your current job. If you choose to leave, you’ll have a list of things to avoid in your career search.

Experiment

• Look for ways to dip your toes in the water. Get curious and lean into learning through doing.
• There might be part-time opportunities to explore different work environments or develop your skills.
• Try to shadow someone in the field, volunteer, or start a side hustle before committing to it full-time. These things can give you a realistic flavor of what’s to come.

Identify your transferable skills

• Some of your skills might be specific to your current career, like your intimate knowledge of corporate processes, proprietary software, or anything else niche. Still, there’s sure to be some overlap between your current role and your dream career.
• Learn what employees in the roles you’re looking for have. If you’re trying to change careers but you have no degree or higher education, that’s okay — you have plenty of real-world knowledge and experience that fresh graduates don’t.

Assess your current situation

• Before making a significant change, it‘s essential to assess your current situation thoroughly. This means considering your financial stability, personal obligations, and how a career change might impact these aspects of your life.
• Review your savings and monthly expenses, and contemplate the financial implications of possibly having a period without income during the transition.
• Also, gauge the support of your family, as their understanding and encouragement can be crucial during this period.

Build out a supportive network

• While your professional network is vital for job opportunities, a supportive network can provide the emotional and psychological backing you need during this time. This could include family, friends, mentors, or even a career transition coach.
• These individuals can offer advice, share their own experiences, provide you with perspectives you might not have considered, and give you the motivation to continue on your journey.
• Don‘t hesitate to lean on them when you need to; remember, everyone needs a helping hand now and then.

Keep developing your skills

• Commit yourself to the learning necessary to make this career change to make yourself feel more capable. Don’t wait to land a new job to start upskilling yourself.
• Focus on one or two areas that might be big gaps for you. Go for a working understanding of new skills or knowledge rather than trying to develop deep expertise in a technical area. 

Source: www.betterup.com
Autor: Madeline Miles
Editor: G. Dimitrova