How to make a mid-career switch into another sector

Dr Biz • December 28, 2020

Many of us have dreamed about making a mid-career switch, perhaps to start our own company or move into an industry or role where we could feel more challenged, or where the business’s activities are more aligned with our principles. While this prospect is appealing, however, many worry about what it could mean for their finances, long-term job prospects and perhaps even their families if a big pay-cut or drastic change of working hours is involved.

However, while change is always difficult, it is not impossible. Making a mid-career switch is a big decision, and can seem daunting, however there is plenty of help and support out there for those that need it. Alongside government support and retraining programs, you can leverage your personal networks and refer to a wealth of online material to help you plan for your next career. To help you make the move you have always dreamed of, below we have put together a few helpful hints and tips.

1. Imagine yourself in the role

While we all love to fantasise about how great our lives would be in a different job, it’s important to take a realistic look at what life might be like for us in that new role before making a mid-career switch. Many Singaporeans are moving into the healthcare sector, for example. However, while becoming a nurse is an admirable pursuit, it does require a huge commitment of time, energy and perhaps even a pay-cut to achieve, and so anyone considering it should think carefully.

If, as many of us do, you have dreams of opening and running your own company you should make yourself aware of all the different aspects of running a business. For example, you will need a solid business plan, potentially a partner or staff, as well as premises and products – and then you will need to constantly manage it all! Professional service providers like Dr Biz can help with the administrative burden of incorporation, corporate secretarial, accounting and payroll, but as a business owner, you might still find you are busier than you thought!

2. Get first-hand advice

No matter which career you are considering, it is likely that you know someone, or someone who knows someone, in that profession. This is often the best place to go to get an accurate picture of what life would be like in the role of your dreams, as well as advice on how to get into it. Make sure that your interviewee knows that you are looking for an honest picture, though: ask for a “warts-and-all” account of a day in the life of their job, including anything they really don’t like about it.

After that, you can fill-in any gaps in their experience or knowledge with online research. A good approach is to start with the most authoritative source: perhaps the trade body of your chosen industry, or information from a university or other institute of higher learning that runs training courses for your profession or industry of choice. If you are an entrepreneur looking to start your own business there are a myriad of networks and platforms to reach out to, including the Startup SG network run by Enterprise Singapore.

3. Run the numbers and stash some cash

If, after all of your research, you are still 100% sure you want to make that mid-career switch, then it might be helpful to take a look at your finances and run some numbers. This is especially the case if you are taking a job that requires a long training period, perhaps training you also have to pay for, as well as for roles where you might be taking a pay cut. If you can, it will likely be useful to seek out the help of a financial adviser to assist with this process.

However, you can also take a quick assessment on your own, starting perhaps with your savings, levels of debt and an assessment of your monthly expenditure. This will be particularly useful If you are going into a long period of training, as you will need to ensure that you can cover all of your expenses while studying. If you are starting your own business, a healthy pot of savings will be essential to cover any unexpected events, of which there are usually many!

4. Find out what support is available to you

You won’t necessarily be all on your own in your big career move, though, as the Singapore government runs a number of different programmes to help mid-career switchers. This includes the SG United Mid-Career Pathways Programme, as well as the new SkillsFuture Mid-Career Support Package. Both aim to create more career transition opportunities for locals aged between 40 and 60. In-fact, by 2025, the government aims to double the annual placements for this group through reskilling programmes to 5,500.

The support package includes the Professional Conversion Programme, through which the government will co-pay the salaries of those actively re-training in a job placement, either full time (place and train) or while also studying (attach and train). Sector-specific programmes such as the TechSkills Accelerator Company-Led Training for ICT jobs (see a full list of current ICT job opportunities here) are also available, which will again ensure that you receive a salary and industry leading support as you retrain.

At Dr Biz, we provide tailored and comprehensive solutions for our client's business needs. From incorporation to accountancy, tax and payroll, to professional advisory services, we help businesses in Singapore assess potential risks and become more cost effective and efficient.

To find out more, please feel free to contact us.

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