You’ve been in the same roles for almost two decades and the prospects of spending another five make you sick to your gut. Perhaps it’s time for a pivot. Here’s everything you need to know about changing careers at 40.
Is it Worth Changing Careers at 40?
YES! If you no longer feel satisfied in your current field or role, taking a U-turn is a perfectly normal thing to do. People like Jeffrey Brotman (co-founder of Costco), Robin Chase (co-founder of Zipcar), and Ray Kroc (former CEO of McDonald’s) among others achieved major career success after hitting 40.
In general, people aged 35 and 44 change jobs roughly 2.9 times, and those between 45 and 52 change jobs about 1.9 times, according to the US Bureau of Labor Statistics. So you’ll be hardly an “outlier”!
What’s more, a recent study found that people who started a new career at 40 feel much more content. Over half (55%) are very happy about their decision, 64% say their stress level decreased, and a whopping 72% feel like a “new person” since the career change.
What New Career to Start at 40?
That’s up to you to decide. If you seek a new career because you’re burned out or feeling disillusioned about your current field of work, consider an area you feel more passionate about — e.g., a creative field or (lifestyle) business ownership. On the other hand, if you want to start afresh in a field that pays better, there are plenty of exciting jobs for later bloomers in the tech, financial, and professional services industries.
Below are several ideas you can consider.
New Career Ideas at 40
- Entrepreneur/business owner. According to The American Economic Review, 45 is the average age of an entrepreneur. Moreover, the odds of launching a successful enterprise significantly increase between ages 25 and 35 and continue to rise well into the 50s.
- AI trainers. The growing cohort of Generative AI companies is seeking human trainers — people with deep domain knowledge — to provide feedback to the trained algorithms. Invisible Tech, for example, employs over 5,000 AI trainers with earnings of up to $ 40 per hour. Some companies offer up to $ 200 per hour for experts in fields like history, science, and languages, providing opportunities for individuals with advanced degrees and PhDs.
- Cybersecurity specialist. Globally, two-thirds of companies face cybersecurity skills shortages — and the demand for competent cybersec pros is only to increase as additional risks emerge on the radar. So getting trained in this domain can give you a new career with great job security and high pay.
- Real estate agent. The median age of realtors in the US is 55 years, suggesting many people switch to this field later in life. That makes sense because you probably have a good network of contacts, many of whom are looking to buy and sell their real estate.
- Medical coder. With little extra training required, medical coding is a great opportunity for changing careers at 40 without a degree. An average salary of $ 59,781 per year and the opportunity to work remotely are two other big boons.
How to Start a New Career at 40
Arguably the hardest part of a career change at 40 is taking the plunge. Yet, it shouldn’t be a reckless nosedive, but a controlled dive. Before you quit your current job, do the groundwork to prop yourself up for a smooth transition.
Make an Inventory of Your Skills
You may have a resume, covering two decades of your career progression. However, it may not have the biggest impression on employers in the new field. Because they’d be more interested in your skills, rather than work experiences.
So your goal is to figure out what you can bring to the table. Make a list with three columns:
- Your hard and soft skills — all the qualifications you’ve developed on the job, through training, education, or hobby projects. Don’t limit yourself here and genuinely include all things you can do, plus favorable character attributes like your leadership or organizational qualities.
- Transferrable skills. Pick out skills from the first column that could be easily applied outside of your current field of work. For example, if you have experience with planning and supervising construction work, these project management skills can be applied in other areas too.
- New in-demand skills. Finally, think about which skills you’d be interested and learning and could do relatively fast. In terms of learning opportunities, you don’t have to necessarily go back to university or trade school. There are plenty of online courses, training programs, and workshops that can help you cultivate a new skill set.
Pro tip: Level up your digital skills! Almost 40% of workers aged above 40 believe they need extra digital literacy skills to secure their employment until retirement. Another 36% also think they can brush up on their technology-related skills — and employers agree. To make yourself more competitive in the new job market, consider focusing on these areas first.
Determine Which Industry Speaks To You Most
Once you have your list, consider which roles and industries can be a good fit for you. Approach the process holistically, rather than emotionally.
Take into account the practical aspects like:
- Current demand for similar positions
- Health and growth prospects of the industry
- Preferred skill sets
- Limitations in career opportunities
- Stress and physicality levels
The last thing you’d want is to start a new career at 40….and then realize that there’s little demand for such roles or highly limited growth prospects.
Optimize Your LinkedIn Profile
LinkedIn is the best place to be for passive job hunting. Your profile can act as your calling card (and also a digital resume version for fast application to advertised roles), attracting attention from recruiters.
All you have to do is apply a couple of strategic LinkedIn profile optimizations:
- Add a fresh profile picture and try out #OpenToWork profile photo frame, signaling your availability to recruiters, but not your current employer.
- Complete your LinkedIn profile summary. Briefly summarize your core competencies and include your most marketable skills, related to the new role.
- Organize your career history. Include a more thorough description of your duties, qualifications, and accomplishments for the last 3 to 5 job entries to improve your visibility in searches.
- Start growing your network. Connect with people who are working in your new target role or industry. Contribute to the public discussions started by industry influencers and try to build genuine connections with people who are already excelling in an area where you want to transition. Speaking of this…
Start Networking
Networking is the best way to land a job in a new field because it introduces you to the hidden job market — opportunities that don’t necessarily end up published as job ads.
By making connections with more people, you get a chance to introduce your personality and skillset without being directly compared to dozens of other job applicants (something that may not be in your favor).
Moreover, if you’re looking to start a less traditional career path — go into entrepreneurship or a creative career — a strong network is essential for succeeding.
You can find plenty of opportunities locally with your commerce chamber or on online event platforms like Meetup. Plus, there are dozens of online communities these days for people in almost every line of work!
Career Change at 40 is Doable
It’s never too late to become who you want to be — the goal is to start acting. Your career change doesn’t have to happen in a day or week. Take the time you need to figure out your wants, and holistically assess your skillset and possible industries. Connect with peers on the same path, or mentors who could help you transition to the next step. The goal is to keep making small steps consistently to arrive at the right destination!
The post Changing Careers at 40 and Beyond: How To Do It Right appeared first on Freesumes.com.