As I began writing this, I realized there was going to be A LOT of information so I decided to make it a 3 part series.
Sometimes to put yourself in a better position financially, you have to switch careers.
Part 1– The Decision and Process
Believe it or not, I haven’t always been in finance but finance has always been my true passion. Up to 2006 I was working in the manufacturing industry. I held various positions including Education and Training Coordinator and Electrician. Yes, in my former life I was an electrician– wiring buildings, troubleshooting electrical panels and programming robots. I always enjoyed challenges and pushed for more challenges. Being an electrician in a male dominated field was definitely challenging but I learned many lessons that I still use today. (We will save that story for another day. I could definitely write a book about it!) While the money was good and I could have made a career out of either of those positions, I knew that I had a larger obligation to myself and society. In those positions I wasn’t reaching my full potential. I could do more to improve my financial outlook and to help others achieve their financial potential. At that moment I decided a career change was in order.
Transitioning careers can be a daunting task, especially when transitioning to a totally different role and industry with no experience. While transitioning careers was going to be daunting, I knew it was NOT impossible; I would have to craft the transition plan of a lifetime. I didn’t have any “professional” finance experience but I did have the experience of managing my own finances and other skills that would be transferrable. And so it began.
To get started, I began researching the industry. This was most likely going to be what I was doing for the rest of my career so I wanted to make sure I fully understood what I would be getting into, nothing worse than transitioning to a career only to find out that is not a fit. I researched the Finance industry and which path I wanted to pursue. One of the resources that I used was the Bureau of Labor Statistics. It provided insight into the Finance Industry including a description of the types of positions, opportunities and the salary range. For me, making sure there were enough opportunities in the finance industry was a critical part. I wanted to make sure that the opportunities would provide the income that would support the financial life I wanted. In addition to gathering the information from the Bureau of Labor Statistics, I spoke with people in the industry to get an idea of their opportunities, the daily routines and the skills required. I even participated in “Day in the Life” events where I spent time shadowing a finance professional. After determining which career path I would pursue, I then evaluated my skillset.
As I mentioned above, while I didn’t have experience directly related to Finance, I knew that some of my skills would be transferrable and could be directly applied to a position within the Finance industry. For instance, I had experience with analysis and problem solving. After evaluating my skillset and gathering all of the information, I determined that for advancement opportunities I would need to get an advanced degree. All transitions don’t necessarily require an advanced degree but may require some type of certification; it depends on the industry and career path chosen. After identifying what was required, the next step was to create the transition plan.
The career transition plan included a full assessment of when to leave my then current job, which school to attend, which professional groups to pursue and how to start building my network. The most important part of the transition plan was the financial plan. It was critical, as I was going to be going back to school full time and I also had to consider that it may take some time to land a position. At the time there were 2 incomes in the household but our lifestyle was based on that, so scaling back to 1 income would require some great planning to ensure that all financial obligations would still be met while I was in school. Following a budget would be a key aspect during this transition process.
Stay tuned for Part 2- The Financial Story