Changing careers at 30 — to be or not to be?
If you have multiple years of experience (let’s say 5–8 years) and have ever asked yourself any of the following 3 questions, this blog is for you:
- I don’t like my job (not the company but the industry). Can I move on to something else?
- I like what I’m doing at the moment but I’m also interested in X industry. Maybe I should try it out for a few years?
- I’m moving countries, maybe I should use this opportunity to try my hand at something new?
You could have asked yourself any or all of the questions above at the same time or over different periods of time. I, for example, am currently experiencing questions 2 and 3 simultaneously. Over the last 3 months, I have come to realize that the more experience you have, the harder it is to switch industries. On the face of it, it probably seems justified. After all, if you’ve worked for 10 years in energy pricing (for example), what good would you be in a job where you need to structure financial deals in the health sector? However, I think it’s important to dig a bit deeper.
There are 3 things which facilitate changing industries, irrespective of years of experience — again, it could be a combination of the 3 but typically at least 2 of the hypotheses below will need to work in your favor:
- Type of industry you come from and where you want to go
Ultimately it’s all about what you bring to the table and how you package it. Some jobs equip you with transferable skills — like consulting, strategy roles in corporates, founding start ups — essentially those of a generalist which can be adapted to any industry. However, if you want to join a specialized firm (like a fin tech company), then it’s best you know something about either finance or technology. So basically, the more specialized your skills (and therefore, less transferable), the less likely it is for you to switch industries. This is not to say that you cannot switch industries — you can still be a trader while being a certified doctor! Typically though, you will need to be prepared to start at the bottom. If you have asked yourself question 1 above (multiple times), I would say — despite the odds — switch!
- Your current work permit/authorization status
I’ve always been a believer of being a “global citizen”. If you have the right skills, attitude and passion for the job, you should be able to get it irrespective of geography — after all you bring valuable knowledge from different contexts which can help in out of the box thinking. Proponents of this reasoning also include Socrates and Diogenes from yore and more recently, Peter Thiel with his investment in the Seasteading Institute. However, immigration and work authorization issues are only getting more difficult today. The question most employers are asking — particularly in small to mid sized organizations — is what is the differentiating factor between hiring you and someone from within the country? Does it justify the long lead time in hiring given the work permit process? And changing industries in this setting becomes harder. Hence, if moving countries (question 3 above), best to move within your industry and then look for a change.
- The “luck” factor or what some call being at the right place at the right time
This is not acknowledged enough. People have become so conscious of putting their own achievements above all else, that the intangibles like meeting the right people (who could be prospective employers/colleagues), at the right time (when you are both looking for someone exactly like the other) and place (geography/job role wise) are usually swept under the rug. But these are critical. I can recount multiple such instances from my life and am very happy to acknowledge this divinity or whatever terminology you want to give it. Slack’s CEO — Stuart Butterfield — always asks about this key question to all candidates during interviews.
Taleb says “maximize the potential effect of positive Black Swans while minimizing the potential effects of negative ones”.
I agree. The bottom line is: if your heart is elsewhere, follow it and follow it with confidence. Being idealistic pays in the end — it may just take some time. Be patient.
