Planning for a career change

Have you been thinking about a career change?

While previous generations might have stuck with a job for life, it’s becoming increasingly common to have multiple careers over a person’s working life.

If you’re pondering a shift, whether it’s to a completely different industry or just within your current sector, there are a few things you can think about.

Build a buffer

If your career change means time off work to retrain, you may need to get an emergency savings fund in place.

If you’re not earning, or not earning as much, you will probably have less ability to withstand a financial shock, so having that buffer will be extra important – whether it’s to keep your car on the road or cover an unexpected family expense.

Depending on the amount of time you have until you make the shift, you might choose to save a set percentage of your pay each fortnight until you reach your goal.

Paying yourself first can make all the difference, as Sorted outlines in its guide to saving. It could also be beneficial to pay down any debt you have, particularly anything that’s being charged a high rate of interest.


You might also need to think about what your new budget will look like.

That could be during a period when you’re studying but also once you’re in your new career, if you’re likely to take a job at a lower pay level. Tools such as Sorted’s can be a good way to guide your thinking.

If you are taking a student loan, this site offers a guide to the impact repayments will have on your income when you return to work.


During this period of preparing and saving, it will be important that you don’t get knocked off course.

This is a good time to check in on your income protection insurance – as well as your other personal cover – to make sure that you’re adequately protected, should something happen that stopped you being able to work. It’s also worth checking whether you’re likely to give up any employer-linked benefits that you might need to replace.

Research your new industry or employer

It can really pay off to do as much research as possible before deciding to make the shift.

How many jobs are available in your chosen career? What makes candidates stand out? How much might you earn? You can find out information about potential salaries through research like Hay’s Salary Guide.

Making an effort to network with the sort of people you’d like to work for or with could help, too. Some people link up with a mentor or coach with knowledge of the sector to help guide them through the transition. Even LinkedIn can be a valuable resource for making new connections.

Stay adaptable

Having clear goals for how you would like the process to work can be really valuable – but you may also need to be prepared to be adaptable if things don’t go exactly to plan.  Even once you’ve made the change, it’s likely you’ll have to continue upskilling and developing.

Time to talk?

If you’re contemplating some changes, and want to make sure your insurance is adapting with you, get in touch with us. We can run through a check-up with you to ensure that your cover is fit for purpose, no matter what you’re planning.



Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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