How can experienced economists determine the right time to switch careers?

1 Assess your motivation

Before you make any drastic moves, you need to ask yourself why you want to switch careers. Are you bored, burned out, or dissatisfied with your current role, employer, or industry? Or are you curious, excited, or passionate about a new opportunity, challenge, or field? Your motivation can influence your readiness, willingness, and ability to switch careers. If you are driven by positive reasons, you may have more confidence, enthusiasm, and resilience to face the uncertainties and risks involved. If you are driven by negative reasons, you may need to address the root causes of your dissatisfaction and explore other options within your current career.

2 Research your options

Once you have identified your motivation, you need to research your options. What are the skills, qualifications, and experience required for the new career you are interested in? How compatible are they with your current skills, qualifications, and experience as an economist? How much time, money, and effort will you need to invest in acquiring or updating the necessary skills, qualifications, and experience? How competitive is the market for the new career? How stable, secure, and rewarding is the new career? You need to gather as much information as possible to make an informed decision and plan your next steps.

3 Evaluate your trade-offs

Switching careers as an experienced economist may involve some trade-offs. You may have to accept a lower salary, a lower position, or a longer working hours in the new career. You may have to relocate, travel, or commute more in the new career. You may have to sacrifice some of the benefits, perks, or prestige that you enjoy in your current career. You may have to face some criticism, resistance, or skepticism from your colleagues, peers, or family. You need to weigh the pros and cons of switching careers and decide whether the potential rewards outweigh the potential costs.

4 Build your network

One of the most important factors that can help you switch careers as an economist is your network. Your network can provide you with valuable information, advice, referrals, and support in your career transition. You need to cultivate and expand your network in the new career field that you are interested in. You can do this by attending events, joining groups, following influencers, reaching out to contacts, and engaging in conversations related to the new career. You also need to maintain and leverage your network in your current career field. You can do this by keeping in touch, expressing gratitude, offering help, and requesting feedback from your current colleagues, peers, and mentors.

5 Update your resume

Another key factor that can help you switch careers as an economist is your resume. Your resume is your marketing tool that showcases your skills, qualifications, and experience to potential employers. You need to update your resume to reflect your suitability for the new career. You can do this by highlighting your transferable skills, relevant achievements, and continuous learning in your current and previous roles as an economist. You can also use keywords, phrases, and formats that match the expectations and standards of the new career field.

6 Prepare for interviews

The final factor that can help you switch careers as an economist is your interview performance. Your interview is your opportunity to convince potential employers that you are the best candidate for the new career. You need to prepare for interviews by researching the employer, the position, and the industry. You need to practice your answers to common and specific questions, and prepare your own questions to ask the interviewer. You need to demonstrate your passion, curiosity, and adaptability for the new career, and provide examples of how you have used your skills, qualifications, and experience as an economist to solve problems, create value, and achieve results.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?