Psychological Challenges for Career Change: Manage for Good

Career changers, current and prospective, how are you feeling today?

At the age of 32, I underwent a significant career transition that nearly cost me my life. Despite the difficulties I faced, I persevered and opened up to sharing my experiential insights with you candidly.

Career transitions and job changes are dreadful, especially when they are imposed externally. The psychological impact of these changes can be significant and life-changing. Mismanaging the transition, whether it be before, during, or after, can result in overwhelming stress and burnout, potentially leading to detrimental and long-lasting health effects. Conversely, managing the adjustment consciously and effectively can increase your confidence and resilience, ultimately strengthening your ability to navigate future job changes. An real-life analogy is to consider the flu shot. While it may not prevent you from getting sick forever, it can toughen up your immune system, allowing you to better fight off the virus.

The psychological effects were profound on me. Long hours and a heavy workload morphed into career burnout and chronic stress. The pressure mounted, and I had occasional suicidal thoughts during the peak of my depressive episode.

The journey of darkness and brightness

At first glance, my professional life appeared flawless. I had completed my MBA program at Yale before age 30 and was working at the largest and most influential credit rating agency in the world. I loved the challenge of the position. Every morning when I woke up, I eagerly anticipated returning to the office to create and manage a multi-million-dollar portfolio of financial transactions every day. Every investment banker in the credit market knew and worked with me. My analytical commentaries about transactions on Bloomberg, the financial market's equivalent of Facebook, Google, and WhatsApp combined, were regularly read by investors in the Asia-Pacific region. I had ambitious plans for the future – I was confident that within a few years, I would be headhunted for jobs that paid at least a million dollars annually, and I anticipated being promoted to managing director before I turned 40.

The reality, however, was less glamorous. Over a grueling period of 18 months, I worked 7 days a week for 12 hours every day without any vacation time. The organization underwent restructuring, and office politics became increasingly taxing. My boss at the time cared more about his ego and favored yes-men over high-performing, well-qualified, and client-centric analysts like myself. Before the term "mental wellness" was commonly used, I faced my own struggles with mental unwellness, which was deemed taboo in the financial market. In order to seek help, I had to pay out of pocket for visits to a psychiatrist.

During the dark times, my anxiety levels soared. I found myself worrying about the consequences of leaving my job. I feared that I would be perceived as a quitter and would lose credibility in the market. I was also concerned that I would not be able to find another job and that all the effort and hard work I had put in would be for naught. As a Yale graduate, I felt a certain level of expectation to succeed and was ashamed of the thought of not living up to these expectations. I was worried that my finance career would be jeopardized. I felt trapped with no clear way out. I relied on anti-depressants and sleeping pills to manage my anxiety and avoided social interactions.

In the midst of this challenging period, I learned the importance of seeking help and finding support. I consciously sought medical help and was fortunate to have an understanding partner and a professional doctor. The feeling of fear and anxiety was real, but whatever I was anxious about never materialized. None of my concerns ever actually occurred.

When I finally resigned, the relief I felt transformed into excitement and happiness. I felt much lighter and alive. My smile returned, and I was energized to have coffee with real people. In the following three months, my clients reached out to me with job offers from JP Morgan and TCW Asset Management. Each offer had much better terms, pay, job titles, and everything else than my previous position.

Career changers, current and prospective, how are you feeling now, after hearing my story?

If you're considering a change, it's natural to feel concerned and unsure about what the future holds. You might be struggling with the idea of leaving your job before finding a new one, feeling stuck and unhappy in your current role. Or perhaps you're facing a forced change due to corporate restructuring and downsizing, frantically searching for another job just to pay the bills. You're willing to accept any opportunity that comes along, but the thought of being "exited" leaves you feeling unhappy.

On the other hand, you might be comfortable in your current situation but have concerns about the rise of technologies like ChatGPT and AI. It's hard to let go of the security a career provides since it becomes intertwined with your identity, ego, and self esteem. For now, you're cautiously content, but uncertain about what the future holds.

As someone who has experienced a significant career change, I understand the challenges and uncertainties that come with embarking on a new path. That's why I offer the following advice to both current and prospective career changers:

1. Comfort zone syndrome is a common issue that many people face. Humans tend to enjoy comfort and laziness, which can make them resistant to change. While the comfort zone may feel like the best place to be, it's important to recognize when the discomfort becomes overwhelming and start considering a change. In my case, the push of discomfort was so strong that it was a matter of life and death, and I had to make a change for the better. Looking back, I realize that change was good, and there were no worst-case scenarios. Anything that happened from there could only be an improvement.
2. When making changes, it's important to have realistic expectations concerning the costs and returns. This includes weighing what you may need to give up and what you stand to gain, both in the short-term and in the long-term. By taking a holistic view of the costs and benefits, including both monetary and non-monetary costs, you can make a more informed decision. Although making changes can be daunting, it is never truly frightening. When you weigh the costs and benefits of the change, and the latter outweighs the former, then making a change can be an act of saving your life for good.
3. While it's natural to worry about the future, it's important to also focus on the present. Often, we tend to prioritize the future over the present, leading to increased anxiety. This anxiety can become a self-fulfilling prophecy, altering our actions and outcomes today. That's why it's crucial to laser focus on the present and take action accordingly.

What Jodie Foster inspires us

To wrap up, let’s borrow a story by Jodie Foster, my favourite actor. Jodie, an accomplished actor, director, and producer, shared this insightful quote during her MasterClass while discussing her transition from acting to directing. Despite her success, Jodie has faced her own share of self-doubt and imposter syndrome, making her relatable to many individuals undergoing similar experiences.

I believed I had to know every technical detail and every film format to become a film director. But that's not true. To make a film, all you need are three things: a pen, paper, and confidence." - Jodie Foster.

Jodie's words serve as a reminder that a few fundamental tools and the right kind of psychology are the most important factors to take bold steps towards your goals. If you are considering a career change, remember that you are not alone in feeling uncertainty or fear. Everyone faces these feelings when embarking on a new journey, but the key to overcoming these challenges is to trust yourself and be confident in your abilities.

Own your career, or be owned

As daunting as they are, career transitions and job changes present opportunities for growth and self-discovery. By managing these changes effectively and maintaining a proactive mindset, you can build better resilience and stronger confidence to help you navigate future challenges. Embrace change, focus on the present, and trust in your ability to adapt and thrive in any situation.

As you build on your own career transition, I encourage you to reflect on my story and the lessons learned. Your journey may not be identical to mine, but the common threads of uncertainty, fear, and ultimately growth are likely to resonate.

Good luck on your journey, and always remember that you have the power to shape your own destiny.