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Switching Careers After 45: Lost Hope and Confidence, Need Career Advice

Pradeep

Pradeep Pramanik  |196 Answers  |Ask -

Career And Placement Consultant - Answered on Nov 12, 2024

Pradeep Pramanik is a career coach, placement consultant and director at Fast Track Career Consultants, which provides career counselling, soft skills training and placement consultancy services.
Pradeep, who hails from Bhagalpur in Bihar, has worked in the pharmaceutical industry for 15 years in sales, marketing, training and product management roles in companies like Lupin Pharmaceuticals, Elder Pharmaceuticals and Ranbaxy Laboratories.
During his tenure in the pharma industry, he has worked in different states including Bihar, Jharkhand, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Tamil Nadu and West Bengal.
In 1998, he launched Fast Track Career Consultants with the aim of helping youngsters find jobs through the right career counselling, training and placement services.
They also offer HR analysis and appraisal services.
Over the years, he has been invited by management and engineering institutions to discuss education and employment policies, entrepreneurship, soft skills and emerging careers in India.
He has published four books on career counselling and contributed articles to print publications.... more
Asked by Anonymous - Oct 29, 2024Hindi
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Career

Pradeep, I am a professional with more than 17 years of experience in Operations, team management. Currently I have started working in a global MNC in a global position. Earlier I was working with the same organization for more than 10 years. Then during Covid, I lost my job. Finally, settled down with another company with almost 40% less salary. Though I loved the role and responsibilities there. I was a Senior Team Lead there. I liked the role where I was managing the team, working with the team. But due to some internal politics, I lost my job in that organization too in this year only. Why I am saying politics? Because just before they fired me, I got best performer award and best employee of the last quarter 2024 award. Then I rejoined my old organization with lots of hope. But now I am finiding it difficult to cope up in this global role. The top management expected me to know everything within 3 to 4 months and start delivering. One of the biggest hurdle that I am facing is that earlier when I was in this organization for more than 10 years, I was in another process. This time I got in a role where the process is completely different. Also no proper training is provided. I am not get a fulfiling satisfaction from this role. Also I am not able to get job satisfaction and now I am thinking of quitting and start something of my own. A business venture or a consultancy service. But not sure how to start and also afraid of the flow of income. I have a mother who is suffering from age related problems. Have a little kid of 12 years. My wife is not working. I tried to switch jobs. But it seems that no one is there to take someone who is almost at 45 years of age. I am loosing my hope and confidence day by day. Please help.

Ans: Dear... Request you to mention the question in precise way to understand what exactly you require from us. Big question normally indicates state of confusion somewhere hence difficult to repply which will satisfy you.
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Chandu

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VC, Angel Investing, Entrepreneurship Expert - Answered on Feb 12, 2024

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Dear Mr CHandu, I am 53 yrs now and an BE by qualification. I have been working in IT industry (14 yrs) and from 2007 have been working in IT Security profile as GM. In 2015 I left the job over an partnership offer which did not materialized but i lost the job. I started an start-up ecommerce company with a good concept which was liked and appreciated by the franchisees as even today they are running a grocery store which was setup by me, though my business shut down due to non funding and was cheated in the name of funding. After long gap I did join the company but lasted for just 8 months and now again am job less. I have a good start-up idea in healthcare which is workable and have been appreciated by people to whom i have brief though i M yet to launch due to funds issue, Though people are trying to find the funding after hearing the biz idea. My wife is working and have 2 kids in 12th and 10th Std respectively. Pls advice.
Ans: Dear Mr Dinesh,
It looks like you have been through a lot after getting into business on your own. Your children too are at a critical stage in life which requires funds for higher education in the next few years. The first question to ask yourself is - what is the priority in your life? Is it financial stability for the family esp for the kids? Or is it the pursuit of your business? The second question is - what is the current status of your household finances? Is there enough savings to manage the household, upcoming education expenses, other expenses (travel, medical etc)?
If you are shaky, it may be time for you to consider taking an assignment which offers you a fixed remuneration and also flexibility to work on your idea. You say you were in the field of IT security. Can you consider an assignment which might take 2-3 days per week managing and overseeing the IT security for a company which cannot afford a full-time professional?
You may also want to consider getting incubated in a good healthcare incubator in your city and also apply for a start-up funding grant from the government of India and/or local state government programmes.

..Read more

Aashish

Aashish Sood  |115 Answers  |Ask -

CAT, Management Expert - Answered on May 30, 2024

Asked by Anonymous - May 27, 2024Hindi
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Career
I am 35 year old and holding 5+ years of experience in various domains after completing Deploma in Mech Engg QA-1year(automobile industry 2011-12). 2012-2018-- Degree in Mechanical Engg. Meanwhile due to financial issues I had work with 2/3 companies for short time of period and left because of Exams, whatever work like service engineer and Quality related work I attended. After completing my Graduation in Mechanical Engg I rejoin small firm which was dealer and distribution industry for metal cutting tools. due to convid these company was shutdown and then 2021 I switched to BPO industry and now from April 2023 to till date I am working in Supply chain Management in Infosys as a Sr Executive now could you please advise what should I do because it's really challenging to adapt new skills with less salary I am unable to take risk of new learning. And also facing money problems as now I have to run entire family shall I have to start any business or what should I do to save and retrack my career?
Ans: Why don't you want to continue in SCM?

In my opinion, you should continue to develop your expertise in supply chain management. Given your current role at Infosys, aim to gain more responsibilities and prove your value within the organization. You may also consider obtaining supply chain management certifications like APICS (now ASCM), Certified Supply Chain Professional (CSCP), or Six Sigma. These can increase your marketability and potential for promotions or salary increases.

Stay updated with industry trends and continue learning to adapt to changing market demands.

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Janak

Janak Patel  |8 Answers  |Ask -

MF, PF Expert - Answered on Dec 04, 2024

Asked by Anonymous - Nov 30, 2024Hindi
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Hi, i am 52years old, wanted to retire early, following are my investments, MF - INR 65L, Equity - INR 22L, 3 houses, one is self-occupied, other 2 houses valued at INR 90 L and INR 32L respectively, i have home loan outstanding of INR 12L, FD of INR 36L , PF INR 32L, monthly expenses requirement is INR 1 L, kindly help me to plan my early retirement. Thank you in advance for your reply on my question.
Ans: Hi,

As there are many things to consider for an early retirement, one of the first is to start thinking about it in a more realistic manner. An early retirement is not necessarily stop working life, but think of it as a more comfortable schedule that provides you opportunities to relax and pursue your passion and interests and live life on your own terms. You may or may not undertake an activity which can be monetized, meaning which provides you some sort of income - not necessarily to cover your living expenses in whole/part. So do give it some thought of how you intend to keep yourself occupied once you retire from your "current schedule". Will you generate any source of income or will you incur/require more expense.

At current age of 52, an early retirement even if we consider at 55 years of age, it a still a long life ahead. I will make a lot of assumptions in my response as these are not known from your query - such as life expectancy of another 30 years, average return of 8% on all investments for future etc. Are the 2 real estate properties earning any kind of rent that can be considered as income.
There are too many variables that go into the calculations for retirement which are specific to each individual and their circle of life.

Generic solution - You have a currently accumulated investments valued at INR 2.65 Cr (all investments less loan).

Current monthly expenses is INR 1 Lac, over which inflation needs to be applied each year (depends on lifestyle and composition of items of expenses).

So if your cumulative investments appreciate at average 8% annually, and your monthly expense increases at 6% annual inflation, your current accumulated investments are just about enough to manage expenses for next 30yrs (excluding tax implications - refer below).

Points to consider -
1. Inflation in real world is more than 6% (depends on the individual)
2. Liquidation of investments e.g. Real estate attract expenses/fees and tax on capital gains as it will be lumpsum
3. PF post retirement will earn interest only for 3 years, so you need to plan to re-invest the amount
4. Interest income on FD attracts tax at slab rate
5. Withdrawal of amount for monthly expense from your investments will attract tax on capital gains (MF and Equity)

I strongly recommend you connect with a Certified Financial Planner for personalized guidance and prepare a plan that will take into consideration your risk profile and overall investment management towards the retirement. Benefits will include a more tax efficient plan which will consider your requirements and ensure retirement goals are achieved and if there is a shortfall - what alternatives you need to consider.

Hope this is helpful and all the best for the future.

Regards
Janak Patel
Certified Financial Planner.

...Read more

Dr Nagarajan J S K

Dr Nagarajan J S K   |174 Answers  |Ask -

Health Science and Pharmaceutical Careers Expert - Answered on Dec 04, 2024

Career
Sir I am preparing for mbbs, but I'm not able to crack that. I'm a middle class student. Can I pursue mbbs in abroad under 8 lakhs in a best college for mbbs?After that can I able to be a doctor in India?
Ans: Hi Lagna,

It seems you haven’t provided the details clearly on this platform. If you could share more information, I’m sure you will receive helpful input.

Based on your message, I understand that you are considering pursuing a career in medicine. If you intend to enroll in a medical program either in India or abroad and plan to practice in India after completion, here are some important guidelines according to the National Medical Commission (NMC):

You must appear for the NEET exam, as it is a mandatory requirement for anyone wishing to pursue graduate medical education in India or elsewhere while intending to return and practice in India. According to the NMC eligibility criteria: “No student shall be eligible to pursue graduate medical education either in India or elsewhere (if they want to return and practice in India), except by scoring the minimum eligible score at the NEET UG exam. The UGMEB will announce the list of eligible students periodically.”

Therefore, I recommend preparing for the NEET exam and trying to secure admission in India itself. If you choose to pursue medical education abroad, you can still practice in India, but you will need to pass exit exams as well.

Regarding your question about pursuing MBBS abroad for under 8 lakhs, are you asking if this is per year or for the entire course? Studying abroad at that cost per year is possible. However, when you take into account the total expenses, which include course fees, accommodation, food, travel, visa, and other costs, it might be more feasible to complete your MBBS in India.

I hope this clarifies your queries!

...Read more

Patrick

Patrick Dsouza  |879 Answers  |Ask -

CAT, XAT, CMAT, CET Expert - Answered on Dec 04, 2024

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Career
Hi Sir, I am 41 years old. I've 15 years of experience in Finance (FP&A) domain. In last 2.5 years I have changed 3 companies due to lay off, Cultural misfit and latest one due to Personal and family issue. I quit my last job in Sept'24 (from Apr;24 to Sept'24). Due to some family issues, Lay offs, Challenges faced on the job I am feeling very low. I don't have any confidence left as a result don't want to return to work out of fear and anxiety. However, I also want to upskill myself and thinking of pursuing US CMA. But I am in dilemna that with around 15 years of work experience would it open any gates for growth opportunities going forward. Another dilemna that I am constantly fighting is to whether think of making a switch from Finance domain to Learning & Development domain. I have good communication & interpersonal skills and have always had a liking towards L&D domain. Now myself on a Career break I am not sure how to proceed further - Whether to pursue my Career in Finance and look for jobs in Finance domain and then gradually look to switch to L&D domain or Look for the opportunities only in L&D domain. I have an emergency fund that can take care of my expenses for next 6-8 months. Looking forward to your guidance that can help me bounce back in my career as I am feeling lost, depressed and Lack of Confidence at present in life. Thanks.
Ans: Learning is a continuous process. So doing a course in Finance should not be a problem. As far as getting into LnD domain, start with being a faculty in one of the colleges or can start with taking private tuitions. See if it suits you. If it does, then you can decide to make the switch.

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