Your big career move can have a big return on investment: Three tips to help make sure it truly pays off
Credit to Author: Guest Author| Date: Wed, 19 Apr 2023 16:55:01 +0000
Immigrants and refugees to Canada may need financial support on their path to achieving their Canadian dreams. When it comes to their Canadian careers, that financial support can enable them to pursue the accreditation, career development or training they need to land their dream job.
But where will this critical financial support come from? How can a newcomer manage their money effectively in order to put themselves on track for the life and career they aspire to in Canada?
Dr. Enoch Omololu, founder of the website Savvy New Canadians, and himself an immigrant to Canada from Nigeria, has some advice to share.
Omololu estimates that on his path to licensure as a veterinarian in Canada, he spent nearly $20,000. Whether you’re considering professional development courses, which Omololu says can “easily cost more than $1,000 per course,” or a career switch that may involve post-graduate studies, you may have to pay between $20,000 and $50,000 for the training you need to re-launch your career in your new country.
Those are some hefty price tags. That’s why Omololu offers the following three tips to help make sure an investment in yourself is the right move for you.
Tip #1: Talk to people who have been there
If you are considering a big career move or investment in professional development, speak to people who work in the field to get a better understanding of your employment and salary prospects. Find out from them what is required to succeed, about networking strategies and about work-life balance, etc. Speak to more than one person, or consider reaching out to a career coach, to get a diversity of opinions before making up your mind.
If your area of discipline has a Canadian or provincial association or accrediting body, contact them for information and to see if they have a mentorship program through which you can learn more before committing all your resources, both your finances and time.
Tip #2: Weigh all your options
Unless you are in a profession where licensing or accreditation is necessary to work, you could be better off using work experience to reach your career goals. It is important not to confuse the difficulties you are facing in finding a job, due to lack of experience, with a need to add on more certifications or degrees.
Short online courses and certifications may also help you fill in the gaps, in some cases, instead of starting fresh or spending a fortune going back to school.
That said, there is also merit to post-graduate studies. In some cases, accreditation may be your only option to continue your career in a regulated profession like nursing, physiotherapy or accounting.
Tip #3: Understand the return on investment
The return on investment (ROI) is all-important. If accreditation, training or career change won’t impact your income significantly, it may not be worth it. Omololu says he has come across immigrants who regret going back to school simply because it did not change their paycheque or help their career advancement. He advises you do your homework and be certain you are making the right choice before committing funds to accreditation, extensive retraining, professional development courses, certification or an outright career change.
BONUS TIP: Affordable loans can help — with a solid repayment plan
Omololu adds that you must do your due diligence about your career prospects to ensure your investment in education actually enhances your employability and earning potential. If that is the case, a low-interest loan may make sense to help you cover the costs of your education or training.
However, it is important to ensure the loan is indeed affordable and to have a solid plan for paying it back. He also advises you find out about free training programs, as well as whether there are provincial grants that can further help offset any of your education or training costs.
Reprinted from Windmill Microlending. See the original article here.
The New Canadian’s Financial Pathway to Prosperity, an informative guide presented by Canadian charity, Windmill Microlending, shares tools and tips to help you build a financial foundation in Canada while setting you up for long-term prosperity. As a charitable organization, Windmill focuses on supporting immigrants and refugees in establishing their lives and careers in Canada, offering affordable loans to pay for the costs of training, education and professional development. Learn more on Windmill Microlending’s website here.
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