5 Alternative Career Paths for Senior Executives

Senior executives often face obstacles they wouldn’t expect as they grow in expertise. While they do have a wealth of experience, some companies might be reluctant to hire them because they might feel like they’re outdated. In other cases, executives may simply be worn out and want to move on to bigger or better things.

However, when you’ve tailored your whole life to reach that executive role, it can be difficult to envision life outside of the c-suite. But your wealth of experience could make you a great asset and a great fit for a whole host of other career options. Here are some alternative career paths for senior executives.

Professor

A great career option that you could consider is becoming a professor. One of the reasons why you should consider this option is that there is a great shortage of finance and business administration faculty across the board. And the demand is even higher in countries that are trying to develop their academic system. With the proper formation and the expertise that you already have, they will literally roll out the red carpet for you wherever you go.

To be a professor, however, you’ll most likely have to get your PhD. But the great thing is that there are tons of great online doctorate programmes that will allow you to get your qualifications without leaving your position, or even your home for that matter. These are dispensed by some of the most prestigious institutions in the country, such as Aston University. They have an online Doctor of Business Administration that will allow you to get internationally respected credentials on your own time, and it’s one of the most prestigious programmes of its genre in the world. If you want to learn more about this programme and what you can expect, you can visit https://studyonline.aston.ac.uk/programmes/executive-doctor-business-administration-dba.

Work for a Non-Profit Organisation

This would be a great option if you need a change of pace, and want to use your expertise as a way to give back and make a difference. Some of the benefits of working for a non-profit include:

• Working with a cross disciplinary team
• Diversifying your CV
• Ability to influence policy
• Helping with relief efforts
• Combatting inefficiencies
• Working with causes that are of special importance to you
• Travelling the world
• Meeting world leaders
• Ability to transition into office

However, non-profit management is not always viewed favourably by sitting executives. “The field is beyond underappreciated.” Said AARP CEO William Novelli. “They often think that it is non-quantified, and undisciplined.” He also states that success is more difficult to gauge as well. “It might be difficult to compete in a field like high finance, but it’s even more difficult in the non-profit world when so many of the goals are behavioural in nature.”

But the field is in great need of people who are up for the challenge, and are ready to bring their expertise to the field. Executives are often better at getting results, and getting teams to work more efficiently. They are also often better able to trim the fat and remove time and money consuming processes, which allows donations to not be swallowed by administrative bloat.

Become a Mentor

Mentoring is becoming an increasingly popular option for many executives. And many companies are now understanding the importance of mentoring, and implementing programmes in their organisation. You could either decide to work as a mentor independently, for another organisation, or create mentoring programmes for companies. You could also decide to become a career coach, and help young executives reach their goals.

As a career coach, your responsibility will be to:

• Help with professional development
• Provide networking opportunities
• Help clients develop soft skills, such as leadership and emotional intelligence
• Give advice on enhancing cover letters and CVs
• Provide interview preparation

This is a great career option if you feel like you’re a great people person, and have a genuine interest in helping the next generation. It’s also a great option if you want more independence.

Become an Interim Manager

This is another great choice if you want to have more independence, and a change of pace. Interim manager positions have short life cycles and high turnover. You may be called to fill medium- or short-term gaps, or to fill in roles during a transition. This is a great option for any executive with experience.

However, you have to be prepared to work in a wide variety of roles, and change sectors regularly. This is why those with a diverse skill set and CV will be privileged for these roles. Those with cross disciplinary experience will also usually have an advantage.

But this is a great choice if you’re adaptable, and like variety. It will also allow you to diversify your CV, and open doors for greater opportunities later on. Here are some of the skills needed to move into interim management:

• Ability to work under pressure
• Great communication skills
• High emotional intelligence
• Hand-over proficiency
• Adaptability and flexibility

Working as an interim manager is not for everyone, but it is definitely an option you should consider if you want a better work/life balance. It’s also a great option if you want a varied and flexible career that will make you an even more well-rounded executive.

Consultant

Many executives also decide to move into consulting. As a consultant, you’ll get to set your own price and work hours. But you also have to be prepared to struggle at first when you don’t have a steady clientele. You might have to accept pro bono work to get the ball rolling. But this is a very rewarding career for executives who want to try something new, and be able to be their own boss as well.