Career change is rarely a simple decision. For many women, it can feel particularly complex - influenced not by a lack of ambition or ability, but by a combination of structural, financial and cultural factors that shape how realistic change feels at different life stages. 

However, research consistently shows that women, on average, face distinct pressures that can make career transitions more difficult to navigate. Understanding these barriers, and how they can be addressed, is a critical step in opening up futures in careers that you may never before have considered.
 

What’s stopping women changing careers?

1.Financial uncertainty

One of the biggest barriers to career change is fear of the risk - concerns about retraining costs, loss of income or starting again at a lower level can stop anyone from taking the next step.

A large UK study found that women were significantly more loss averse than men, which explains over half (53%) of the observed gender gap in willingness to take both financial and career risks (Dawson 2024)

In addition, the wider gender pay gap, impact of career breaks and part-time work, may mean some women have less financial flexibility to absorb the short-term pay uncertainty associated with changing careers.

While this doesn’t affect every woman, financial confidence plays a major role in determining who feels able to retrain or change direction.

How does the Academy support with this?

The Academy provides a clear pathway into the profession, offering funded qualifications, structured learning and practical experience. It tackles one of the biggest barriers to career change: financial uncertainty and offers support along the way.

2. Caring responsibilities and rigid career structures

Many careers are still built around fixed hours, linear progression and limited flexibility. For anyone balancing work with caring responsibilities, this can make retraining or switching careers feel unrealistic.

The latest UK census in 2021 showed that more than 10.3% of women were carers compared to only 7.6% of men, a total of more than 4 million unpaid carers in the UK (Office for National Statistics 2023).

Without flexible or adaptable working models, talented individuals can be excluded from new careers before they even begin due to caring responsibilities. Women are more likely to be the primary caregiver in a family, giving them less practical and financial flexibility needed for a successful career change.

Career change becomes less about aspiration and more about what is practically possible.

How does the role of an adviser align with this?

Advisers typically have a high degree of autonomy, managing their own diaries and building long term client relationships. This can offer flexibility alongside strong earning potential over time, an important consideration for women seeking careers that adapt to different life stages - without limiting progression.

3. Confidence and unclear entry routes

Women considering a career change often report uncertainty around how to enter a new profession. Sometimes they may be returning from a career break and can feel out of touch with their skillsets. Sound familiar?

Research reports that women who were equally as qualified as their male counterparts were significantly less likely to apply for competitive, higher return roles, particularly in male typed domains (Coffman, Collis & Kulkarni 2022). 

Questions about qualifications, timelines and whether transferable skills will be valued can create hesitation that’s not linked to capability - but is tied to confidence. 

How does the Academy support with this?

Clear, structured pathways can make a critical difference in turning interest into action. The Academy has helped more than 500 women become financial advisers, building up a Partnership of over 1,000 women advising right here at St. James’s Place.

Financial adviser careers are people focused, with soft and transferrable skills. For many women, changing careers into financial advice is not starting from scratch, but building on valuable experience already gained. Our trainers support not only with the technical side of advice, but also in building confidence in front of clients and genuine self-belief as a business owner.

Financial advice is a strong career path for women

Financial advice is increasingly recognised as a rewarding career for women looking to change direction.

The UK advice profession is facing a shortage of qualified financial advisers, driven by an ageing workforce and increasing demand for personalised financial guidance. 
There is also an increasing number of female clients who want to feel represented by advisers who represent them – it has never been more important for women join the Academy. 

If you’re considering a career change and want to explore the opportunity, click here