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How to Set Ambitious and Achievable Career Goals (With Examples)

How to Set Ambitious and Achievable Career Goals (With Examples)

Taking your work to the next level means setting and keeping career goals. A career goal is a targeted objective that explains what you want your ultimate profession to be.

Defining career goals is a critical step to achieving success. You need to know where you’re going in order to get there. Knowing what your career goals are isn’t just important for you–it’s important for potential employers too. The relationship between an employer and an employee works best when your goals for the future and their goals align. Saying, “Oh, I don’t know. I’ll do anything,” makes you seem indecisive, and opens you up to taking on ill-fitting tasks that won’t lead you to your dream life.

Career goal templates’ one-size-fits-all approach won’t consider your unique goals and experiences. They won’t help you stand out, and they may not reflect your full potential.

In this article, I’ll help you to define your career goals with SMART goal framework, and will provide you with a list of examples goals for work and career.

How to define your career goal with SMART

Instead of relying on a generalized framework to explain your vision, use a tried-and-true goal-setting model. SMART is an acronym for “Specific, Measurable, Action-oriented, Realistic with Timelines.”[1] The SMART framework demystifies goals by breaking them into smaller steps.

Helpful hints when setting SMART career goals:

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  • Start with short-term goals first. Work on your short-term goals, and then progress the long-term interests.[2] Short-term goals are those things which take 1-3 years to complete. Long-term goals take 3-5 years to do. As you succeed in your short-term goals, that success should feed into accomplishing your long-term goals.
  • Be specific, but don’t overdo it. You need to define your career goals, but if you make them too specific, then they become unattainable. Instead of saying, “I want to be the next CEO of Apple, where I’ll create a billion-dollar product,” try something like, “My goal is to be the CEO of a successful company.”
  • Get clear on how you’re going to reach your goals. You should be able to explain the actions you’ll take to advance your career. If you can’t explain the steps, then you need to break your goal down into more manageable chunks.
  • Don’t be self-centered. Your work should not only help you advance, but it should also support the goals of your employer. If your goals differ too much, then it might be a sign that the job you’ve taken isn’t a good fit.

If you want to learn more about setting SMART Goals, watch the video below to learn how you can set SMART career goals.

After you’re clear on how to set SMART goals, you can use this framework to tackle other aspects of your work. For instance, you might set SMART goals to improve your performance review, look for a new job, or shift your focus to a different career.

We’ll cover examples of ways to use SMART goals to meet short-term career goals in the next section.

Why you need an Individual Development Plan

Setting goals is one part of the larger formula for success. You may know what you want to do, but you also have to figure out what skills you have, what you lack, and where your greatest strengths and weaknesses are.

One of the best ways to understand your capabilities is by using the Science Careers Individual Development Plan skills assessment. It’s free, and all you need to do is register an account and take a few assessments.

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These assessments will help you determine if your career goals are realistic. You’ll come away with a better understanding of your unique talents and skill-sets. You may decide to change some of your career goals or alter your timeline based on what you learn.

40 Examples of goals for work & career

All this talk of goal-setting and self-assessment may sound great in theory, but perhaps you need some inspiration to figure out what your goals should be.

If you’re changing your job

  1. Attend more networking events and make new contacts.
  2. Achieve a promotion to __________ position.
  3. Get a raise.
  4. Plan and take a vacation this year.
  5. Agree to take on new responsibilities.
  6. Develop meaningful relationships with your coworkers and clients.
  7. Ask for feedback on a regular basis.
  8. Learn how to say, “No,” when you are asked to take on too much.
  9. Delegate tasks that you no longer need to be responsible for.
  10. Strive to be in a leadership role in __ number of years.

If you’re switching your career path

  1. Pick up and learn a new skill.
  2. Find a mentor.
  3. Become a volunteer in the field that interests you.
  4. Commit to getting training or going back to school.
  5. Read the most recent books related to your field.
  6. Decide whether you are happy with your work-life balance and make changes if necessary. [3]
  7. Plan what steps you need to take to change careers.[4]
  8. Compile a list of people who could be character references or submit recommendations.
  9. Commit to making __ number of new contacts in the field this year.
  10. Create a financial plan.

If you want to get promoted

  1. Reduce business expenses by a certain percentage.
  2. Stop micromanaging your team members.
  3. Become a mentor.
  4. Brainstorm ways that you could improve your productivity and efficiency at work
  5. Seek a new training opportunity to address a weakness.[5]
  6. Find a way to organize your work space.[6]
  7. Seek feedback from a boss or trusted coworker every week/ month/ quarter.
  8. Become a better communicator.
  9. Find new ways to be a team player.
  10. Learn how to reduce work hours without compromising productivity.

If you want to ace your job interview

  1. Identify personal boundaries at work and know what you should do to make your day more productive and manageable.
  2. Identify steps to create a professional image for yourself.
  3. Go after the career of your dreams to find work that does not feel like a job.
  4. Look for a place to pursue your interest and apply your knowledge and skills.
  5. Find a new way to collaborate with experts in your field.
  6. Identify opportunities to observe others working in the career you want.
  7. Become more creative and break out of your comfort zone.
  8. Ask to be trained more relevant skills for your work.
  9. Ask for opportunities to explore the field and widen your horizon
  10. Set your eye on a specific award at work and go for it.

Career goal setting FAQs

I’m sure you still have some questions about setting your own career goals, so here I’m listing out the most commonly asked questions about career goals.

1. What if I’m not sure what I want my career to be?

If you’re uncertain, be honest about it. Let the employer know as much as you know about what you want to do. Express your willingness to use your strengths to contribute to the company. When you take this approach, back up your claim with some examples.

If you’re not even sure where to begin with your career, check out this guide:

How to Find Your Ideal Career Path Without Wasting Time on Jobs Not Suitable for You

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2. Is it okay to lie about my career goals?

Lying to potential employers is bound to end in disaster. In the interview, a lie can make you look foolish because you won’t know how to answer follow up questions.

Even if you think your career goal may not precisely align with the employer’s expectations for a long-term hire, be open and honest. There’s probably more common ground than they realize, and it’s up to you to bridge any gaps in expectations.

Being honest and explaining these connections shows your employer that you’ve put a lot of thought into this application. You aren’t just telling them what they want to hear.

3. Is it better to have an ambitious goal, or should I play it safe?

You should have a goal that challenges you, but SMART goals are always reasonable. If you put forth a goal that is way beyond your capabilities, you will seem naive. Making your goals too easy shows a lack of motivation.

Employers want new hires who are able to self-reflect and are willing to take on challenges.

4. Can I have several career goals?

It’s best to have one clearly-defined career goal and stick with it. (Of course, you can still have goals in other areas of your life.) Having a single career goal shows that you’re capable of focusing, and it shows that you like to accomplish what you set out to do.

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On the other hand, you might have multiple related career goals. This could mean that you have short-term goals that dovetail into your ultimate long-term career goal. You might also have several smaller goals that feed into a single purpose.

For example, if you want to become a lawyer, you might become a paralegal and attend law school at the same time. If you want to be a school administrator, you might have initial goals of being a classroom teacher and studying education policy. In both cases, these temporary jobs and the extra education help you reach your ultimate goal.

Summary

You’ll have to devote some time to setting career goals, but you’ll be so much more successful with some direction. Remember to:

  • Set SMART goals. SMART goals are Specific, Measurable, Action-oriented, and Realistic with Timelines. When you set goals with these things in mind, you are likely to achieve the outcomes you want.
  • Have short-term and long-term goals. Short-term career goals can be completed in 1-3 years, while long-term goals will take 3-5 years to finish. Your short-term goals should set you up to accomplish your long-term goals.
  • Assess your capabilities by coming up with an Individual Development Plan. Knowing how to set goals won’t help you if you don’t know yourself. Understand what your strengths and weaknesses are by taking some self-assessments.
  • Choose goals that are appropriate to your ultimate aims. Your career goals should be relevant to one another. If they aren’t, then you may need to narrow your focus. Your goals should match the type of job that you want and the quality of life that you want to lead.
  • Be clear about your goals with potential employers. Always be honest with potential employers about what you want to do with your life. If your goals differ from the company’s objectives, find a way bridge the gap between what you want for yourself and what your employer expects.

By doing goal-setting work now, you’ll be able to make conscious choices on your career path. You can always adjust your plan if things change for you, but the key is to give yourself a road map for success.

Featured photo credit: Freepik via freepik.com

Reference

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Brian Lee

Chief of Product Management at Lifehack

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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