Looking to potentially move into a career in L&D - what are the pros and cons?

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Pros: More work-life balance, learning new things, making an impact on others' lives at the company
Cons: You're a cost center and unless it's required for your company to have learning, it could be unstable should the economy dip significantly. Additionally, promotions and huge raises and bonuses are a lot harder to come by.

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Completely agree with everything you stated. In addition...
Pros: Typically don't have to deal with the dark side of HR, it's all about employee growth. A lot of variety in your work. There are very few crises or emergencies (which contribute to that work-life balance).
Cons: Overly interested Execs who think they: a) can make an impact by heading up Training and therefore get a promotion; b) should head up Training because they have a unique prerogative. Also, everyone in business thinks they're a training "expert" because they've trained an employee once. They don't realize that I'm thinking about teaching large groups, company wide initiatives and running a program at scale. It's like a DIYer telling an architect "Oh yeah, I sheetrocked my garage so I totally know how to build that skyscraper", basically it's insulting and frustrating.

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