Summary: As individuals become professionals, they accumulate cultural, social and economic capital valued within their field. Our study, recently published in the Journal of Management Studies, investigates the significance of this capital accumulation to how partners from professional service firms (PSFs) experience transitions out of the field upon retirement. Upon transitioning from active work to retirement, we observe misalignments between professionals’ accrued capital and, relatedly, their professional habitus and their new circumstances. This phenomenon, conceptualized by Bourdieu as a hysteresis effect, is examined through the experiences of US and Japanese Big 4 partners. The study highlights how their experience of hysteresis is influenced by nostalgia and country-specific work arrangements. 

Introduction 

In “Unbecoming a Professional: The Role of Memory during Field Transitions in Japan and the US,” we examine how retired partners from professional service firms (PSFs) in Japan and the U.S. navigate life after leaving their careers. These firms are highly structured environments where individuals develop deep connections to their work, skills, and routines. Drawing upon interviews with 48 retired PSF partners, 26 in Japan and 22 in the US, we investigate how individuals “unbecome” professionals after decades in an all-encompassing career as partners in global accounting PSFs. The study highlights that while cultural and societal contexts influence the way ex-partners experience this transition, nostalgia and memories of their professional past also play a significant role in shaping how they adapt. 

In understanding this shift from professional life, we draw on key sociological ideas from the work of Pierre Bourdieu including habitus, capital, hysteresis effect, and field transitions. Over time, professionals develop ingrained habits, skills, and ways of thinking that align with the norms and expectations of the PSF environment. This formulated habitus influences how PSF partners behave and navigate their professional world. Further, throughout their careers, professionals accumulate different types of resources or forms of “capital.” These include cultural capital (skills, knowledge), social capital (relationships, networks), and economic capital (wealth). These forms of capital are highly valued during their working years, but their significance can change in retirement. To explain such a possibility of misalignment between habitus and new circumstances, Bourdieu advanced the concept of hysteresis effect. This effect was observed during partners’ field transition from active work to retirement. To varying degrees, some of the professional skills, knowledge, social manners and network they developed over their lifelong careers no longer fit their retirement circumstances. 

Adaptation of capital in field transitions 

Key findings suggest that cultural values profoundly shape how these partners experience and adapt after detaching from a PSF. Japanese ex-partners often view retirement as a “graduation” or “sotsugyou,” a transition to a new phase rather than a complete end to their professional lives. Regarding economic capital, many Japanese ex-partners continue to work in board positions and maintain their professional credentials, leveraging their past knowledge, skills and social network. This reflects the cultural concept of “ikigai,” or having a purpose in life, which often includes ongoing work and a commitment to contributing to society. From a social capital perspective, strong professional relationships and loyalty to former colleagues persist into retirement for Japanese ex-partners. They continue to engage with their professional network, which helps them secure post-retirement roles and maintain a sense of belonging. Our study highlights that this continued work aligns with Japanese societal expectations and family structures, which emphasize continual contribution to the household as part of one’s purpose. 

In contrast, US ex-partners tend to embrace retirement as a time to fully detach from professional life and embrace other life spheres. For many, retirement is seen as a reward for decades of hard work, aligning with the “American Dream” ethos. Regarding economic capital, US ex-partners redirect their focus to leisure, family, and personal interests. For them, retirement is less about maintaining links to their professional past and more about achieving a life of comfort and enjoyment, often referred to as having “earned” their retirement. In the context of social capital, professional relationships often diminish after retirement for US ex-partners. They face the challenge of building new social networks outside of work, though they may maintain close ties with select former colleagues. 

Habitus misalignments and nostalgia in field transitions 

Both Japanese and US ex-partners experience “hysteresis,” wherein a misalignment exists between their long-held professional role and their current life situation. For example, Japanese ex-partners may find that while their professional skills and titles hold social value, these do not always translate smoothly into their new board roles, where they face distinct expectations and professional norms. This misalignment can create a sense of disorientation, as they strive to repurpose their professional experience to fit new responsibilities and experiment with different personal life possibilities. In contrast, U.S. ex-partners experience hysteresis in the form of a sudden disconnect from the professional networks and structured environments they were once deeply embedded in. They might find it challenging to build new social circles outside of work, given that their previous relationships were largely career-driven and transactional. 

Our study also demonstrates the role of nostalgia as a “tool” that ex-partners use to bridge the gap between their past and present professional activities in both settings. Japanese partners often carry nostalgia for their role in PSFs, valuing the social connections and prestige that their positions afforded them. Many continue to associate their self-worth with their professional role, which motivates them to remain involved in work activities. Nostalgia helps them adapt their accumulated cultural and social capital to new environments, like board roles, preserving a sense of continuity with their former PSF life. 

In contrast, U.S. ex-partners tend to channel nostalgia into enjoying the fruits of their labor, appreciating the freedom retirement brings after decades of commitment to the PSF. While they may express nostalgia for the camaraderie and structured work-life they left behind, many see retirement as an opportunity to redefine themselves outside of work. They might reminisce about professional achievements and social connections, but they often seek fulfilment in family activities, travel and new hobbies, rather than continuing to devote time to professionally related activities. 

Conclusion 

Overall, the study reveals that while Japanese and US ex-partners approach the transition away from PSFs and the profession differently, they share a common experience of grappling with their past professional life and navigating how it fits into their new lives. This research provides insights into how nostalgia and cultural values influence professionals’ field transitions, emphasizing the lasting impact of one’s professional history. Understanding these dynamics can help organizations and society better support professionals in their retirement transitions, considering both psychological and cultural factors. Despite that our participants mention the support of retirement programmes that aim to assist retirees’ transition into retirement, these programmes tend to focus on financial considerations only. Given that often professionals come to rely on the firm and on their craft as an overarching support system, not only for fulfilling financial and professional ambitions but also social and psychological needs, our findings point to other aspects of retirement that may be taken into consideration: incorporating social and psychological support and acknowledging the importance of historical contextualized work arrangements.