Even if it doesn’t offer immediate monetary rewards, most college and university graduates don’t regret their experience. The relationships forged during those years can pay off many times over during a lifetime.
But sometimes, a degree isn’t enough. Perhaps someone only went for a two-year program. Or they end up overestimating the job market in their area of expertise. What can a graduate do?
Going back to school is a popular option. But before you do, you have to consider many factors.
The first, obviously, is money. At first glance, spending $20,000 in tuition and books to earn an additional $10,000 or $20,000 per year seems like a pretty good return on capital. But keep in mind opportunity costs as well. Money earned today is worth more than cash that could theoretically be earned in the future.
You must also consider the job market for a new degree. Demand for professions like software engineers, health-care professionals, and accountants is likely to stay pretty constant. Other careers are subject to greater booms and busts, which could impact potential employability.
The amount of time you have available to dedicate to schooling is also a factor. Juggling a full-time job, family, and going to school is too much for many people. You don’t want to set yourself up for failure.
Maybe you don’t need to start a new career. Feelings of dissatisfaction can be quelled by transferring internally to a different role or getting a similar job with a new company.
The bottom line? Going back to school doesn’t need to be your only option. Consider all the alternatives before taking the plunge. It’s a big decision.
