The labor market in the United States has finally improved after the economy recovered from the recession that started in 2007 and 2008. Now that better jobs are out there, you may decide to go back to school to earn that advanced degree you have always wanted. Perhaps, instead, you had a change of heart and want a different career path.
Consider several options before deciding to go back to school. Sometimes, what seems like a great choice at first may turn out wrong after several years. The Bureau of Labor Statistics reported a decline in hiring rates for those with an advanced degree, so weigh your choices very carefully before investing tons of time, money and effort into something that may prove ineffective.
Determine if the cost of your extra education remains worth any increase in wages over your lifetime. Some master's programs at top schools, such as MBA programs, may cost more than $100,000 to complete. Some fields that rely on technology may just need an associate degree with hands-on learning rather than advanced theoretical knowledge. Going back to school may mean vocational school rather than med school at a research institution.
Your current financial situation determines whether or not you can afford to go back to school. Even though you already work a full-time job, you may need substantial savings for extra expenses of college. Look into scholarships, fellowships, teach assistant jobs and nontraditional scholarships that can help defray costs. Be wary of student loan debt, as that can make your bottom line less attractive later in life due to large amounts of debt to repay in 20 years.
Ascertain your reasons for going back to school. Do you simply want a better job in your current field, or do you want to start completely over with something totally different? Some advanced programs have easier acceptance if you already have a bachelor's degree in a similar field.
Look for options that can work around your job schedule if you do not want to leave the labor force. Full-time college course loads demand your entire attention without a job. If you simply want to learn new skills, consider night classes, online courses or weekend college.
Another factor to consider is being overqualified. Research your chosen career field to see if a master's degree is overkill or a stepping stone to a greater income potential. Some careers need master's degrees for teaching, whereas associate degrees and bachelor's degrees are needed for people who do hands-on work.
The idea of going back to school represents a lucrative opportunity, if you determine you have the time, energy and desire to learn a new trade. Before you commit to more education, find out why you want to switch careers. This way, you can avoid making important financial decisions that you may regret later on.
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