It’s no secret that educational pursuits can be a very expensive endeavor, in both time and money resources. How do you know when it’s time to take the plunge for yourself, and enroll in classes? Doing a cost benefit analysis is definitely something to consider, as well as an ROI assessment, to determine your best course of action with as much information about the upfront and long term costs, in relation to the possible payoffs for the lifestyle and career improvements to be had on the other side of the educational journey. Academia is not for everyone, and should be considered as an option along with trade schools, professional certifications, on the job training and other options. The cost of pursuing a traditional path at a university has increased by multipliers over the last few years, while some smaller schools and trade school options have kept their costs to a minimum to continue to offer a respectable education at an achievable and accessible cost of admission. So, when is it time to pursue more education?
When you’re considering a major career change. If you’ve been an accountant most of your working life, and want to change directions to something vastly different like teaching or construction, most likely, you will need to go back to school for another degree in order to obtain licensure to enter into that new field. Degrees such as a bachelor of science in construction management exist today, to help people learn the industry and information necessary to make such moves. Many times, we choose careers based on external feedback from parents, friends, peers, society at large because they’re safe and financially rewarding paths. However, while this is part of the equation, it’s not the whole picture, bringing in skill sets, our personalities and core nature, our needs of fulfillment and what interests us. If a person doesn’t like children, it’s probably best to steer clear of jobs and careers that involve working with children, like teaching and pediatrics. If a person detests numbers, but enjoys the written word and communicating, perhaps it’s a good direction to pursue journalism and mass communications as a field of study and career. Knowing the scenarios in life that you do enjoy, and the ones that you do not enjoy, are a good place to start in considering changing careers, to give a bit of direction in which to go, should you need ideas and guidance.
When you’ve reached the height of advancement in your current job. Many times, employees reach the highest point possible in their current role or department, and pursue further education to make their next move. Whether that next move is within the same company or externally, it very often results in an immediate advancement in salary, benefits, challenges and satisfaction. For example, a teacher may be very satisfied teaching in the classroom, but want to advance into administrative roles, so pursuing a master’s degree or doctorate is often the next level in the educational career field that is pursued for advancement. Monetary gains in the forms of salaries and bonuses are frequent motivators for most to take the time to work on their higher educational degrees.
While higher paying jobs can bring added levels of job related stress from additional responsibilities, these are also rewarding for most once they’re a few years into the advanced levels of their career. Knowing what to do, how to do it and putting your best ability into your career brings profoundly deep rewarding feelings, as well as additional compensation benefits. Remember, when considering your next career move, always do a cost benefit analysis and and ROI assessment to determine if the path you have in mind is truly the best option for you. Do your research, ask people that have done it already and make the decision with as much information internally and externally explored, to make the best decision for your career, family and lifestyle.