Going back to school, whether for an undergrad or graduate degree, is something that many people in their 20s and 30s consider. It’s hard to know at 18 or 20 what you want to do with the rest of your life. You could very well go to school for a certain career and then find out that it’s really not what you want to be doing for the rest of your life. While you may be able to pivot into a different career without going back to school, getting an advanced degree or even another undergrad degree can help you move into a new career. Additionally, in some careers you risk hitting a ceiling if you don’t get an advanced degree.
Today I want to discuss five things to take into consideration when deciding whether going back to school is the right choice.
1) How will going back to school impact your lifestyle?
Over the past two years I have thought about whether or not it makes sense for me to get my MBA. I would likely go part-time and take classes at night. The problem is I manage this site at night and on the weekends and I certainly wouldn’t have nearly as much time to dedicate to this website or other pursuits outside of work. Additionally I already have a hard time making time for my wife, friends, and my family. I would have to make some changes if I were to pursue an MBA.
In the same way, you have to think about how going back to school will impact your life. Whether it’s a phd in Psychology or a bachelor of law, there is going to be some impact on your lifestyle. Do you have a family that needs time and attention from you? Are you already having trouble juggling all your responsibilities? How will you find time for studying when most of your friends are not in school? These are all questions you need to ask yourself before deciding to go back to school.
2) How much time will it take to complete your degree?
When I was in my undergrad program, I never considered taking less than 16 credits a semester, and it still took me four years to finish. If you are considering going back to get your undergraduate degree, realize that you will have to make some major sacrifices if you plan on finishing your degree on time. Assuming you are still working full-time, you may have night class two to four times a week. You could just take one or two classes a semester, but realize that it could take you eight years to complete your degree. This delay in graduation has implications on your income, as you will be delaying getting a full-time job in your career field.
3) What impact will going back to school have on your career and how will it look on your resume?
Continuing off of my last point, you have to always think about how going back to school will help you in your career and how it will look on your resume. If you go to school part-time and it takes you 6-10 years to complete a degree, it likely won’t look very good to potential employers. They may question your work ethic and commitment.
Additionally, you have to make sure going back to school makes logical sense to your career. Getting an MBA to pivot from finance to marketing would make sense to a marketing manager. Getting an MBA because it “seemed like the right thing to do” isn’t going to impress anyone. Additionally, it’s important to realize that getting an advanced degree is no guarantee of a job or higher pay.
4) Online or Traditional
In the past decade there has been an explosion in online education. I personally like this trend because I’m an introvert and think too often companies and schools require you to be physically present for things that can be done remotely. If you do decide to look for an online university, make sure you do your research and check out the school’s track record and what jobs graduates have been able to get after graduation.
While I think online universities are great for busy professionals, it’s important to look at traditional physical universities as well. They may help you develop team-building and communication skills better than other options. I know I would personally benefit from having to work with groups in-person and communicate in ways other than email.
5) How can you maximize the value of your degree
I have already touched on it a bit, but you need to think through how to best maximize your degree before you go back and get it. There are some techniques for maximizing value, such as switching companies after graduation so that you can leverage your degree for higher pay and a promotion. Additionally, making sure it fits with your story is extremely important. Did you go back so that you can start a new career? Whatever your reason for going back, make sure you have a plan to leverage your degree or else you may end up doing the same job for the same company and, unfortunately, for the same pay.
Is there anything else you would take into consideration before going back to school? For those who have gone back, what advice do you have for those who are considering it?
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I guess the one thing which could fall under impact of lifestyle is cost. Do you have the money or are you willing to add more debt. Point 3 was the biggest for me. I thought about going back to school but honestly it just didn’t make sense to do so. Having a MBA doesnt do much for the career I was in.
YourDailyFin I would only get an MBA if I planned on working in corporate the rest of my life as well as switching companies or departments to get the full pay benefit of an MBA. So I agree with you on that one.
A lot of the freelance writing I do is about online education, particularly online college. It really is amazing how many top colleges and universities are now offering degrees that can be earned entirely online. There isn’t quite the same stigma that there used to be. Anyway, if I ever were to go back to school for some reason, I would probably do it online. There’s no reason to drive there anymore!
That lifestyle cost can be a big one, especially if you’re going full-time. My wife and I were in grad programs at the same time, while working and were easily putting in 25-30 hours per week in on school. We couldn’t have done that with kids. I took a few of my classes online and I loved it as I could do it at my convenience.
FrugalRules That’s one reason we are waiting to have kids, actually. Even if I don’t go to grad school, I have so many side hustle ideas that until it comprises a full-time income I will likely be putting in 20-30 hours a week in addition to my full-time job, and my wife will likely get her masters if not phd which requires time sacrifice.
I’ve always wondered about getting an online degree. Having the flexibility to do everything in my own space and my own time is essential. Do you know if it’s cheaper?
brokeandbeau I have not looked into it much, but I imagine it would be slightly cheaper because of less overhead. I would still imagine it to be fairly close to a traditional degree cost, though.
When I went through the CFP coursework, it was 1.5 years with a lot of sacrifice in terms of time spent with friends and family or just doing other things I enjoyed. I think it will have been worthwhile, but I can’t say for sure. But even if it is, the lifestyle impact can be very difficult and should definitely be weighed against what you really think you can get out of it.
Matt @ Mom and Dad Money Great words, Matt, and I appreciate you sharing your experience. There have been times I’ve considered getting a CFP, but as of now I have ruled it out because I think my personality is better-suited in other areas. I am definitely considering how my lifestyle will be impacted based on my next step.
I dropped out of college after getting pregnant. I have seriously considered going back. Only now I am thinking I would just enjoy certain courses like English or web design instead of working toward a degree. I wouldn’t rule out finishing my degree though.
SingleMomIncome I have considered taking programming courses for the actual content versus getting another degree. I learn better on my own, though, and I actually learn really well by going through a book so I have ruled out attending a class as of now.
I think cost and time would be the biggest factors for me. I would be paranoid at this point that I’d get a ROI, but I guess if you do the research you could minimize that. For me now, I’m all about seminars and classes. Little bit sized chunks of info.
Beachbudget I think that’s the best route to go for a number of careers. Many jobs are just looking for hard technical skills and the ability to get things done on time. If you can do that, you are ahead of the game!
I was struggling for almost 10 months to find a new job, and EVERYONE I talked to suggested going back to school. That was the LAST thing I wanted to do, since I already have a B.A., a certificate and a post-grad diploma (and $50K student loan debt). But that all changed last week.
Last week, I got a job at the local College. And as an employee, I can take classes for only $20 per class, and/or get reimbursed for successfully completing a program in another post-secondary institution. I’m only on contract (right now) so I’m not going to jump into anything, but it’s made me pay more attention to the things I might like to pursue if the job does turn long-term (and I hope it does!).
mylifeiguess Gosh $20 is a great rate! I know a number of people who went on staff at colleges and took full advantage of the tuition benefits. Seems like a great way to go.
I have been looking into going back to school for a while now. I am on the fence between two degrees though, so that is part of what it holding me back. I think I will go online. It will mesh more easily with my full-time job and now no one even know that you have an “online” degree verses a traditional degree if you go to a school that has both.
BoldButtercup Great point about going to a school that has both an online and a traditional program. Online degrees are becoming more accepted as it is so I think it’s less of a worry than it would have been say, 5-10 years ago.
These are all excellent points, thanks for sharing! When I went back to school, I didn’t think about how being in school full time and working full time would impact my life. I basically had no life and was always stressed and tired so if I could do it all over again, I’d probably not work while going to school full time. These are important decisions to make!
Monicaonmoney Thanks for the kind words about the post, Monica. I know a couple people who work and go to school full-time and it’s definitely a grind. It helps you get through school quickly while making money, but it definitely can be a big source of stress.
I’m glad I came across this post. Recently I’ve been trying to decide whether to get my MBA degree.Just this morning I was researching taking the gmat test but the decision is hard because my plan is to make my online businesses full time and work for myself. So I would really have no need for it. I think I kind of want it because I see my friends going back for masters degrees to be honest and I’ve had some pressure from my parents to go back.
MonaSez I understand completely where you are coming from. I also desire a full-time or second full-time income from my online businesses and going for my MBA would give me zero time to dedicate towards building them.
I went back to school a year after working. However, I went back part time at night while continuing to work full time. Looking back it was the right decision because I don’t have as much debt as some other people I know. However, I was young and didn’t have a family because working full time and going to school at night takes up a lot of your time. I don’t know if I can do it at this stage of my life.
Andrew LivingRichCheaply Family is a huge factor in my opinion. Can you make time for your family without sacrificing your health (i.e. so little sleep that you are in zombie mode all the time?). It’s a balancing act for sure.
These are all great things to think about. The main thing that I would contemplate is if it would make me more money than it would end up costing and how I would pay for it. I would not take out student loans to pay for another degree, so I’d have to make sure I could cash flow the entire thing or else it wouldn’t even be an option for me.
Ca$hFunny Thanks for the kind words. It definitely gets more complicated when it comes to grad school. In my opinion if you end up in a job that makes you more money but you hate it isn’t worth the extra money.
These are some great things to consider. I went back to school at night to get my MBA a few years ago and it definitely took a toll on family time and social life. But in my case the future earnings potential made it a smart move for us.
KyleJames1 Good to hear that it paid off. The toll on family time and social life, combined with the risk of it not paying off makes me hesitant to getting my MBA.
Very important considerations. I have two college degrees that I did while in my twenties, and since then I have taken night school courses. While many people do pursue a college degree at any point in their life, I personally couldn’t see myself going back to school again.
TacklingOurDebt I was 4 credits away from a second degree – polysci! I think it’s important to decide what your goal is with pursuing your degree. If it’s more money, are you sure the degree will get you it? If it’s a new career, how will the degree help you pivot into that field? Lots of things to consider!
Great considerations, DC. I see a lot of people chose to go to grad school because they assume they need too but haven’t crunched the numbers to make sure it makes sense. Many people assume it puts them in line for higher-income jobs, but that is not always the case. You really do need to think about what kind of job opportunities it will (hopefully) land you and the income potential. Some jobs honestly don’t require an MBA while others, particularly if your goal is upper management, will.
TheHeavyPurse I agree, Shannon. It’s all about figuring out BEFORE you go to school what your options will be after you are done with school.
Good points to consider. I think you have to look at the bottom line with cost of degree, whether you have to take out loans, and if it will immediately increase your pay. If your employer pays for it, I think it would be a no brainer. Otherwise that’s a big commitment if the payout is limited.
Eyesonthedollar If the payout is limited or nonexistent, I would only advocate getting another degree if you are trying to pivot from finance to marketing or maybe something even more drastic like finance to public policy.
I’ve thought seriously about going back to school for my MBA but I’ve come to the conclusion that it won’t be worth it. I ultimately want to be self employed and start my own business and I don’t think an MBA will help me much there.
SavvyWithSaving I’m in the exact same boat as you! The desire to start my own business is the main reason I haven’t even started studying for the GMAT – I simply can’t bring myself to start going down that road.
SavvyWithSaving Oh also curious what your blog address is??
I didn’t realize people would bother doing two classes a semester and dragging an education out for 8 years. That seems pointless. Your industry will likely change drastically from the first year to the last. It seems to me the MBA only is valuable if you go top 10 or 20 and the reason it’s valuable are the networking opportunities. I’m flirting with the idea of a masters because I’m thinking about switching fields, but I won’t commit until I know it won’t put me in massive debt.
BrokeMillennial It’s crazy to me as well that people would take only 2 classes! If I were in that situation, I would probably go with 12 credits a semester and 4 in the Summer, while working full-time of course. It would be difficult but very doable and you’d finish in a reasonable amount of time.
I went back to school as soon as I moved to Canada for the second time in my life. I went to University in the UK but my degree wasn’t as recognized over here and I would have had to go back again to update. I didn’t want to so I went back for something different. It took me 5 years but I finished and we lived frugally then as we do today but we bought a house instead of renting. If you want to go back there are so many things to consider. I was fortunate to have no debt at the time and no kids to worry about either.
CanadianBudgetB Wow yeah having no debt or kids would definitely make it an easier decision. I think it’s good you bought a house as you were able to build equity those 5 years. I have considered going into a completely different field, like programming, but have so far not taken the plunge or looked into programs.
I am currently working on my Master’s and have about a year and 3 months left to go. For me, I knew I would still have time to work it in since I don’t have to worry about kids or anything yet. I also wanted to make sure I got that check mark on my resume as I’ve already experienced some down side in my career by not having one. I don’t want to have any future doors closed off.
MicrosMissions That’s probably the single best reason to get a masters degree. I actually was certain a couple years ago I was going to go get my MBA, but things changed and now I’m very much on the fence if not leaning towards not getting one. It sounds like a solid choice for you, though.
I’m glad I went to get my masters straight through after undergrad. I think it would be extremely difficult for me to add in going back to school right now!
BudgetBlonde I hear you! I’m definitely noticing that. It would be really tough to go back.
I’m not in school full-time right now (just taking one class per semester) for my licensing requirements, but I do have to say that it’s much harder than you’d imagine to go to school and work full-time. You totally forget how much time goes into reading and studying and writing papers. It definitely is harder to work and go to school a the same time, but if you’re dedicated and want to do it, you can make it work (just make sure the payout at the end-emotional, spiritual or monetary is worth it).
StudentDebtSurvivor I think a big thing is that when you are working full-time (usually) the work doesn’t go home with you. When you are in school you are used to class just being part of the work, not the entire work. So you really have to schedule that time to get the reading, writing, etc. done. It’s a big reason I’m hesitant to go back.
I don’t think I could handle going back to school full-time right now. I already find myself stressed/tired after work, and schoolwork would just add to that. I didn’t go for my Masters as it wasn’t worth it in my field of study. Most people pursued research positions and that wasn’t of interest to me; I don’t regret that decision. If I do ever go back, I would take online classes as they are much more convenient. I like going at my own pace – but you do have to be disciplined for this option. I took a few online classes in my years at college, and so many people submitted things at the last second!
JourneytoSaving I have a friend who essentially tried to do a semester’s worth of homework, tests, etc. in the span of a few days. Online classes aren’t for everyone.
Hey David,
What is important is to get some experience before going back to school. Some people go straight to graduate school without any experience which then makes them overqualified. It is also important to major in something that provides you a return on your investment.
Charles@gettingarichlife That’s a great point. For example, It’s not a good idea to go to a full-time MBA program right after undergrad. You haven’ t proven yourself in a work environment AND demand a higher salary than others.
I also got my graduate degree by taking classes at night. Usually I took 2 classes each semester and 1 in the summer since it was condensed. Luckily, I didn’t have anything else going on in my life because my life revolved around working full time and either going to class or studying. There were people in my class that worked a full time job and had a family. I have no idea how they were able to juggle all of that!
MoneySma1 They probably didn’t sleep much! I can just picture them drinking gallons of coffee every morning…and night ;)
Timely post for me DC. I’m trying to decide whether I should head to grad school for an MBA next fall (which means I would need to get my application in soon). You have definitely given me a lot to think about!
ayoungpro Yeah you have to decide pretty quick here it sounds like! As of right now I won’t be getting my MBA, but I really do need to decide within the next two years. It might be beneficial but it would require so much sacrifice in the form of time that I’m not sure it’s worth it. A tough choice, to say the least.
I would be unable to go back to school, too much discipline and unless it is a passion degree I don’t really see the point. There is a ton you can learn online. Making time for school is complicated but if you do it time will fly. If you have been thinking about your MBA for 2 years you would already be out of school by now.
I made it about halfway through my MBA when I realized that it wasn’t for me. Not because I don’t want the degree but because it’s too expensive for something I don’t truly need. I have an accounting degree and while an MBA would be nice, it’s really not necessary for the jobs I’ve come across.
Unless you have the money to pay for the degree or you are accepted into a really prestigious school for a money making career, I don’t recommend going back to school. My brother got into Columbia Law School and did graduate with 6 figure loan debt, but also with a six figure job in tow. I have a friend who got into a bottom tier private law school and also graduated with six figure loan debt but he’s now working at a department store. It’s unfortunate that grad school is like this but in my opinion, if you can’t make it into a prestigious school in a prestigious career, don’t go back to school unless you can pay for it in cash or you get scholarships. Your future self will thank you for not saddling yourself with loan debt!
When I went back, I definitely considered all those points. The deciding factors for me:
– my current job would pay most of the tuition
– it was a short, condensed degree program so it’d be more work but less time
– the income increase, even with the crappiest job in that field, would be 15k more than i had currently been making
Worked out well for me!