Time for More School?

Synch education plans and professional goals for maximum time and tuition value.
By Kara Wahlgren

You’ve completed your college education and landed a lucrative job in your field. Mission accomplished, right? Not necessarily. Now it’s time to consider whether pursuing further schooling will help you climb the career ladder. According to the U.S. Census Bureau, employees with an associate degree earned a median annual income of $31,936, compared to $45,221 for employees with a bachelor’s degree. That number jumps to $59,804 for those who hold a professional degree, such as a doctorate or an M.B.A. So if school is the only thing standing between you and a more powerful position and greater sense of accomplishment, what's the problem? In a study conducted by Capella University [an MSN Encarta advertiser], prospective students cited time and money as their biggest obstacles to securing an advanced degree. How can you decide if the extra effort is worthwhile? “In general, it’s advantageous to have an advanced degree, but it’s not one-size-fits-all,” says Dale Kurow, an executive coach in New York City. Rather, the value of an advanced degree varies according to your career objectives. Here’s how to determine whether it will help you reach your career goals.

Your goal: A bigger paycheck
An advanced degree has potential to boost your income in two ways -- by increasing your value within a company or opening the door to a more profitable job title. In the fast-growing field of technology, for example, a certificate program is usually sufficient to land a job as a computer support specialist with a median income of $41,470, as reported by the Bureau of Labor Statistics. Computer software engineers are expected to hold a bachelor’s degree or greater but, in return, they can expect to rake in almost double that figure. Over the course of a 30-year career, that’s a one-million-dollar difference. However, the income gap can vary widely between career fields. For example, a human-service assistant might only see a $10,000 annual increase after pursuing the advanced degree that’s preferred for a career as a social worker. Because of this disparity, financial gain shouldn’t be your sole motivation. “Typically, when you have an advanced degree, the salary is higher,” Kurow says. “But if you’re about to take on a huge amount of debt, and you’re not quite sure about the field, you might want to work for a while. Some kids get out of law school with $80,000-100,000 worth of debt, and then discover they hate being a lawyer.” Bottom line: Earning potential is an important benefit, but make sure you listen to your heart as well as your wallet.

Your goal: more muscle

Your current degree may have earned you a reprieve from fetching coffee, but an advanced degree may help you move up in the ranks and land a corner office -- or at least a more spacious cubicle. In fact, some promotions simply can’t be earned without an advanced degree, regardless of an employee’s skill level or experience. If a paralegal is looking to represent clients or dispense legal advice, they’ll have to earn a Juris Doctor -- no exceptions. And while a physician’s assistant can diagnose and treat illnesses, they can’t drop the “assistant” from their title without an M.D. Of course, high-status positions may require a heavier workload and greater accountability. Physicians and lawyers tend to work longer hours than their assistants, and they face weighty repercussions for mistakes.
Likewise, engineers typically see a pay increase after earning their professional engineer’s license but, in return, they may be expected to assume legal responsibility for their designs. Still, many employees feel that a higher rank is worth the added responsibility. “You’re responsible for the decisions you make and the work you do,” says Swati Kabaria, a lawyer in Washington, D.C. “If a client is unhappy, it comes back to you. But it’s absolutely worth it because you have more autonomy and the opportunity to do more interesting and complex work.” If you can thrive under high-stress conditions, an advanced degree might help you nab a high-profile position and the clout that comes with it.

Your goal: personal satisfaction
While you can predict salary differences and growth potential, job satisfaction can be a bit harder to define. Nonetheless, when you’re deciding whether or not to invest in an advanced degree, contentment may be the most important issue to consider. What factors comprise a fulfilling career? According to a study conducted by the Graduate Management Admission Council, important criteria for job satisfaction included overall appeal, pride in the company, and long-term growth potential. Salary squeaked in at a surprising sixth place. And, in the Capella University study, 81 percent of respondents said that a sense of accomplishment was a major factor in their decision to continue their education, while just 71 percent were motivated by money. And by making job satisfaction a top priority, you’ll be more likely to feel fulfilled in your career. “In order to decide whether an advanced degree will bring fulfillment, you need to have done your homework,” Kurow says. She recommends talking to others in your field that have pursued advanced degrees, and making a list of pros and cons to evaluate what you’ll gain. After all, not every advanced degree will offer a six-figure salary bump, but other factors can add to its value.

Earning an M.B.A. might allow you to move from a commission-based sales job to a salaried management position; finishing your Master’s in education might help you get tenured in your top-choice school district. Be honest with yourself about what you hope to achieve with your advanced degree, and it will be easier to make an informed decision. Whether you’re moving from a certificate program to an associate degree, or from a bachelor’s to a doctorate, there’s no getting around it: Advancing your education will require hard work, a hefty commitment, and a decent amount of capital. But if you take an honest look at your goals before making the education leap, you’ll know if what you’re gaining from your investment will be worth it. “Ask yourself, why do you want to advance your degree? What part of your life will it enhance? Will it change how you view yourself, or provide an opportunity for you to advance within your company?” Young says. “Think about the end result.”

Source: http://encarta.msn.com/encnet/Departments/AdultLearning/?article=TimeforSchool&GT1=27001
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