Never Go Back to School

I can't think of a single good reason why any working professional would ever go back to school.

Have you considered going back? It's a question I have been reflecting on for the last year. Since becoming a CA in March I have felt there must be a 'next step' to continue the momentum in both my knowledge and my career.

Do you look back fondly on your time studying? I haven't found many who don't. The reasons vary of course, with some placing the greatest emphasis the more social aspects of tertiary 'study', while for others it was the relentless pursuit of knowledge, or a love of advancing themselves as a person.

I can't think of a single good reason why any working professional would ever go back to school. I think it’s completely the wrong mindset. I’ll personally never go back to school. But I will gladly go forward.

What follows are the major considerations which helped me decide to move forward into my next educational challenge, an MBA. I record them here hoping that it might help someone I know, or (if you share this) someone you know, to make the decision for themselves.

1) Do I have the Opportunity?

Higher Education is changing. The concept of Distance Learning has been around for centuries (yes, really), but it has only been with the Internet that it has become easy enough to really explode in popularity. It’s now possible to earn a degree without ever stepping onto a campus.

A significant benefit of Distance Learning is that you have a much larger choice of schools. There may only be half a dozen institutions within reach of your home or workplace, and even less who offer the course you want. But a quick Google search can bring up hundreds of suitable providers. And more are starting to offer online or distance courses all the time.

Of course, you'll need to do your homework on the school itself. But the web makes that easy too.

2) Do I have the Time?

If you find yourself working 12 hour shifts, six days a week, with no time to read a good book or see the occasional film, a new commitment of any sort may not be the right idea right now. In fact, if your situation is more than temporary it might be time to look at removing a commitment or two. But that is a topic for another day.

If on the other hand you have watched all the episodes of all your favourite TV shows and have to actively search for some new series to see the weekend out, you probably have time for something more productive.

Try mentally taking stock of your week, how much time do you really spend doing nothing of significant value or importance? That is time that should be reallocated. Whether to further study or a different personal goal, every minute counts. But always remember to keep a little time to unwind: Doing nothing, in moderation, can be very valuable indeed.

3) Do I have the Money?

If, like me, you attended University fulltime the first time around, surviving on savings, part time work and if you were lucky an allowance from the government, you may still be in the mindset that a degree is completely unaffordable. It doesn’t have to be.

Working at or near fulltime, and choosing an affordable place of study, you will find that most qualifications can be attained for just a fraction of your annual income. When you consider that census results have shown those with Masters Degrees average 25% higher annual earnings than those with Bachelors, it could pay for itself very quickly.

Of course if you decide to quit your job and attend class fulltime for a couple years you end up paying a lot more than the cost of the degree itself in forgone income. There’s a lot to be said for studying during your spare time.

4) Do I have the Support?

My professional exams last year were difficult, but would have been significantly more difficult if not for the support of my wife. Ensure those around you are aware of your plans, and get their input. While the final decision is of course yours it will affect them as well, and they may bring up something you hadn’t considered.

If you’re thinking about furthering your education, or are in the process of doing just that, please let me know about your major considerations. Is there a big one I missed?