10/19/2017

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Going Back To College

Is going back to college to get an MBA a good idea? Some researchers say "yes" and others say "no."

If you already have a college degree and you are thinking about going back to school to get another one, you may want to give it a little more thought.

A college education, regardless to what you are doing in life, is a valuable commodity to have in the job market, but with the high costs of college today, it may cost you more than it is worth, especially if you already have a degree and just want to go back to school to enhance your resume.

Depending on the type of job you have, you may find that in going back to college, you will be spending money and/or going into debt to fund a degree that may not necessarily be of value in helping you get a promotion or a better job. In years past, higher degrees meant greater job opportunities and in some fields it remains true, but in many others, you may find yourself being told that you are over qualified for certain positions.

There is nothing wrong with going back to school and getting as much knowledge as possible, but many people are starting to wonder out loud if it is worth the costs. Student debt is reaching a trillion dollars collectively and many students coming out of college can't get jobs that give them the earning power to make payments on their loans.

True enough, you get a grace period of a few months after graduation to find a job and start making payments, but in today's economy, the high paying jobs are just not there and younger students, who are not employed, are finding it hard to find jobs that are compatible with their degrees.

Many students are in default on their loans and have little hope of ever paying them off. Added to that, their credit scores are taking a pounding which adds to their frustrations. If you watch the news, you know that tuition is increasing so fast that many students can't afford to go to college, even with student loans.

On top of that, colleges are in disarray in many states. Funding has dried up due to the bad economy and overspending in the past. And there are so many students trying to get into college that the system is overloaded. Some classes are being discontinued and teachers are being laid off. Many students can't get the classes they need so it's taking longer to graduate which costs more time and money.

So going back to school to get your MBA may be a good idea for long term personal growth, it may not be so for employment growth. According to studies reported in several recently published news articles, it takes between five to six years to recoup the costs that is paid to get an MBA if you can get a job that pays well. Studies also indicate that an MBA does not guarantee that you will even get a job.

If you need an MBA to advance in your profession, the costs may be worth it. But if you don't need an MBA to advance to the highest paying positions, you should ask yourself if you can afford it and if it is worth paying the costs for the next ten to twenty years.

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