Some would argue that our current education system requires us to make decisions that have lifelong consequences too young. If you find that your career ambitions aren’t aligning with what you trained for, switching careers may be on your mind. You may also wonder if you should go back to school to make the transition to a new career easier.
Getting an advanced degree doesn’t guarantee success in your dream industry. It can take a significant amount of time, energy and money. Before jumping headfirst into the pool of higher education, here are some things you should consider first to make the best choice for you.
Make a Financial Plan
You need to weigh your career goals against the financial burden obtaining a higher degree will place on your life. Consider how long it will take to get your degree and what the average starting salary is. Look at the opportunity cost of leaving your current position to return to school full time versus the additional time required if you only attend part-time while maintaining your current career.
Don’t overlook financial aid. Many institutions offer scholarships and aid specifically for returning students. Some large companies also sponsor employee education. Look into the details of the available programs to determine if they could ease the financial burden.
Compare Degree Options
There are often several degrees that will make your desired career change possible. Many individuals changing careers compare an MBA vs Masters in Finance. Take your prior career experience into account, understanding which areas are your weakest points but critical in your ideal industry. Then, compare the time and cost to determine if one makes more sense for your situation.
It’s also necessary to compare options within the degree you’ve chosen. Depending on what industry you’re looking at, a specialized MBA may be worth the investment. Consider if an Entrepreneurship or Healthcare MBA option could help you achieve your career end goals faster.
Network for Insights
Just as there are many degree options that can lead you to your dream career in your ideal industry, there are many paths to landing your dream job. Networking is a great way to get your foot into the door of any industry. Peers and colleagues can highlight critical skills worth spending your time developing, make important connections at prospective employers, and help you get a sense of the industry as a whole. Establishing a network of experts in the field early shows your commitment to the career change and can pave the way for future success.
Getting to know people in your ideal career can also help you get inside information on what a career trajectory typically looks like. With this information, you will be able to weight the pros and cons of making a career switch more fully.
Changing careers is more common than you think. Keep these items in mind when considering if an advanced degree is right for you. Never stop pushing yourself to reach your career goals. You can, and should, have a job and career that makes you happy.
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