Career Planning & Graduate School: Choose a Degree That Helps You Keep Evolving

Today's economic climate has inspired many professionals to return to school. While some are looking to enhance their credentials, others hope to pursue an entirely new career track. While some are leaving jobs that they love, others have been unemployed for months-- even years, in some instances. Even professionals who haven't returned to school may be questioning whether they should.

Those of us who love learning could truly stay in school forever. There are so many educational paths to follow and so many potential skills to master, and when you feel like you've reached a dead end in your career, few things provide the same rejuvenating experience as mastering a new skill.

One factor that holds people back from education is the cost. These days, a Master's degree could cost well over $100,000. A law degree or MBA could cost close to $200,000, and medical school could cost $300,000 when students factor accrued interest and living expenses. Even though many PhD programs come with fellowship funding through teaching and research assistant positions, the years spent in school may equate to a lost opportunity cost for the money that a student may have earned in the workforce.

Because of this financial commitment, prospective students are hesitant to jump back into the classroom. To spend this kind of money, it is imperative that you have some sort of plan about how to leverage your degree. Otherwise, you may find yourself unable to pay your debts--or worse-- you may regret having spent that kind of money in school.

Some students feel pressured to pursue a graduate degree, so they pursue the program that they believe will be most lucrative-- in law, business, or engineering, for example. These are great fields for the people who enjoy them, but they aren't necessarily ideal for everyone. In reality, not everyone aspires to be a CEO, lawyer, or nuclear physicist-- and that is perfectly alright because society and commerce thrives on diversity. Ultimately, great minds come from all fields, and it is these fields combined that produce great results.

If you're on the fence about what you want to do in graduate school--it's okay. If you're not ready to pick a narrow field, you may be better off taking a step back and thinking big. As we are well aware, our society and our economy are always changing, and we may find ourselves with new industries that in the past, we never would have imagined (Internet Industry, anyone?)

In graduate school, you should try to master a few select skills that make you competitive in your field, but you should also choose a course of study that places equal emphasis on your critical thinking skills. Ultimately, you should learn how to adapt and keep learning so that you can evolve with your industry. After all, the Bureau of Labor Statistics says that some generations, on average, have held close to 11 jobs.

What do you think is the best educational approach to pursue for your career planning objectives?

Photo Credit: djfoobarmatt