Weighing costs versus benefits is important when full-time workers consider returning to school

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By Paul Merrigan
This Week Staff

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The question of going back to school is one that comes up with many of us as we get further and further into our careers. While there are many options for upgrading skills, beefing up our resumes or even changing careers altogether, it is of great importance to make sure that the decision makes sense financially - both for the present and the future.

"Taking courses with a specific goal of attaining a designation or certification makes sense," says Andrea Mailman, Certified Financial Advisor with Price Waterhouse Cooper. "You need to ask, 'What is in it for me?'"

Although education is always valuable in one sense or another, when looking at the possibility of leaving work, even temporarily, pros and cons need to be examined.

"Will your income increase to match the time, effort, personal sacrifice, and costs involved?" says Andrea. "Bottom-line, keeping yourself educated in the latest developments in your field of work keeps you marketable."

Many times, people make spontaneous or poorly researched decisions about taking extra education, without really thinking about the possible problems that may occur.

"If you return to school full-time your income will be reduced and your basic living expenses will remain the same," says Andrea. "You need to be able to live within your means and not lean on credit to make up for the reduction in income - remember it has to be paid back and with interest."

Many people just can't afford to leave their jobs and return to school full time, but there are other options.

"Returning to school part-time is sometimes a better way to balance maintaining your income and be able to cover your living expenses," explains Andrea. "Working full-time and studying part-time is very challenging. Family and friends need to be very supportive, understanding, and encouraging during your study times."

Having a support system of close friends and family can be vital to success, and having a supportive employer can also make continuing education much easier.

"Many employers will assist in education cost," says Andrea. "Ask your employer about working a flexible work arrangement to attend classes and study time. Most times this is a win-win for the student and employer."

When tempted to completely switch tracks and start a new career altogether, gathering as much information as possible is important.

"If the education you are seeking is not traditional and involves new trades and training, it could be considered a fad and the material learned obsolete within a few years," says Andrea.

Also, more education may mean bigger decisions down the road as upward mobility or new careers may also require travel or even relocation.

"Consider where you have to move to in order to use the education," states Andrea. "For example as a pilot, you may have to spend time working and living in remote areas. Perhaps to achieve a management position you will have to move away to another city. If you are not willing to move, then the money and effort for education is at risk of not being utilized to its full potential."

Ultimately, the best thing to do is make a well informed decision and be certain that you are in a position to improve your situation in the long term. Making use of the resources and hand can help you along the way.

"You need to look at others who have taken the education you are considering," says Andrea. "Talk to them to discuss their challenges and if it was worth the risk."

Sound advice for making a sound decision.