So the question that so many people are pondering in this challenging economy… do I go back to school or not? Is a graduate degree really worth it? Or is it simply a good way to hide, be productive, and avoid a tough job market? There are a lot of considerations that should go into this BIG decision.  It is important to take some time and analyze this decision before you go spending years of time and money on another degree.  So, I have put together this “handy-dandy” list of steps to take before you move forward.  These steps can be broken down into three main categories:  Purpose, Return on Investment, and Alternatives.

Determine your “Why” or Purpose:

• Why do I want this degree?  To change careers? For personal development? Because I think it sounds cool to have letters after my name? Because my parents want me to?  Because I don’t want to work in corporate America yet and I am delaying the inevitable? Think LONG and hard about this one because it impacts all the other steps. It might even help to take a look at your core values which can shed light on why you do the things you do.  Want help narrowing down what your core values are?  Take a FREE Core Values Assessment on my site under “FREE STUFF” – “Tools and Templates”.
• What kind of program is best for you? A Masters of Art or of Science? A MBA? A PhD or another doctoral degree? Full time? Part time? Executive? Weekend? Online? There are SO MANY options and programs out there to fit anyone’s unique purpose. First determine the purpose and timeline you have for going back to school and then determine which type of program fits your personal and professional needs the best.

Determine your Return on Investment:

According to Dr. Tara Kuther, author and Professor of Psychology at Western Connecticut State University “the price of graduate programs varies dramatically and has increased over 60% in the last few years. In a public state college you might spend $10,000-$15,000 per year whereas at a private school or top tier university, you could easily spend $30,000 per year. The average masters graduate owes about $30,000.” That being said, ask yourself the following questions to make sure a degree makes sense for your personal and professional goals.

• Return on Investment -What will the ROI be on my degree?  For example, what is the difference between my projected starting salary following the degree and what I make now? How long will it take me to pay off the investment in the degree? Need help? Check out this site for some free salary benchmarking: http://www.payscale.com 
• Industry Value -How does my industry value additional degrees? How much more marketable will it make me in the career I have chosen? For example, a PhD. in Business Administration might not get you any additional income in the corporate world, while a PhD. in psychology could. However, a PhD in business will allow you to teach at a top tier university while having just an MBA might not.  You could also look at your boss and your boss’ boss and see what degrees they have. This could give you a good indication of what is needed to move up in your company.
• Tuition Assistance – Will your current employer provide tuition reimbursement if you go part time or promise to return upon graduation? Does your industry or program of study have scholarships or graduate assistantships available that you might qualify for?
• Additional Costs - What are the additional costs outside tuition? For example, lost wages while in school, application costs (per program you apply for), GMAT/GRE prep courses (can be several thousands of dollars!), cost of living/relocating, etc.
• Intangible Benefits -What are the intangible benefits of another degree? Personal development and life fulfillment? Networking with classmates? Etc.

Investigate Alternatives:

Are you overwhelmed already?  Take a deep breath and relax. Here are some smart alternatives to grad school that you can tackle FIRST and will help make your decision to go back, or not, that much stronger.

• Intern or job shadow in your field of study before deciding if you want to dedicate the next few years of your life to a degree program (if you are changing your career focus).
• Enroll as a guest student and take a few courses part time to see how you like it
• Have a cup of coffee with industry professionals with and without your anticipated degree and gain their perspectives. Ask if they would do it all over again if given the opportunity.
• Consult a career and/or life coach to help you think through this decision. Coaches cost FAR less than a degree program and can help you gain clarity around your goals and action steps to achieve fulfillment.
• Seek an industry credential instead of another degree – many industries value credentials just as much as additional degrees. For example in accounting, the CPA credential might be more valuable than an MBA.

No matter what you decide, don’t fret!  Whichever path you choose will lead you to new opportunities and experiences.  There really is no right or wrong answer, just the answer that makes most sense for you and your unique purpose in life.   Enjoy the journey! And let me know if I can help in any way!