Should you go back to school? A lot of people are deciding to do just that when they can’t find a job. The thinking is that with an advanced degree, you may be more hirable and earn more. While that’s true in some cases – it’s not true in all. So here’s some wisdom from financial expert Suze Orman – when it makes sense to go back to school. She considers these prerequisites for anyone considering a return to campus. We found this in Oprah’s “O” Magazine:
It makes sense to go back to school when: Research shows there’s a definite demand in your field. Archeology may interest you, but getting a degree in it isn’t practical. You should be interested in what you’re studying, but for it to make sense, your field of study also has to be one in which you can easily find a job. So which fields are in demand? Registered nursing, accounting, auditing, and computer software engineering and technology.
Next, it makes sense to go back to school if you won’t need to dip into your emergency savings to afford it. Orman says, school is a choice, not a necessity. Save your emergency money for just that, an emergency.
The third time it makes sense to go back to school: When you won’t bury yourself in debt. Any type of loan can become a huge burden if you can’t pay it back, and your advanced degree may not pay off. There are plenty of lawyers and MBAs who are out of work. As a general rule, you don’t want to borrow more than you could expect to earn in the first year of work. Orman says, don’t listen to what school administrators say you can afford – they aren’t the ones paying off your loan. Figure out the salaries of people in the field you want to be in. Only then can you make a truly educated decision.