Tertiary-level education offers a tremendous opportunity to enhance your understanding of a specific topic, thereby boosting your likelihood of being acknowledged as a valuable contributor in your industry. Nonetheless, it remains crucial to make thoughtful decisions regarding the timing, financial commitment, and risks linked to pursuing higher education in your chosen field(s).
I have personally witnessed numerous instances where persons who initially perceived their degrees as a pathway to their future career goals – which typically involve new jobs, promotions, and higher wages – find themselves stuck in the same job, with the same salary, or even unemployed for months or years thereafter.
While I do acknowledge that it may take some time for recent graduates to secure new professional opportunities, we must also be cognizant of the fact that within the last decade alone, 60% to 70% of university graduates in the United States of America, have pursued their studies on student loans. The figures are equally high in other parts of the world.
The challenge here, is that far too many graduates are failing to achieve the level of job satisfaction that they may have initially envisioned, and find themselves under-employed, struggling under the weight of their student loans and other financial obligations, and have delayed major life decisions and personal goals due to their indebtedness.
Imagine this for a moment: You have been working diligently in a certain junior position for the last five years, and your performance has been commended on numerous occasions. These commendations have inspired you to apply for several promotions within your organization; but due to your lack of training at the graduate level – at least according to the hiring managers – your applications have been turned down.
After five years of constant disappointment, you are now eligible for study leave, and you decide that the time is right to pursue a program within your field of interest. In an effort to make yourself even more marketable, you decide to enroll at a leading graduate school.
Upon completion of your studies, you return to your organization with the hope of gaining a promotion, or salary update commensurate with your new qualification and prior industry experience. At the least, you are basically looking forward to comfortably repaying your student loan debt.
You apply for new positions, and you are told that your specific area of focus at university does not match as well as that of external candidates.
Statistics show that the average American graduate, is required to repay between US$40,000 and US$160,000, depending on their field of study and choice of university, with a default rate on loan repayments of approximately 12%. One can therefore imagine the dilemma of an individual who returns to their former job, without a clear path to promotion, finds themselves stuck on the salary scale, with an additional financial burden.
What if I were to tell you that this dilemma can be avoided with carefully calculated decisions on the timing, financial investment, and risks associated with your studies? It is guaranteed that with meticulous fore-thought, you can save yourself a world of problems, and be better positioned for major success in your life and career upon graduation.
Here are 5 major considerations when determining your preferred field of study – and as you work your way through these points, you should find yourself becoming a lot clearer on which programme(s) is/are best suited to your vocational needs. I will also advise that you repeat this exercise until you are perfectly clear on your way forward.
Know Your Specific Area(s) of Professional Interest
The first question you should be asking yourself is: Am I truly passionate about this work? Or, can I see myself working in this industry for a very long time?
At the heart of these questions is the idea of having such a profound interest and commitment to a particular specialization, that you are naturally inclined to go above and beyond.
In the instance that you are torn between multiple specializations, it is always best to seek a second or third opinion – whether from a former high school teacher, college or university lecturer, mentor, or your current supervisor. These persons are often well-placed to make fairly accurate and unbiased pronouncements on your specific forte(s).
I can vividly recall the career advice given by one of my high school teachers over a decade ago. It remains one of the most profound and accurate pieces of career guidance that I have ever received. I therefore advise that you avoid underestimating the importance of a second or third opinion on this matter.
Your Future Prospects for Employment in the Industry
Having settled on a particular specialization, you will now need to test it against the prospects for employment locally, or further afield as necessary.
Here are a few useful questions to get you started:
How vibrant is the industry at this point in time?
Are new opportunities emerging within my proposed area of specialization?
Has the industry been attracting new investments?
Are graduates quickly finding opportunities in the industry?
Are there secure and existing professional opportunities for me in this industry?
Do I have the commitment of trusted and influential industry leaders and gate-keepers?
What are my prospects and options for successfully networking in this industry?
It is quite normal for some persons to be passionate about particular subject matters that very few persons truly care about, and that typically offer very limited and exclusive professional opportunities. The same can be said for persons drawn to trendy professions that are over-subscribed, and are therefore incredibly competitive.
The fact remains that unless you are willing to make extraordinary efforts to stand-out from the competition, you stand a better chance of exploring your options in a less-competitive environment – one better suited to your personality, yet still aligned with your professional interests. However, if you are truly passionate about a particular specialization, you will naturally do everything within your power to position yourself as an authority on that subject matter.
What is the 5 to 10-Year Outlook for my Proposed Specialization?
Show me an industry that has not evolved within the last decade, and I will show you an industry that is either dead or dying. We are currently living in an age of constant change, and industries are responding to these changes in real-time.
As a prospective future candidate for a specialized role, it is important that you start asking yourself: In which direction is this industry heading over the next 5 to 10 years? And am I comfortable with these projected changes?
Answering these questions will require some research, and ground work; and it is advised that you avoid circumventing this step.
The internet is full of information on current industry trends and future projections for most industries. It is therefore worthwhile gaining a fair understanding of these perspectives before doing your ground work – which typically involves interviews with industry leaders, persons with 5 or more years of experience within your specific area of interest, and recent industry recruits currently working at the level at which you are hoping to enter the industry upon completion of your studies.
Having completed your groundwork and research, you are now required to assimilate all that information, and determine whether or not this industry is a good fit for you.
Choosing the Right School
Having identified an industry that meets the above criteria, your next major decision will be to identify a recognized and sufficiently-accredited institution of higher learning that offers your desired program at a manageable cost.
Your criteria for selecting a school should be largely based on the findings of step 3. If your area of professional interest – and by extension your industry – requires that you demonstrate certain practical skills, the natural option should be to pursue a program with a strong emphasis on practical, hands-on work – or even better, an apprenticeship as an elective or core course. Does your preferred school offer this?
Another important consideration is that some industries and organizations are drawn to graduates of specific institutions. This does not apply in every instance, and is becoming more uncommon, as incredible talent can be found in most institutions of higher learning. It is however worthwhile to know the schools from which your industry is recruiting.
The cost of obtaining a university qualification has increased significantly over the last decade, with tuition fees at some schools now being a daunting proposition for prospects hoping to matriculate into top-recruiting programs for their industry and specialization.
In the instance that you are not in a position to cover the cost yourself, have not received a scholarship or award of any sort, or may have failed to qualify for a student loan, your immediate thought should be: Which schools – recognized within my industry – offer similar programs at lower tuition rates? This of course may require some additional research and groundwork, as outlined in step 3.
What are Your Funding Options?
This is perhaps the most challenging aspect of pursuing a university or professional qualification, as the demand for scholarships and bursaries has long outstripped the availability of funds, and many persons are becoming uneasy about the prospect of accessing loans to pursue graduate studies – particularly where there are no real guarantees of future employment.
Finding a scholarship, fellowship, studentship, or bursary, though daunting, is not impossible. In fact, the odds will always be in your favor if your matriculating grades are outstanding, you possess some industry experience, and can build a strong case for yourself via the application essays and interviews. The trick here, is in starting your research and applications very early, and maintaining communication with the schools’ financial aid focal points and faculty members within your preferred program(s) or department(s). These are the individuals who are most likely to keep you updated on new opportunities, or who may be able to refer you to key decision-makers.
Part-time programs are also becoming a more enticing option, as many see this as an opportunity to maintain their current job and full salary, while the tuition fees are typically lower – though not in every instance. The drawback of course, is that these programs are normally spread over four or five years, and can be fairly demanding for professionals seeking to balance a hectic corporate workload with their studies and personal lives. It is however a growing trend, and comes with less financial risk than full-time programs that may require you leaving your current job.
In the unfortunate event that you are unsuccessful in securing a scholarship at this stage – having completed the previous steps (1 - 4) – your contingencies must already be in place if you truly intend to matriculate, or you will be required to defer or worse yet, decline your offer. It is important to note that different financial institutions offer different interest rates and repayment terms. Your goal in this regard, should therefore be to identify which institution offers the best interest rates and most flexible repayment terms.
It is hard to imagine that anyone would spend tens of thousands of dollars, and commit a three, four or even five years of their lives to pursuing a degree or professional designation, without the slightest desire of attaining certain material or personal returns on their investment. The reality however, is that failure to exercise due diligence in determining which program and school will offer you the best chances of industry success, can leave you far short of your own aspirations.
With these five key considerations, you should now be well on your way to making wiser decisions regarding your options for higher learning, and giving yourself the best chance of success in your industry of choice.
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