I’ve been unhappy and unmotivated in job and my career for a while now, and I’m thinking of joining my friend who will be taking an MBA. I’m a little nervous about just quitting my job and getting into debt for this. Do you think an MBA will help me in the future?

Life in general should be a wonderful learning experience as we travel through it, and formal education is an extremely useful tool to increase our understanding of particular subject areas. That our society values formal education is clear, since salaries for university and college graduates are usually much higher than those with degrees and diplomas. There are also more and better employment opportunities and prospects when you are part of the educated elite in the workforce. This also holds true for individuals with trade licenses or apprenticeships – they all have value. However, it is important to understand what a good education can provide, apart from the financial rewards.

Why Why Why?

Why are you considering investing your time, energy and money in pursuing formal education at this point in your career? The fact that your friends or colleagues are doing it doesn’t necessarily mean it is right for you. Many people will look at getting more education as an escape hatch to a happier and more rewarding future, only to discover after completion that they are just as dissatisfied, simply because more education was not the solution to their initial career or life discontent. In other words, they failed to understand the root cause of their unhappiness, and therefore applied the wrong remedy to fix it.

Education – A part of any complete nutritious career plan

You should do some preliminary soul searching first, to understand what your career goals are, how and when you want to attain those goals, and what tools you may need to get there, including the acquisition of more skills and knowledge. Where does further education fit into your plan? It is not always the answer to a better career and lifestyle, and can even set you further back if it is not fully thought through. You should also do some informational interviewing with trusted professionals who are currently in your chosen career. Ask them what educational qualifications candidates would most likely need to succeed, and which institutions are generally the most highly esteemed and recommended.

From earning to learning

If you feel that after careful consideration of your career plan, and talking with knowledgeable confidantes about your career goals, that acquiring an MBA degree or other education will move you closer to your goals, then by all means take the next steps and go for it. You should look at your personal financial situation first, to ensure that you have enough money to get you through while you are in school. Remember that you will not be earning the same salary (if any) during this time, and will need to rely on savings, student loans, and the assistance of your personal support network. Having the morale backing of those closest to you (and most likely to be impacted by your decision) is vital. With the added stresses of exams, assignments, and other work, combined with the increased financial strains the family might be facing, you must all agree to the sacrifices you must make to reap the future rewards your education will provide.

Crawl before you walk (Before you run back to school)

Once you have determined your education goal, consider what your strategy should be – full-time, co-op, executive, or part-time studies all have pros and cons. Full-time and executive programs allow you to complete your studies in the quickest possible time, but usually cost the most financially, both in lost wages and tuition fees. Executive MBA programs can cost at least $25,000 or more, but some employers will pay all or part of that bill for select employees. Co-op programs can give you essential work experience in your new field, and can greatly enhance the probability of employment upon graduation. Part-time courses can be a very viable option also, although it can take much more time to complete, and do add considerable workload to your weekdays and weekends alike.

Whichever education strategy you choose, ensure first that you have reviewed your career plan, know your ultimate goals, have done your research, consulted and enlisted your personal support network.

Good luck!

Mitchell Stephenson M.A., CPCC, is a senior partner and a certified professional career counsellor at Catalyst Careers, a career transition, counselling, and outplacement firm. Mitch has been involved in human resources, career counselling and coaching in the health and legal sectors for many years. To contact him, visit: www.catalystcareers.com.

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