This year’s job market has been bleak, to say the least. Layoffs hit the highest level in 14 years; job openings are barely budging; and quits figures are plummeting. It’s no wonder people feel stuck and discouraged—especially as many candidates have been on the job hunt for a year.
But some mid-career professionals are working with the cards they’ve been dealt by going back to school. Many are turning to data analytics, cybersecurity, AI-focused courses, health care, MBA programs, or trade certifications for an “immediate impact on their careers,” Metaintro CEO Lacey Kaelani told Fortune.
But while grad school can certainly offer the opportunity to level-up your career once you’ve completed a program, it comes with financial and personal sacrifices, like time. According to the National Center for Education Statistics, one year of grad school, on average, costs about $43,000 in tuition. That’s nearly 70% of the average salary in the U.S.
Sounds like a good way to still not be able to find a job but also have a whole bunch of extra debt
Honestly, if you are underqualified or looking to change careers, going back to college is a really good idea. I went back to college during the pandemic and I’ve almost tripled my pre-college income while only taking on about $8k in student loans. My older classmates were able to land some really good mid-late career jobs immediately after graduation leaning on both their new qualifications as well as their earlier unrelated career experience. I was able to jump to mid-level thanks to some callcenter experience and the tight job market making the business willing to take a risk on someone less qualified.
In a normal job market, someone with 20 years of experience in one field applying with a fresh degree in another field is going to have a heck of a leg up over a 25 year old applicant with the same degree.
Really depends on the college and the program. During the '08 crash, my wife left her job in insurance sales to pursue a law degree, effectively doubling her salary over three years and getting into a career she actually enjoyed.
I’ve seen people chase certifications that genuinely transformed their careers. EPIC certification for health care IT is a popular one right now and in high demand. Microsoft Certs have never hurt anyone career wise.
They’re difficult to pursue when you’re employed because they can be time consuming and mentally exhausting. So a downturn is the perfect opportunity to retrain.
And there’s often big hiring waves that follow downturns, as businesses try to catch back up to normal staffing levels. We’ve been in a historically very low unemployment period precisely because of the sloppy COVID era layoffs revealing how critical skilled staff can be for a company’s core functions