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In our recent past, deciding whether or not to go back to school was a big, life-altering, decision (“Do I Need to Go Back to College to Change Careers?” / “5 Pieces of Good News for Online Students”). Because of the COVID-19 pandemic, this already difficult decision is even more complex.
It’s no secret that COVID has fundamentally altered every aspect of life, transforming business, labor, and education. There is no reliable way to predict how deep the changes will be and how long they will last.
Thus, it may be tempting to ditch this horrific job market (with a national US unemployment rate of 8.6%, and much higher in places), and go back to school full time to earn another degree. Is that a good idea right now? There’s no easy answer.
Pandemic or not, the first and primary step, is an objective assessment of your personal circumstances and an informed projection of the Return on Investment (ROI) you can realistically expect under the best circumstances. According to U.S. News, “tuition and fees for the 2020–2021 school year was $41,411 at private colleges, $11,171 for state residents at public colleges and $26,809 for out-of-state students at state schools.” When you consider that colleges have been consistent in raising tuition on a regular basis, the above numbers are starting points.
Ask yourself:
How much will it cost to earn the degree I want?
How long will it take?
What is the average market salary for professionals with the degree I wish to obtain?
If I do not have the resources, how does a student loan alter my calculations?
How long will it take to pay back, and what kind of salary will I need to pay it back?
Really run the numbers, then add 10% for good measure. And keep in mind, an MBA, law degree, or other advanced diploma doesn’t come cheap, and can be more expensive per credit than other programs. But with COVID-19, we’re in uncharted territory and even the questions above might not provide a complete picture.
Let’s look at the arguments for returning to school:
The labor market is crowded and uncertain. By returning to school you are taking yourself out of a hyper competitive and uncertain labor market. In traditional downturns, economists are able to make reasonable projections about the course a recession will take and steps that can be taken to alleviate the crisis. In our current situation, there is no reliable historical data to make predictions with any kind of certainty.
When you return to the workforce, it may be less competitive in an improved overall economy. Consider the normal time frames required to earn bachelor and advanced degrees – four years for most bachelor degrees, four years (+ residency) for an M.D., four years to become an RN, three years for a law degree, three years for many Master’s degrees, and two years for an MBA. There are intensive one-year diploma programs and Associate degrees of various types that may take less time, but you get the idea – the economy may or may not be better by the time you earn a degree, but you know for a fact that right now it’s terrible. This might be a good time to take a break.
When you return to the workforce, certain degrees should put you in a better position. Depending upon your starting point, if you’ve earned an MBA, or a J.D., or a specialized Master’s Degree from a highly ranked program, it could potentially make you a stronger candidate for more types of positions at higher salaries than you historically earned.
If you are in an industry that’s becoming obsolete there may be no better time to return to school than right now. For example, brick and mortal retail was a rapidly shrinking sector before COVID-19, and now its troubles have accelerated. However, virtual retail is booming. A shiny new degree in Digital Marketing or E-Commerce may an intelligent path forward.
Let’s look at some of the unique challenges of returning to school:
Schools are operating on the fly, already demonstrating a start/stop pattern and operational uncertainty when outbreaks hit. This could be the standard for a while; if you return to school now, you should expect an uncertain first year, at minimum.
Many schools and programs are going all virtual. You must determine for yourself how you believe virtual learning affects the quality and value of the education you receive; however, collective in-person learning can have a great amount of value through interactions with peers and professors. In addition, virtual learning requires a different level of personal discipline than showing up to class. Do you have the discipline?
One of the great assets of earning a degree are the connections you make while you do it. Some of the people you meet in school will become the foundation of your new professional network. Are the connections as strong and actionable in a virtual environment? Just as interaction with one’s peers is important from a scholarly perspective, establishing long-lasting professional connections requires it. In the current environment, new students may find these connections lacking.
COVID-19 has curtailed campus recruiting. Many colleges maintain regular relationships with corporate recruiters, serving an important nexus for graduates launching new careers. Much of these relationships is based on personal visits and interaction with both students and staff that have now been disrupted by the pandemic. While both schools and employers are working hard to maintain these relationships, it’s stressful for everyone.
Internship programs can be a bedrock component of a particular degree. For example, MBA candidates often use their summers for internships, and law students perform clerkships or summer associate roles. These not only provide the student with experience; they also make them more valuable upon graduation. Many of these programs have been scaled back, eliminated, or made all-virtual.
Philip Roufail contributed to this article.
Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.
