Monday, April 13, 2009

Career Change?

When are you too old to make a career change? With the rising cost of college/professional school tuition, when does the cost of going back to school outweigh the benefits? In an era where men and women in their 30s and 40s are graduating from undergraduate programs, law school, and medical school...I think this is an interesting topic.

On a weekly basis, I would say that I encounter at least 5 people who are in their early-mid 30s, have families, and are "going back," to school. I would say 4 of these 5, have already completed an undergraduate program and have at least $30k in student loans already. Does it make sense to acquire more debt in the hopes of making an extra $10-20k per year?

What about the benefits that cannot be quantified in monetary terms such as a better work environment, working in a field that is more enjoyable, or more time to spend with family?

Jeff and I have done several "break even" analyses, to see if it would make financial sense for one or both of us to attend professional school. We were both lucky enough to walk away from our undergraduate degrees with no student loans. It is hard to think about the cost of professional school $100k+ and not get a little white in the face...

2 comments:

Aeris said...

Or if someone would just get their "I kick ass" degree in accounting, they would make lots of $$$ :D

Aeris said...

What is that, a KAPA? (Kick Ass PA)