Professional Education and Career ROI

The first boss I ever had in my professional career gave me some pretty sound advice that I've thought of often over the years:

"To make it in finance, you have to know stuff or you have to know people. You're 22, you don't know anybody, and the people you do know don't have any money. So, grad school for you!" and he handed me a copy of our company educational reimbursement policy. "There are two types of programs," he explained "the easy way for people who just want letters after their name, and the hard program that will get you respect industry wide. Which one do you want to do?"

I took the hard one. The rest was history.

I raced through the classes in a year, becoming the youngest person in my firm to get them, and ironically wasn't able to use the designation for several months afterward since I didn't have enough career experience. But those three letters, and all the other designations I've earned since then, have tagged on the end of my name on my email signature and stationary and every resume I've written. I don't use my middle initial anymore... it seemed odd to have a letter in the middle of my name when I had so many at the end.

Here's the $64,000 question: was it worth it?

In a word: YES.

To know if grad school is right for you, take this True/False quiz: (Come on... we're talking about school here! Of course there's going to be a test at the end...)

1) I know specifically how this program will help me.
2) I have a rough idea of what topics will be covered.
3) I have investigated professional certificates, industry-specific licensing and other options.
4) I have done informational interviews with people who have the job I think I want. They also agree this schooling is necessary.
5) I can afford it on my current income, or I know what the future loan payments vs. future income will be and I'll be better off.
6) I'm not anticipating any other major life expenses during or immediately after grad school that would prevent me from finishing.
7) I've spent at least three (preferably five) years working in my chosen field.
8) I can handle the academic workload.
9) I can handle the strain the extra work may put on my current job (if you have one), my marriage, family, social life, etc.
10) I chose my program for a specific reason relevant to me, not purely on a general ranking or family legacy.

If you answered most of the above questions True, you've probably done enough research to go to grad school.

Finally, there's a possibility grad school may make you undesirable. If you're a lawyer, people may be concerned you're not able to innovate. If you're an MBA, you may have the "Vice President Syndrome." (See point number 1, knowing specifically how your program will help you.)

Studies have shown consistently that more education equals more money over a lifetime and grad school may be the time of your life! Being around a dynamic, focused group of colleagues who are moving in the same direction you are is good for everybody.

Be focused, be sure and be on with it!