The Chronicle of Higher Education recently reported that, "Over the course of a 40-year career, the average college graduate earns about 66 percent more than the typical high-school graduate, and those with advanced degrees earn two to three times as much as a high-school graduate." Perhaps this, coupled with the current economic conditions, is why at the University of Nevada, Reno College of Business we are seeing an increase in graduate enrollment. Higher earnings and retooling are two good reasons to consider going back to school, either to complete your bachelor's degree or to earn a graduate degree.
There are many factors that impact your career development, one of which is level of education. Most of my work is with undergraduate students, and many of them feel that a bachelor's degree today equates to what a high-school diploma did when their parents were their age. Many feel the need to seek a graduate degree to set themselves apart from the crowd.
Over 70 percent of students entering the part-time evening MBA Program at the University of Nevada, Reno's College of Business indicate "career transition or better career opportunities" as the major reason they have enrolled. Indeed, last year's BusinessWeek Top Part-Time MBA Programs Report found that recent graduates of the Nevada MBA Program reported an average salary increase of 21.7 percent.
Other students entering the MBA program are opting to pursue a graduate degree because the current high unemployment rate does not provide a lot of employment options. Others find themselves still working, but wanting to take advantage of their employers' benefit of tuition reimbursement in order to retool and be prepared for when things do turn around. Others have come back because a graduate degree was a personal goal they had set for themselves.
However, a degree in and of itself is no guarantee of a higher wage or a new position. It's the degree coupled with the right experiences, both while in school and through work experience, that generally make the difference. I tell students that a degree is an investment, and like most investments, it takes a while to pay off. That pay-off time can be shortened by using the university campus as a learning laboratory and taking advantage of opportunities to gain exposure and hands-on application of the discipline being studied. I encourage students to use their "student status" and their academic program to make connections to individuals in the work world.
Degree programs can take a significant amount of time, as well as financial commitment, to complete. Making the decision to start a degree program should include careful consideration of whether a degree is required for career advancement; how much time it will take to complete; how school can be balanced with family, work and other responsibilities; how tuition and fees will be financed; and what the return on investment will be.
Those returning to school may want to look into degree programs that can be completed after traditional work hours, or on their own schedule. The University of Nevada, Reno, has eight undergraduate programs Art, Business, Criminal Justice, English, General Studies, Geography, Political Science and Psychology that can be completed after-hours. In addition, six graduate degrees the MBA, Master of Public Administration, Master of Accountancy, M. Ed. in Educational Psychology, M.S. in Finance and M.S. in Information Systems can also be completed in the evening. The College of Extended Studies also offers a variety of online courses, as well as independent-learning courses, that can open new doors and present avenues for increased career development.
Once you have determined that a degree is your next move, you will want to create a support system individuals in your life that you can count on to cheer you on when times get tough. You will need friends and family who will support you when you are studying for an exam or completing a project and cannot attend a social event or spend time with them. They will need to understand when you are just plain exhausted from juggling your multiple responsibilities, studying, and reading for hours.
Do not forget that you will meet a variety of new contacts while at school students, faculty, guest speakers and professionals. Each of these individuals broadens your opportunities to network and learn about other organizations and your discipline.
Although it can be tough at times, the pay-off for completing additional education as an adult is well worth it. Completing a stretch goal, such as earning an undergraduate or graduate degree, is a personal success. It will make you feel more confident in yourself, your skill set and your future.
Jane Bessette is director of career development at the University of Nevada, Reno College of Business.
