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When the Going Gets Tough? Enroll
Susan Aaron
When the US economy entered a recession in 2001, the ensuing layoffs and downsizings led to a dramatic increase in school applications. For those who've been in the workforce for more than 10 years, this is a familiar cycle. Margot Rutledge, vice president of business development for Client Strategies Inc. and former project manager for Manchester, an international employment-consulting firm, discusses the recession/education cycle.
Who's Going Back to School?
Statistics show the youngest workers are particularly hard hit by a recession. Rutledge's experience at Manchester confirmed this. "The [clients] who were going back for formal degree programs, master's degrees or to finish collegeĦ­were younger." Older, more seasoned workers, says Rutledge, were more likely to return for shorter programs.
What Kind of Programs Are They Attending?
Everywhere. Undergraduate applications are up. Graduate schools are seeing increases across many fields of study with dramatic increases in law and MBA programs. Aside from the technology sector, vocational school applications are up, according to the Wall Street Journal. On the downside, some programs designed to accommodate employed students are losing ground due to layoffs and cuts in corporate education benefits.
The Pros and Cons of Schooling During a Recession
To put it in financial terms, the "opportunity cost" of leaving the workforce for school is lower than usual during a recession. In other words, if you can't get work or your pay prospects are reduced, you're not missing out on as much by returning to school. This is classic market economy theory at work: Scrappy people, like you, use downtimes to innovate or become more valuable by learning something new.
On the downside, you're not alone. Rising enrollments mean more competition for selective programs. Institutions that were shedding professors like leaves in a windstorm during the boom years can now pick and choose from a host of eager candidates. Your classmates will also become your competitors when you graduate and start job hunting. And who knows when the economy will improve? Could it happen the week you begin your first-year orientation?
Tips for Recession Scholars
Unless you're completely clear on your career destiny, consider these points before following the herd back to classes.
Ask Yourself What You Really Want.
According to Rutledge, most people don't think about their careers strategically. Using a series of assessments, she helps her clients come up with personal career Goals. "What happens when people are lAid off, which is good, is it forces them to really reevaluateĦ­. Sometimes it takes something bad to make people reassess what they really want to do." Ask yourself if you're clinging to a job you no longer want. If the answer is yes, do you really want more education in support of that job?
Figure Out What You Need to Get to Where You Want to Be.
After helping clients assess their strengths and desires, Rutledge facilitates the creation of an attack plan. A slow economy, or even unemployment, doesn't necessarily mean you need an additional degree. It could mean a certificate, a skill-building course or two, or an internship.
Don't Panic.
The desire to fill a blank spot on a resume shouldn't be the reason to rush into a program of study you haven't fully reSearched.
Don't Assume Your Field Has Been Hit by Recession.
When the country enters a recession, everyone braces for repercussions. The reality is that certain areas, such as healthcare and education, are looking to hire. Do some networking to assess the best education for your field.
If You're Considering a Career Change, ReSearch Projected Job Growth.
According to Rutledge, this is part of the process of marketing yourself. The Department of Labor has excellent information on job projections.
Education has long been the yin to work's yang. Adding to your know-how while the economy is becalmed can help you sail past the competition when the business breezes freshen. Still, education is costly and, if ill considered, may lead you into a career you don't want. Think about how the economy affects you and your field, and plan your education accordingly.
This article originally appeared on Monster.com.
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