By Pat Brown, MBA
Losing your job is undoubtedly a challenging experience, but it can also present an opportunity for personal growth and career reinvention. One option that many people consider after a layoff is going back to school. Whether it’s to upgrade your skills, shift to a new career path, or simply increase your marketability in a competitive job market, returning to school may be a good way to use your time and resources. However, it’s essential to weigh the pros and cons carefully before making this significant decision.
Here are a few things to consider when deciding whether going back to school is the right move for you.
1. Evaluate Your Career Goals
Before deciding to pursue further education, ask yourself: Why am I going back to school? Are you looking to shift careers entirely? Do you need to upskill or gain credentials for your current field? The answers to these questions will help guide your decision.
Action Step:
✔ Assess your long-term career goals—determine if additional education aligns with the career path you want to follow.
✔ Research job market trends—look for industries or fields where there is significant growth and where you would be competitive after completing your education.
Why It Helps: Understanding the purpose behind your decision will help you avoid wasting time or money on courses or degrees that won’t contribute to your future career success.
2. Consider the Financial Impact
Going back to school can be a financial investment. Tuition, books, fees, and living expenses can add up, and it’s important to understand the financial commitment involved. If you are unemployed, you might qualify for financial aid, scholarships, or even unemployment benefits to help with education costs.
Action Step:
✔ Create a financial plan—factor in tuition costs, living expenses, and potential lost income if you attend school full-time.
✔ Explore financial aid options—look into grants, scholarships, student loans, and employer reimbursement programs if applicable.
✔ Weigh the ROI (Return on Investment)—determine whether the education will significantly increase your earning potential in the long term.
Why It Helps: Understanding the financial commitment allows you to make an informed decision and avoid accruing unnecessary debt or overextending your resources.
3. Explore Your Interest in a Career Change
Sometimes, a layoff signals that it’s time for a fresh start. If you’ve been considering changing careers, going back to school can be an excellent way to pivot into a new industry. Education can provide the foundational knowledge needed to build a new career, even if it’s a complete departure from your previous job.
Action Step:
✔ Research new career options—look for industries with strong growth and high demand for skilled professionals.
✔ Investigate educational programs—see if there are certificate programs, boot camps, or graduate degrees that align with your career shift.
✔ Network—talk to people working in fields you are interested in to better understand the qualifications and education they have.
Why It Helps: A career change can be invigorating, but having a solid educational foundation will increase your chances of success in your new field.
4. Assess Your Readiness for School
Returning to school requires a significant time and energy commitment. Consider your personal and family responsibilities, as well as your mental and emotional readiness. Are you prepared to balance coursework with a job search or other commitments?
Action Step:
✔ Evaluate your time commitment—decide whether you can handle the demands of school while also job hunting or caring for family.
✔ Reflect on your mental readiness—returning to school requires focus and dedication. Ensure you’re prepared for the challenges.
✔ Consider part-time or online education—if you’re uncertain about going back full-time, part-time or online programs might offer more flexibility.
Why It Helps: Being realistic about your availability and readiness for school will help you avoid burnout and set yourself up for success in both school and job search.
5. Look Into Short-Term Educational Options
If you’re unsure about committing to a full degree program, consider short-term educational options. Certifications, online courses, workshops, and boot camps can be a more affordable and quicker way to gain new skills or enhance your current qualifications.
Action Step:
✔ Research certifications in your field—some industries offer certifications that can be completed in a few months and provide immediate value in the job market.
✔ Take advantage of online learning platforms—consider platforms like Coursera, Udemy, or LinkedIn Learning to pick up in-demand skills.
✔ Explore community colleges—many community colleges offer affordable certificate programs or associate degrees in high-demand fields like technology, healthcare, or business.
Why It Helps: Short-term options provide flexibility and can help you quickly boost your resume without committing to long-term education.
6. Consider Industry-Specific Programs
Some industries are more likely to value certifications, training programs, or apprenticeships over formal degrees. For example, fields like technology, skilled trades, and healthcare often value experience and specialized training more than a traditional degree.
Action Step:
✔ Research industry requirements—understand what employers in your field are looking for in terms of education and training.
✔ Look for industry-specific programs—certain fields offer specialized training that can be completed quickly and is highly valued by employers.
Why It Helps: Industry-specific programs provide a targeted approach to gaining relevant skills and qualifications that will increase your employability.
7. Explore Networking and Mentorship
Instead of going back to school, consider other ways to upskill or re-enter the workforce, such as networking or finding a mentor. Sometimes a direct connection with someone in your field or industry can help you gain the insights or training you need without enrolling in a formal program.
Action Step:
✔ Join industry groups or associations—networking can open doors to training opportunities, job leads, and mentorship.
✔ Seek a mentor—a mentor in your desired field can provide guidance, recommend educational resources, and even help you with job referrals.
✔ Consider volunteer work—volunteering in your field can help you gain experience and enhance your resume.
Why It Helps: Networking and mentorship can provide hands-on learning and opportunities without the cost and commitment of traditional schooling.
Conclusion
Going back to school after a layoff can be an excellent way to rebuild your career, acquire new skills, and increase your long-term earning potential. However, it’s important to assess your goals, financial situation, and readiness before making a decision. While a degree or certification can be valuable, there are also alternative ways to gain the skills you need, such as online courses, networking, or gaining work experience in a new field.
Ultimately, the decision to return to school depends on your unique circumstances, career goals, and the time and resources you have available. By taking a strategic approach, you can make a choice that will set you up for success in your next chapter.
Pat Brown, MBA is a financial expert with over 20 years of experience in career coaching and personal finance management. His advice helps individuals navigate career transitions, manage financial challenges, and make informed decisions about education and career development.
