Recession Has Forced Many to Reconsider the Classroom

In his testimony before Congress this spring, U.S. Federal Reserve Chairman Ben S. Bernanke noted the loss of 5 million payroll jobs since the beginning of 2008. What's more, Bernanke's testimony also noted the likelihood that many more will join the ranks of the unemployed before the end of 2009.

The loss of so many jobs has understandably forced individuals to reconsider their career paths, and the idea of returning to school is an option more and more people, unemployed or not, have begun to take more seriously. But returning to school is a big commitment, and one that requires a careful examination of both personal and career goals before a final decision can be made.

Is a Return to School Right for You?

Graduate school isn't for everyone, and isn't necessary in every field. Those considering graduate school need to determine if it will serve them well in their current industry if that's where they hope to remain. The financial industry, for example, is an industry that's been hit particularly hard by the economic downturn. However, the market has been down in the past and bounced back before. Therefore, those in the financial industry who have recently lost their jobs but want to remain in finance could benefit from graduate school. While you're furthering your education, the market will likely bounce back, and that advanced degree could make you stand out among others looking for a job when companies begin hiring again.

But graduate school can also be right for those who see their current unemployment as an opportunity to pursue a different career. If you've thought in the past of taking a different career path, unemployment can be the perfect time to begin down that new path.

Can You Afford Graduate School?

Deciding whether or not to continue your education goes beyond your career goals. Personal finances must also be considered. Graduate school is very expensive, and many students attend graduate school with the help of loans, scholarships and grants. Depending on your personal financial situation, graduate school might not be a viable option. Those without substantial cash reserves whose portfolio has suffered through the recession might want to avoid graduate school for the time being.

Can You Get Accepted to Graduate School?

Admission to graduate school is not easy to begin with, but it can be especially difficult during a recession. Each recession since 1980 has witnessed an increase in graduate school applicants, particularly those trying to gain admission to M.B.A. programs. While schools do still accept applicants, those applicants should not put all their hopes on gaining admission to graduate school, and should continue to seek other avenues as they wait out the admissions process.

Do You Want to Attend Part Time or Full Time?

Oftentimes, full time or part time does not make a difference in the eyes of prospective employers. Particularly now, when many employers are aware of the financial struggles facing many individuals, attending part-time while working is perfectly understandable. However, those pursuing law degrees should be aware that full-time programs tend to look more attractive than part-time programs.