Opportunities to return to study once you’ve entered the workforce have never been so readily available. We’re spoilt for choice when it comes to choosing an area of study, learning format and level of qualification – but what are the pros and cons of returning to study and is it right for you?
The decision of whether to return to study is a difficult one and one that shouldn’t be taken lightly. Upfront fees for courses can be significant and the last thing you want is to sign up to and pay for a course that is unsuitable or that you’re never going to complete.
Asking yourself a few direct questions (and answering them honestly) will help you to decide what path, if any, to take.
Why? What? Where? When? And How?
Why?
If you’re just taking on an extra form of study to appease a family member or earn the right to put letters after your name then you may not be returning to study for the right reasons.
Further study can pave the way for new career paths, expand prospects in your existing field, put you in touch with like-minded people and above all, increase your knowledge and understanding in your chosen field or area of interest. It’s important to understand why you want to gain a qualification as this will help you determine what level of study is best.
What?
Researching your field of study and available courses is a must. This will help to ensure you avoid some of the pitfalls of signing up to courses that you’re not interested in or trying to gain qualifications that aren’t suitable. Don’t mistakenly judge a course by its title alone. Look at the individual modules covered and what skills and knowledge you will attain after completion. If the course you’re looking at is a stepping stone to even further study, then make sure it is an acceptable prerequisite to your end course.
Where?
Where you study and in what format can often determine whether you’re physically able to complete the course requirements. Many courses can be completed 100% online, meaning you don’t need to venture out your front door to attend lectures or tutorials. This is important for those of us who have family commitments that keep us at home or those who live in regional areas.
For some, the idea of returning to study is more about connecting with other people in person. If this is the case for you, then you should ensure that some, if not all study, is in a classroom or lecture hall where you have an opportunity to meet and network with new people. If this is not an option, then you may want to consider buddying up with someone who is studying a similar course or signing up to study with a friend or colleague.
When?
Time is often the most important factor when determining whether further study is for you. Before committing to a course, you need to ensure that you’re able to set aside enough time to complete all course requirements. Family, work and life in general can easily take priority over your study commitments. Putting your current commitments into a timetable or schedule will show you how much time you have available and whether you’re able to take on anything new without foregoing something that’s important to you. It will also help you determine whether you can study immediately or whether it’s something you take on down the track, as well as whether full time or part time study is right for you.
How?
The question of how is usually directly related to funding and may help determine when. Are you going to give up your job and study full-time; continue to work a few days a week and study part time; or juggle a full-time career and study in the evenings and on weekends?
These are all valid questions you need to answer before you commit.
You can also consider whether you’re going to pay as you go or apply for Higher Education Contribution Scheme (HECS) assistance. For information regarding the various study assistance schemes available go to www.studyassist.gov.au .
It’s also a great idea to let your employer know what you’re planning to do. Many employers have formal study programmes or, like AUS Finance Group, support and encourage their staff to maintain their subject matter expertise with ongoing learning and new qualifications.
There is, of course, always the chance that one or two of the above points (usually time or money, or both) may be stopping you from taking on new learning. Sometimes there’s no way around these obstacles but if it’s something you’ve got your heart set on, then do what you can to make it happen!
Ingrid Gyles, Senior Manager – Investment and Lending Services.
Learn more about Ingrid.
Disclaimer: This article has been prepared without taking into account your objectives, financial situation or needs and should be regarded as general advice only. Before acting on this advice you should consider whether it is appropriate for your needs and has regard for your own objectives and financial situation. We encourage you to consult a finance professional before acting on any advice provided in this article or found on this website.