Recently I was asked whether it is a good idea for someone to peruse a master’s degree to make a career change.
Tuition costs $50K for 2-year full time study in field he chose. He might have to take time off work to study. He estimated the total cost is around $200K including time and money lost from work. That is a lot of money and time invested. He is in his late 40s and need to aggressively save for retirement.
He has to make a career change because the current job took a severe toll on his health both mentally and physically.
It is such a dilemma. I really feel for anyone who is facing such difficult problem. The pandemic made many jobs extremely exhausting such as nursing, teaching and etc. Many were forced to quit and make a career change for the sake of their health.
However, the education system is making it even harder.
Higher education is very expensive and time consuming. Many were burdened with heavy student loan debts that can put their long-term financial health in jeopardy.
A degree doesn’t necessarily lead to the career you study for.
Most taught in school is outdated and of little practical use.
Since this is very risky, I suggested him to explore a career that doesn’t require additional degree.
Why can there are more apprenticeship type of learning? Why is apprenticeship only for trade? So many jobs can benefit from on-the-job learning while making money and learning practical skills and knowledge.
Hope there is a solution soon.
Worthfy Financial Literacy Counselling 