In the plethora of articles on career change for mid-life women, there are surprisingly few that speak to the question of whether returning to school is a wise mid-life career move. As it involves a significant investment of resources, it’s obviously a decision you want to give careful thought to. The following discussion should help you clarify and weigh the various factors.

First, some general comments. There are two types of advanced education: a program or degree administered by an academic institution; and a certification, often technical or skill-based, administered by a trade group or professional organization. Some professions, like health services, have entry points for either an academic degree or advanced certification. More and more, though, the workplace is orienting toward functionality and skill clusters; academic degrees don’t automatically open the number of employment doors they used to.

Let’s look at the possible impact of additional education on several dimensions: quality of life, finances, and employability.

Quality of life

The primary reason most people are drawn to returning to school is the intrinsic satisfaction of learning. The stimulation and enrichment of new knowledge and perspectives, and the exposure to students and teachers from unfamiliar backgrounds, can be extremely rewarding when it’s layered on top of the accumulated experience and world view of mid-life. Returning students often comment on unexpected vistas opening up for them, with accompanying expansion of self confidence and self knowledge.

If you plan on using your newly acquired education to enter a new field, ask yourself who will be your coworkers, and how will you get along with them. You may be a generation older than most of them, including the people you report to.

Finances

If the financial gain from getting another certification or degree doesn’t surpass the cost of the education, it can be costly. To make a truly informed decision, thoroughly research your investment and your expected return. While you don’t have to base your decision on money, avoiding surprises, as far as possible, is generally a good strategy!

Loans and grants, both public and private, are often available for academic programs, though generally more so for undergraduate degrees than for graduate. Resources listed in the Riley Guide can get you started. You can also look at the Financial office of the school you plan to attend. Be sure to read the applications’ fine print about repayment. Many student loans become repayable immediately after graduation, often burdening an entry level salary.

Distance learning offerings through universities and professional schools may provide a more convenient and cost-effective option. Some colleges and universities have conferences and special events open to the public for continuing education and professional development.

How do you get a realistic estimate of your new earning power, post-education? Again, the Riley Guide can get you started.

People well qualified to help you with specific information are people recently graduated from the program, and even better, the people who you hope will be buying your services. This requires that you have one or two employment scenarios in mind, so you know whom to ask.

Another good strategy is to read job requirements, in job listings in the field you’ll be entering, to see how much demand there is for the degree or certification you’re considering. This factor is likely, but not certain, to favorably affect compensation.

Employability

With a new degree or certification in hand, you may be well positioned to reverse the trend. You will be creating new opportunities for yourself at a time when ageism, changing technologies, and/or downsizing may be threatening them. Reading some trend projections about the field or industry you’re considering may help you stay ahead of the curve. The U.S. Dept. of Labor’s Occupational Outlook Handbook is a good place to start. Keep in mind, if you’ve not yet decided about leaving your current field, that additional education may open opportunities and/or increase your compensation in your present work. Human Resources should be able to help you assess this.

As in all decisions, getting clear about your objectives will vastly increase the likelihood of a satisfying outcome. If the opportunity for new learning and broadened horizons tops your list of priorities, choose your school and go for it! If increased job security or financial security is your primary objective, ask questions and research possibilities from as many angles as possible. Taking a risk and committing to change what’s been only “good enough” often bring unexpected rewards we can’t foresee.