Do I Take Classes or Unemployment Compensation?

Millions of job seekers are struggling to decide whether the college campus or unemployment office is their best destination these times. If you’ve read this far, this question probably plagues you, too. Only you can determine the answer, but considering what’s below will ease the process.

 

Here’s the question: How many jobs don’t demand a degree as a minimum qualification to even apply? Not many that people want to make their career. This makes getting laid off an opportunity to get a degree that will open doors in the future. Plus, cost can be kept to a minimum by those willing to live within their means and narrow their definition of “need.” There’s also a wealth of two-year programs that require less money and time and provide a solid starting point. College is a huge commitment, but would you rather commit a couple years to the classroom or a career in the sweatshop?

 

College is expensive and students are typically ineligible for unemployment benefits, but the economic downturn does not and will not threaten financial aid programs. Almost anyone can get student loans and working as a student does not disqualify you. The federal government and most states are broke, but what program will be put on the budget chopping block first? The ones paying unemployed people, not that help prevent you from becoming one. The economy will turn around and having a degree when it does will position you far better than unemployment benefits now. Further, interest on student loans is so low that it’s silly to pay them off early. It’ll be far easier to knock out the low cost student loans that help you get what’s needed to get a decent job. Keep in mind how a job like that makes home and car loans more affordable than one that limits personal potential and income capacity.

 

Already have a degree?

Does it represent your career aspirations or personal interest? Answer that by determining how many career opportunities it’s produced. Accomplishments carry more weight than the degree, but having one related to a desired position is often prerequisite to applying. For example, employers seeking a professional musician are not interested in someone who studied animals. They want music majors. Veterinarians seek animal scientists. Even if the person intrigued by animals is an excellent musician or vice versa, studying the other simply does not make that case. This specific situation doesn’t arise very often, but it does clarify what’s important when deciding which degree to pursue. Watch a documentary to satisfy personal interest, but don’t get a degree that not only makes you more knowledgeable about an industry, but also able to perform in it. Irrelevant intellect doesn’t help get someone ahead in the race for a position that so many other applicants will try to win.

 

“I’m thinking about getting an MBA” is among the most repeated comments made by unemployed college graduates. With so many saying that, it’s good to think about it thoroughly. Graduate degrees show powerful understanding and potential, but they do not automatically cure the distress of unemployment because so many people have them. In fact, they’re almost commonplace in the professional job market. That means an advance education rarely distinguishes an applicant.

 

 

 

Once again, accomplishments speak louder than school. It’s often better to prove you can perform before getting a grad degree because many employers finance grad school for employees. Employers are also less likely to hire someone with more education because it costs them more. They’ll say, “O.K., we have two candidates with comparable experience, but one’s got a master’s and probably expects a higher salary. Hiring the undergrad will cost less and give us the chance to evaluate performance before paying more. Let’s go with the undergrad.” Ouch for the applicant with the grad degree.

 

When employers request an undergrad degree, they want an undergrad degree. Grad degrees do expand opportunity, but there’s also this incomprehensible factor called “overqualified.” Not every employer became a decision maker by getting a graduate degree or has one now, so people with one are frequently viewed as a threat. Like it or not, it’s true.

 

Learn from my mistakes here rather than making them your own. My master’s and law degrees pushed me out of the job market. So, why don’t I practice law? I know too many attorneys who have either left the field or don’t have any hair because perilous hours and pesky clients caused them to pull it all out. That does not appeal to me at all. The degrees did get me positions on boards of directors, in prestigious groups like Rotary, a flattering number of requests for service and legal ones that further convinced me that law is not my career calling. I appreciate these opportunities, but they do not pay. Finding lower profile employment with graduate degrees and tons of volunteerism rarely works because you’re instantly worth more than any business outside that field wants to pay.

 

Graduate school also disqualifies you from unemployment benefits because taking classes makes you unavailable for employment. Loans are inevitable because the intensity of the studies disallows even part-time jobs and students cannot afford to compromise their education by doing what does not apply to it.  Summer internships and do apply and should be pursued by those who do choose grad school.

 

This does not mean that graduate school is always the wrong call and my communications consulting company proves it. Master Manuscripts flourishes because clients know my education applies directly to the projects they hire me to complete. However, if you’re considering an advanced degree, make sure you are prepared to work night and day to learn the material and go into debt until you get it.

 

That’s a daunting question, but the questions and comments above provide some fuel for thought as you work to answer it.