Should You Go Back to School for a Career Change?

The Hard Truth About Going Back to School

Going back to school feels like the "safe" choice when you want a career change. It's structured, prestigious, and seems like a guaranteed path to a new career.

But here's what no one tells you:

40% of master's degrees have a negative ROI—meaning graduates earn less than what they paid for the degree
- The average master's degree costs $66,000
  - It takes 10-15 years to break even on that investment (if you break even at all)
    - Meanwhile, you're not earning income for 1-2 years while you study
      
      This doesn't mean school is always a bad idea. For certain careers—medicine, law, therapy, teaching, engineering—formal education is required. But for many fields, there are faster, cheaper, and more effective alternatives.
      
      The question isn't "Should I go back to school?" It's "Is this degree the best way to achieve my career goals?"

When You SHOULD Go Back to School

1. Your target career legally requires a degree or license

Some professions have hard credential requirements:

Medicine: Medical school + residency
- Law: JD (law degree) + bar exam
  - Psychology/Counseling: Master's or PhD + licensing hours
    - Teaching (K-12): Teaching credential or master's in education
      - Engineering (some fields): Accredited engineering degree
        Accounting (CPA track): 150 credit hours (usually a master's)
        
        If you want these careers, there's no shortcut. You need the degree.
        
        2. The credential directly opens doors (and has proven ROI)
        
        Some degrees have clear, high-value outcomes:
        
        Good ROI degrees:
        MBA from a top-20 school: Average salary jumps from $80K to $150K+ post-graduation
        Computer Science (BS or MS): High demand, starting salaries $80-120K
        Nursing (BSN or MSN): Consistent demand, good pay, job security
        Physician Assistant or Nurse Practitioner: Clear path to $100K+ salaries
        
        Key: The degree must have a strong track record of graduates landing jobs in your target field quickly.
        
        3. You're in a field where credentials = credibility
        
        In academia, research, clinical psychology, or certain technical fields, degrees signal expertise and unlock opportunities.
        
        Example: A PhD in a STEM field opens doors to research roles, tenure-track professorships, and specialized corporate R&D positions that don't exist otherwise.
        
        4. You can afford it (low debt, employer sponsorship, or scholarships)
        
        If your employer will pay for it, or you have scholarships/savings and won't take on significant debt, the risk is much lower.
        
        Questions to ask:
        Can I do this without taking on more than $30K in debt?
        Will my employer cover tuition?
        Can I work part-time while studying to offset costs?
        
        Rule of thumb: Don't borrow more than your first-year expected salary in your new career.

When You Should NOT Go Back to School

1. You're going to "figure out what you want to do"

Graduate school is not a career exploration tool. It's expensive, time-consuming, and you'll end up with a degree in a field you might still not want to work in.

Better move: Take a gap year, try internships, freelance, or job shadow. Explore for $0-5K instead of $50-100K.

2. You think a degree will automatically get you a job

A degree is not a job guarantee. Even top MBA programs have graduates who struggle to land roles.

Reality check:

Networking, experience, and skills matter more than credentials in most industries
- Employers hire based on what you can do, not just what you studied
  - A 2-year degree gap with no relevant experience can hurt more than help
    
    3. You can learn the skills faster and cheaper elsewhere
    
    For most tech, creative, and business roles, you don't need a degree. You need skills.
    
    Examples:
    - Want to be a software developer? Bootcamp (3-6 months, $10-20K) or self-teaching (free-$1K) beats a $60K master's.
      - Want to be a data analyst? Google Data Analytics Certificate (6 months, $300) + portfolio projects.
        Want to be a UX designer? UX bootcamp or certificate + portfolio work.
        Want to switch to marketing? HubSpot certifications (free) + freelance projects.
        
        Ask yourself: Can I gain the same skills through online courses, bootcamps, or hands-on projects in 6-12 months?
        
        If yes, don't go to grad school.
        
        4. The degree has poor job placement rates or unclear outcomes
        
        Red flags:
        Program can't (or won't) share employment statistics
        Graduates take 1-2 years to find jobs in the field
        Alumni network is weak or non-existent
        The field is oversaturated (e.g., generic master's in communications, general business, liberal arts)
        
        Due diligence questions:
        What percentage of graduates are employed in the field within 6 months?
        What's the average starting salary?
        Can I talk to 3-5 recent alumni about their experience?
        
        If the program dodges these questions, run.
        
        5. You'd have to take on massive debt
        
        If the degree requires $60K+ in loans and your post-grad salary will be $50-60K, the math doesn't work.
        
        Example:
        Master's in social work: $60K in debt
        Starting salary: $45-55K
        You'll be paying loans for 20+ years.
        
        Better path: Get licensed through a cheaper state school, or pursue employer-sponsored education.

Better Alternatives to a Full Degree

Before committing 2 years and $60K, consider these options:

1. Online certifications and courses (3-12 months, $0-$5K)

Platforms and programs:

Google Career Certificates: Data Analytics, UX Design, Project Management, Digital Marketing (6 months, ~$300)
- Coursera/edX: Hundreds of courses from top universities (often free to audit, $50-100 for certificates)
  - LinkedIn Learning: Thousands of courses ($30/month or free with some libraries)
    - Udemy, Skillshare: Niche skills for $10-50/course
      
      Best for: Tech, marketing, design, data analysis, project management
      
      2. Bootcamps (3-6 months, $5K-$20K)
      
      Intensive, skills-focused programs designed to get you job-ready fast.
      
      Examples:
      - Coding bootcamps: General Assembly, Flatiron School, App Academy, Hack Reactor
        UX design: Springboard, Designlab, CareerFoundry
        Data science: Thinkful, DataCamp, Lambda School
        
        Pros:
        Job placement support
        Faster than a degree
        Often cheaper
        
        Cons:
        Intense (40-60 hours/week)
        Quality varies widely
        Not all employers recognize them equally
        
        Best for: Career switchers who need hands-on, fast-tracked training
        
        3. Professional certifications (weeks to months, $100-$3K)
        
        Industry-recognized credentials that don't require a full degree.
        
        Examples:
        Project Management: CAPM, PMP
        IT/Cloud: AWS Certified Solutions Architect, CompTIA A+, Google IT Support
        Finance: CFA (Chartered Financial Analyst), CFP (Certified Financial Planner)
        HR: SHRM-CP, PHR
        Marketing: HubSpot certifications (free), Google Ads certification
        
        Best for: Proving competency in a specific skill without going back to school
        
        4. Apprenticeships and on-the-job training
        
        Some companies offer paid training programs where you learn while earning.
        
        Examples:
        Tech apprenticeships (Google, Microsoft, IBM)
        Registered apprenticeships (trades, healthcare tech)
        Management training programs (retail, hospitality, corporate rotational programs)
        
        Best for: People who learn by doing and can't afford to stop earning income
        
        5. Self-study + portfolio building (free-$1K, timeline varies)
        
        The "DIY degree"—teach yourself and prove it through work samples.
        
        How to do it:
        Learn the skills (YouTube, free courses, books, documentation)
        Build projects to showcase your abilities
        Document everything in a portfolio (website, GitHub, Behance)
        Network and apply to jobs
        
        Best for: Self-directed learners in creative, tech, or entrepreneurial fields
        
        Example: Many self-taught developers, designers, writers, and marketers have thriving careers without formal degrees.

The ROI Decision Framework

Before enrolling, calculate whether the degree is worth it:

Step 1: Calculate total cost

Tuition: $X
- Fees, books, living expenses: $Y
  - Lost income (if full-time): Current salary × years in school
    - Interest on loans: Estimate 6-8% over 10 years
      
      Total cost = Tuition + Expenses + Lost Income + Interest
      
      Step 2: Estimate post-degree salary
      - Research actual salaries for your target role (use Glassdoor, PayScale, LinkedIn)
        Don't trust the program's marketing materials—talk to alumni
        Be realistic: first-year salary, not "potential after 10 years"
        
        Step 3: Calculate break-even timeline
        
        Formula:
        Break-even years = Total cost ÷ (New salary - Current salary)
        
        Example:
        Total cost: $80K
        Current salary: $50K
        Post-degree salary: $70K
        Salary increase: $20K/year
        
        Break-even: $80K ÷ $20K = 4 years
        
        Is that acceptable to you? If it takes 10-15 years to break even, rethink the decision.
        
        Step 4: Consider intangibles
        
        Pros beyond money:
        Personal fulfillment (if this is your true passion)
        Network and alumni connections
        Career pivot into a field you love
        Prestige or credibility boost
        
        Cons beyond money:
        Time away from workforce (career momentum loss)
        Stress and workload
        Opportunity cost (what else could you do with that time/money?)
        
        Ask yourself: Even if the ROI is marginal, is this degree worth it for non-financial reasons?

How to Test the Waters Before Committing

Don't jump straight into a degree. Test your interest first:

1. Take one online course in the subject
Spend $50-100 on a Coursera or Udemy course. If you hate it after 2 weeks, imagine spending 2 years and $60K on it.

2. Do informational interviews
Talk to 5-10 people working in your target field. Ask:

Do you think a degree is necessary for this role?
- How did you break in?
  - If you were starting over, would you get this degree?
    
    3. Try a bootcamp or certification first
    Invest $500-$5K in a shorter program. If you love it and succeed, then consider a degree. If you hate it, you've saved yourself $60K+.
    
    4. Freelance or volunteer in the field
    Get hands-on experience before committing to school. You might discover:
    - You don't actually like the work
      - You can break in without a degree
        You need a specific skill, not a full degree
        
        5. Audit a class or attend a preview weekend
        Many programs offer free trials, open houses, or audit options. Sit in on classes. Talk to current students. Feel it out.

Real-World Scenarios

Scenario 1: Teacher → Corporate Trainer
❌ Bad move: $50K master's in instructional design
✅ Better move: Google Project Management Certificate + freelance training projects + apply to corporate L&D roles
Why: The skills can be learned in 6 months for <$1K. Employers care about facilitation ability and portfolio, not degrees.

Scenario 2: Marketing Coordinator → Data Analyst
❌ Bad move: $60K master's in data science
✅ Better move: Google Data Analytics Certificate + SQL/Python bootcamp + portfolio projects + apply to junior analyst roles
Why: Most data analyst roles don't require a master's. A portfolio + certification is enough to break in.

Scenario 3: Career Changer → Therapist
✅ Good move: Master's in counseling or clinical psych
Why: Licensing requires a master's degree. No way around it. Choose an affordable state school to minimize debt.

Scenario 4: Engineer → MBA → Product Manager
⚠️ Maybe: MBA from a top-20 school IF employer pays or if you can get into a scholarship program
❌ Bad move: MBA from a low-ranked school with $80K debt
✅ Better move: Transition internally to PM role, take PM courses/certifications, build a portfolio
Why: Many PMs don't have MBAs. Skills + experience > degree in this field.

Questions to Ask Before Enrolling

To the program:
1. What percentage of graduates are employed in the field within 6 months of graduation?
2. What's the average starting salary for graduates?
3. Can I speak with 3-5 recent alumni?
4. What career support services do you offer?
5. How much debt does the average student graduate with?

To yourself:
1. Can I achieve my career goals without this degree?
2. Am I going back to school because I genuinely need the credential, or because I'm avoiding the job search?
3. Can I afford this without crippling debt?
4. Have I tested my interest in this field first?
5. What's my backup plan if the degree doesn't lead to the job I want?

If you can't confidently answer these, don't enroll yet.

Final Verdict

Going back to school can be the right move—but only if:

✅ The degree is required for your target career
✅ The ROI is strong (high job placement, good salaries, reasonable cost)
✅ You can afford it without massive debt
✅ You've tested your interest in the field first
✅ There's no faster/cheaper alternative that achieves the same goal

For most career changers, the answer is NOT another degree. It's certifications, bootcamps, self-teaching, networking, and proving your skills through projects.

The best path forward:
1. Identify your target role
2. Research what successful people in that role actually have (degrees? certifications? portfolios?)
3. Choose the fastest, cheapest path that gets you there
4. Test it before committing big money

School is a tool, not a requirement. Use it strategically—or skip it entirely and build the career you want on your own terms.