Most of us earn our money from the paycheck we get every few weeks but there are other ways you can get your employer to pay you.  I recently missed a chance to cash in on one of these extra ways to earn money at work; I’m going over them here so you don’t miss out like I did.

1) Employ Referral Bonuses
As I mentioned above, I missed out on a ton of money by ignoring this bonus opportunity. I have a friend who interviewed with the same company I work for and ended up getting the job.  I had talked with her only a week before about her current job and her career plans going forward, foolishly I didn’t think to refer her to my company (I’ve even written about how to refer a friend for a job).

The reason employee referral programs exist is that the cost of finding good people is pretty high.  It’s worth it to many companies to pay a fee to tap into their employees professional network.

Here’s how the employee referral bonus works at my company.  They pay you a $2500 bonus for any full-time employee you refer that stays with the company longer than six months.  However, you want to make sure you research the appropriate process for referring someone so that you can get credit for the referral. 

In my case, if a candidate applies on their own, even if they mention your name, you don’t get credit.  In order to earn the referral bonus I have to submit their resume through a special page, which then gets forwarded on to Human Resources. 

So if you have people in your network that are skilled and talented and might fit the needs of your company, you should check to see if they offer a referral program. 

2) Performance Bonuses
Performance bonuses can be tricky to earn depending on how your company handles them.  In some cases there are well defined milestones that will earn you a bonus.  In other jobs bonuses can more arbitrary, something you get when your boss decides you’ve been putting in a lot of work or really contributed to a project.

If the criteria for a performance bonus aren’t well defined, I’d be reluctant to work your fingers to the bone in hopes of getting a bonus.  However, if you can be pretty certain that putting in extra work will translate to a bonus above and beyond your salary then it can be a good way to make extra money.

3) Idea Bonuses
Some companies have employee idea programs that are designed to give you an incentive to share your best ideas.  If you’re in the middle of a project and have a revelation that could help the company (save money, be more efficient, help enter new markets, break organizational boundaries, etc) be sure to document it and send it in.

Companies with these idea bonus programs typically have a process where you can submit your ideas.  If yours are approved and implemented then you’re paid a bonus.

4) Achievement Bonuses
All the businesses I’ve worked for have a way of honoring high levels of achievement (that include a monetary reward).  Usually held once or twice a year, they open up for submissions of projects from around the company.  The top projects are be nominated for the award and the winner of the award gets a cash prize.

If you have a project you feel is worthy, don’t be afraid to submit it yourself.  If this feels too bold you might be able to submit it anonymously or talk a co-worker into submitting it in their name.

5) Training & Conferences
Every year when it’s time to make the budget my boss comes around and asks if there are any conferences or training I’d like to attend. It’s true that these benefits are different than money in your pocket bonuses but these events could someday translate into more cash. 

The skills that you learn in training can help you get a promotion at your current job or get hired for a new job.  The connections you make at conferences could someday lead to partnerships or job referrals.  Plus they give you a day or more of paid time away from the office, which is always nice.

6) Travel Rewards
Whether you’re flying to a training conference or a client meeting, employer funded travel is an opportunity for you to earn travel rewards. 

Ideally you pay for the plane tickets and hotel rooms on your own and get reimbursed after your trip.  This lets you earn miles on your airline credit cards, free nights on your hotel card, or even just a percentage back on your cash back card.

There are some companies that book your trip for you or require use of a corporate card when you pay.  Although you miss out on the points, miles, or cash back from the purchase – you can still earn some rewards simply by taking the flight or staying the night.

7) Tuition Reimbursement
I list tuition reimbursement separately from training and conferences because in some companies the funding (and approval) comes from different sources.

The requirements for having tuition approved and reimbursed can also be different for college courses.  For example, many companies require you to earn a minimum grade in a course before they’ll agree to pay for it.  In contrast, once funding has been approved for a conference or training, sometimes all you have to do is show up since it’s already been paid for.

Be sure you pay attention to the requirements surrounding tuition reimbursement at your company.  A former co-worker of mine didn’t read the details before registering for a course and ended up having to pay the full tuition himself.  Taking one or two courses may not make that much of a difference but if you can have a whole degree paid for by your employer that will certainly boost the value of your resume.

So, what did I miss.  Is there anything else you do in your job that helps you earn money other than your base salary?

You’re going to be stuck with most of these choices for a whole year – why not take a little extra time to research your options ahead of time so you can understand your potential choices and make the best decision for you? 

Health Insurance

As the cost of health insurance goes up, the plans that employers offer are charging higher premiums for lower deductibles.  For some people, it seems like your premiums go up every year.  Of course, one way to lower those insurance premiums is to choose a plan with higher deductibles.

Something that’s time consuming but worth your while is to look back at how much you spent on health care last year (insurance premiums, out of pocket, and co-pays).  Think ahead to the coming year and try to approximate whether you’ll see the doctor less, the same, or more.  I agree, it’s an inexact way of doing things, but it’s better than simply guessing.

One you have a feeling of how much you think you’ll spend you can run scenarios with the premiums/deductibles offered by your health insurance plan to see which will best meet your projected healthcare spending.

If you anticipate few healthcare costs or if your premiums are insanely expensive, one option you might have is a High Deductible Health Plan coupled with a Health Savings Accounts 

Health Savings Account vs Flexible Spending Account

The good thing about a Health Savings Account (HSA) is that it lets you save money for health care expenses pre-tax without having to worry about losing the cash you set aside, which could happen with a Flexible Spending Account (FSA).

If you’re not familiar with an FSA, it’s also an account you can contribute to pre-tax for health care expenses. The main downside to an FSA is that any money you contribute but don’t use by the end of the year is forfeit.

So compared to an FSA, an HSA seems like a no-brainer – until you find out that in order to qualify for the HSA you have to enroll in a high deductible health plan (HDHP).  An HDHP can end up saving you a lot of money if your health care expenses are low year after year. These plans usually have pretty low premiums so if you never go to the doctor then all you’re out are the costs of your monthly health insurance rates. 

However, the deductibles in a HDHP can be very high, so if you end up with a year full of doctor’s visits then you may be paying many thousands of dollars before your deductibles kick in.  Since an HSA does let you roll your contributions over from year to year, if you’ve been part of an HDHP with an associated HSA, then you may have the money built up to cover those expenses.

Here’s a chart with more of a comparison of the details of a Health Savings Account vs Flexible Spending Account.

Other Insurance

Life Insurance

Buying life insurance through your employer can be an affordable way to get a good policy for a decent price.  Some employers will offer a base amount of life insurance at no charge but then allow you to buy additional insurance for just a few bucks a month. Sometimes for the first or second supplemental level of life insurance they won’t require a medical exam, so it can be a cheap and easy way to add life insurance.

Obviously, one of the main downsides of buying life insurance through your work is that if you lose your job you could risk losing your insurance.  Research the policy to see if you can keep it in the event your leave your employer.  It’s also smart to research the company offering the life insurance; you can go through the rating service from A.M. Best  to see how the insurer stacks up.

Disability Insurance

There are some benefits to buying a separate disability insurance policy outside of your employer’s group policy.  One obvious benefit of going with an individual policy is that you get to keep your same policy and coverage if you get a new job.

Or if you’re currently receiving disability from some other source, such as Social Security Disability Insurance, an individual policy is less likely to reduce your benefits as might happen with a group policy through work.

On the other hand, you will probably pay more for a separate policy so buying short term or long term disability through your employer is likely cheaper.

Prescription Drug Coverage

If you or your family spends a lot on prescriptions, make sure you factor those needs in when evaluating your health insurance. A plan that has a co-pay of $5 to $10 for generic drugs may be tempting but what will be the cost if find yourself needing a brand name medicine?

Many insurance plans offer a tiered pricing system when it comes to pharmaceuticals, be sure you understand the different levels and go with the one that makes the most sense based on your past and projected future medicine needs.  There can also differences in price depending on how you get your medicine, doing mail order through your prescription service vs picking it up at any random pharmacy.  Make sure you understand how the process works so you can plan ahead and save money on recurring prescription needs.

It’s important to realize, though, that quitting your job isn’t something that you can just do on a whim. You need to be ready to take that step. Here is a checklist that can help you as you get ready to move on to a new stage of your career:

1. Get Your Finances in Order

Before you quit your current job, you need to make sure your finances are in order and that you’re not making any of these money mistakes. Are you on solid financial footing? You should be living within your means, have a solid emergency fund built up, and be ready to cut the less important expenditures from your spending. Before you hand in your resignation, be sure that your finances are ready.

2. Diversify Your Income

While you don’t need to have side income that overtakes your “day job” income, it can help to have a little diversity in your revenue streams. Look for other sources of income, beyond what you have at your traditional job. One popular approach these days is to do some freelancing work in your area of expertise.

Depressed real estate markets have given some people an opportunity to buy apartments or duplexes for cheap and rent them out. If those don’t appeal to you, you can often get a part-time/seasonal job to help hold you over.

If your entire income is going to be in jeopardy when you quit, you need to have a little something to help pick up the slack.

3. Create a Plan

Before you quit, make sure you have a plan in place. You want to make sure you have a plan for earning more money, as well as a backup plan. Know what items you will cut from your budget. If you are starting a business, have a plan to direct you through the process. Think things through before you quit your job.

4. Have Something Else Lined Up

If you are switching jobs, you should have something else lined up before you quit your current job. This means that you should have an offer, in writing, from someone else before you leave your current job. If you are starting your own business, it helps to have the basics in place before you leave your job. If you’ve started a home business working a few extra hours in the evenings then you’ll have a foot in the door at least. Get the ball rolling, at least a little, before you quit your traditional job.

5. Refresh Your Network

Before you quit your job, make sure your contacts are up to date. Make contact with people in your professional network before you quit — just to catch up. (You can ask for job leads later.) Make it easy for your friend to refer you for a job.

If you have already renewed the relationship prior to quitting, you will be in a better place to let people know you have left your job down the line. An updated and supportive network can help you find a new job, or provide you with leads if you are starting your own business.

Also, keep in mind that you should try to quit your current job on good terms. Give your boss two weeks notice, and be a good worker until the end. If possible, you will want to add your former boss and co-workers to your network.

1. Know What You’re Good At and Play to Your Strengths
One of the best things you can do for your career is to understand your strengths and play to them. Know what you’re good at, and find ways to integrate your skills into your work. When you can use your skills, you will be happier in work, and you will be more likely to excel in your job.  Definitely consider this when you’re looking a new job, look for one that best matches your skill set.  Here are some interview tips that can help you highlight this in an interview.

2. Improve Your Skills
Constant improvement can help you perform your job better, and get you more noticed at work. It can also result in a pay raise, or in the ability to change careers.

3. Develop New Skills
Find out what skills are desirable in a certain job or career field that you want, and make an effort to acquire those skills. You can go through a certification program, or work on a degree. Know what your employer, or what a potential employer, is looking for, and then do what you can to achieve the requisite skills.

4. Know Your Worth
You should understand your worth. Find out what, generally, those doing similar work are paid, and what is reasonable to expect for someone with your skill set and experience level. There are a number of sites, including Payscale.com and Salary.com, that can help you figure out what is average for your location. Know what you’re worth, and don’t be afraid to ask for it.  One good way to help demonstrate your value is to build a work portfolio.  If you didn’t know this already, chances are your company thinks you’re overpaid.

5. Consider the Worth of Benefits
Another thing you can do to get ahead at work is to consider how much your benefits are worth. In some cases, these can be more beneficial than a small raise in pay. Plus, if you are willing to be flexible about pay so that you can see an improvement in benefits, you can present yourself as a team player, and as someone who thinks outside the box.

6. Tend Your Network
Who you know can be as important as what you know when it comes to your career. Make sure to keep your network current, and include contacts in your own company. You never know when a contact in another department can provide you with the inside track on transferring, or when you can get an in at a new company because of who you know.  It never hurts to earn points by helping to refer a friend for a job either. Put effort into maintaining a network, and you could have access to more opportunities. 

This comes in handy, not just when you’re looking to change or upgrade jobs.  One of the best ways to prepare for a layoff is to build your network.  If a pink slip shows up, one of first things to do is hit the phone and ask former co-workers if they know of any job openings.

7. Practice the Golden Rule
We’ve all been told to treat others as we would like to be treated. Remembering the Golden Rule can help you get ahead at work as well. Help others when you can, and be willing to mentor others. Also, be willing to provide good advice, and help others as part of their networks. When you can build mutual respect, you will have more success in your job efforts. 

8. Find Useful Things to Do During Downtime
If you have downtime, find something useful to do at work. Whether it’s working on an idea to help improve efficiency, getting ahead on some other work, or cleaning up your workspace or doing some extra preparation for a meeting, your commitment to being useful and industrious will be noticed — and that can help you get ahead at work. Surfing the net at work is probably not the sort of “useful” thing that will get you noticed in a good way.

9. Behave Professionally
This means that you don’t gossip about your co-workers, or badmouth your old boss in a job interview. Professionalism in your manner, as well as in how you dress and the speed and competency of your work, can go a long way toward helping you get ahead in your career. Do your best to carry out your duties in a professional manner, and you will gain a reputation for being someone others want to work with. This also applies when you’re leaving a job.  Avoid burning any bridges and be sure to give your two weeks notice.

10. Pay Attention to Your Online Profile
Be aware of what you are posting online, and how it might affect your career. Your employers and coworkers may see what you are doing online, and it could hurt you at work. If you want to stay ahead, be careful about what you post on social media — especially if it is about work. It can also pay to be strategic about building your personal brand online so future employers like what they see when they Google your name.

I imagine my story isn’t all that different from yours if you’ve ever left a job you were unhappy with.  If I had to guess, there were probably some changes that made the job less enjoyable or even totally unbearable for you.  It got to a certain point where you were unhappy enough that it was worth the effort and risk to leave your job and find something new.

It was no different for me. The small and innovative software group I started with was absorbed over time into the much larger parent company.  The resulting job left me miserable all day long, or at least 90% of most days, and I knew that I had to make a change.

Change or Die?

Our world is changing faster with each generation and if you can’t adapt to things that come your way then life as you know it will die.  That sounds kind of dramatic and honestly it’d be much simpler if things didn’t change so quickly but it’s something we all have to deal with. 

For example, let’s say your company decides that you need to start traveling around the country for one week a month to respond to changing market conditions.  The first thing you have to decide is whether you’re willing to leave behind your life one week out of each month.

If the answer is no then you’re in a potentially maddening position.  If you can afford to quit your job and find a new one then everything is fine.  However, if you can’t quit for financial reasons then suddenly you’re forced into living a certain way that makes you unhappy.

Freedom to Choose

When life changes and puts us in situations like this we sometimes describe ourselves as feeling stuck or trapped because we don’t feel like we have any options.

We really want the freedom to be able to choose but if our financial situation removes most of our options then we can get really cranky.

While not having options does sound depressing, the good news is that if you prepare yourself then you should have options when these inevitable life changes come your way.

Better Times

Thankfully I was able to quit my job because we had done the prep work over the previous several years.  My life is so much better now than it was a few years ago but I feel badly for the people that are still working at my old job. I actually go into a lot more detail about how it all played out and the people left behind in a story called Life’s Too Short for a Crappy Job.

The good news is that I had help paying for graduate school. I received a scholarship for a portion of my tuition, and there were subsidized federal loans available for my use. If you are contemplating graduate school, here are some options for helping you pay for it:

Assistantships

One of the best ways to pay for graduate school is through an assistantship. My husband has been on an assistantship since he began his Ph.D. program. This has been quite helpful, since it has resulted in a tuition waiver, and in a modest stipend.

The only costs we have for his graduate schooling are student fees and books. Programs vary, but many assistantships will at at least waive tuition, or pay enough for you to cover the a significant portion of your tuition. There are two main types of assistantship:

1) Teaching Assistantship: With this type of assistantship, you teach at least one class a semester. You either follow a curriculum created for you, or create your own.

2) Research Assistantship: If you are interested in research, and not in teaching, one of these assistantships might be a possibility. You assist professors in their research work, gather and analyze data and may even write portions of papers.

Graduate School Scholarships & Fellowships

Even though you won’t find as many scholarships for graduate students as you do for undergraduate students, they are still available. Check with the school to see if there are any scholarships offered, this may be one thing to consider when choosing an MBA program. You can also look online and in your community for graduate scholarships. Many professional organizations offer scholarships, and there are scholarships aimed at specific groups of people, such as different ethnic groups or military personnel.

Fellowships can also help pay for graduate school. These are programs in which you are sponsored to work on your graduate degree. These can be offered by schools, or by outside organizations. Normally, a fellowship will pay for your tuition, as well as provide an income that allows you to cover living expenses. These are often competitive, and you may be required to teach or perform research as one of the requirements.

Special Programs & Loans

There are also a number of special programs that provide funds that can be used toward graduate school. AmeriCorps, PeaceCorp and the military all have programs aimed helping you pay for school after you complete a certain amount of service. Additionally, you might have an employer with a program that will help you pay for your graduate education. Find out the requirements, and take advantage of these opportunities.

Finally, there are loan programs that can help you pay for graduate school. You can get federal student loans to help you pay, as well as private loans. There are private loans through banks, organizations like TERI.org, and using the P2P model, as at TuitionU.com. You can also look on sites like Lending Club and Prosper to see about your peer lending options.

Of course, you can always save up for graduate school. You can work, and you can set aside money to pay for your schooling. You can also use investments to help you pay for your schooling. There is no one way to pay for graduate school, and with some careful planning, you can get your funding from more than one source.

This is one of the reasons why online master’s degree programs have become so popular in recent years.  They are a great way to help advance your career but there are some things you need to keep in mind to make sure you get your money’s worth.

First we’ll look at how earning a degree can help your career; then we’ll go over some things to look for when choosing an online masters program.

MBA Career Benefits
It never hurts to have a Master’s Degree on your resume. It shows you’ve taken additional effort to stretch and grow in your specific field.  In addition to potential pay raises and promotions, here are a few ways going back to school can benefit your career.

Specialization. Who makes more money: general family doctors or doctors that specialize in a specific skill (brain surgeon, orthopedic surgeon, etc.)? If you get a concentration or certificate in a certain area, that specialization in your topic will help you stand out from the crowd.

One benefit of online degree programs is that you may be able to study a specialty that a local school may not offer advanced training for. Location flexibility is a definite perk of online master’s programs.

Keeping current. If it’s been a few years since you got your bachelor’s degree it is likely your industry has changed. Hopefully you’ve kept up at work, but hitting the books can force you back into the deep end of your field. You’ll come out informed and better prepared for your industry moving forward.

As a student, you’ll also have access to and discounts on the the latest and greatest software and equipment – something you may not be able to get with on the job training if your employer doesn’t want to foot the bill for upgrades.

Networking. This is by far the most important aspect of graduate level education; developing a professional network of individuals in your field. These are people you can lean on in the future for job assistance, project ideas, or general conversation. Just make sure you give more than you take. That’s the only way to make your network work for you.

Online MBA Program ROI
I work for a large staffing company as a recruiter so I see a lot of resumes and conduct a lot of interviews with people who have an MBA.

The good news is a good master’s degree can show expertise in your field. A bad master’s degree is completely ignored and occasionally shunned by hiring managers. There are many differ online degree programs out there. You have to be very careful when selecting a program to work with so that the time and money you invest gives you a return.

Best Online MBA Programs
In my opinion there are two tiers of online programs:

1. online extensions of traditional, well known universities
2. online-only or online extensions of new, for-profit businessesIf you’re dealing with an online program from a major university (think of any NCAA university) then you’re fine. That’s a real program with real weight behind it.

The online-only or extensions of really new programs is where the risk is. Many of these institutions are for-profit businesses. The entire goal is to get you to sign for your student loan documents (so they get paid) and then they deliver a mediocre product that holds no weight in the marketplace.

I’ve seen it happen too many times to count, and it’s sad. They may not be accredited and they may not have real professors, so be sure to watch out for online degree scams.

Of course major universities are looking to get paid, too. The difference is they have real professors with a real university behind them. That’s a major difference.

So be careful as you research and compare online mba programs. Make an informed decision, and you can get your career moving forward.

I asked Sam from Financial Samurai, Dan at Darwin’s Money, and Neil from Vannoy Advisory Group a few questions about the value of their degree and for any tips they could share.

Business Degrees

First off, congrats to these guys for finishing their degrees!  If you’ve never looked over business school curiculum before, many MBA programs offer a core set of classes on business, finances, and management and then allow you to specialize in certain areas.  To give you a little background, here are the degrees that these guys earned.

• Sam: MBA – Finance and Real Estate
• Dan: MBA – Finance and Biotech Management
• Neil: MBA – International Business

Below are the three questions I asked them and their answers for each.

1) What has been your return on investment on your degree? 

Sam – My firm paid for 80% of the bill as part of their ongoing education benefit.  If I elongated my MBA by another semester the degree would have been fully paid for.  As a result of the low cost and doing it part-time, the return was immense.  I didn’t miss out two to three years worth of salary and experience.

It is unclear whether the promotion after graduation came due to my degree, or work performance, but the MBA certainly did not hurt.  In some industries, an MBA can mean the difference between being stuck in a dead-end job, to getting elevated to a different track with more responsibility.

Dan – Professionally, I didn’t get a raise following completion, but I do believe there’s an intangible value.  Many job posting both internal and external view an MBA as a great extra, and in some cases a requirement.  I think my company also views this as a substantial investment in my career and as such, may more likely to try to “retain” me at year-ends and less apt to lay off if it’s me vs another peer at similar performance level.  Different companies tend to view an MBA as having a different value.

Neil – My original intent for pursuing an MBA was to move from financial services into another industry. So I would say I haven’t seen a big ROI since I’m still working as a financial advisor! The primary reasons I had for wanting to leave the industry was to get away from selling commission-paying investments and the ever present sales pressure.

The coursework for the MBA degree increased my business knowledge and gave me skills and confidence I needed to break away from the broker-dealer side of the industry and open my own firm. Since I’m now operating as a fee-only advisor – and able to keep my focus on “advice” rather than “sales – I would say that the return has been huge.

2) Would you do it again?

Sam – Absolutely!  There is little that is more important than education.  The more education you have, the better thinker you become.  You understand how to do things as well as piece things together in a synergistic manner.

As a graduate, you get to tap into your school’s vast alumni network which can be vital.  You can also downplay your MBA and keep it hidden if you communicate with those without an MBA and don’t believe in graduate education.

Dan – I would absolutely do it again if my company paid for it, like they did in my case.  I probably wouldn’t spend 30K-100K to do it with my own money, unless I had the means (i.e. no kids, I’d saved a ton and could quit my job and do a top program like Wharton/Harvard).

Neil – Absolutely.

3) Any tips for people considering an MBA or pursuing one?

Sam – Really try and understand years worth of post graduation job statistics eg where alumni go/are, how much a typical graduate makes after X amount of years, the top employers, and so forth. If you like or love your job and want to continue in your industry for years, see if you can get your company to pay for it.

I really don’t believe one can get enough education.  There is an endless amount of things to learn.  Apply first round and when the economic cycle is peaking so you don’t have to compete with everybody trying to get in when the economy is bad.

Dan – Do the most prestigious/toughest program you can get into/your company will pay for.  MBAs are a dime a dozen these days and a generic online degree doesn’t have the same prestige as say, a top 20 school.  It’s just not worth the time and opportunity cost if you get an MBA from a lame program.  People with top degrees won’t respect you and employers won’t really give it any additional value in their estimation.

Neil – The only thing I wish I had done was wait until I had a little more work experience before beginning my MBA. At the time I had only been out of college for a couple of years so I don’t think I got as much out of it – or was able to contribute as much to the experience of my classmates – as those students that had more professional experience.

Thanks to these guys for sharing a little insight into their experiences!  Interesting that all three said they would “Absolutely” go for their MBA if they had it to do all over again.  If you have an MBA, feel free to chime in.  Would you do it again? Any tips for future students?

Since MBA programs and their value are are this week’s topic I turned to US News and World Report columnist and author Kimberly Palmer.

You’ve probably heard of the US News & World report college rankings but you may not have heard about Kimberly’s new book, Generation Earn.  The second chapter is titled “Job Juggling” and one of the things Kim talks about is getting ahead in your career.  Since enrolling in an MBA program is often considered a major career move I thought I’d ask her a few questions about the value of an MBA.

Kim summarized several of the key points covered in Generation Earn into top money tips for young professionals.  I picked five of these tips to look at various aspects of choosing an MBA and asked her a question for each one.

1) Don’t scrimp on career-related investments.

Question: How much do you think is too much to pay for an MBA? What’s a good rule of thumb?

It all depends on what you plan to do after you graduate, and how much you can earn doing it. The best way to figure that out is to talk to recent grads from the school. How hard was it to get hired? What’s the average starting salary the first year after graduation?

Most schools make that information public, based on surveys of grads. If you plan to live in an area without a lot of lucrative business jobs, or go into a field (such as nonprofits) that doesn’t pay as well, then you could be stuck with a student loan bill that’s really hard to pay back.

There are cheaper ways to get an MBA, such as going part-time while working or getting your job to pay for it, that are worth looking into.

2) Invest in yourself.

Question: How can people know whether hiring a coach or going back to school can be a bigger help to them?

People who feel like they’re at a crossroads or unsure what they want to do next are the ones who benefit most from working with a career coach. Coaches can help you nail down your goals and come up with a plan for getting there.

If you already know exactly what you want to do and have done research on different school programs, then going back to school can be a great decision. The people who end up regretting going back to school are the ones who end up getting a degree for something they don’t actually want to do.

3) Raise your rates.

Question: Can you ask for a raise because you got an MBA?

Yes! Any change – a new degree, new hours, new responsibilities – is a great excuse to ask for a raise. If you’ve become more valuable to your employer, then make the case that you’re currently underpaid. 

At the same time, check out other opportunities in case you don’t get the raise at your current job. Sometimes changing jobs is the best way to make more money.

4) Cultivate your most ambitious dreams.

Question: Do you think sometimes people get an MBA because they want to be high achievers but don’t really know what their dreams are so don’t know what to aim for?

Yes, this happens with MBAs, law degrees, and post-graduate English and history degrees. Going to school is the ultimate way to delay making big decisions about your career. But it’s also the most expensive way to procrastinate.

Why not take a non-career job for a year or two instead?

5) Get a second (or third) job.

Question: If you only have time to go back to school or start a second job, how do you decide which is better?

You have to ask yourself what your ultimate goal is, and which one will you there. If you want to be a novelist, then getting an English degree might be better for you than earning extra money at a retailer – or doing neither, so you have more time for writing.

If the second job is just for the money, you might be better off re-arranging your budget to be more frugal, so you don’t need the extra money and can have the extra time instead. Having time and the flexibility to spend your energy the way you want it is worth much more than any $100,000 job.

Thanks to Kim for sharing her thoughts on going back to school and also for packaging all her years of experience as a financial journalist into a great resource in Generation Earn!

The top jobs were in the technology sector, with two of the top three jobs and four of the top seven being related to technology:

• #1 Health Information Technology
• #3 Data Mining
• #4 Embedded Engineering
• #7 Mobile Media

The best job from a demand perspective can actually be classified in both the techology industry and the health care industry, Health Information Technology.  This, along with three other careers, gave health care four of the top eight best jobs:

• #1 Health Information Technology
• #2 Clinical Trials Design and Management for Oncology
• #6 Geriatric Health Care
• #8 Occupational Health and Safety

Health Care Technology

I think the convergence of technology and health care related jobs illustrates how valuable job skills in those two areas will be in the coming years.  When I was in college I did an internship with an electronic medical records company and I saw first hand how much potential there is in that area.

The health care industry creates and relies on so much data during the process of caring for patients that creating tools to manage, organize, analyze, and protect that information provides benefits for everyone involved: hospitals, patients, insurance companies, doctors, etc.

The report behind these numbers was from UC San Diego and they describe a Health Information Technology job as a position that:

“organizes these records, ensuring that charts are complete, accurate and timely… technicians are needed, specifically engineers, analysts, consultants and support specialists.”

How would a college graduate prepare for a job in that area?  The report suggests courses in medical terminology, clinical classifications and coding systems as well as database management. Even if you already have your degree almost done or completely finished, simply adding a concentration or getting a certificate by staying an extra semester can help you get a foot in the door.

Mobile Jobs

The mobile media and embedded engineering jobs point to another growing trend in our country, consumer consumption of information while on the go.  The iPhone, Android phones, and now the iPad are the leading edge of a mobile paradigm that will create many thousands of jobs in the years to come. 

As we want our devices smaller and more powerful, embedded engineers will be hard at work designing ever improving equipment.  The report suggests that companies in need of these engineers:

“hire employees with a bachelor’s degree and experience with computer systems. Common majors include computer science, software engineering, control systems”

As the hardware and networks keep getting better, the variety of content that we can view on mobile devices will also grow. The Burea of Labor Statistics suggests that related careers for “Graphic designers, videographers, casual game/app developers and software engineers” will increase from 13–32%.

Best Jobs by Demand

This report didn’t look at the best paying jobs, but rather those that would have the highest growth in demand over the coming years.  Of course jobs that are in demand do tend to pay more, and technology and health care jobs that topped the list typically pay pretty well.  Here are the other jobs that made the list of best jobs for college graduates:

• Spanish/English Translation and Interpretation
• Sustainable Business Practices and the Greening of All Jobs
• Teaching Adult Learners
• Teaching English as a Foreign Language
• Marine Biodiversity and Conservation
• Health Law