There are several different areas you can study in order to become a better job candidate and even get further along in your current position. If you are working at a job and are worried about your future employment, continuing your education can relieve your worries and give you the confidence needed to succeed.

No longer do you have to rely on the old university and community college system in order to launch your career and earning potential to new heights. By taking classes online, you are given security, safety, and convenience that is unrivaled by the traditional college system. Here are the five reasons why taking classes online is trumping the traditional university method of education:

Increased Job Skills
In this turbulent economy, there will always be unemployed people who could rise up and take your current job very easily. Instead of clenching onto the cliff of your position with a tight grip, you can pull yourself back onto the ledge and gain a view of the scenery.

Obtaining an online degree in English will give you the skills necessary to write compelling newsletters and internal memos for your company. If you receive an online accounting degree, you can continue your current position while helping to adjust the books. Even a general business degree will give you the skills to help your business market and budget itself more efficiently.

More Employer Desire
If you want to break into a management position at any company, there is a good chance that your employer will want you to have a degree in order for promotional consideration. Instead of getting left behind, you can further your career by simply getting a degree in the field required by your job. Some companies are even willing to fit the bill for your advanced education.

Advanced Degrees
Attending classes online doesn’t limit your options for getting the degree you want. Many people think they are limited to basic business and humanities classes because of the structure that surrounds online learning. A lot of people are intimidated by professors at universities who impose their will on students and criticize them if they do not agree with their views.

With video conferencing from services like Skype, interactive social media forums, and blazing fast broadband Internet connections, it is possible to receive a doctorate degree, MBA, or even a JD degree all in the comfort of your own home.

Work, School, and Life Balance
One of the most difficult parts about returning to school is the time it takes out of your schedule. Most classes are held during the day at universities and community colleges. In order to receive the credits you need to earn a degree, you will probably have to excuse yourself from work, commute to campus, attend a boring lecture, and then commute back to the office. This takes up valuable work time and can make you look weak in the eyes of your employer.

Easily Transferable Credits
If you are looking to get the full university experience, but cannot afford it due to time or money constraints, then online college is the perfect place to get your start. Some people might find the task of transferring credits between online and physical colleges demanding. The state of California has recently created a program that allows people to find out if their credits are transferable, sorts through the jargon of online learning, and gives online school a new sense of legitimacy with the public.

Deciding to go to school is a serious financial decision, but the benefits almost always outweigh the costs and initial hardships. Make sure to conduct research into which online school you want to attend and do not do it unless you are 100 percent committed to your education.

Be aware, not all checking accounts are free, and some of them have hidden fees; those are the ones you want to stay away from. Below are four reviews of checking accounts that are worth your time to consider opening up before you leave for school.

ING Electric Orange Checking Account

If you missed my article about the ING products, go checkout the electric orange checking and orange savings account review. This is a great checking account for college students. You can do all of your banking online, which is definitely a benefit for college students, and there are absolutely NO fees associated with it.

The main downside is that you have to mail in checks for deposit, or set up another checking account to transfer money. (Or you could sign up for direct deposit into your Electric Orange account.)

The Campus Edge Checking Account by Bank of America

Bank of America has some good financial products. This is the account that I had while I was in school at the University of Florida. There are no fees, and all you need is $25.00 for an initial deposit to open up the account. After that, there is no minimum balance. BOA will also enroll you for free into their “keep the change” program which rounds your purchase up to the nearest dollar and puts the change into a separate savings account for you.

They’ll also match give you a 100% contribution match for the first three months. This could make it easier for you to balance your check book, because all of your purchases will be rounded to the nearest dollar, making it easier to figure out your balance. Convenience is the biggest advantage to a Bank of America checking account. Bank of America has a ton of branches so an ATM isn’t usually hard to find.

USAA Free Checking

The free checking account from USAA is only available if you, your spouse, or your parents served in the military or are USAA members.  Since USAA is used to serving service members deployed around the globe it’s easy for them to provide the same great service to you while you’re away at school.  With features like USAA Deposit@Home and Deposit@Mobile it’s easy to deposit checks from school.  The account is very competitive, with free overdraft protection, free checks, free billpay, and no monthly fees.

Perkstreet Financial

An option for college students who want to earn rewards when they spend is the PerkStreet Financial cash back debit card. This checking account provides you with a debit card that allows you to earn cash back on your purchases. There are no fees and no minimums with this FDIC-insured account, and you can withdraw cash from a network of more than 37,000 ATMs. You can have money directly deposited into this online bank account, or mail deposit checks (or transfer from another account). A great way to earn rewards and get a little extra cash as a student.

College Student Checking Accounts

One of the most important things you can do as you establish your independent financial identity is to open your own checking account. If you are a college student, you want to be able to find the best checking account that meets your needs while at home and away. While many banks and credit unions offer “student” accounts, recent developments in banking make it possible for you to open a superior checking account that may not be labeled specifically as a student account.

You will want to consider what is most important to you in a bank as you shop around. If you prefer to be able to go into a bank, an online checking account may not be best for you. However, if you deal mostly electronically, and have no need to enter a brick and mortar bank, an online account can help you dodge the fees that seem to be cropping up everywhere these days. Look for a bank account that has no minimum balance or activity requirements, and try avoid those with monthly fees. If you plan to write checks, look for a bank with unlimited check-writing privileges. You should also consider the reputation the financial institution has for customer service.  Your bank can make a big difference in how you manage your money; choose carefully.

Opening a Student Checking Account
So, get on it. Go and check out these checking accounts. Believe me, sticking your money under your dorm bed won’t work. You never know when your roommate or their friends might need some extra cash and decide to help themselves. Watch out with your debit card, though – it’s so easy to swipe that thing. Make sure you set up a budget for the month, and take out cash for items like entertainment and food. Otherwise, you’ll debit card swipe yourself to oblivion, and non-sufficient fund charges are no fun.

If you’re getting ready to head off to school, check out this article on decorating your dorm room on a budget. We also review the best student credit cards as well as student health insurance options and how you can compare them with eHealthInsurance. If you’re looking for some cash to put into your new checking account, look through the list of ways you can make extra money in college.

This review of the best checking accounts for college students is part of the College Student Money Guide.

Life After College

I went to my cousin’s graduation party last weekend and she already had a jump on “life after college”.  She has a job and an apartment lined up and like many college graduates will start making more money than she’s ever earned in her life.  Not only that, she won’t have to spend every evening studying her brains out, she can come home from work and the night will be hers. 

Spending Money

The bad news is that with all this free time and a new paycheck you’ll find ways to start spending your money.  To start with, if you borrowed money you’ll have to start paying off student loans that you accumulated on your quest for wisdom.

Once you get a job and are no longer your parent’s dependent you’ll also have to look into post graduate health insurance plans and figure out the best balance of insurance premiums and deductibles for your medical needs.  One tip, if you do have any major medical procedures that you know you’ll need it’s good to try and get them done while you’re still on your parents insurance.

Saving Money

If you’re starting to get a paycheck you might feel flush with cash since you’re used to the student sized bank account.  You definitely want to put together a savings plan to cover your bills and avoid blowing all your newly earned money.  This is even more important if you haven’t found a job in your field yet and don’t have much of income to support those expenses.

When you’re a recent college grad the expenses like insurance, groceries, gas, and rent can pile up faster than you realize. You’ll want to try and cut your costs with things like finding an affordable apartment and looking for ways to save on auto insurance.

Money for the Future

Although you’re just getting your financial feet under you, it’s not to early to start thinking about your financial situation a decade or more in the future. If you want to buy a house someday, check out this post on credit scores for college graduates. 

Your credit score is becoming more and more important in your financial life and you’ll want to start building your credit history.  One way to kickstart your credit history is with a secured loan or a secured credit card.  If you already have some credit established and think you’d qualify for a credit card then a rewards card is an option.  Don’t open one if you’d carry a balance but if you pay it off every month a card can help your credit – here’s a look at some of the best credit cards for college graduates.

Something else to consider is to start investing money, whether it’s in a regular investment account or a retirement plan like a 401k or IRA – here are some investing tips for college grads.

Understanding Finances

Our public schools and even universities in the U.S. don’t do the best job about educating you on personal finances and how to handle your money.  One of the best investments of your time when you finish school is to spend an hour each week reading up on some aspect of your finances.  Below are some articles from blogs that I recommend subscribing to.  All of these sites publish several articles a week across a variety of personal finance topics.  Of course magazines and books are also great resources and many of these blogs have a preferred reading list you can check out.

Congratulations on graduating!

Personal Finance

• Creating a Budget: Money Management 101
• Finance and Techology Innovation Comes to Life
• Your Money Values: How Do You Value Your Money vs Time? 
• 8 New Financial Words Added to the Dictionary Since the Recession
• Why Routine Living Can Leak Your Money
• How to Zig When Others Zag: The Contrarian Approach to Personal Finances
• What’s the Best Financial Advice You’ve Ever Received?
• Carnival of Personal Finance 

Investing

• Use Oil Stocks As A Hedge Against Rising Gas Prices
• Stock Chart Reversal Patterns – Head and Shoulders
• Reasons Not to Buy Stocks
• Can the US Government Seize Your 401k or IRA? 
• Investing versus Gambling in the Stock Market
• Index Investors Can Be Aggressive Too

1) Make a schedule. For me, I try to have all my readings for that week done by Wednesday. Homework is ongoing, but Sunday is my day to really spend big blocks of time on getting my projects done. So I do not make plans for Sunday; even if nothing is due.

2) Utilize your school email for your courses. Often times the LMS is tied into your school email address, so alerts and course correspondence go there. It is very off-putting to professors and your colleagues if you request that they email another address. Even then, some will either not do this, or flat out refuse.

3) Learn the LMS. Devote some time to learning how to use the features and tools available in your LMS. For example, my graduate school uses ANGEL which has a chat feature. We have scheduled group chats, and invariably someone is 15 minutes late to the chat because they did not know how to access it.

4) Respect group members. If you are working in groups, be mindful of other peoples’ availability and schedules. This does take effort, but it is a must if you wish to collaborate effectively virtually.

5) Be accessible. Being in an online course means that you are available most of the time. For example, if you can’t access the internet while you are at work, that is one thing.  But to tell your professor that you can’t log on because you went on vacation…no go. You will arise little sympathy from anyone by saying that…even if it is true. So here is what you really should do.

• Buy a laptop. They are so cheap nowadays (like $300), this really should be mandatory
• Buy a data plan for your cell phone. Even if you don’t have a smartphone, most cell phones have a way to access email on a limited basis. Even if you have to rig your school email to automatically forward to your Yahoo/Gmail/Hotmail account, make sure to due this (in that you’ll be able to at least get email where there is not wi-fi)
• When you travel, inquire about wi-fi and/or research hotspots. You should treat your studies like a job. Would your boss appreciate you saying, “Oh well there was no wi-fi in my hotel” as an excuse if you were required to access your email while away?
• Designate your own equipment for your studies. Don’t bank on your husband’s/wife’s/mother’s laptop to do your work.

I asked if she’d write a little about her experiences – below is what she has to share about why she went with an online degree program and how she’s liked it so far.  Thanks Rishona!

Why an Online Degree?

Well my first experience with online courses was when I went to Broward College in Ft. Lauderdale to take courses simply for my own professional development. I had promoted to the position of “escrow account” at an insurance agency and I had never taken an official college class in accounting ever! I had been out of the college classroom for several years, and was a little bit skeptical when the Intro to Accounting course I took had a textbook that required us to do our homework and tests online.

My only other previous experience with online courses was back in 1999 when I had an engineering course that had a very buggy online test-taking interface. However in 2007, things were very different. Being able to do your homework and tests online and getting instant feedback on areas that you need to work on was invaluable for me. It was like I had my own personal professor.

When the opportunity presented itself to finish my bachelor’s degree, I actually had little choice but to go the online course route due to injuries that I sustained in a car accident. I earned about 30 credits (out of the 128 needed for my degree) online and did not feel that my online educational experience was any less significant than my face to face college courses.

So when I started applying to MBA programs, I wanted a program that was online so that I would not be tied geographically to any one area for 1-2 years. At the same time that I was applying for graduate school, I was also looking for full-time employment so I wanted to keep my options open. I did not really have any major concerns about degree quality; although looking back, it should have been a point that was considered.

Online Masters Degree Benefits

First and foremost the flexibility of an online degree program cannot really be beat. With a full-time job and being involved in several volunteer and professional activities, it is very nice not to have my calendar blocked off by regular class attendance.

Also I believe that online college coursework, especially at the graduate level, really challenges you to be at the top of your game when it comes to written and virtual communication. I think that this gives you a distinct edge in the workplace… where skills in virtual communications and working remotely are not as commonplace as you may think.

Online Masters Degree Downsides

Quality control is a serious issue. I say this both as an online student and as an employee for a university in a department that administers fully online programs. Basically what are dealing with today is that the technology and the needs are there to really have stellar online courses.

However professors are either not adequately trained in regards to online course pedagogy; or they simply don’t care enough to put the work in to make the course as effective as it should be. As an online student, outside of those standard professor evaluations, I feel that I am limited in regards to how to communicate these issues to school administration. Unlike students who are on campus, online students are ‘out of sight, out of mind’ so to speak.

The other con is the ongoing struggle in regards to public perception and online degrees. Many people seem to have passed judgment on online degree programs without ever having taken an online degree course themselves. Going back to the quality control issue, they also (erroneously) believe that if an online course is bad at institution X, then all online courses are bad.

Online classes are subject to the same variances in quality that face to face classes are. In addition, we fight this misconception that ‘online degree’ is synonymous with the for-profit higher education sector…which is then synonymous with ‘low quality’. That logic is flawed in so many ways, and while I have never been a student at a for-profit higher education institution, I would guess that the blanket statement that degrees from for-profit institutions are of a low-quality should be questioned as well.

Online Degree Surprises

I believe that I am in a privileged position in that in addition to being an online student, as I mentioned previously, I also work for a college in an online program. The biggest surprise that I see from both sides is that of missed opportunities. This falls on both the professors and students, in regards to how they view online college studies.

I think that too often, online college courses are seen as an ‘online version’ of a face to face course where your notes and homework are just uploaded to the Learning Management System (LMS). What should happen is that the course be re-designed to cater to the online course delivery medium. When that is done, it makes a world of difference.

I do not regret my decision to pursue a degree online, and I do feel that I can stand right alongside with any other MBA student who obtained their education on-campus. But we still have those instances where students and professors see online courses as ‘the easy way out’; and colleges and universities seeing online courses as ‘easy money’. So that is my biggest surprise; that online learning has not lived up to its fullest potential yet…and even more so, that professors and students of online courses haven’t been more vocal about this.

Online Education Thoughts

In a nutshell, we all should realize that online education on all levels is not going away. It will remain as an option to many college students and will only get more and more attractive as the alumni pool of online degree holders grows. The true challenge we have today is refraining from telling everyone out there that online learning is the panacea to whatever gaps they have in their education. We also need to be realistic in regards to what people should be expecting from online programs; and higher education in general for that matter.

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.

In today’s business world, it’s possible to get an online degree at a reasonable cost. If you work hard it’s also possible to get an online degree fast.

However, you do need to be careful and choose an MBA program carefully.  Not all online degrees are the same, many people have fallen victim to online degree scams that took their money and provided very little value in return.

Types of Online Degree Scams

It is important to note that there are legitimate programs that can help you get an accredited bachelor’s degree or master’s degree. Unfortunately, there are also plenty of degree scams that promise an online degree fast — and at little cost to you. Here are some of the common online degree scams to watch out for:

1) Degree Mill: This is the easiest to spot. You simply pay for what looks like a degree from a respected institution. You might go through a “life experience” test that claims that your knowledge is equivalent to a degree. In some cases, though, a degree mill just provides you with a counterfeit degree that you can use to get an advantage when applying for job. This, however, is fraud; you can go to jail and pay a hefty fine when you become involved with a degree mill.

2) Fly by night: This type of online degree scam claims to be a school — but isn’t. You are often told that it only takes a few months to earn your degree, and the fee seems reasonable. You use your credit card to pay for enrollment, and after a few weeks you realize that you haven’t been contacted, and that you can’t log in and complete your coursework. The scammers have your money (and possibly your credit card information), and you have nothing.

3) Unaccredited online degree programs: There are official accreditation bodies, including the U.S. Department of Education and the Council for Higher Education Accreditation. Some online degree programs are not accredited at all. This means that you may get an education of some sort, but the degree you receive will not be recognized, and won’t do you much good as you look for a job.

4) Accreditation mills: Some online degree programs try to boost their legitimacy by saying they are accredited. However, just as there are degree mills, there are also accreditation mills. These bodies do not offer rigorous standards, and accreditation by an organization that is not recognized by the Department of Education or the Council of Higher Eduction Accreditation is practically useless. Such degrees are not worth your time or money.

Warning Signs of an Online Degree Scam

Scammers prey on the natural desire to get something cheap and easy. Online degree scams offer an education faster than you thought possible, for less than you imagined it would cost. While there are some truly good deals out there in online education, if it sounds too good to be true, it probably is. Here are some of the most common signs of an online degree sign:

• You only need a credit card to “get in”.
• After doing your research, you find that the institution is not properly accredited.
• You pay for a degree at a single flat rate, rather than paying on a per-course basis, or paying by the quarter or semester.
• It is difficult to contact someone to discuss the program. There are no phone numbers, and you are not offered a way to contact course instructors.
• The program takes a very short period of time, usually a matter of months.
• The web site focuses on the degree, but doesn’t say much about the type of education you will receive.
• The site owners or company headquarters are in another country.

Before you enroll in an online degree program, do online research, checking education forums and the Better Business Bureau. Also check accreditation with the Department of Education and the Council for Higher Education Accreditation. This can help you identify which programs will provide you with a real education, and which are just scams.

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!