A recent New York Post article pondered 4 career risks that may (or may not) be worth taking. Read the full article here.

The author looks at 4 risks but they’re not equal.

Risk #1: Going Back to School. My question would be, “Why are you considering going back?” Even if you don’t heed a degree you may find that the experience gives you access to a new network. However, I find many professionals (especially those who have achieved success by degrees) feel lost in transition. They want the degree or piece of paper to signify, “You’re ready!”

Often you have a two-sided risk. First, you invest tuition expenses and lose salary you would have earned. Second, your educational experience may not lead to the outcome you had hoped.

When I returned for my Ph.D., academic jobs were plentiful in business schools. I earned a good living even while I was taking classes and writing my dissertation. Although I was an “older student,” I had a choice of jobs when I graduated.

Five years later, the world looked different. One of my colleagues applied to business school while jobs were plentiful; by the time he graduated, the job market had dried up. He got a job but it wasn’t one he liked.

Second Risk: Changing Careers. This option is so broad it can’t be lumped together as just one risk. Sometimes changing careers actually is less risky than staying where you are. Quitting before you have another job – well, that’s almost always risky. But embarking on a career change while you are employed may be a wise decision.

Third Risk: Saying “no” to added responsibility. Sometimes turning down a promotion just means you live with less money and prestige. But you encounter other risks. When you are overqualified, you get bored and restless. You may find it hard to follow directions that you know – from experience – are misguided. I’ve talked to many mid-life workers who accepted a lower level job to avoid stress. Inevitably, they encountered more stress as they dealt with the disparity between their skills and their recognition.

Fourth Risk: Leaving the corporate world for self-employment. Sure, this option is extremely risky – especially if you’ve never had a sales career and you lack entrepreneurial experience. But sometimes starting your business will bring you rewards faster than if you keep applying for corporate jobs.

One client was fired from a high-profile position in her city. She couldn’t land a job: she was too well known. Hiring managers were intimidated.

When she put out feelers for a new consulting business, her phone began ringing.

Bottom Line: I don’t recommend viewing choices as more or less risky. I’d recommend instead that you ask, “Does this move make sense for me at this time in my career path and in this era?” Sometimes the answer will surprise you.

To discuss your situation one on one, see http://www.MidlifeCareerStrategy.com/services.html

“Norman” had been working for 15 years with great success. His mid-life career change came from a decision to move to a new state to be closer to his family, he discovered he would need a certification from an approved university. He found certification programs at a variety of venues, from a community college to a state university to a private school.

When Norman asked for help in evaluating his options, I suggested that he find out how he’d be viewed by prospective employers when he conducted his job search. My hunch was that employers would look first at his experience. At this point, the certificate was just getting his ticket punched. He didn’t need a school with a big name. He could choose the cheapest, fastest option with no loss of opportunities.

“Cynthia” had a successful professional career as a veterinarian. But after ten years she wanted a career that would let her spend evenings and weekends with her family. She considered getting an MBA to seek a corporate job. Harvard? Wharton? Northwestern? Those programs were high on her list.

Cynthia needs to find a way to use her skills to transition into the business world. She might find a pharmaceutical company where she could use her experience to market to veterinarians. She might develop software to help veterinarians keep track of their expenses and income.

Would a Harvard MBA help? Like Norman, she needs to research how she’d be received by prospective employers. I’d suspect she would be evaluated by the question, “What can you bring to the table? How can you contribute immediately?”

Both Norman and Cynthia need to be aware that they cannot forget their experience. When I talk to workers who agree to take a big pay cut and step back to a lesser position, they almost always report more frustration – not less.

On the other hand, if they are starting in a whole new field, they may be advised to take an entry level position. If they do, they need to pick organizations where they can move up quickly, rather than rigid companies that cling to outdated norms and timelines. Experienced workers learn fast and when you are bored, everybody knows it.

Bottom Line: For a career change at mid-life and mid-career, look at the whole picture. Before investing in the top schools with big names and big tuition bills, find out if you can make the same progress with a lower-cost program. You will be surprised: you may be equally challenged in those programs.

Of course, if you have the funds and you want the experience, you have little to lose with an Ivy League degree or a top-rated certificate program. Just be aware that you will respond differently to the program and the opportunities that present themselves when you hold that coveted diploma in your hand.

More? Download my Ebook: Back To School For A Mid-Life Mid-Career MBA.

I just came across a blog post from a student at Vancouver Island University, Canada. A student was sharing her experience in the university blog. You can read it here.

In my Report, Back to School For a Mid-Life Career Change, I emphasize the importance of learning what other students are doing. So if you read this blog post, how can you use this information?

First, the blog is transparent. You know it’s published by the school so you know it’s going to be biased.
I think the post would actually have more credibility and influence if the author had been allowed to present a more even-handed picture of her life at the university.

Second, the author notes that she went from a government job to developing her own business. If you were considering an MBA, especially from this university, as a bridge to a new job for a corporation, you would be wise to question whether this graduate’s story applies to you.

When starting a business, an MBA can be helpful in gaining credibility. Few MBA programs directly address challenges of entrepreneurship but you do learn the basics of accounting, marketing, finance and management. From a purely financial perspective you’d have to ask if this approach makes the most sense: are there other ways to take classes and learn?

Of course, money isn’t your only consideration. If you’ve been laid off and you are undergoing a major career shift in any direction, a year or two at a university can be a good way to evaluate your options. You often get access to resources who can help you as well.

For more info on returning to school for a career change, click here.

Every so often I talk to someone who wants to return to school to become a professor. They know it’s competitive but they think they really would like to teach and conduct research.

If you’re considering this option, be aware that you are facing stiff competition. When you’re applying for a research program, the faculty wants to see if you’ve demonstrated an aptitude for research.

If you haven’t done any research, you’ll be at a disadvantage. Committees are looking for reasons to disqualify you because they usually have more applicants than openings (if they’re any good). If you’re willing to put in an extra year or two you could find a way to serve as a research assistant with a professor who will share publication credit and/or give you a reference. One enterprising undergraduate found a researcher to serve as her external thesis advisor; she knew her own professors weren’t strong enough as researchers to give her credibility.

I’d also encourage you to be sure you understand the way research really works in your field. The game is played very differently depending on whether you’re in social versus physical or biological science. In many cases you’re not working alone in a lab, ready to scream “Eureka!” when you look at the test tube or printout. You’re working as a member of a team, with competing priorities and contentious personalities. You’re definitely playing a game and it’s treacherous.

If you’re considering a return for a graduate program, especially an MBA, check out my irreverent back to school guide.

If you’d like to talk about opportunities in academia, I’d be happy to consult with you. I have an unusual combination of career change expertise and academic background. See my Services page for details.

Recently a LinkedIn post raised this question, “Do  I get an MBA right after graduating from college?”

I’ve taught in MBA programs, completed my own program, and advised dozens of corporate managers. Here’s what I’d say:

(1) Find out if you need the MBA degree. Every industry will be different. Some companies will respect only Ivy League MBAs so your local course will take a lot of time and money, but ultimately leave you with no more marketability than you had before.

(2) An Executive MBA will be very powerful for building connections and networks.

(3) If you’re considering a PhD, skip the MBA. Many doctoral programs will give you an MBA after a year or two, possibly requiring a couple of extra courses.

(4) A law degree lets you do just about everything an MBA does. It can be even stronger as a credential.

(5) Before joining a program, talk to recent graduates. Find out how the degree helped them (or didn’t).

Be very careful about choosing a program. I’ve written up a summary here, in a special report you can buy and download immediately:
http://www.MidlifeCareerStrategy.com/schoolbk.htm

Today’s New York Tmes includes a discussion of the Masters Degree. “Is the degree worth getting?” the editors ask. Dozens of people wrote to comment.

An MA degree never has been particularly helpful except in certain fields, such as business and social work. But graduate school can offer opportunities beyond the value of the degree. For instance, you make connections that can lead to jobs.

So I would answer this question with, “It depends.” I wrote an ebook about going back to school at midlife. You can learn more here.

Should an MBA degree be included in your mid-life, mid-career game plan? The answer is, “Getting a degree can be the best *or* the worst career decision of your life.”

Recently a national newspaper featured an article questioning the wisdom of escaping tough economic times by returning to school. Their article was targeted to twenty-something managers. What if you are mid-life and mid-career?

As a former college professor, I’ve learned that university enrollment is counter-cyclical: many people go to school when they have a hard time finding jobs. Many are in early career stages but we’re seeing more and more mid-life professionals following this pattern.

If your career has stalled or hit a few speed bumps, a return to school may be a good move. But “school” may not mean a conventional degree and your choices will be different from those of an entry level colleague.

School might mean a certificate program, an online distance education program, a continuing education course and/or a conventional degree program. Each offers benefits as well as downsides.

Some programs are so bad they’ll actually harm your career. Others are so valuable for specific professionals that I would encourage a client to negotiate for reimbursement as part of an employment or severance package.

(1) I recommend online distance education only if you have a very specific career goal and attending a live class is just not practical. For example, you might want to become a librarian, but the nearest live program is a few hundred miles away. You can’t leave your job and/or your family. If you’re a military officer deployed to a war zone, online education makes a lot of sense.

(2) A graduate program with a live component will offer valuable networking opportunities. Even if you just get together for weekend classes, you get to make connections and learn about other companies. I’ve heard many success stories from mid-career professionals who chose this path.

(3) Before investing time or money, investigate any program (especially if you’re hoping for a degree or certification). Degree programs should be accredited, but that’s a minimum standard. You need to find out who completed the program and where they are now.

(4) Enrollment and admissions counselors will help you, but you should not rely solely on their promises to make a decision. And if you rely on promises, get them in writing.

For example, “James” had a tough travel schedule. His enrollment counselor assured him that professors would be flexible about deadlines. In fact the school had a very strict deadline policy. The counselor honestly didn’t know: in many academic places, faculty and admissions staff rarely cross paths.

(5) You may be able to get a job at a university that comes with tuition for yourself and your family. Be sure you will get time off to attend the classes you need. If you need that 9 AM accounting class, but you can’t leave your job before 4 PM, you won’t enjoy the benefit.

And now I invite you to learn more by downloading my Mid-Life Back to School Guide. I got so frustrated with inaccurate info out there, I wrote my own.

Today’s Wall Street Journal article (“Back to School for Career Advice,” by Joann S. Lublin) describes a 51-year-old woman who returned to her MBA program for career coaching. The coaching apparently focused on accountability (a staple of just about any coaching) along with career tips.

The article goes on to note that many universities still do not offer these services to alumni. You’re most likely to get help from a business school although some other professional schools may be stepping up.

Definitely worth a try, although you may have to pay for the alumni coaching.

If your career office doesn’t offer help, you can still get help from your alumni office. Ask for a list of alumni in your geographical area. Most likely you can use this list to develop an information network.

These days, if you find people who will return your calls when you seek an informational interview, you’ve struck gold. Of course, you can’t abuse the list and some alumni will not feel the connection is strong enough to justify a request for help.

As usual, you have to choose words carefully when you clarify your reasons for calling. And you need to follow the usual informational interview courtesies.

Interviewed for Guy Kawasaki’s blog, Brazen Careerist Penelope Trunk says time off for an MBA makes sense ony if you’re at the beginning of your career (which I would translate to 3 years or less) and if you’re attending a top program.

Ninety percent of the time, I would say, “She’s right.”

But if you can comfortably afford a full-time or executive program, the MBA can make sense for midlife career changers. If you choose the right program, you can make contacts fast. If you’ve been a stay at home mom, a full-time artist or generally undirected, you may be able to shift your image and get hired by companies who wouldn’t look at you otherwise.

I would not recommend going into debt for a mid-career MBA. If you’re totally stalled without the degree, you might be better served by changing fields. I met a banker who can’t rise above branch manager without the piece of paper. Will the extra money he earns post-MBA recoup the investment? Or can he find a bank who will pay for the degree?