Might it be time to go back to school?

Tight job markets have historically been tied to an increase in college enrollments. Our recent economic downturn is no exception.

College enrollments are at an all-time high despite the fact that many new grads are struggling to land professional jobs. A new graduate with a bachelor’s degree may segue right into a master’s program rather than face a difficult job search.

In some cases, workers displaced in the shrinking manufacturing sector may go back to school to transition into the emerging field of green energy.

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Other workers may simply want to stay competitive in their current careers. A college degree or special certification may now be “required” when only a few years ago the job specifications for similar positions were less stringent.

And then there are those who choose to go back to school to improve their job satisfaction. Boomers may say, “If I have to work for 15 more years, I want to do something meaningful.”

Regardless of what is driving your decision, it is important to consider the true costs as well as the potential benefits of going back to school. Begin by listening to what is calling you. What unique gifts do you want to use on a regular basis?

Don’t be too swayed by so-called “hot markets.” There may be job opportunities in health care, but not everyone is cut out to empty bedpans. However, it never hurts to know where job growth is expected and then to consider how you might apply your skills within a burgeoning field.

Next, consider the financial implications. Beyond tuition and books, calculate how being in school will impact your current income as well as your projected earning potential post graduation. That is not to say that education must provide an economic payoff to be worthwhile. Pursuing higher education for the sake of learning or to follow a passion may be all the reason one needs to decide to go back to school. Education will not necessarily increase one’s dollar value in the job market. However, it is even more imperative to do research when the objective is to increase earning power or to improve the odds of landing a specific type of job.