Recently, we have received some questions from MyPath members asking for tips on how to manage the costs for training for a new career.
Here are some general guidelines:
Consider the typical salary for your new career interest and ask yourself how much debt you are willing to take on to earn that particular salary.
After an exhaustive career exploration that involves researching jobs and conducting informational interviews with people in target career fields, many job seekers determine they need additional training to develop skills for a new career. However, it is important to research the possible training providers as intensely as you have researched your career interests.
Whether you are interested in a community college, a four-year institution, a short-term training program, a professional certification program or a private training provider, here are some questions you should ask.
How much is this going to cost?
School can be pricey. While it may give you new skills for a completely different career or add to the skill set you already have to make you a more marketable job candidate, it does not guarantee employment. Consider the typical salary for your new career interest and ask yourself how much debt you are willing to take on to earn that particular salary. Using these figures, calculate approximately how long it will take you to pay back the debt and consider the sacrifices — such as holding off on buying a new house or car — that you may have to make as a result.
Also, be sure to take advantage of resources available to help you with financing your education or training. One way to secure financial assistance is through the Workforce Investment Act. This federal program was designed to assist qualified unemployed, underemployed or dislocated workers by providing job-training scholarships.
Another means of support can be found through the Department of Education, which provides federal student aid for eligible individuals. Federal student aid is accepted at all community colleges and most public and private universities. Typically, most for-profit schools as well as non-degree-bearing programs such as continuing education or certification classes do not accept federal student aid, but you should check with the financial aid office at your school or training provider of choice to be sure.
Information about and a free application for federal student aid (FAFSA) are available at http://www.fafsa.ed.gov/
How many students who complete this training program end up working in a related career?
If you are going to make the commitment to train for a new career, you want to ensure the training and skills you receive will actually allow you to find work in that field. Credible training programs and schools should have this information and be willing to share it with you. Moreover, they should be able to direct you to graduates of the program who are successfully working in that field. You can set up a time to speak with them about any specific obstacles they faced in making the transition from school to work and ask them if they would do anything differently if they had the chance.
Does this program prepare me to obtain certification in my chosen field?
Many occupations have professional certifications that are recognized as industry standards. Find out what the standard certification is for your career of interest and ask the training provider whether you will be able to successfully obtain that certification after passing through its program. Also ask the training provider for data on its graduates’ certification exam pass rates. That information will give you an idea of how well the program does in preparing students to attain necessary professional certification in their career field.
What tutoring and additional help are available outside of class?
Many of you may be going to school for the first time or returning to school after a long hiatus, so you may be a little rusty. Ensure that there are sufficient resources available for any additional support you may need. Ask about tutoring programs, mentors and instructors’ office-hour schedules.
Does the program provide internships?
Internships offer you an opportunity to put your newly acquired skills into practice in a real-world work setting. Experienced professionals in your field will groom you as you learn the ins and outs of the industry and discover which areas you need to improve upon. Internships also provide an excellent opportunity to network with individuals and organizations in your new career of interest.
Are there other ideas and suggestions? What are some creative ways you have managed the costs of changing careers?
