Calculating the ROI on Higher Education
The Euro zone is mired in crisis. The US economy never really had its full recovery, while China’s economic growth may not be enough to pull the world out of a possible slump. Meanwhile, economists across the globe have warned about a possible global slowdown in both rich and poor countries alike.
As a nation, Singapore is unlikely to be spared from the economic slowdown. In a speech made by Prime Minister Lee Hsien Loong recently, the Singapore economy is likely to be slower in 2012, although it is not going to be as bad as the years of 2008 and 2009.
In light of all the global uncertainty, employees thinking of furthering their careers with an MBA or Masters degree must now grapple with one of their biggest questions: Is this the right time to pursue a higher degree? Will it help you get executive jobs
or accounting jobs
? Are the conditions favourable for potential students?
The risks of pursuing a higher degree are inherently real. For one, having a higher degree does not necessarily set one up for business
success. Some of the most successful entrepreneurs such as Facebook’s Mark Zuckerberg and Apple co-founder Steve Wozniak have built their businesses without completing their degrees.
Furthermore, as MBAs and Master degrees may not be a proven indicator of future success, this means that students who do not have a scholarship or inancial backing from a company have to fork out the hefty inancial investment for their education – which may not be recouped through higher salaries or better jobs. So the pertinent question remains: Is pursuing a higher degree a viable option during a downturn?
So the pertinent question remains: Is pursuing a higher degree a viable option during a downturn?
Nick Soriano, Director of Marketing and Admissions, Nanyang Technological University, (NTU) Nanyang Business School
Naturally, the spokespeople from the various universities that HeadHuntinterviewed gave various points of views on how students should tackle this pressing question.
For Nick Soriano, Director of Marketing and Admissions at Nanyang Technological University (NTU) Nanyang Business School, he said that economic slowdowns are good opportunities for professionals to look back and assess their careers. Soriano added that many use this opportunity to pursue higher education to improve on their qualii cations and prepare for their next career steps.
“The reason why people do this during this time is because professionals knowthattherewill be fewer opportunitiesto progress
in their careers during the recession – so cost of lost opportunity is lower.”