We aren’t in a recession (yet anyway), but there are plenty of economists sounding a worried alarm. While the outlook now isn’t as poor as it was even a month ago, the fact that remains that there is a lot of economic turmoil at the moment, even if we do manage to avoid the dreaded R.
So what is the best thing to do? While it’s tempting to keep looking for work if you are unemployed or underemployed, there are some compelling reasons to hit the classroom for a while and then get back in the workforce, assuming you can pull together the resources to do it. Why is a return to class something you should be considering while the economy swings around?
Recessions Aren’t the Best Time to Search for a Job
A recession is defined as a contraction of the economy for a period of time (usually two quarters or six months). For the common layperson, recessions are a time when unemployment is on the rise as businesses lay people off or close down. Therefore, there are far more people searching for work than this is work to give them, meaning that getting work is very challenging. This is highlighted even more in people who have to switch industries; for example, resource extraction (lumber, oil fields, mining, etc) to something else.
Trying to get a job is challenging at the best of times; doing it during a time of economic turmoil or an outright recession is just stacking difficulties on difficulties. And if it extends for a while, explaining the gap in your resume just gets harder.
With all of this mind, returning to school while you ride out the recession becomes a very tempting prospect. You can learn new skills (or update existing ones), be able to productively explain a gap in your resume, and stay busy and productive rather than obsessing over the job boards. Schools also give the opportunity for networking and a new way to tap the hidden job market when you are ready to go back to work.
Being a mature student has its own advantages as well that we have looked at before. Mature students tend to be better able to prioritize time and tasks, are able to focus on their studies better, and there are grants, scholarships, and funding available for mature students that aren’t available for those straight out of high school.
Choosing Your Education
I used to tell my students that going to school wasn’t just about learning, it was also a great time to take a step back and really consider what one wants from their career. Going to school gives you that space to consider where you see your job going, so it’s important to choose the right program for the future.
Consider the following when you’re looking at programs:
- Your own values and passions. What do you enjoy doing? What do you hate doing? What would you enjoy learning about?
- The outlook for jobs in that program. Is it good? In demand? Too niche? Does it offer the chance to move upwards or continually learn new skills? Will you have to move away and is that something you’re interested in?
- How flexible is the program? Can you take it part time or full time? Is it online, hybrid, or purely in the classroom? How much hands-on learning is there?
- Can the degree at the end be used for a variety of jobs or are you being to be streamed into one career path?
If you’re not sure what will work, consider doing informational interviews with people in the industry you’re looking at to see what you need to learn and whether the career prospects look good. Take part in networking events, internships or co-ops or field schools that will let you graduate faster, and research things like salary data and demand. And make sure you have a few options you’re excited about in case one doesn’t work out for you.
Should I Work While In School?
That is entirely up to you! Make sure you understand the requirements of any funding you receive (grades that you need to maintain, number of credit hours, etc), and more importantly, know how much you can handle. Be cognizant of your class schedule and how it will impact a work schedule. Many people can absolutely work while in school; others struggle with having enough energy and focus to do both.
Paying for School
The big barrier for many people is of course paying for school. And school isn’t cheap, but there are ways to bypass some of the cost.
First of all, of course there are things like student loans. In Canada, student loans are interest free and can be given to students who are doing either part time or full-time studies. Applying for student loans also puts you in the running for grants that are geared usually for low-income students and/or students going into high need programs like nursing.
But if student loans aren’t something you’re interested in, you can also look at grants and scholarships or funding through things like WorkBC. You may be more limited in what you are able to do if you’re receiving funding from an organization, but at least your tuition will be paid.
It’s important to think of education as an investment. People with degrees tend to make more money on average than those with a high school education. You can pivot to a new career or upgrade your existing skills so that when the job market opens up again, you’re ready to take advantage of it with new skills, new networks, and a new outlook on your industry. All of these things really improve your job prospects while giving you a way to stay productive and inspired during the recession itself.
Recessions, or at least economic unrest, can be frightening. But it’s also a great time to take a step back, take a look at your career path and goals, and upgrade or learn new skills. By the time you’re done, the economy will hopefully be back on track and you can rejoin your industry (or a new one), ready to go.
Good luck!
