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For those of you who have read my previous articles (see related content links on the right) and been extremely honest in your remarks, you will be aware that I have had a tumultuous time trying to get back into the workforce, whilst thinking about returning to my studies for a Masters degree.
It was difficult studying and flying back and forth for interviews. The jobs in my city had dried up completely and I had a few sour experiences with recruiters, which I have shared with you previously in the hope that you don’t experience the same dramas.
However, I realised recently that I had lost sight of my main goal in desperately trying to hold onto a pipe dream, rather than just accepting the market as it was (my specialist background was in an area which had suffered a strong backlash during the GFC). I was just too stubborn to let go and couldn’t simply look forward to getting a Masters qualification which would no doubt see me gainfully employed at the end.
So I have stopped seeking advice from those around me and those who saw themselves as my mentors, and went for professional advice through a careers counsellor. I was told some home truths about my situation and have had to accept that I need to start anew. I have decided to complete my Masters.
Here’s what I now think about the issues I have highlighted in my recent eFinancialCareers articles:
1) Being told I am overqualified: The Masters course I am studying for is a requirement for me in my chosen new field. So I have alleviated this issue because I will be re-entering the workforce in an area which I will have the perfect qualification for. Issue dealt with? TICK.
2) Having a patchy CV: Given the change in my career path, the break to go back to university to improve my chances in obtaining employment, (not to mention starting over in different area), should mean a clean CV slate. Issue dealt with? HOPEFULLY.
3) Going back to an old employer: Having a different career means never having to be faced with going back to an ex-employer; therefore no more awkward conversations with recruiters about the possibility of returning. There is more clarity in my career path so I can now be more assertive in the direction I wish to take. Issue dealt with? TICK.
4) Knowing what the market price is for my employment services: Now this one may be difficult. Shortly I will have a qualification which will match me better into a job. But would I be classified as a graduate? My Masters is still in the area of financial services, so am I actually starting over? I have systems experience as well as the ability to set targets, and have worked in an office environment for many years, so what do I fall under? Graduate or experienced graduate? Issues dealt with? YOU DECIDE.
I have been somewhat lucky to be able to return to my studies as I know this is not a viable option for everyone. However, I know there are a multitude of you who were/are in my position, so how did you reintroduce yourself back into the workforce after completing your studies?
The counsellor only helped me make a decision, but now it’s up to me to complete this journey. Is returning to studies a good strategy, a self-imposed delay to getting a job, or a just a waste of time?
The issues you have raised in your previous articles are the same things that I have had to deal with as well. The patchy CV issue you pointed out was a real driver to why I went back to uni to do a Masters. When I enrolled (unenthusiastically I must admit), the primary objective was to “do something” and have something written on my CV that could fill in the gap between my last job (which was 1.5 years ago) and now.
I took baby steps in going back to uni and started doing 1-2 subjects a semester just to see if studying was the right path. Also, doing it this way would still allow me to have time to look for jobs as well. So I don’t think you should consider it as a self-imposed delay to getting a job- who said you can’t study and find a job simultaneously?
I am still doing the Masters now, but I have found that I am actually enjoying it. My mindset has shifted from just doing something to strategically benefit my CV to enjoying the learning process and not thinking about whether studying itself is a career limiting move. I suggest you just go for it…..and see what unfolds later! Best of luck to you and everyone out there in the same boat!
Study away, but don’t waste your time by doing nothing else. I say study full time, and create something part time. Whether it’s an online business, community club, student group or charity event, it’ll show you mean business, and you may end up taking more from these peripheral activities than from the actual studies.
If, like me, you’re not creative enough to start something on your own, then just get involved in all of the above. Learn a language. Enter a hundred competitions. At the very least, get a part time job at a bank or something. There are so many hours that go to waste when people convince themselves they’re studying ‘full’ time.
That is, of course, unless you’ve a family. In that case my arguments all go out the window, for the most part, and rightly so.
I found myself in the same position as you and went back to complete a Masters. As the previous commentator notes, I also came to enjoy it.
However I would caution you to have realistic expectations. While I received some very good grades in some areas, I have had to settle for a contracting role in financial services which is, in some respects, a step backwards from what I was doing pre retrenchment.
Just keep in mind that a Masters is no guarantee to career advancement or even job offers in this climate. Pre GFC it might have been, but post GFC I’m not so sure…
I specialised in assisting long term unemployed people, now I recruit for an agency. Career counsellors have an idealistic approach to counselling, saying that you can achieve anything in your career starting with THEIR course and qualification. The counsellor will ask what you want to do and then give you a solution based on the uni’s courses. From my experience: You will battle if your previous financial experience is transferable and you are applying for grad roles (you’re not a grad – you went back to uni after X years of industry experience). You will battle with grad applications even if it is not transferable exp as you have industry exp. For non-grad roles; is your exp really transferable? You may not even get a look in for non-grad roles due to competition with better exp. Look at job ads – with the Masters, will you truly meet the criteria – Be honest. IT IS ALWAYS BEST TO LEVERAGE OFF YOUR EXISTING EXPERIENCE TO GET A JOB.
Great article, thanks!
I’m in a similar boat, except my background is not in financial services.
I’ve had advice to do a CPA or Masters of Finance, but I’m not sure that it would really be enough to get me the job, because I’m experienced. (who would’ve thought that doing stuff and achieving could be negative?!…)
What are your thoughts about what degree to take – uni vs. professional training (eg CPA) – which one is more helpful in getting into the finance sector?