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Choosing to study while you are working is a significant decision, especially if you have a demanding job in financial services that does not fit neatly into the nine-to-five box. When I started my postgraduate studies (an executive MBA) about two years ago in Australia, I faced two key challenges.
Firstly, it had been eight years since my undergraduate degree and other than sporadic work-based courses, I had not really studied since my uni days. The idea of hitting the books again was daunting and I could see my personal time dwindling away.
Secondly, I could see no end to the excessive demands of my job. Work was so busy that even attending the MBA information evenings was difficult. If I didn’t have time to make these, how would I ever get to weekly lectures?
Today, however, I’m in my final semester of study (yes, yes, yes!). Needless to say, I have overcome my initial concerns to get to this point, so I thought I would share some tips for other professionals facing the “study/not study” decision.
Manage your time
Even though my employer supported my MBA (it pays on successful completion), I had to negotiate things like study leave and ‘stopping work by a certain time on lecture nights’ with my boss. Whether or not your company is paying, this negotiation is essential to ensure you have enough time to focus on your studies.
I have been proactively brutal with my time, having found new ways to deal with the ‘fire fighting’ activities that used to keep me in the office until late. Steven Covey’s time management principles in the book The Seven Habits of Highly Effective People taught me to shift my focus away from the ‘urgent unimportant’ (something I was doing too much of) towards the ‘non-urgent important’ (I classify my studies in this category).
Other time management tips include: reading on my daily train commute; preparing lectures on Sunday; learning power-reading techniques; and improving the way I summarise notes. Of course different things work for different people, but the key takeaway from this is that you MUST take steps to manage your time better.
Focus on personal development to keep motivated
It can be difficult to stay motivated when you also have a full-time job and personal commitments. While I intensely dislike late nights and weekends devoted to study, I relish the knowledge and the personal development that I am obtaining as a consequence.
I have had several ‘a-ha’ moments at work where I was able to apply concepts from my MBA. I have contributed constructively in areas where I previously lacked knowledge or confidence. Academia is not just about books – there are some excellent case studies that allow you to get inside the workings of other organisations in your industry, and I have spoken about these back in my workplace.
My ‘brand’ at work has improved and I am getting an edge over my peers. This focus on personal development has kept me motivated for two years, even though there have been times where I just wanted to quit and get some of my life back.
Remember, it is worth it
It remains to be seen how much real bargaining power I get to boost my career at the end of all this, but I am hopeful. And irrespective of whether I become hot property in the employment market, I have realised some clear benefits already, such as personal development and a higher profile at work. Moreover, I am getting promising feedback from my boss and other managers.
The other latent benefit is that I have become a more effective manager myself. For example, I am now better at delegating work to my team, and I seek their input more often. Despite not knowing what the future holds when I graduate, these benefits have already made my decision to study worthwhile.
There is a long list of negatives for undertaking study, however, if you value your personal development, you will find ways to make it work.
The views expressed in this article are those of the author and not of eFinancialCareers. The author works for a financial institution in Australia.
Any post grad study requires the buy in and support of your manager and employer, without this it is very difficult.
Doing your MBA when your employer is paying for it is a great place to be. I did my MBA full-time and now it is difficult to get back in the job market.
The majority are only going to be made redundant in the next downturn regardless of qualification, rather spend your time with family and friends and live a little.
I think that employers should be told – dont be afraid of the big bad MBA. Lots of MBA grads have trouble finding jobs afterwards because hiring managers are afraid they will be overtaken….
I’m waiting on my final exam results out tomorrow! Yes, 2 years was worth it, but did not seem so at the time. I’m 57 & the learning & development aspect especially on Leadership has boosted my confidence & knowledge no-end. People around me are staggard I was at Uni (part-time).I have found increased status with my work collegues & they actually listen to what I have to say. It remains to be seen if a get a career move out of it.
i was 20 i got selected as a trainee in my bank in Pakistan i was doing my bachelors that time
i completed my bachelors with my job and after that i started my MBA but due to financial crisis i end up with completing 8 courses only i wanted to study but i could not make it coz of the fee and there was no such option available there through which i could take benefit , now i thought lets go for A normal Masters which was heaps Cheaper then MBA and i completed my MAsters in Economics from Karachi University Pakistan, it was all done while i was on job and now im 24 and came to Australia for Diploma in Accounting , coz i Got 1 year leave from my bank after showing my admission to them
so now Guys U all are experience and i want to take all your advice should i go Back and join My job as i was in Corporate banking that i love alot, but i wanted to Do MBA as well from Australia but again runing short of Funds so now i have 2 options either select a cheap certificate course and try to earn money here but i will lose my job and will b out of job market coz collectin money will tak me around 2 years or may b 1 year so now Plz i need a gud advice what should i do?
A very interesting and useful brief insight into study + work. I recently changed companies and had negotiated a study allowance in my new role. This one pays upfront (regardless if i pass or not) whereas my old job paid only 75% upon successful completion. The difference is i had more free time and flexibility in my old role, hence my decision to undertake study. But now finding the new job is very demanding and am questioning when or whether i have time. Will have to see next year as 6 months had already passed and i haven’t enrolled yet. Hopefully it wont be too late then and my motivation is still there.
I have to agree with Kate. Perhaps that’s why I’ve had trouble getting attention from employers, at least locally…
I finished my MBA two years ago from a consistently highly ranked MBA school, attended all lectures locally and worked full time whilst studying a full time equivalent load – even attended business school electives overseas and specialised in Finance. It absorbed almost 2.5 years of my spare time but I have to say was immensely personally valuable and is achievable. Distracted me completely from the job market at the time though. Two years on and hundreds of job applications later I can only advise if you are planning on doing an MBA at great personal and financial cost perhaps think of it as a personal achievement and not necessarily a career enhancer. Most recruiters aren’t truly familiar with the benefits of the MBA, some sceptical others dismissive, so best to find one that’s done one. If you are having trouble leveraging your new skillset as an MBA grad, my advice is to look outside Australia where post graduate qualification is essential to be competitive. I’ve certainly had more success abroad. Good luck.
I completed my MBA in Accounting last year with a 15 year gap between under grad where my employer did not tip one cent into my course and was subsequently retrencehed six months later. I have to agree with Paul and Kate that an MBA is not the be all and end all. One interview in 9 months later-the prospective employer said I lacked recent technical skills. And yes my resume has been vetted by a friend in HR as strong. The personal benefits are imeasurable.
Recruiters have no idea what you bring to the table! Do they do an online search of the course and subjects you complete? No! Are employers scared you will overtake them in a short period of time and upstage them? Yes!
Paul and Kate it is nothing to do with you on a personal level. Getting a job when you are qualified comes down to luck-been in the right place at the right time.
As another friend (senior exectutive) said to me. When we get down to the nitty gritty of hiring, we throw a dart onto a dart board and where it lands is who we hire.