Dear EFAP: career move
Thank you to those who have written to “Dear EFAP” for input on your dilemmas. As you are aware, we read every inquiry that comes in but we are only able to print a small selection of responses. Our “pithy” answers are modeled after the lighter hearted Dear Abby style and are grounded in common sense. If your issues require a more personalized level of support please call EFAP (1-800-505-4929) and we can confidentially book you a counselling appointment with a senior level therapist.
We welcome all inquiries – please submit these to dear.efap@efap.ca. All printed responses use the anonymous descriptor that you sign your inquiry with and do not reveal any identifying information. Our goal is to support you through insight and common sense.
Below is our response to the next selection – enjoy!
Dear EFAP
I have a low level admin role at VCH and it’s making me miserable. I’m thinking of going back to school to become a nurse because it would pay more and I would love the work, I think. I’m just not sure it’s worth the investment as I’m north of 40, what do you think?
- Contemplating a New Career
Dear Contemplating a New Career
How exciting for you that you’re thinking of doing some education that would land you with employment that might be more appealing and more lucrative. Both things are important, and I get that. I’m not a financial person, but I did look up some stuff for you that I hope that you and others contemplating a similar move might find helpful – apparently you’re not alone!
According to the American National Centre for Education Statistics, of the 21 million people enrolled in post-high school programs, 2.3 million are between the ages of 40 and 60 (up from 1.9 million in 2007). Interestingly, according to the US Bureau of Labor Statistics, the 10 jobs worth going back to school for are: registered nurse, truck driver, elementary kindergarten teachers, medical secretary, restaurant cook, market research analyst, accountant/auditor, dental hygienist, physical therapy assistant and substance abuse counsellor. Who knew? With your choice being at the at the top of the list, and with many current opportunities and a large increase in job opportunities expected in the nursing field in the coming years, I’d say that the future looks good with this choice.
That being said, doing the math to see if school is a good idea is also wise. Aarp’s Money Matters quotes Corbett Doyle, a lecturer at Vanderbilt University who advises: “To make the best choice about going back to school for midlife career change try doing a calculation called Net Present Value, one of the most common tools businesses use to make decisions. This calculation involves measuring how much you’d pay to go to school (including the cost of repaying a loan, if you’d have to borrow, and the loss of income if you attend school full-time) with the revenue you’ll likely earn in your new field.
Set it up as a table, marking the columns with the years (don’t go out more than five to eight years in the future), and the rows with what you think your income will be. Then, when you’re done, go back and redo it, using a worst-case scenario (you can’t find a job in your new field for a few years, for example) and best-case scenario, such as landing a job that pays better than the average. If the calculation is zero or more, it’s cause for celebration: going back to school makes sense, at least from an economic point of view. If it’s zero or less, the traditional rule of thumb is that this is a poor financial investment decision.”
A mid-life career change is not only about the money, it’s about what’s going to make you happy so that also has to factor into your decision. It sounds like you know what you want, and it does indeed look like a good idea! Investing in yourself is never a bad idea, but maybe you would like a little help to decide if this is your best next step. If so, EFAP has both financial and psychological counsellors who can help you sort this out, just give us a call at 1-800-505-4929.
* * *
The advice offered in this column is meant to be used as general guidance based on the facts provided. The opinions or views expressed should not be relied on as treatment or counselling services. If you are a VCH staff member and find yourself in need of counselling or support, please contact EFAP toll free at 1-800-505-4929 or 604-872-4929, your family doctor, or another appropriately trained and qualified specialist.