Business Education: Intelligently investing in your career and future

Charlene Callaghan

At 5:30 a.m., Monday to Friday, Thanoosha Sivakumaran wakes up to the buzz of her alarm clock. She boards the GO train in Mississauga at 6:45 a.m. and arrives at her job at 7:20 a.m.
After an exhausting day as a business analyst, Sivakumaran turns on her computer and begins her homework for the remainder of the night. 

“I want to have a competitive advantage against others,” Sivakumaran says. “A piece of paper doesn’t determine who you are, but it helps you move up the corporate ladder.”
 
A bachelor’s degree for some young professionals is not enough to satisfy their educational, occupational or financial goals.

According to a Statistics Canada study, 16 per cent of people with bachelor’s degrees return to school to do a professional certification or receive a certificate in a specialized study. Among those with bachelor’s degrees, 15 per cent return to do graduate studies.

Speaker, author and consultant Randall Craig says “there are new people coming out of school every year and those in the workforce need to maintain their relevance.” 

According to Ron Babin, Ryerson University professor for business studies, a common knowledge in business is “that over time things that you learn in university can become obsolete.”   Babin argues “skills and theories need to be replenished, especially in the private sector where jobs are more specific.”
Sharon Cochrane, a senior manager for CIBC, says “there are some people who have the perception that having a degree is going to guarantee them the best job from the day they step off the grad podium,” Cochrane says.

Generally, those who pursue additional education work full-time and complete their certificate or MBA part-time or work for two years and than pursue additional education full-time according to Babin.
The purpose for most young workers is financial security and success.
While it “depends on the size and resources of an organization, further education could mean better financial success,” Cochrane says.

According to a Statistics Canada adult schooling study, young workers who go back to school to obtain additional education see an increase of 8 per cent in wages for men and 10 per cent in wages for women.
What is apparent is the correlation between continuing education or an MBA and economic gain. Craig advises his clients that “it’s a matter of asking yourself what kind of return you want on your investment?”
For Sivakumaran, “it’s not just the dollar amount. I need to know that I like what I’m doing.”
Education is generally valued by organizations however, “hiring managers and human resources look for the education that goes along with hands-on experience,” Cochrane says.

“Getting exposure to the work environment and how people work with one another is essential.”
Often, educational training is criticized for being too theory based or analytical. Craig emphasizes that there are many bruises you get with experience and you need to be able to integrate your work experience with your academic experience.

Sivakumaran says “in school they teach you how to handle the ‘ideal situation’. But in the workplace 90 per cent of the situations are not ideal.

“Experience teaches you how to cope.”

Financing additional education can also be a burden for many young professionals.

Approximately 45 per cent of bachelor graduates and 41 per cent of college graduates owe money to government student loans or banks loans according to a Statistics Canada student debt study.

“Education is not cheap. Many of us have to pay off our undergrad loans,” Sivakumaran said. “It takes a lot of budgeting.”
Also, there is often a social cost that goes along with pursuing further education.

“I don’t always see my friends when I want. I can’t travel freely like most people my age either,” Sivakumaran says. “Sometimes you do get backlash from others who don’t choose the same path. I mostly try to surround myself with like-minded people.”

“The wonderful thing about all this education and training is that once you learn something, the knowledge is yours forever,” Craig says.  “It can keep you intellectually sharp; a key skill in today’s workplace.”