Is Higher Education for IT Professionals Worth the Cost?

When considering a new career, or trying to advance in an old one, people usually have many questions. One of these questions is how much is it going to cost me to gain the skills needed and will the cost be worth it when I am done. Higher education costs are rapidly rising and it is often difficult to see the payoff. Tuition at many major universities as well as smaller colleges can cost tens of thousands of dollars a year. In addition to the financial cost, some people have families and other obligations, which need to be considered when contemplating the cost of higher education.

The Information Technology or IT field is one of the fastest growing professions today, which is one of the reasons you need to make yourself standout, and education is the key. Like every other career that people are attracted to, many people contemplate going back to school in order to advance their profession and IT is no exception. As the opportunities within IT grow the market increasingly become an employer market. As employers are presented with an ever increasing supply of IT professionals, the salaries for the available positions drop; however, among IT professionals with higher educational degrees and specific sets of skills becomes increasingly rare, those that differentiate themselves via education will find IT salaries are actually increasing.

For most people the future cost is well worth the price of higher education. The more education that an IT professional has, the more money they will make once they have a job in the field. IT professionals that hold a Masters Degree generally earn twice those holding Bachelor’s Degrees, while those with Doctoral Degree earn twice that of those with Masters Degrees.

While this may seem like a good idea on paper, many people simply do not have the money available to go school. It is important to realize that there are other options besides paying out of pocket or taking out huge loans. The federal government offers grants for people who are pursuing higher education for the first time. Some states have grants as well. There are also private scholar ship programs offered by a wide number of sources.

If you are no longer eligible for Federal and State funded grants, there are still other options. One such option, is to see if your current employer would be willing to pay or help pay for the cost of education. Employees often overlook this option when considering the cost of higher education, and many employers already have programs in place, and some will even pay for Master’s and Doctoral programs. Employees often overlook these opportunities when considering the cost of higher education. Many large as well as some smaller companies have found that the financial benefits of having an employee with degree are well worth the investment, and are thus willing to pay the educational expenses. Even if your company does not currently have such a program you could try to propose one, by explaining the benefits to the company.

While this may solve the financial issue, it still leaves other questions unanswered. For many IT professionals who wish to go back to school, taking a leave of absence or working fewer hours at their current job simply is not possible considering the current unstable economy, as the risk would be too great. However, the additional hours of attending school while holding a full time job can quickly take its toll on one’s health, due to lack of sleep and stress, while others may have families, and may not wish to spend more time away from their children or spouses. This can be a difficult decision, because for many people, their time is just as valuable as the prospect of earning more money.

The good news is distance learning or online education is one solution to this problem and has grown in popularity and acceptance. Online education can be done on your own, at your own pace and does not require long commute times. Instead of spending long hours in lecture halls, students can spend their time studying the material they need to know, and most programs also allow students to take the courses and finish the degree at their own pace. Distance education is also usually less expensive than attending a brick and mortar university, as the costs involved in delivering the education is greatly reduced.  

Keep in mind that pursuing higher education will only take a few short years, while the benefits will last a lifetime. The IT field is a rapidly growing field and is expected to grow for many years to come. While financially, higher education for IT professionals is a no brainier, there are many other considerations. Distance education and employee advancement programs are two options to consider when making the decision of whether or not to pursue higher education. Each individual should carefully consider the options and make the choice that best suits them, but most people will find the benefits far outweigh the cost.