Although I’ve taken the LSAT, GRE, and GMAT (several times, in fact), until recently, I never did so with a true focus on immediately starting a graduate program. I love school—always have—and always intended to go back. But as the all-too-common story goes, I moved across the country, started working, was doing pretty well, and it just got put on the backburner. Life happened.
Nine years out of college, I found myself with a post-collegiate address history in South Florida, Los Angeles, Chicago, and San Francisco, with family and friends scattered all around the country… but with few nearby. And although I had a strong résumé of work that I truly enjoyed, I’d also racked up quite a bit of debt over the years. When the U.S. economy really started heading south in September, I had to face some hard facts. Comparing my income and debt to the cost of living in San Francisco didn’t look pretty, and I found myself in too vulnerable a position to be comfortable.
As a political junkie and the daughter of an economist, the excitement of a presidential election and the agitation of a full-blown global economic crisis incited some intensive reevaluation and spurred me into action. So, after nearly a decade of helping people prepare for standardized tests and putting off graduate school myself, I decided to finally pursue my own JD/MBA.
The decision to go back to school is a very personal one, and it’s certainly not one to be taken lightly. For those with reliable income and pressing responsibilities, now might not the best time to go back to school (at least not full-time; a part-time program, however, might be a very wise investment). For me, however, I found myself very flexible at age 30, with only a dog to take care of, at the cusp of what definitely feels like “the rest of my life.” Riding out the rough economy in graduate school seemed like the smartest—though not the easiest—choice for me.
When I committed to the decision in October my LSAT and GMAT scores were somewhat out-of-date. Faced with two different tests and two very different application processes, I had to prioritize—and quickly. Since the LSAT is only administered four times a year and test sites fill up early (especially later in the application cycle), I first scheduled the soonest possible test date, the December administration. I figured that I’d get the LSAT out of the way first and finish up my law school apps (which are considerably easier to complete than are B-school applications, thanks to the LSDAS—more on that in future blogs). Once I had the law school portion finished, I’d begin the Business school application process.
And that’s where I am.
As a frequent advisor but first time applicant, I’ve learned some valuable lessons about deciding to go to graduate school and how to complete the preparation and application process, which I intend to share through this blog. Let’s start with the first question: Is graduate school right for me now?
To answer that question, here are some questions you should ask yourself:
[N.B.: I’ve chosen three years as a guideline for candidates in the U.S., as that seems to be a reasonable estimate for a considerable recovery from the domestic economic situation. If you are outside the U.S., you might want to change three years to one year—next application cycle.]
Is my current job stable enough to sustain me for the next three years?
If you’re working in a growth industry—like education—and you’re confident that your superiors are impressed with you, you’re probably better off waiting out the rough economy in your current position or perhaps considering part-time/fully-employed graduate programs. But if you work in the auto industry, as a stockbroker, or at a startup, graduate school may hold more personal appeal. Being laid off may very well provide you an opportunity to pursue something that you’ve always wanted to do, but don’t voluntarily sacrifice stability too hastily for the mere possibility of something better. Wait for the situation to stabilize before you make your move.
Will I be happy enough staying where I am for the next three years?
Let’s face it: now’s not the best time to be looking for your “dream job.” Job markets are tight, and leaving your current job for the prospect of something unknown is unwise, at best. I don’t recommend leaving your current job because you don’t like the guy who sits next to you.
But if you’re going to be absolutely miserable if you stay at your current job, in your current field, or in your current location, then graduate school might be right for you. An advanced degree will definitely make you more attractive to employers, but you should consider part-time/fully-employed programs before ditching your current bread-and-butter gig.
If I put off graduate school for three years, will I still be able to return to it later?
Will you have too many personal commitments to return to school in three years? Will you have progressed too far in your career for graduate school to be feasible or even desirable? Will the career you wish to pursue with your graduate degree still be as relevant in three years? If you’re not sure you want to go at all or that it’ll be a sound investment, then don’t do it now. If you’re sure you want to pursue a graduate degree but now doesn’t seem like the time, there’s still much you can do to prepare while sustaining yourself in your current job. Prepare for your GMAT, LSAT, GRE, or other standardized test. Cultivate relationships with people who can advise you and recommend you to graduate programs. Grow your résumé and resume the application process once you’ve finished all the prerequisite legwork and the timing is better.
Can I afford graduate school right now?
Reality check: graduate school is expensive. Scholarships are much more scarce for graduate school than they are for undergrad. Credit markets are tight everywhere. Can you really afford to go back to school right now? A full-time program might be out of reach at the moment, but a part-time program is something to consider as a viable alternative. Review your finances and research programs before making your final decision.
Once you’ve asked yourself these (and other) tough questions, it’s time to take action. If you’re ready to move forward, I’ll chat more about the next steps in tomorrow’s blog entry.
