The best time to enrol in postgraduate studies is between three and five years into your existing role, says acting chief financial officer of Monash South Africa, Alvin Liew.
If you’re considering a postgraduate course, select a qualification within the context of your current career.
“It’s important to carefully consider the applicability and value-add the postgraduate education will bring to your chosen line of career. Whether it is a more technically aligned or general management focused postgraduate qualification you’re seeking, the decision on what course to enrol in should be considered in context of their current role, as well as their aspirational career path for the future.”
An auditor or tax practitioner, for example, would be more likely to benefit from a technically orientated postgraduate education such as a masters in taxation or a postgraduate diploma specialising in auditing.
On the flipside, a financial planning and analysis accountant would more than likely be required to add an improved understanding of general management, as well as interpersonal communication skills to their career attributes should they wish to transition to a middle or senior management role.
“Asking yourself how a postgraduate qualification fits into one’s existing role, as well as the benefits derived from the envisioned career trajectory is an excellent way to ensure the right selection of a postgraduate qualification,” explains Liew.
The return on investment you can expect from a postgraduate qualification is a key consideration to be taken into account before engaging in this time and cost-intensive undertaking.
Liew recommends calculating the incremental financial benefit an individual would enjoy for a period of three to five years from the date of completing their postgraduate qualification as a gauge to measure the ROI.
The increase in compensation or benefit when accumulated over the aforementioned period of time should exceed the cost implications of a postgraduate degree. You should also be cognisant of any opportunities lost such as time taken off work (whether full-time or part-time) while studying, as another factor when computing the ROI.
When selecting a postgraduate qualification, Liew advises prospective students to gauge potential employability benefits by weighing up the scarcity of the skill sets acquired from the postgraduate qualification against the demand for and relevance of those skills in the local and global recruitment market.
The global recruitment market undergoes select hiring trends in accordance with the macroeconomic outlook, which impacts the demand for certain postgraduate qualifications.
Possessing the right qualification from an internationally recognised accredited tertiary education provider can prove crucial to pursuing an international career. This explains the vast price differentiation in the many available postgraduate qualifications that we see today. However, while cost will always remain a factor, it should not be the key determinant when aiming to maximise the ROI of your postgraduate qualification.
