TAKING A STUDY BREAK FOR YOUR CAREER?

TAKING A STUDY BREAK FOR YOUR CAREER?

·         Many executives opt for a career sabbatical for higher studies, as it adds value to their profile and pays off within 5-6 years.

1. When should I take it?

·         The stage of your career determines the tenure of your sabbatical.

·         Usually, people opt for a break at three stages – after 3 years, 7-8 years or 10-12 years – of work experience.

·         Those in the first category usually opt for MBA programmes to boost their career prospects in the same company.

·         Those in the second category usually pursue an MBA programme if they want to switch careers.

·         Those in the last category usually choose a short-term advanced executive programme because they hold senior responsible positions and cannot be away from their work for long periods.

·         Ensure that you really need a study break to enhance your career prospects - and can afford it.

·         If you want to switch to a different industry, research on the options and career path that you would like to take.

·         Meet people in the field to understand the skills you need to acquire and then choose the course.

·         If possible, interact with some of the alumni of the institute you have chosen to know where they are working and the institutions that come for placement.

·         Enquire about the average salary as well as the range within which most offers come.

2. Financial considerations

·         While you are studying, your short-term losses are huge.

·         Your regular salary stops, and it is indeed difficult to get back to the frugal lifestyle of a student.

·         So, consider all your financial responsibilities beforehand.

·         Can you afford to give up your regular income?

·         Do you have any family commitments which may hinder you?

·         Can your spouse and children also give up their commitments?

·         How will you arrange for paying the Equated Monthly Instalments of your loans?

·         Is it possible to pursue a short-term diploma, a part-time or a weekend course, rather than joining a full-time one?

·         Where will you stay during the course and how will you bear its expenses?

3. Steps needed before a career sabbatical

·         Lay the groundwork at least 2 years before you take a career break.

·         Use this time to research about the best course and prepare a budget.

·         Calculate the expenses you are likely to incur.

·         Divide these under education expenses, living expenses, family needs (including children’s fees) and medical needs.

·         Open a separate savings account for the education fund.

·         Ensure you can clear all debts before you take a sabbatical.

·         If it is a long-term loan, such as a home loan, make sure you have funds to pay during the course, or check if the lender can give you a moratorium.

·         Get adequate medical cover as you will be losing out on the insurance that the employers provide, especially if you plan to study abroad.

·         Two months before you take the sabbatical, begin training someone to handle your work, to avoid leaving your current workplace in chaos.

·         If you intend to return to the same job, keep in touch with your boss and colleagues during the sabbatical so that you are always in the loop.

Any source