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.