Employer Paid Tuition - Second Chance to Diversify, or Specialize?

My employer will pay 80% of a graduate degree as long as it related to our industry (utilities). Luckily, that leaves open most things outside of art, history, philosophy or medical/health sciences. I like my job, and I'm actually growing to enjoy the utility industry aside from the fact that they don't give much time off (paid or unpaid). You guys know me, and you know how much I yearn for adventure and time off, so any future career/education plans factor that into the outlook.

Local college offers a great program, Masters of Technical Education. Online, too.

I often regret not doing my undergraduate degree in Industrial Technology Education with a minor in Geography. It would have gotten me where I am now with considerably more employment options. I could apply this degree to my current job, future positions with the company (we need more trainers) but could also move into the education sector as well. I love to learn about new technologies and learn new skills, and I love helping others to learn those skills as well. My wife will tell you that I get easily excited talking about new gadgets.

Another great school in state offers one of the few IFMA accredited programs for Facilities Management. My employer would love for me to have this, as we've got lots of facilities to manage! Maybe later in life I could manage the facilities of a hospital, school or college, or hotel/resort, which would afford me good vacation and a decent salary too, with diverse daily challenges.

I could also get an MBA locally, but I'm not entirely sure I want to run a company. I want more vacation time, not less.

There are a few great Information Technology and Information Science programs nearby as well, and this is a growing field. Downside is that its very similar to what I do now, and I'd prefer to get out of the office more.

Thoughts?

PS: I'd rather additional education demonstrate my proficiency at learning mechanical/technical concepts than business processes and theories. If I was any good at math I should have gone for engineering or industrial design.

I also have a niche undergrad degree, which fortunately hasn't been a blocker for finding me a solid career. In my company, an MBA seems to open a lot of doors to upper-level operational and corporate roles. Most Sr Mgrs and above seems to have MBAs.

If the employer pays for the degree, is there a vesting period where you will have to pay them back in the event that you and the employee part ways? Do you have to cover the taxes on the employer's tuition coverage? To mitigate risk, I would get the most broadly applicable degree, with the highest probability of paying for itself. Nowadays that seems to be an MBA.

I have a Bachelors in Industrial Education and a Masters in Education and I suggest the Facilities Management option

Presumably, you have been in your current job long enough to know what positions allow you to take all of the vacation that they let you have.

IMHO, that's one of THE most important benefits that can be given.

So if you like your company, figure out what you need to learn to get that position.

Whatever it is (even an MBA, God forbid).

MBA doesn't mean you'll necessarily run a company. Most people in management at my company have an MBA. In fact, until recently out of 4 people I was one of 2 without an MBA--the other one was a CPA with a lot of certifications.

My dad (who has an MBA and does not run a company) has said that the MBA doesn't necessarily work out from a money perspective (i.e. increase in income vs. student loans vs. putting that towards retirement), but it does mean that you don't get siloed in your career into something you don't want to be anymore. Because of his MBA, he has been able to jump to a completely different role in his company without a drop to his income.

An MBA has worked out for me. Since getting my MBA in 2008 I've tripled my salary.

My perspective on MBAs is that they used to be a good idea 20-25 years ago, but these days they don't work as a differentiator. Too many people have one these days. In some large companies you probably still have to have one if you want to be part of (middle) management but IMHO middle management is not a good place to be these days.

It depends a little on your field but usually specialisation pays better than adding more generic experience and education.

That's all IMHO, and keep in mind that I didn't even finish my first degree.

alfadriver wrote: Presumably, you have been in your current job long enough to know what positions allow you to take all of the vacation that they let you have. IMHO, that's one of THE most important benefits that can be given. So if you like your company, figure out what you need to learn to get that position.

Company wide we get 3 weeks for the first 10 years, then another week at 10, then another week at 20. After 20 years of being with the company I'll still only get 5 weeks.

That to me is not where I want to be.

Now, we can roll over time, and there is certainly encouragement on behalf of senior staff to take all the time we're given, but in ideal career, I'd like to get 5 weeks within the first couple of years.

I don't need the increased salary. I don't expect to hit retirement age if I live a traditional 9-5 office job. I'm certainly putting money into a 401k in case I do, but I'm not gonna do the whole "well if I make 3x the salary that I do now I'll be able to retire at 55" because I know so few people, even those with higher incomes who are retiring early. They either love their job and have been getting tons of vacation time from early in their career, or they be dead.

Hal wrote: I have a Bachelors in Industrial Education and a Masters in Education and I suggest the Facilities Management option

Can you elaborate? Did you want more money? Was being a teacher not stable? What did you do during your summers?

I guess one thing that could happen with an MBA or Facilities Management degree would be that as a I move up, I might have more opportunities (outside my current company) to get involved in more project based work, which might allow me more time off while still making good money and a varied work environment.

PHeller wrote:

alfadriver wrote: Presumably, you have been in your current job long enough to know what positions allow you to take all of the vacation that they let you have. IMHO, that's one of THE most important benefits that can be given. So if you like your company, figure out what you need to learn to get that position.

Company wide we get 3 weeks for the first 10 years, then another week at 10, then another week at 20. After 20 years of being with the company I'll still only get 5 weeks. That to me is not where I want to be. Now, we can roll over time, and there is certainly encouragement on behalf of senior staff to take all the time we're given, but in ideal career, I'd like to get 5 weeks within the first couple of years. I don't need the increased salary. I don't expect to hit retirement age if I live a traditional 9-5 office job. I'm certainly putting money into a 401k in case I do, but I'm not gonna do the whole "well if I make 3x the salary that I do now I'll be able to retire at 55" because I know so few people, even those with higher incomes who are retiring early. They either love their job and have been getting tons of vacation time from early in their career, or they be dead.

Interesting perspective.

If you don't plan to retire via a (or a series of) "9-5" jobs, what do you expect to do?

I get the same vacation, but thanks to other agreements, we also get a full extra week of holiday time compared to most industries. So 3 base weeks is actually 4. And my 5 now is actually 6. Or more realistically 7.5 since I can buy a week. Hope you can find a job willing to let you buy a week- that helps immensely- it's otherwise known as a pay cut that we are both happy with.

As for when to retire, my plan has always been to stop at 30 years, which happens to be 55. Possible that I go a few more years, but not likely.

Still- my point isn't just about what you get for vacation, but being in a position that taking it isn't a bad thing.

PHeller wrote:

Hal wrote: I have a Bachelors in Industrial Education and a Masters in Education and I suggest the Facilities Management option

Can you elaborate? Did you want more money? Was being a teacher not stable? What did you do during your summers?

Money was fine since I live where teaching pays well (80k/year when I retired). Teaching is a very stable career. Layoffs are rare and once you get tenure your job is safe. Summers I usually got a job that paid for my hobbies. I taught shop for 18 years and then introductory computer courses for 10 so summer jobs were easy to find. We aren't big on travel and wife was working full time so we didn't do travel type vacations.

I retired 2 years early (28 instead of 30 years) because I didn't like all the Bull-E36 M3 that was creeping into the job. And that was back in 1994 and it has only gotten worse since then.