Career Training = Higher Salary?
Question:
I’m interested in upgrading my skills because I want to make more money. I know that colleges are currently enrolling and I feel like I'll be missing out if I don’t register for something now. I do have some idea about what I want to take but it’s very expensive. I’ve looked at online certificate programs but have heard that getting a degree holds more value. What is my best option?
Answer:
It’s great that you want to update your skills and improve your marketability to employers as well as secure a sustainable wage for yourself. Your scenario is actually more complex than you might think. There a lot of factors that need to be addressed to best answer your question. And to be honest, it’s not a simple question of, “Is a degree better than a certificate?” but rather, “What training will hold the most return on investment (ROI) for you?”
Based on my experience, I believe there are five questions you need to ask yourself if you’re interested in training:
1: Do you need training or do you just need to upgrade your skills?
If you took a poll asking people if they needed training, I bet a 100% of them would shout YES! I could personally take classes all my life but that doesn’t mean that I need to do so in order to keep my job. Depending on your work experience and educational background, you could get away with not needing training to make more money. It could simply be a matter of improving your interview/negotiation skills if you’re looking for a job, or highlighting your accomplishments to your current employer and asking for a raise.
If your motivation is to increase your income, this could mean taking on more responsibilities and proving your value to the company. You might simply need to upgrade your skills or knowledge base by taking informal classes, reading articles and keeping up-to-date with trends, and/or by becoming a subject matter expert. Unless you don’t have a degree, are not trying to switch industries, or your industry doesn’t require a specialized credential, there is no guarantee that completing a training program will translate into a higher salary.
“If your motivation is to increase your income, this could mean taking on more responsibilities and proving your value to the company. You might simply need to upgrade your skills or knowledge base by taking informal classes, reading articles and keeping up-to-date with trends, and/or by becoming a subject matter expert. ”
2: What level of training or skills do employers want?
This question will help to answer your original question about getting a degree vs. a certificate. Depending on your current education level, your industry/ job role and your career goals, one may be better than the other. If you are trying to become a manager and only have an Associate’s degree, then getting your Bachelor’s degree may be necessary. If you already have a Bachelor’s degree and are looking to transition into another industry, then a certificate program might be a better fit.
More importantly, look at the national and regional labor market data on Bureau of Labor Statistics or O*Net online to get a broad idea of what educational requirements and skills are needed for that job role or industry. Then do an Indeed search to see what training and skills employers want in your area and find the most common training to focus on. What you may find is that most employers just want experience and can train you on the specific skills or software they use on the job.
3: What is the cost of the training program?
Due to COVID-19, more educational institutions have provided remote and hybrid programs, which makes it easier for you to participate in training, reduces cost, and broadens what’s available. Additionally, there are training providers that offer online training through prerecorded webinars, live-sessions, or self-paced options. Beware, as not all programs are equal. While some training providers are cheaper, that doesn’t necessarily equate to quality and vice versa, just because a program is with a reputable institution doesn’t mean you can’t find a quality program elsewhere that covers the same material for a reasonable price. More importantly, if you need a credential or license, make it a best practice to check in with your state or national board and see what training providers are approved and/or what training classes are needed.
4: What is your level of commitment and how will you ensure you’ll stay on track?
Now this is a tricky one. I see a lot of people who are initially motivated to participate in a training, but aren’t successful because they didn’t think about the level of commitment required and/or they didn’t adjust to unexpected life circumstances that came their way. Unless you are solely focused on training, it will take you much longer to complete a training program than intended as most curricula are set up for full-time students. Additionally, going back to school is a full-time job, as you will have to make time to read course materials, complete assignments, and pass tests. It’s harder to do when you’re balancing work and family life, so adjust your career plan accordingly. That might involve reducing your course load to 1 or 2 classes per semester, which will impact the total amount of time it will take to complete your training program.
5: What is your expected Return on Investment (ROI)?
As you probably now realize, figuring out the best training for you is a complex decision as it depends on several factors. My advice would be to not to rush into things if you’re not 100% sure of your career goals. Even though it might seem alluring to jump into training, the best ROI is to do your research, as it will save you time and money in the short and long-term. If you’re interested in training, I suggest investing in a low-cost or free online learning platform at first, such as LinkedIn learning, Coursera, or Allison. This will give you time to do some career exploration and provide you with a snapshot of skills needed for your career. That may be enough to sell yourself in an interview or show your employer you’re taking initiative to upgrade your skills on your own, which could lead to negotiating the salary you desire to have.