Recently as the economy doesn't look too positive, several of my friends in their 30s have considered whether or not to further their studies. Most people would have considered it too at some point in their career life and even fret upon what course to take. Personally I have done a masters degree and understand that it is not an easy decision to make - I mulled on it for 3 years before embarking on it!
Before you plunge right back into studies, you need to understand why do you want to further your education? Most people do it in a hope that they can get a better job or to command a higher salary - yet most don't realise that most masters programmes have a very low ROI (Return on Investment). Masters programmes typically cost between $30k to $50k and upon graduation, most people find themselves getting back similar salaries as their peers who just have a normal degree (albeit the advantage of sometimes edging fellow candidates out during interviews). There are only a few prestigious masters programmes out there, namely certain branded MBAs, that can command a whole different level salary due to their strong alumnus network. Assuming one does get lucky and gets $500 more a month than before the masters, it would still take 100 months or 8+ years to make back the $50k which was invested. With the time and effort spent on the masters (~2 years), you could have done something else to enhance yourself to get that pay increment you wanted in the first place (could be taking on a challenging project or gaining exposure by helping out another department). So you really need to be very practical and manage your own expectations.
After being clear on why you want to further your studies, the next tough question is what course should you take? Depending on why you wanted to further your education, that reason should be the key determinant to the field of study to choose. If you feel you have stagnated in your career and want to try out a totally new industry or field, then the masters is a good entry method. Choose the course that grants you the best chance to land you the job you desire but also bear in mind that the amount of determination required to learn something totally new is going to be immense - be prepared, it's going to be a struggle! If you're looking for something to enhance your position within your career, then look for a course that can complement your core strength or current field, in other words, look for something that can target important skills that you may be lacking or weak in, in order to progress to the next level. Don't ever rush into a masters, you should take time to figure what courses are available out there and whether they are worthwhile and suit your needs.
Part of your consideration would also be the when and how to go about it. Whether to do your studies part-time or full-time really depends firstly on how you can finance the course. Being without salary for a period of 2 years can be painful, but trying to do part-time and juggle your daily job and studies can be nightmarish too - been there, done that. Being without employment for a period of time also breeds the fear of whether you can find gainful employment upon graduation. There's no easy way whichever way you choose, so be mentally prepared. If you're a fresh graduate and want to pursue your masters immediately, then it's probably not advisable as the value of a masters education comes with certain amount of work experience. Imagine what little value can you bring to the table when the rest of your fellow classmates present their wealth of experience during class, then you would be so left out. There are certain masters that you do straight after your degree but typically those are catered for folks pursuing the life of an academic or a researcher. Yet on the other hand, wait till too late in your career, then the inertia to get back to studies may be too great. As it is, a good benchmark would be around the age of 30 for a masters. Whatever it is, you should never rush into a decision and it is especially silly to embark on one just because some of your friends are also doing so.
If you're reading this but actually considering to get your first degree instead of getting a masters as discussed above, then please do it the soonest you can. Not trying to advocate any form of elitism but the way modern Singapore society has been shaped, it would be difficult to survive without a degree which has become a prerequisite to open good opportunities for your career. Above are hopefully some handy tips if you're considering to further your education - good luck!
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