ADVANCED DEGREES
Most of you have a bachelor's degree, and a relatively high percentage of you already have a master's degree. If you don't have a master's, consider it, especially if you wish to move upward in a technical organization. An MSEE or MBA will make you more competitive, and it could be the deciding factor between failure and success. Tackling a graduate degree while working full time is a real commitment of time, money, and energy, particularly if you're married and have kids. It will take several years part-time to get that degree, depending upon how aggressively you pursue it.
If your work requires more complex analysis and design, a technical master's degree can really add to your knowledge and skills. You will learn new math and more advanced methods of analysis, simulation, and design. Often, MSEE programs are flexible enough in electives so you can tailor your degree to your job needs. What you learn one day you can apply the next.
What about a PhD if you already have the master's? Forget it. Unless you are going to teach or your job involves advanced research and development with more difficult analysis and design, then maybe, just maybe, you should consider it. In most cases, a PhD simply isn't necessary, and because of the overwhelming cost and time commitment, there's rarely a payoff or any kind of ROI. Those who seek out a doctorate want the title, ego gratification, and prestige that it seems to bring.
As for an MBA, consider it only if you've decided to abandon the real technical side of engineering to seek opportunities in management or marketing. Management is a whole new ball game. Sure, it pays more, but will you enjoy the people problems, budgeting and money problems, and the politics? Many not only enjoy it but actually thrive in that atmosphere. On the other hand, I've seen engineers promoted to management who discovered that they hated it.
During the boom days prior to 2000, an MBA was well worth the investment. Companies were hiring every graduate in sight. Today, an MBA is next to worthless when looking for a new job. New MBAs are literally graduating into unemployment. But if this is your decision, just be sure it's what you really want and be prepared to wait for the return of good times to make it pay off. With today's online MBA programs, it's never been easier. Perhaps if you start now, you will hit the upswing just as you graduate.
DISTANCE LEARNING
With the Internet and an astounding interest in online education, distance learning has gained new respect and a huge following. In fact, most major engineering universities now have distance-learning programs, including the prestigious Harvard, MIT, Stanford, and others. Not only can you get a master's or even doctorate degree online these days, but you can also access a multitude of short tutorials and other courses offered in this format. With so many of these programs available, a comprehensive listing isn't practical here. The online table gives you a starting point if you wish to pursue this approach.
Keep in mind the major benefits of distance learning: First, you get to do it at home or in the office. You don't need to commute to another location and find parking. Second, you can do it on your schedule. If you don't see what you're looking for in that online table, go to the Web site of the university of your choice and see what's available.
If you haven't recently participated in any form of continuing education, take a look at your own situation and plan something for yourself as soon as possible, even if you have to pay for it out of your own pocket. Just remember, continuing education to maintain your knowledge and skills is still tax-deductible.