Is going into debt to pay for training worth it?

crystalcadence

So, an internal promotion I went for was unsuccessful so its brought back to the forefront an ongoing idea to do an online course to get a qualification.

This would be either to make another promotion attempt (either with my current employer or elsewhere) or to train for another career. But either way its going to cost money I don't have - I'd have to shove it on my "evil" credit card.

I'd happily do that if I thought the reward was worth it but giving the job market, I am not convinced another qualification to my name will help matters.

Has anyone got any recent experience in this area that might help me decide?

specialboy

Investing in yourself and your future prospects can only be a good thing as long as you aren't getting yourself into a debt that you can't handle

WantToBeSE

Have you looked at the criteria for the kinds of jobs you'd be able to get once trained? You may find that they favour experience over qualifications and would pay to train someone that had the right experience.


I would look at the job/person criteria for the jobs you want to train for and see what it says, before getting into debt for maybe no reason.

saintjammyswine

Is the course/qualification only available online and do you have to pay for it?

You may be able to get funding to cover the cost, depending on the qualification.

[simon]

Wait and save up the amount you need to pay for the course.

By the time you have saved up you will know if its what you want to spend your money on and you will know if it is what you want to do.

Its easy to spend money that is not yours to think that you are getting / going to gain something better.

When its your own money which you are spending on yourself you will think more clearly.

Plus you wont be in debt ether. seen as your not 100% sure if its worth it and "the job market" situation. It just makes sense to me to save up the amount, take on other little jobs or another part time job if you can to save the amount needed.

Good luck, thank you.

crystalcadence

Thank you for the comments so far.

My circumstances are really complex at the moment - I don't want the thread to be sidelined by explaining them once more. I need a better paying job and I needed it yesterday.

The management job I went for was my last ditch attempt of staying with a company I love working for but they said no so I have to look elsewhere.

I have barely enough coming into live on as it is so saving is not an option. If I go for training in whatever, I will have to use my credit card and it will have to be online because of the hours I work.

The main options I am considering is either a course to make me more qualified for a management position or something which will enable me to move into something like Payroll Adminstration or similar.

But before I spend time (and money) figuring out what to study, I want to make sure that I'm thinking along the right track rather than waste precious time on a pie in the sky idea.

bristol_pilot

People get promoted to management positions because they are considered to be the most suitable person for the job. If some training is lacking it is arranged and paid for by the employer. I don't know anyone who got promoted into a management position as a result of doing a qualification they had paid for themselves. If it is a specialist professional or technical qualification that will act as a door-opener to a new career, it might be worth a shot but nothing that is worthwhile of that nature comes cheap (otherwise everyone would do it). What is the qualification you have in mind?

crystalcadence

bristol_pilot wrote: »

People get promoted to management positions because they are considered to be the most suitable person for the job. If some training is lacking it is arranged and paid for by the employer. I don't know anyone who got promoted into a management position as a result of doing a qualification they had paid for themselves. If it is a specialist professional or technical qualification that will act as a door-opener to a new career, it might be worth a shot but nothing that is worthwhile of that nature comes cheap (otherwise everyone would do it). What is the qualification you have in mind?

As it stands, my employer is going to continue training me for the next opportunity but its a small company - the next opportunity could be years away.

If I was to switch into Payroll which is something I am interested in then I'd be looking at something like this or similar.

Its early days though because I'm only just started to researching possibilities.

Nebulous2

crystalcadence wrote: »

I have barely enough coming into live on as it is so saving is not an option. If I go for training in whatever, I will have to use my credit card and it will have to be online because of the hours I work.

But before I spend time (and money) figuring out what to study, I want to make sure that I'm thinking along the right track rather than waste precious time on a pie in the sky idea.

If you are in a difficult place your thinking can be taken over with trying to escape from it. You need to be much clearer though in where you want to go and then work out how best to get there.

In my profession management qualifications are add-ons, after you already have a management position. They show you are serious about going further, rather than giving you a starting point.

I have spent a lot of time with people who have invested heavily - generally in terms of time - on courses that are barely worth the paper they are written on. Course providers mislead, over-exaggerate the value of their courses and paint a picture that bears no relation to how it actually works.

Some of that is because they are cynically trying to promote what they have to offer, but much of it is because they really believe their own PR.

So in short this isn't a magic solution. If you know a course has clear benefits and will be recognised for posts you really want then it might be worth it. Otherwise you could land up much poorer, still stuck in the same job.

The decision has to be yours, but I think I'd be looking to move job now, with a priority being to get a job with prospects rather than going for the initial pay rate.

saintjammyswine

If you are looking for management training then contact your local FE College. Most offer either CMI or ILM accredited courses and you may well be able to find funding for it so you dont have to pay for it. At worst, you may be able to get a 24+ advanced learning loan to cover the cost (information here https://www.gov.uk/advanced-learning-loans/overview ).

National_Careers_Service

Hi crystalcadence, deciding whether to take some training is undoubtedly a big decision, especially when it’s going to leave you in debt. Your initial question of ‘is it worth it?’ really depends on the qualification, the employment prospects that it offers and whether of course it matches your skills and your desires for your future career.

In my opinion there’s nothing wrong with going into debt to pay for training, as long as you’ll be able to pay it back. The big question remains, is it worth it for you? From your post it sounds like you haven’t fully decided what you’d like to study, is that right? It might be worth talking to a careers adviser to help you look at you current situation and help you to decide between the options open to you.

If you are going to study with the view to getting a promotion, have you researched the types of qualifications that your employer wants? In addition have you tried applying for any management roles outside of your organisation?

If you are going to change career direction, do you have an idea of the types of qualifications that are sought after in your interest areas? Remember that if you are changing direction, in addition to training you may need to gain experience to back up your qualification. There’s nothing worse than doing a course and still not being able to get into a new position because you lack the necessary experience.

Out of interest, are you mainly looking at online training as it will allow you the flexibility to continue working? If you haven’t already, you may want to look at part time training through a college as it may be cheaper or you may be able to get funding for it.

The other option, rather than putting it on a credit card could be to take out a Professional Career Development Loan. Professional and Career Development Loans are bank loans to pay for courses and training that help with your career or help get you into work. You may be able to borrow between £300 and £10,000 and the loans are usually offered at a reduced interest rate and the government pays the interest while you’re studying.

I hope you find this initial bit of information useful. Get back to me with a little more info about the types of qualifications and careers that you’re thinking of and I’ll do my best to offer some useful advice.

Alternatively if you’d like to speak to a careers adviser either over the phone or face to face you can give us a call on 0800 100 900. (If ringing from a mobile I’d suggest booking a call back on the website to avoid getting charged by your mobile operator.

Leo