Bad economy can be opportunity for education

With the global economic downturn squeezing everybody’s pocket, spending thousands of dollar to go back to school may be unappealing, but for some it will be the key to long-term success.

Michael Whalen, vice-president of enrolment at Mount Saint Vincent University, said the impact won’t be known until applications start coming in in January. 

“We’re keeping a very close eye on it, particularly with regard to international students,” Whalen said. MSVU recruits a lot of students from developing markets like China. “It seems to have hit (there) significantly more quickly and perhaps harder than it has here in Canada, and (international students) are already paying double tuition.”

A lot of people start post-secondary education in economic downturns because they can’t get into the job market. Whalen’s got a million reasons why earning a university degree is still a good financial move: most studies show it adds $1 million to career earnings compared to high school graduates.

Debra Johns, vice-president of operations for CompuCollege, said the downturn could lead people to re-tool in a way that will benefit the college and the students.

“We train students for employment,” she explained. “Although there is bad global economic news, there are still all kinds of career opportunities for individuals who have training in specific areas.”

The college is actually anticipating an upswing in enrolment. “It’s generally the people who have specific, job-related skills who weather the storm the best. We find (with) those who are laid off from the manufacturing-sector jobs, it’s often an opportunity for them to go back to school to get the job-skills training they need.”

Johns points to shortages in IT workers, executive assistants and health-care positions in particular. Students often get $40,000-a-year job offers before they’ve finished training, Johns said, proving the money is well invested.

“Tough economic times are often an opportunity for an individual who’s been staying in a job they don’t particularly like, but it’s a good, steady job and they have families and obligations they need to meet,” she said. “Things change and all of a sudden, there isn’t that safety net.

It’s an opportunity for that person to take a look at what it is they would really like to be doing and take advantage of that time to re-tool.”