Go Back To School Or Keep Working A Job I hate

[jpluncford21]

I'm almost positive this has been asked before, but I'm gonna ask again. I want to change careers. To do so requires that I not work for 2-3 years while I earn either an RN and then and NP degree or a PA degree. At my current salary (50k/yr), that means I loose anywhere from 100k to 150k over that time frame. Adding in the total amount I would have to pay out in tuition, around 100k +/-, I'm looking at a loss of 200k - 250k plus no retirement contributions, etc. The upside is that I would start out making 100k - 120k/yr. If I ever make that kind of money with my current degree, it'll be a long time. I hate my job and have really always hated my career field. The problem I'm having is deciding if I should suck it up and just stay here and keep saving hard for retirement, or make the jump and push back retirement a couple of years. Any thoughts? I'm sure someone out there is or has been in the same situation.

[tooqk4u22]

Here is the math of PV discounted back for over 20 years at 3%.

Scenario 1

$50k, 3% raises
NPV = $1,064,000

Scenario 2
1st 3 years are -$58k ($100k tuition/3 + $25k living expenses)
Year 4 starting salary - $120k, 3% raises
PV = $1,862,000

Assume you have $174k to pay for expenses and tuition and it returns 7% would grow to $720k
PV = $376,000

Total PV = $1,486,000

So going back to school is a good investment. This also ignores the investment returns you could have if you don't increase your spending to increased income but also ingnores potential upside in income in your existing career - I know you don't think there is any but I'll bet there is or opportunities to switch to companies/fields with upside and without the opportunity cost.

[jpluncford21]

Wow. I've ran those numbers as well and agree. I can't stick it out in this field much longer. I am not the kind of person that can be miserable in a job for 20+/- years, so I guess there will be a career switch for me in the future

[grantmeaname]

Is 20 years a realistic horizon for you? Are you looking to FI? How far off is it if you don't switch? If you do?

[sheepstache]

I would just doublecheck your expected starting salary.  Someone else on this forum recommended glassdoor.com to research things like that.  My evidence is purely anecdotal but I have a friend who went to a top-tier school, participated in research papers, and is working in a major city and her first NP job was $80,000.  Indeed, it's hard to say anything for sure about what will happen in a field in the future.  That said, being miserable in your current field is a big factor too.

[grantmeaname]

PAs are paid better than RNPs, so I figured tooqk was just assuming the PA path.

[sheepstache]

PAs are paid better than RNPs, so I figured tooqk was just assuming the PA path.

Oh sure, but I'm still saying that if the starting salary is the deal breaker to be sure of it.  The OP's low end was still higher than my friend's and he mentioned both NP and PA.

[okits]

Is 20 years a realistic horizon for you? Are you looking to FI? How far off is it if you don't switch? If you do?

I'm with Grant; a big consideration is how close you are to FI.  The new career: are you thinking of it because you're really interested in it, it pays well, or you just need something other than what you're doing now?  I'd say reasons #2 and #3 will lead to a less-positive outcome than if your primary motivation is you are really interested in the new gig.  Avoid an out-of-the-frying-pan-into-the-fire kind of scenario just because you want to flee your current job.

I'm sure your scenario is very common, and the right answer is going to be different for everybody.  Consider that a job can just be a thing you do for money until you don't need more money than you already have.  Especially if you have been saving hard for a while, you could stick with your job a bit longer, find ways to make it less damaging to your spirit in the interim, then downshift to something different when your 'stache is bigger and you don't need to save as much/can live off some of the investment income.

Hopefully the comments in this thread help you decide!  Good luck.

[MooreBonds]

I want to change careers. To do so requires that I not work for 2-3 years while I earn either an RN and then and NP degree or a PA degree....The upside is that I would start out making 100k - 120k/yr. If I ever make that kind of money with my current degree, it'll be a long time. I hate my job and have really always hated my career field. The problem I'm having is deciding if I should suck it up and just stay here and keep saving hard for retirement, or make the jump and push back retirement a couple of years. Any thoughts? I'm sure someone out there is or has been in the same situation.

It's good to evaluate where you are in life, and where you want to be. However, I have some concerns with what you said above:

1. Are you going from or going to? It sounds like you feel more dissatisfied with your current career rather than having a yearning for the opportunities that healthcare offers. Could be quite a risky thing to undertake a full degree for 3 years PLUS grad school for the NP/PA just because you feel dissatisfied w/ your current job, and it might mainly be for the money.

Don't delude yourself into thinking that any healthcare career will be a walk in the park! As an exercise, I would suggest you truly look at what specifically it is at your current job you don't like and aren't satisfied with. Is it truly the wages, or could perhaps a certain coworker or boss be an absolute ass - which, in turn, puts a downer on your day and makes you subconsciously focus on other things to vent your frustrations at? Or perhaps it's a complete idiot at work that drives you crazy with their illogical behavior? Be forewarned that there are plenty of healthcare workers (just like in any other industry) who will drive you crazy with their idiosyncrasies, favoritism, and plentiful imperfections, and where you truly wonder how more patients don't suffer more serious side effects while in the hospital.

Are you prepared to dive into a healthcare career with all of the accompanying side effects (being around sick people, some of whom don't cooperate)? And are you aware that many people (including many nurses) rank nursing at or near the top of professions with catty, gossipy, and cliquish coworkers?

2. Is your education track up to date? In the past, I've dated a woman who was a PA, and 2 nurses (one of which was in nursing school at the time). The PA mentioned that you basically are just about doing what a physician does for Med School, minus the residency. I don't know what your previous educational background is in, but wouldn't the PA require additional schooling? Or do you already have a bachelor's in a science-related field that would satisfy a lot of the requirements? Or would many of your previous degree courses even be transferable?

Same question for NP - is your 3 year idea just for a Bachelor's in Nursing, or does it include the full-time grad school for being a NP?

And most importantly - I agree with the comment about your estimated salary. The PA I dated (about 5 years ago) had a full-time salary of about $68k - and for a period of time, she had to work shifts. She was able to work PRN to fill in some extra hours and earn some extra cash above her salary, but working 12 hour shifts in some healthcare environments can be draining...then add in the shifts, and you can really have a messed up social life and schedule. Granted, many healthcare networks offer pensions and generous health insurance plans, so there is another added financial benefit.

Nurses may make $60k after several years, and the NP salary ranges I've come across are maybe $70k-$90k tops. Maybe in a higher COL area you could see 6 figures - but there's an accompanying higher cost of living.

Having said that, the PA did mention that a few of the PAs in her class ended up following the route to things like working with surgeons, and that apparently offers high compensation - but it's definitely a minority of PAs, and definitely not guaranteed to be available.

If you're truly looking for just a high salary, have you given any thought to being a Certified Registered Nurse Anesthetist? Or was that the position that you had in mind for $120k? CRNAs can sometimes earn 200k - and that's before what can be extremely frequent on-call/overtime schedules that end up pushing the compensation well over 200k.

While I would argue that the very quick and dirty NPV calculated earlier in the forum is a little light when you factor in things like typically (relatively) generous benefits with healthcare workers, the more important questions IMO are what the real reasons are you want to leave your current career. If it's truly a toxic environment and truly detrimental to your health (like my previous career was), that's one thing - but if you are annoyed by a few trivial items, and are only wanting to switch for some money, you might have a very rude awakening 5-7 years down the road.

[jpluncford21]

I was a little heavy handed on my initial salary quote for both career fields. 80-90k is a more accurate figure for starting salaries. I honestly didn't expect this amount of traffic, so I just shot down some #s. The #s aren't accurate for starting salaries, but I do know PAs and NPs that make salaries in the 120 range.
@MooreBonds: That is a heck of a reply! Thanks for the depth. I actually have a BSc. in Environmental Science and have recently finished taking what prerequisites my undergrad didn't cover. My original plan was to obtain a Masters in Physicians Assistant, but with a family and a little one running around I have found that my plans have to be a bit  more fluid. I am looking at getting my RN and shooting for either still applying to PA school, or going into a RN to MSN bridge program as an alternative. My thinking is that getting an RN will allow me to earn the same, if not more, than what I earn now while giving me needed experience in the medical field and also allowing  me to work in a field i would rather be in.
I have no delusions of the healthcare field being a "walk in the park". My experiences in life have shown me that usually nothing is what we make it out to be in our heads. My current career has taken me to some amazing places across a broad range of the field. I have worked all over the US, including working on the Bering Sea on commercial fishing boats (think Deadliest Catch), but I have never been happy doing what I do. I assume that the 6 years that I have been out of school, along with a lot of self reflection, have given me ample time to come to this decision. I have always wanted to be in the medical field, but chose to go a different direction while in school. I have a need to help people and an interest in medicine. I have no doubts that I will be happier in a new career. My main concern with this post was if it made sense from a numbers standpoint for me to keep pushing for the new degree.

[jpluncford21]

Is 20 years a realistic horizon for you? Are you looking to FI? How far off is it if you don't switch? If you do?

I'm with Grant; a big consideration is how close you are to FI.  The new career: are you thinking of it because you're really interested in it, it pays well, or you just need something other than what you're doing now?  I'd say reasons #2 and #3 will lead to a less-positive outcome than if your primary motivation is you are really interested in the new gig.  Avoid an out-of-the-frying-pan-into-the-fire kind of scenario just because you want to flee your current job.

I'm sure your scenario is very common, and the right answer is going to be different for everybody.  Consider that a job can just be a thing you do for money until you don't need more money than you already have.  Especially if you have been saving hard for a while, you could stick with your job a bit longer, find ways to make it less damaging to your spirit in the interim, then downshift to something different when your 'stache is bigger and you don't need to save as much/can live off some of the investment income.

Hopefully the comments in this thread help you decide!  Good luck.

And I am just beginning to work towards FI...as long as FI means financial independence....if it doesn't then I have no idea....potato

[tooqk4u22]

I echo all the other comments and concerns above - my post was really focused on the numbers aspectm, but the other stuff is more important in all reality. 

Now that we know more about you - it might make sense to finish up the RN while working your current job.  Then when get a staff position as an RN there may be tuition reimbursement (especially if you get a job at a hospital affiliated with a university) to get your NP or PA. It would be a lot of work and time over the years but financially it would be great. 

Separately, you may find that simply being an RN is a good field - they make decent money and you enormous flexibility and job security. 

[jpluncford21]

If I can find a program that is offered at night, I fully intend on working during. That is another reason I am leaning towards the MSN, since I know I can work at least part time during the program. Sorry not to give up all this information earlier. I meant for this post to be about numbers. I had already worked out all the self reflection/self awareness about a career change.
I'm also going to look into tuition reimbursement through different programs that may help cut down on long-term costs. I know when I was in AK, I met a guy that was going through a PA program and was moving to Anchorage because he was being offered reimbursement for working in an impoverished area....I have always wanted to go back there...