In the past two years, I've been thinking about going back to school - meaning, getting into a graduate programme. Before, deciding which school to go to and what degree to take was easy as pie as an undergraduate. But today, as a 28 year-old with a full-time job and a husband, it's not quite the stroll in the park I remember. My dilemma now is to decide whether I should take a full-time degree or a part-time one. And I am not alone.

Statistics show that the majority of graduate students these days are in their late twenties or early thirties, established in their careers, paying off mortgages and having children. And for many of these individuals, taking on a full-time graduate programme becomes increasingly untenable. In the recent decade or so, educational institutions have been improving and expanding their part-time offerings recognising this trend. Here are some factors to consider when going part-time:

SHOW ME THE MONEY
As you might already know, a graduate degree does not come cheap. With a price tag ranging between RM50,000 to RM250,000, the financial question begs careful consideration. Many loans, grants and scholarships are unavailable to part-time students, and only full-time PhD students are eligible for teaching and research assistantships (which cover tuition fees and include a small stipend for living). Other crucial benefits such as student housing and health insurance also preclude part-timers.

The question then becomes, should you risk losing your steady income at present or should you hedge your bets and stay fully employed whilst undertaking your part-time course? For many, it seems that staying employed and balancing study outside of work hours seems the best choice.

Some companies will support the fees of your degree but bind you to one or two years of employment post-programme, failing which you will have to pay them back in full. But many other employers, especially top notch multinationals, will pay for all or part of your degree should you agree to continue working for them while going to school. These options, if available, can be very attractive.

Jeff Kang, 29, who recently completed his Masters in Computer Science, decided to go part-time as the best option for himself. "I was being paid too much money. It was a very simple calculation. Not only did the part-time program at my University allow me to maintain my income and pocket tuition-reimbursement checks from my employer, it also let me spread out my costs over time." These were key benefits in light of the fact he'd just bought his first house.

THE BIG TIME CRUNCH
So what would one expect in a life of full-time employment and part-time study? Picture this: For every hour you spend in the classroom, expect to plan on two to three hours in preparation. So, assuming you take a mere six hours of classes a week, you will need to spend close to 18 hours outside that class in preparation. Add into this group meetings, homework, reading and projects which do not necessarily need to be done on campus. As an estimate, add another four hours in group meetings per week and ten to twelve hours per week on homework/projects and reading. Should you be a particularly efficient student with remarkable time management skills, you might be able to trim this somewhat. But the bottom line is that it is a major time commitment.

Check with your chosen school to seehow they are building flexibility into their class schedules. Do they have enough evening or weekend classes to fit your work schedule. Do library, laboratory and other facilities remain open for extended hours? What about purely online courses or distance courses?

BALANCING WORK
How will this affect your work life? Businesses need workers who are well educated. In recent years, many business have found ways to encourage workers to get additional education through more flexible work hours, tuition payment, and childcare support. You should talk to your HR department and supervisor to discover what's possible in your company.

Support from your supervisor is essential, as your study-life will undoubtedly affect your ability to perform at work. Being able to involve your supervisor in the decision-making process allows you to impart understanding to your boss on the need for some flexibility at work.

An example of how important this is is explained by James Tan, a software engineer who undertook a PhD in Engineering, "I worked quite a few jobs contracting my way though school. It's important to let management know about times when you won't be able to commit long hours (ie. middle of a release) during midterms and school project deadlines."

BALANCING SOCIAL LIFE
Personal time is something you have to be prepared to lose. They key may be to squeeze in as much study time wherever you can find it. For example, if you commute on the train or LRT, read over your notes or prepare for classes. Use your lunch time to work on projects or problems. This may mean you lose personal downtime during the week, but it could free up your weekends with a few more hours to blow off some steam.

Says Samuel Lim, 32 year-old consultant who is in his final year of an Masters in Engineering, "My social life has taken a definite hit in the last year and a half. The casual friends of yesteryear are completely gone. No big loss. But even some good friends are missing from the landscape. People not under the same pressure can only be but so sympathetic to your scheduling needs and desire to gripe about words and acronyms that mean nothing to them. But generally if you consider them a good friend, the feeling is mutual and there's efforts on both sides to keep in contact. And depending on your current job, hopefully not every waking moment is spent in the office or class. Most weeks, especially early on in the semester, I can take a Friday or Saturday night to hang out with old friends. But not both nights!" He adds, "All that being said, now you'll have some friends at school. And those people become a huge part of your new 'life'. You'll certainly spend plenty of time with them. And like most situations where two or more human beings come together it takes on all kinds of social overlays."

BALANCING FAMILY
What about family time? If you happen to be single, this will not affect you too much. But, as I mentioned before, many would already have a spouse and started a young family. Having buy-in from your spouse/partner and family members is crucial to making this balancing act manageable. For all the time you will be at work and locked away studying at home, there has to be a clear agreement on the pursuit of your goals and trade-offs on responsibilities. This is especially crucial for women, who often bear a disproportionate responsibility for childcare and housework. A non-supportive partner will make this goal just about impossible to achieve.

Says Maria Rosa, a 31 year-old recent MBA graduate from Singapore, "There were plenty of people in my class with families that gutted it out and had to work to achieve some measure of balance. The best advice I can give if you have a family is to obtain a genuine buy-in from your spouse before beginning the program. We had too many divorces and near-divorces in my class because of the time pressures associated with the program."

BUT IT CAN BE WORTH THE SWEAT AND TEARS
For all the challenges you will be put through, taking on a graduate course part-time whilst fully employed can taste very sweet. Those who work while going to school will be able to begin applying what they're learning in class right way, an exciting prospect for many. "I'm not the kind of person who flourishes in complete academic theory," says Fatimah Radzi, 27, a part-time M.B.A. student at Northwestern's Kellogg School of Management. "I like to apply it in the real world." For many, studying all day and focusing on books can be a very difficult transition after tasting the dynamism of working life.

In addition, another bonus to the part-time program can be seen in your interviews with potential employers, should you be looking for new employment post-programme. Many interviewers will be very impressed and respect the fact that you succesfully completed an MBA while working. So that's a little bonus that would look good in your job hunt.

Further, your co-workers and bosses will be in awe of your commitment, discipline and work ethic. "I have never regretted my decision to go part-time. I'm planning on advancing within my current company, so my situation may be different, but in the last 6 months, I've had higher-ups that I think never would have given me the time day before asking me about my progress adn discussing my career objectives. If that's not positive reinforcement for staying committed, I don't know what is," says Rosalind Tan, a 34 year-old strategy consultant.

Before you make this kind of commitment or time, money and personal sacrifice, ask yourself a crucial question - are you a good multi-tasker and time-manager? Only take the next step if you believe you can cope with being stretched. If you do decide to go this path, make sure that you accept the fact that you may end up needing to either drop a class or accept reduced responsibilities at work in order to maintain your sanity. Having pressure on multiple fronts is a certain formula for burnout. But if you do manage it, you would have gained a degree and, more importantly, the kind of character only a challenge like this can impart...and that is invaluable.