The job market may be making a recovery, but redundancies are always something that happen in corporate life, and when they hit you it can be a very stressful time. While you may instinctively feel that you have to immediately plunge into full time job hunting when the announcement is made, with a reasonable redundancy payment you do have the option to take some time out. Taking time off to travel or spend time with the family may be appealing, but this raises concerns that getting your next job may not be as easy as you expect, or that future employers may not like the fact you took time out of the industry for things that aren’t relevant to your career.

One option you may not have considered that could allow you to get the best of both worlds, is to take time off with your redundancy money and use it to get a qualification like an MBA.

Why an MBA?

An MBA is one of the most versatile post graduate qualifications you can earn. It can help you get to the next level in your career, expand on what you already know from your work experience, and make you a better all round employment prospect for senior positions. What it can also do is equip you with the kind of knowledge you will need if you decide that rather than going to look for another salaried position, you’d rather start up your own enterprise.

Fitting It Around Your Life

Most MBA courses have a prerequisite of around three years of professional experience. This means they are designed for people who are already familiar with the business world, and so are not the same as post grad courses you might do immediately after a degree. What this means is that the people who take them usually have full, adult lives with the kind of commitments that prevent them wanting to immerse themselves fully in the ‘student experience’ – they are older and have already done that. An MBA therefore is designed to fit around your lifestyle as a more mature, experienced person. You can take an online MBA where you do the majority of the study from home, allowing you to spend time with your family, pursue your hobbies, or even travel while you are doing it, making it a great option if you also want to enjoy the break from work. If you want to do an affordable online MBA, plenty of prestigious colleges offer this, so you can choose one that suits you.

Networking and Ideas

Doing an MBA can also help you meet new people and get new ideas you may want to incorporate into your future career. You may find yourself inspired to move into a different field, start a business, or reach higher than you ever would have if you’d just searched for an equivalent job to the one you lost.

All things considered, doing an MBA can really optimize how you use your time after losing a job to redundancy.