June 18, 2010

Decisions: Calculated Risks, Priorities, and Opportunity Costs

Photo Credit: Wordle.net

When I came back to school a few months ago, I made what I thought at that time was a decisive decision – not to do co-op. There were several reasons for this. First, I really thought I was getting old. Getting back to school after a few years off makes you feel that way. Second, I felt that I had enough experience. In my short time with eBay, I’ve held three roles, one of which affected the entire Customer Support organization.

So it might be a surprise for some that I’m delaying graduation for a year(-ish) to actually do co-op. There were many things that contributed to this decision, but here are the three main ones:

In my short time working for SFU Work Integrated Learning as a writer for its Online Learning Community, I’ve read so many articles regarding co-op. This really opened my eyes to many benefits of co-op which I may have not thought of before. As as example, I remember reading about an alumnus who did pretty well after graduation because of the networks he has built during his co-op term. While I do think I have a professional network (thanks to eBay), I don’t think it’s big or relevant enough to what I want to do eventually, which is Marketing Communications.
In the same position, I’ve met many students who were hired by SFU for their co-op terms. These students seem happy about their experience and had nothing but good things to say about the program.
I’ve also met some professional Communicators because of my recent involvement with the BC Chapter of the IABC. One of them, a graduate of the SFU School of Communication, told me how much she regretted not doing co-op during her time at the university. She mentioned that it was a bit of a challenge to get a job afterward.

Delaying graduation may not seem like a big deal to some — what’s one year, right? — but given that most of my high school classmates (both in Canada and the Philippines) are already working full-time, this decision is a pretty big deal for me. But at the same time, I see this as a calculated risk: Studies have shown that co-op students typically earn 15% more after graduation, so I’m betting that this will be true for me as well if I do co-op.

I’ve also looked at my priorities. Finishing my education asap is important, but not as important as actually getting a job in my chosen industry after graduation. Of course, time is the big opportunity cost here, but when you’re already as old I am, maybe just one more year is indeed insignificant.