Alternative approaches to determining costs and benefits of further professional education

Abstract

This article provides new approach to evaluation of employer and employee costs and benefits of further professional education. Based on the results of the survey of MBA graduates of the Faculty of Economics of Lomonosov Moscow State University, it argues the definitions of costs and benefits of further professional education become wider. While making a decision about participation in further education programs workers now consider not just the earnings gain, but also the utility of education that consists, for instance, career progress or job satisfaction increase. For employers several alternative approaches are suggested including costs related to workers’ resignation because of the career progress absence after education and benefits in the form of additional professional duties. These mean that the real value of further professional education is now higher for both employers and employees than it was considered earlier.