Nearly a decade ago, while working in development, I earned a master's degree in public affairs. Now, as I consider my career goals, I wonder: Should I pursue another master's? A doctorate? A law degree? Pursuing additional education is almost always a good thing, but time, money, family, and professional workload are important considerations. Before making such a highly personal decision, contemplate these four critical questions.

What is the return on investment?

This question is at the heart of inquiries such as: Will I need a graduate degree to advance in my career? When job postings read "advanced degree preferred," how important is that qualification? What value do university leaders place on advanced degrees for advancement professionals?

Given our relationship as both employees of and passionate advocates for our institutions, it's natural to reflect on our own education—and whether earning an advanced degree may be advantageous for our careers. If you work for a college or university that offers tuition reimbursement, cost may be less of a concern when answering the questions above—but that's only one factor in the equation. Other considerations for busy professionals include work travel, family responsibilities, and community commitments.

In a 2014 article on calculating the ROI of grad school, Forbes magazine offered two important tips: 1. Projections about job prospects, salary, and debt could be wrong—and not in your favor—and 2. Factor in the intangible benefits, which have little to do with money. Similarly, Peterson's online guide addressed the subject with reasons to go (or not to go) to graduate school, from "higher potential for future promotion" to "no guarantee of higher salary."

Among the mix of institutions in my metropolitan area of Milwaukee, Wisconsin, all but one advancement vice president has an advanced degree and roughly half of their leadership teams hold them as well. At a panel I helped organize on this topic at the 2014 CASE District V Conference, one colleague offered an important caveat: The advancement field values professional experience and a track record of success. Don't underestimate the qualifications and expertise you've gained on the job. Keep this in mind as you weigh the following issues.

• Where would you like to go in your career? At what type of institution do you want to work? To what position do you aspire? Do the people in those roles have advanced degrees? What are the minimum or preferred qualifications for similar job postings? Would an advanced degree help you add skill sets you desire to your portfolio? 
• When you account for both money and time, what is the actual cost of the programs you're considering? What is the opportunity cost? How would pursuing an advanced degree affect your short- and long-term finances and earning potential?
• What educational benefits does your employer offer? Will you be reimbursed for part or all of your expenses? Does your workplace allow flexible schedules? If your institution doesn't provide tuition benefits, could you negotiate this in a future benefits package? Would you switch jobs to work for an institution that grants such benefits?

What type of graduate degree should I pursue?

My advancement peers and colleagues have earned advanced degrees in fields ranging from the highly applicable—law, business administration, education, philanthropy, and nonprofit management—to the more interpretable: French, philosophy, music performance, and history. In advancement, degrees that seem less applicable can be useful as well. I have heard a vice president cite obscure grammar rules when editing development communications and another expertly discuss 18th-century classical music with major gift prospects.

A graduate degree can also earn you respect from faculty members. That can be an incalculable benefit in itself, particularly if you've obtained a doctorate.

When in my career should I go back to school?

I earned my master's degree in my mid-20s, while my nights and weekends were still my own. Waiting until later in your career, however, may give you a better idea of where you're headed professionally and what degree, if any, may help you realize your goal. Ponder these worthwhile questions.

• What programs are available at your institution? In your vicinity? What are the pros and cons of an on-campus program versus an online program? How far are you willing to commute?
• How firm are your career ambitions? Should you select a program that directly applies to your current career goals or one that allows some flexibility in case your plans change? Does the program provide the knowledge you wish to gain regardless of your current career progression?
• Do your supervisor and family members support your pursuit of an advanced degree? Is your schedule flexible?

• What time commitment will the program demand? Factor in class schedules, studying, group work, and travel time. Can you work those commitments into your routine? What might you have to give up or reprioritize?

I'm going back to school! How do I make it work?

Once you decide that an advanced degree is worth the investment and find a program that meets your needs, the hard work is over. All that's left is executing your plan, right? Just kidding. File that under "easier said than done."

Pursuing an advanced degree is a balancing act that requires time, commitment, organization, and the support of family and friends. I value the education I've already received, but I know I will keep asking myself these questions in hope of heading back to school for another advanced degree that will position me for further career success.