I. Do the math first. Getting an MBA, for instance, can impact your future earning potential (and expand your skill set and network), but crunch some numbers before you consider applying. After all, not all grad schools are created equal, and an advanced degree doesn’t guarantee the big bucks or juicy job offers - just ask those MBAers who are graduating this May. Bottom line: Tough economy or not, going to grad school isn’t cheap, and you might be looking at a six-figure bill come graduation day. Before you send in the applications, think smart. Sure, grad school may beat unemployment in the short term, but if you can accomplish your professional goals without it, skip the school, save your money, and pound the pavement instead.

II. Know what you’re getting into. Grad school isn’t easy, no matter what program you choose, so be sure you’re there for the right reasons. Too often, students pursue MBAs thinking they’d like a career in ‘marketing’ or ‘finance’ without really grasping what those careers require. Ask yourself if you truly like working with numbers, for instance, and know what kinds of jobs (and careers) will be waiting for you after you land the degree. Grill successful people in your field, and find out whether they have an advanced degree and what they actually do all day. Sure, hiding out in law school may seem like a great idea, now, but do your homework to make sure you know what your life will be like in your new field once graduation is over.

III. Remember, you’re not the only one with this idea. A rough economy hits, and grad schools applications go through the roof. If you think the job market is tough, try getting into a Top 25 MBA program this year. If grad school is the right route for you, by all means, apply, but resist sending your application out to any school with a heartbeat. When you apply to any and every school, you take time and energy away from focusing on the schools that really do make sense for you – and dilute your overall effectiveness as a result. If you’re going to do it, do it right, and repeat your new mantra: Less is more. Tough economy or not, apply only to the schools that truly offer the best classes, price tag, job prospects, teaching, recruiting pool, etc., that fit with your long-term career goals and your talents, skills, etc. After all, this tough economy shall pass, one day, and you don’t want to be left standing in a career that isn’t what you really want.