Thinking about going back to grad school

You'll be poor. All of your friends will have money. Don't do it.

I'm already in the poor house, way underemployed and thought going back to school might help to get my foot in the door for a better situation in the long run.

Don't do it without a clear plan. Everyone I know that went to grad school without a plan for what they wanted to do with it afterward just saddled themselves with debt and are no better off career wise.

Are there any professional designations or outside learning that you can do to help advance in your current role? What would be your goals after graduating? Do you have a rough idea of how much more you would make?

I think people see grad school as an easy way out and a guaranteed path to better pay. Go check out the median pay for MBAs from non top 10 schools. It's not great, especially when you consider the up front cost and the opportunity cost of not being fully employed for two years. Make a spreadsheet and do the math over the next 10-20 years.

If you're only looking at a 20-30% raise, I don't see the value. Obviously there are more factors at play than your starting salary, and it may make sense for you, but I just wanted to point out that too many people make this decision without actually conducting proper analysis. The ones who come in with a set plan/goal are typically the ones that excel during and after grad school.

I don't have a plan yet, I've just started kicking the idea around. Truth be told, I really don't want to go back into debt with student loans. In my current job situation, I'm getting good experience but there is zero room for professional growth.

I went to grad school (non-MBA) and worked full time. While in school I applied for a job in my field of study and got it (partly due to my grad work and partly due to my experience and certifications), it was a significant raise. I also received a promotion when I completed my graduate studies. Most of my co-workers either have a graduate degree or 15-20+ years of experience. I would not have been "qualified" for my position without my graduate degree.

Not sure if you were going the traditional MBA route, and can't give advice on that, but I can tell you that my graduate degree has helped me immensely.

Let me rephrase, there is no room for advancement at my current job. I'm working at a small CPA firm in a small town as a staff accountant.

No, that's what I was thinking about going back and getting the credentials to sit for the cpa exam.

That changes everything.

I would go back for the CPA!

Only go back if you have a clear path and experience in the field that the degree you want will help you get