It's a question that's asked often. I hear it from others. I ask it of myself. Seth touches on it in one of the September ranking-debate posts below. The MFA does not guarantee a job. Unless you are really lucky or really good.
This scares the crap out of me. I come from a very practical family of public school teachers. I ended up getting my teaching degree in social studies. I like history and, for the most part, it was a guaranteed a job. I forgot to ask myself if I would enjoy facing 130 15 year-old every day beginning at 7:20 am. (Side note to anyone considering high school school teaching: you have to like kids. And 7:20 am. Combined.)
Somewhere in the midst of teacher burn out, I started to write. And I was hooked. A series of events (you know, life) led me to consider MFA programs. I weighed the pros and cons for a long time. I already have a Master's, my old student loans are paid off, and - let's be realistic - there is a very good chance that I will be back teaching high school students at 7:20 am. Except English this time, instead of history.
And sometimes, there is a little voice that says...you never know. And there is a louder voice that says...who cares? If you want to write, then do it. If you want your writing to improve and you found a program that works for you, then go for it. I've discovered that my goal is not a job...my goal is to write, and write well. What's yours?