Education costs money. But then so does ignorance! – Sir Claus Moser
If you are planning to start a career in the music industry as a professional composer/arranger/orchestrator, then you better know the rules you agree to by entering the game – at least some of them.
Do not believe that you save money by not spending it for your education. Education in that sense encompasses several fields, not only music. But if you feel the need to improve your knowledge about composition, then you better start working on that right now or otherwise, your client will search for help elsewhere. If you are not able to compete with well-educated composers out there, you won’t get the job.
If you don’t know how to work with budgets (especially if the budget appears to be big) you might end up doing the job for free! Do not forget that you might have expenses for recording facilities, musicians, score preparation, new software like sample libraries and so on … If you have no knowledge about budgets, you might end up working for free!
Do you have a basic understanding of agreements, contracts, and the copyright law? You should know enough about the copyright law in the country you live in but also take into account that your client might provide you with an agreement based on the copyright law where he is located. Bottom line is, if you don’t know enough about various rights of usage or different types of licenses, then you might end up giving your songs away for almost nothing.
These are just a few examples to show you that at the end of the day you always have a choice: Do you invest your money in your education or do pay for your ignorance?