I've been an MT for over 5 years now and have always worked from home via internet. The market is flooded with MTs right now. Since Spheris announced bankruptcy, their MTs have been deserting like rats from a sinking ship. I work for a small MTSO and she told me that where she used to get 10 applications a month, she is now getting 50+ per week, and the majority of those are Spheris MTs.
School is key for a person who wants to graduate and actually become employed. I have heard good and bad about Career Step, but mostly negative. I have heard that their graduates are having a hard time these days getting employment because they just really do not teach you what you need to know. Also, several companies that used to partner with them (Spheris, Focus) no longer have those programs in place. I have checked out their website and they promise the world. They also give extremely over-inflated figures of income on their page. I would be very, very wary of this. I would only consider M-TEC or Andrews.
The MT profession is on a fast downhill slide. Off-shoring the work to India, Philippines, etc. is becoming a real problem. For those companies that do NOT off-shore their work (usually the smaller companies), they are having a hard time competing with the prices that companies who do off-shore. Hospitals do not want to pay 25 cents for a page typed by a US MT, when they can get it for 10 cents typed by an Indian MT, even though the accuracy of such document is questionable. This results in the smaller MTSO's reducing their page rate, which results in the MT taking a pay cut. Add Voice Recognition to the mix, and the pay is even lower.
In my 5+ years as an MT, I have never received a pay increase for cost of living. Pay raises are not the norm in this biz. There is only ONE reason that I like doing what I do, and that is being able to stay home and work. There are a gazillion reasons that I hate what I do; low pay, no pay increases, a lot of work that you don't get paid for. I worked for one of the National companies when I first started and it took about an hour every day to go through all the e-mails (you aren't paid for that). If there are system issues and you are unable to work, you are rarely paid for that either.
It's a tough business and it is getting tougher every day. MT is about one of the only professions where the pay rate has not increased, but decreased. Where a few years back, 10 cents per line was the going rate, it is now around 6 cents per line for straight transcription. For Voice Recognition, the normal is about 4 cents per line.
Bottom line, I personally would not recommend anybody get into this field. I'm close to retirement age, so I'm just hanging in there and hoping I can retire before MT goes completely off-shore, or before MTs start actually typing for free.