I started with beading for years and then bought some tools, tried a bit myself, took a local class (which really was a waste of time as there was no one on one time and as mentioned before so many levels in one class).
18 months ago, I took a three month class with Jewelry Schools : New Approach School for Jewelers, then about 8 months ago I got myself an apprenticeship for 2 months (unpaid) and then got hired 3 days a week working for one of the best jewelers in NYC. I have taken a few technique specific classes too such as Mokume Gane too which I do because I just love learning new stuff
My personal opinion (if money is not an issue), is if you have the right attitude and the desire to grow quickly, intensive classes (with the right teachers of course) are the quickest route to reasonable level of competance. But classes with good teachers don't come cheap unfortunately. If classes aren't an option, go for an apprenticeship and work for someone (someone great though, not just any random jeweler) for free for a while - you'll be amazed how much you learn!
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