Oooh personal experiences - well 
when ds1 was born, I was a year into my psychology degree (am also a nurse) I took a year off when he was born because I didn't know how it was going to be/what I would feel like.
After a year, I went back to uni two days a week - my mate was a childminder, so helped me out. It felt great to be back studying knowing he was looked after by someone close to me.
When I got my degree, I did a year of two nights a week nights as a nurse, so by the time he was 4-5ish, I got a job in research - part time - schoolish hours. It was brill! best job I've had - I was there for ds1, and I loved it! we were all parents on the research project, and helped each other out.
Got pregnant with ds2, had severe PND, and was in a mother and baby unit with ds2. By the time I came out, the research project had ended - I didn't want to go back to doing shifts, with two small children so I had a year off to get straight, then did an MSc one day a week over two years. That finished after a couple of years - stayed at home - moved house, got settled, stayed home some more, got depressed again, then ex-dh left me for someone else - stayed home another year, to let the boys settle, then worked school hours as a home carer, did the return to nursing practice course, got a part-time job as a nurse - which is where I am now!
Am looking at another job using my other qualifications, but needed to get back into things incrementally, and to get the boys used to me working again after the divorce...
What works for me and my children, is part-time work/study, although as they get older, I will move to full-time. What was a huge shock, was staying at home, for a good while, ex-dh leaving, and having to spend a couple of years playing catch-up because my skills had lapsed. I won't ever let myself get in that situation again.