$field = get_field_object('your_field_name');
is the field variable, forgot this.
Was able to figure this out:
$choice_field= get_field('my_field_name');
$field['choices'][$choice_field[0]]
Gives me what i need,
$field['choices']
gives me:
Array ( [example-student] => Student
[example-teacher]] => Teacher
[example-principal] => Principal
)
but
$label = $field['choices'][ $value ];
throws an exception and breaks the site