In today’s hyper-active world, we all have to think ahead of time about what to do next and what will be the best strategy that will make us succeed in our personal endeavors. For example, coming out of high school the next obvious step is applying for College and get a Bachelor degree. However, it has recently been questioned that the one-path-fits-all of pursuing a graduate degree in order to get higher chances of employment turns out to be flawed. Indeed, some strongly speculate that a master’s degree shouldn’t be the sole option after College.
It will not get you that dream job.
It might actually drown you into an unimaginable amount of debt which will not be compensated by your future salary and might even not contribute into getting the social status you want. It goes without saying that many factors come into play when weighing the pros and cons of applying for graduate school. Nevertheless, the determining factor that will help you make this choice is the field you’re working in and whether it actually requires a higher degree.
First and foremost, it seems more intuitive to think that the longer you stay in school the more efficient and knowledgeable you will become in the work place. Furthermore, it can also give the impression of having more time to get your professional plan matured and get additional support from faculty, school resources, and financial aid. In addition to this, it might also seem great on a resume to show off a certain « degree of self-discipline » (The Independent, Feb 2013) and « organization, passion in the subject. » (The Guardian, 2014)
Moreover, « some jobs require a higher degree such as engineering to have chartership or medical field or pharmaceutical. » (The Guardian, 2014). Thus, some fields such as law, medicine and engineering and many others require longer studies in order to get recognition of their knowledge and actually be able to practice their job regardless of the amount of debt piling up. For instance, a medical doctor needs between 10 to 16 years of studies. Thus, sometimes, you simply have no choice.
Complementarily, “For some careers, the type of degree will have a bigger effect on pay than the school it comes from […] It doesn’t matter where you went to school, but the degree itself is valuable.” (The Washington Post, December 2014) For example, an elementary school teacher with a Bachelor’s degree coming out of an ivy league will get the same salary than one with the same degree coming out of a community college. According to the Washington Post, if the teacher coming from the community college had a Ph.D. in her discipline, she would then have a higher salary than the Ivy League one. All in all, “The general conclusion about graduate degrees is that they do improve earnings,” says Anthony Carnevale, director of the Georgetown University Center on Education and the Workforce. “There’s almost no doubt about that.” (The Washington Post, December 2014)
On the other side of the spectrum, those against the pursuit of a graduate degree support that « employers prefer to see experience on a CV rather than a load of educational merits,” (The Independent, Feb 2013). Indeed, you have to ask yourself as a future employee: Is a grad degree valued in my desired field? “If you want to become a software programmer, you don’t need to go to MIT to learn coding.” (Money, June 2014) The following studies you decide to do after College should truly help you in getting better at your job and not just merely add another line to your resume.
Another point to consider is: debt. “You might think graduate degrees are more necessary than ever in today’s hyper-competitive job market. But a recent report suggests that post-grad education often comes with a very big catch: crippling debt.” For example, Statistics show that « The average graduate borrowed $29,400 for a four-year degree and $57,600 for a graduate degree in 2012, according to the New America Foundation” (TWP, December 2014) and “About 40% of federal loan dollars go to grad students, even though post-baccalaureates make up only 20% of higher-ed students.” (Money, June 2014) Education is a serious investment especially once mom and dad decide to stop paying for tuition and leave the responsibility to you to figure out how to pay for your courses, your housing, your food, and let alone any leisure activities.
That being said, depending on your financial background, money could potentially not be an issue, if you received a fairly decent scholarship, or part-time job(s), or payed internships, or simply if you have good saving and money management skills. However if that is not the case, you might not want to accumulate loan after loan which you will spend years to pay back.
Therefore, “Outcomes vary by major. Working as an engineer? Getting a graduate degree will probably lead to a big raise. For a journalist, not so much [….] Communications majors don’t see any change in pay, on average, after getting a master’s degree. But income doubles after that person gets a PhD. Engineers, on the other hand, see a steady bump with every degree.” (The Washington Post, December 2014) and “if you are thinking of getting a masters degree in liberal arts, you should carefully scrutinize the cost,” (Money, June 2014)
On a final note, the choice truly depends on what kind of studies you’re pursuing and if you strongly believe that these extra years will set you apart from the bunch and make you worthy to hire. “In the end, a person’s pay will depend on the demand for that job, the level of difficulty of the degree and whether a master’s is needed to advance in the field” (TWP, December 2014). Lastly, according to Forbes Magazine (September 2014), if you are still not sure of what to do, you can calculate the grad school debt and subtract it with a hypothetical first year salary (which you can figure out on payscale.com or salary.com) in order to assess if the accumulated debt will eventually be payed off though your future salary.
