Is graduate school the next step? It’s a big question which many undergraduate students and professionals alike ask themselves. There are many concerns that arise when asking this question such as, “How do I know which program is right for me? Is it critical right now for my career or should I wait a few years? How will I pay for it? Is it worth it?”
In a COVID-19-ridden world, graduate school applications are expected to rise, according to Professor David Lang, economics professor at Sacramento State University (ABC10). Due to high unemployment rates, students and professionals are considering furthering their education because they have more to gain by returning to school than in the job market.
The U.S. Census showed an increase in “postsecondary enrollment” during the 2007 recession, so it isn't new to see higher education enrollment increase during a recession (ABC10). This question of grad school is no doubt on many students’ and young professionals’ minds right now and this article will answer those questions.
I reached out to TNM founder Kevin O’Connell’s network and my own to ask professionals about their experience with graduate school. There are various things to consider when you’re deciding whether or not grad school is the next step for you. This article sums up the key takeaways of the decision making process.
Is Grad School Worth it?
Well, it’s not as simple as a yes or no. It depends on the field or industry you’re interested in. Some industries require a master’s degree, while others view it more as a way to set candidates apart. For example, if you are interested in pursuing a career in computer science, accounting, or healthcare, a graduate degree would be in your best interest. In other areas like business, an MBA is a desirable asset that could set you apart from other candidates when applying for future jobs.
The median earning for a full-time professional with a master’s is $80,223--about $20,000 more than professionals who have a bachelor’s (US News). But the higher pay doesn’t necessarily apply to all industries. According to US News, a career in social work and education have lower return rates. Ultimately, you have to decide how necessary a graduate degree is in your field of interest.
Another viable option is to wait a few years and gain experience in the workforce after completing your undergraduate studies. Gaining real-world experience will give you a better perspective on your interests and passions. Helen Jiang, a higher education administrator, shared her experience with waiting to apply to graduate school,
“Waiting was worth it because I saw grad school as an opportunity to learn about emerging matters. For example, if I had gone to grad school 1-2 years after undergrad, I probably would've taken Geographic Information System Mapping/Statistics and might be studying ISIL/radicalization instead of epidemics!”
This is a perfect example of a benefit of waiting before applying to grad school. As you learn more about different fields and gain experience, you’ll be able to hone in on your interests and career goals. Furthermore, as you gain more experience in your industry, you may consider a career change where the next step would be to pursue a master’s. Austen Brower, a business professional, says,
“I believe an MBA is better suited after work experience. After 5 years in the non-profit space, my goal was to pivot into entrepreneurship and/or the corporate world. The MBA has helped me obtain the appropriate knowledge to work effectively in those environments and gain opportunities to recruit into both.”
In Brower’s case, his experience reshaped his goals and an MBA was the next step in pursuing them. Specifically for those who have interests in the corporate world, an MBA will give you an education along with opportunities to expand your network and career interests.
Regardless, if you are considering grad school directly after undergrad because you aren’t sure what you want to do, maybe hold off. Waiting a few years and exploring different opportunities can help you come up with a clearer idea of your aspirations and how to achieve them.
Consider This…
We’ve talked about careers that most likely need a graduate degree, but what if you still aren’t so sure it’s right for you? If you’re still in the initial phase of looking into graduate programs, start by doing your research. If you have a specific career in mind, look into industry leaders and see the journey they took to get to where they are today.
For bonus points, you can network with leaders in the field you’re passionate about to gain more insight. Along with industry professionals, there are graduate students in the programs you're interested in that are at your disposal for networking. There will be other factors like location and resources, including graduate assistantships, that will shape your decisions. These supplemental elements are just as important to research during your process.
If you are considering graduate school as a means of switching careers, like previously mentioned, ask yourself if it’s necessary to obtain a master’s in order to get into that industry. In a fireside chat Kevin conducted with Trevor Lynn, CMO of Social Tables at the time, they discussed the options of returning to grad school in order to switch industries.
Lynn discussed how people that are interested in changing careers may have to take a few steps back resulting in a lower title and lower pay. Conversely, the same people might consider returning to grad school to make the shift, resulting in debt. Lynn suggests ditching the master’s, taking the pay cut, and working your way up in your new position. Once you work your way up, you’ll be debt free and in the same place you would be after obtaining your master’s.
But, if you are ready to invest in graduate school, you should consider the return and the opportunity cost. Of course there is the financial cost of your degree, but there is also a significant time cost. Many graduate students take time out of the workforce to attend school and even part-time programs will take away from time that could be spent working.
Then there is the cost of your degree that needs to be compared with potential future salaries in your desired industry in order to determine your return on investment. If you are looking for a step-by-step guide, read this Medium article which does a great job of walking you through the process. Here is another article explaining what goes into this investment and also includes a calculator tool to determine your ROI.
Are There Other Options?
If you still aren’t sold on a traditional grad school experience or want to explore similar opportunities, there are other options. One option is to pursue a graduate degree abroad–it can be much cheaper and possibly even shorter. According to US News tuition is much lower, sometimes even half the price, including room and board.
The UK is the most popular degree-seeking destination for students and the average tuition is a little over $21,000 per year. Top universities in countries such as Germany or Finland offer free tuition for international students (US News). Additionally, graduate degrees typically range from one to two years abroad compared to two to three years in the US. Another pro of studying abroad is the opportunity to improve your language skills, travel (COVID-19 permitting), and to explore new industries.
Not ready to travel abroad but still want a cheaper option? Consider graduate programs that are fully online. Cameron Appel, an Events Assistant in the Performing Arts Administration industry, shared her experience,
“I’m doing graduate school fully online so I don’t have to stop working and take on crazy amounts of debt. I don’t really see the point in a grad experience that looks like a traditional undergrad one, unless the program is perfect for what you want.”
Due to the pandemic, we have all gotten used to the virtual world and have adapted to working remotely. You can take advantage of these circumstances by applying to a graduate program that’s already online and reap the same benefits of a ‘traditional’ graduate experience. US News has compiled an online database of the best online graduate degree profiles–check it out.
Use This Checklist
Back to the question–is grad school worth it? There is no clear yes or no, but there are ways to make your decision easier. I’ve included a numbered checklist below to help you determine if a master’s will positively impact your career.
Determine if a graduate degrees is necessary for your field of interest.
Consider if you need a grad degree sooner rather than later.
If you are interested in continuing your education, but aren't in a rush to get back to school, don’t be afraid to wait a few years.
Waiting allows you to gain professional experience and see if and how your interests have changed.
Once you are ready to get your master’s, do the proper research.
Taking your time to do the research allows you to choose the right program to invest in.
If a traditional master's program doesn’t entice you, consider going abroad or enrolling in an online university.