It’s the sort of question that makes your heart sink just reading it. College is hard enough. Not only does it essentially force students to treat school like a full-time job but it also costs something like an arm and a leg.
It takes the average person almost ten years to pay off their student debt. That’s the biggest loan most people will ever take out— with the sole exception of their mortgage.
Are we about to tell you that getting an undergraduate degree isn’t enough? You need to go back. Do more school. Take out more debt?
Well, read on to find out.
Bachelor’s Degrees are Still Valuable
For context, only about 40% of people go to college at all. More than 70% of adults are employed full-time. Clearly, people are making do with undergraduate degrees or no college at all.
However, the question that we posed in the title wasn’t just clickbait. The world of employment has been changing for years. Businesses with high-paying jobs to leverage expect more and more out of their applicants.
And as automation and other forms of digital technology continue to develop in prominence people are beginning to feel nervous. While technological innovation can come for anyone eventually, it’s the entry-level workers that ultimately feel its bite first.
Are graduate degrees more important than ever before?
As a Matter of Fact, Yes
Whether you are trying to insolate yourself from the risk of encroaching AI, or you just want to give yourself a leg up on the competition getting a graduate degree can be a great use of your time and money.
Graduate degrees make you more desirable to employers. They make you more eligible for raises and higher-paying positions. They also increase your options.
Undergraduate degrees tend to have a brought emphasis, while graduate degrees allow you to specialise. If you’d like to pivot in a new direction, getting your graduate degree can get you advanced-level credentials in two years or less.
That’s an appealing opportunity for many people— particularly a generation of employees who change careers every few years on average.
Advancing your credentials allows you to avoid constant lateral moves and actually advance your career as you change things up.
All of that said, it’s not always ideal. Below, we take a look at situations where you might NOT want to go back to school.
When to Wait on Getting Your Masters
While graduate degrees carry a lot of weight, they aren’t for everyone. Here are a few situations where they might not be the fit:
- You’re in a field with limited job mobility: Certain careers simply don’t have much advancement potential. People at the highest level make approximately the same as people at the entry-level. Educators are a potential example of this. In many states, teachers are paid based on how long they have been working.
Some school districts do reward educators who have gotten their graduate degrees in the form of raises or other incentives. This will ultimately depend on the norms of your area.
- You are in the latter stages of your career: The closer you are to retirement the less likely it is that you will get a return on your investment. You simply don’t have enough time left to recuperate the money you will spend on your degree and make a profit.
- You aren’t in the right head space: Life can be hard. More than half of all working people report feeling some level of stress. Many say that it is negatively impacting their mental health. If you are struggling for any reason, you may be better served to wait until you are in a healthier headspace.
It helps to look at your degree as an investment. If you can make money off your graduate degree that wouldn’t otherwise be possible, go for it. If not, it probably isn’t an ideal fit. Of course, education has its own value— one that can’t necessarily be summarised by a dollar amount.
Still, if learning is your primary objective, you may do well to remember that library cards are free.
Financing Your Graduate Degree
The average graduate degree costs around $50K on the low end. It can cost in the low six figures at the high end. However, there are ways to make it more financially accessible.
- Pick your school sensibly. Any graduate degree from an accredited university will set you up with good job opportunities. You don’t need a prestige degree to get opportunities. If you are in an extremely competitive field you may benefit from “brand name,” schools. However, most people will be better off finding affordable degrees that won’t require them to take out large loans. Additionally, make sure the school you select has coursework suited for your individual needs.
- Apply for grants and scholarships. Even if you haven’t been in school for a while, you may still be eligible for a wide range of grants and scholarships. Even small awards can add up over time. Apply for every possible opportunity.
- See if your employer will help. Many employers provide tuition assistance— particularly if you are pursuing a degree related to your current field.
If you are not already occupied with a job you may also be able to apply for a teaching assistant position. While these roles can be time-consuming they often result in significant tuition reductions.
The less money you have to borrow, the more feasible your degree ultimately is. There are tons of ways to finance your graduate studies. Find the one that works best for you.
Conclusion
So, no. Not everyone needs to get a graduate degree. However, the utility of having one has certainly grown in recent years and probably will continue to do so for the indefinite future. When times are uncertain it helps to have marketable credentials that will keep you in work.
Getting a graduate degree is not easy nor naturally affordable for most people. However, there are ways to make the investment worth your while. Choose the path that makes the most sense to you and get to it! The sooner you get your graduate degree, the sooner you will enjoy its benefits.
