Photo Courtesy of Adam Procter (Flickr)
To go or not to go? That is the question. Recently I made a list of my closest high school and college friends who I keep in touch with regularly. On this list I categorized everyone by their formal education to compare how their training compares to mine, just a few years out of college. Surprisingly, more than 70% of my friends are either currently in graduate school, or have recently graduated with a Master’s degree. Some took to the web and got their Master’s degree online. Does this mean I have really smart friends, or that a Master’s degree is the new undergrad? Not necessarily. But, what this list does tell me is that most of my friends have made the decision to go, which means many of you are probably considering the same. So I have broken down the basic pros and cons to figure out if going to graduate school is the right thing for you.
Pros
1. Specialization / Career Change – This one is obvious. If you go to law school, you’ll be professionally trained to practice law. Using that example, if you currently work at Starbucks and eventually want to be a lawyer, then grad school is a must. After graduation you will be revered as an expert in your field with the credentials to specialize in what you choose. Employers from many industries will find you more valuable because you have proven yourself as a knowledgeable, driven, and successful individual. If your goal is to be an expert in something you’re passionate about, a Master’s degree is a great candidate to make you stand out in the crowd and pursue a worthwhile career change.
2. More Contacts & Resources – Graduate schools attract the smartest and most ambitious people in their field. You will have the opportunity to connect with people that you otherwise might have a hard time meeting. Just as LinkedIn connects people digitally, grad school connects you in person with others in your industry. Needless to say, who you surround yourself with (your associations) will be one of the greatest influences on your career and your life. If you want to be a doctor, then hang out with doctors. It’s that easy.
3. Escape the 9-5 (Temporarily) – This is dangerous, but it could work. Many twenty-somethings ditch their day jobs and escape back to the bubble of Universities because it’s where they feel comfortable. The real world is scary and transitioning from school to the working world is very challenging. So, if your goal is to quit your job to head back to the Quad for more classes, then grad school could work. Just be sure to remember that after you graduate again, the real world will be waiting.
Cons
1. Tuition – Right now I am paying back my reasonably small undergrad student loans. After 2-4 years of grad school, I could be looking at $100,000+ in debt. Most of the people I know don’t have $100k in cash just in case they impulsively head back to school. I will say that tuition costs vary considerably, but unless you’re EXTREMELY confident you can land a job that pays really well after graduation, you may as well consider this kind of debt the equivalent of buying a house. FYI, in case you do run in to financial trouble later in life, student loans are NOT bankrupt-able. Meaning, you will have to pay back every penny no matter what. Think about it.
2. Time – It’s very common to work full-time while going to grad school. My wife is doing that right now. She works full-time as a teacher during the day and is going to class at night for her Master’s. The sacrifice here is sanity. As an employee, a student, and a wife, she is pulled in three directions at the same time. It’s hard. Really hard. You could choose to go to school full-time, but your living expenses plus your tuition costs can add up very quickly. If you’re willing to make grad school your lifestyle and your primary focus, it could be a great choice. Otherwise, it can easily become a burden of your time and money.
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3. Education does NOT equal Experience – If you’re considering adding a Master’s to your resume in order to gain professional experience in your field, realize that employers rarely rank education as high as relevant work experience. In order to impress an employer, you have to be able to prove you know how to do the job because you have done similar things in the past. Studying the theory of business does not mean you can handle tough decisions when presented with them on the job. Find ways to connect with employers while in school, improve your skill-set, volunteer, find internships, whatever you can to gain REAL experience that makes you valuable.
Gray Area
1. Higher Salary? – Will you make more money with a Master’s? It depends on where you’re coming from. Using the previous example, if you worked at Starbucks and made $10.00 per hour but then became a lawyer a few years later, you could dramatically increase your income. If you are an accountant now and then get a Master’s in Accounting, your employer may not care. Your industry will dictate the value of higher education. Doctor’s need medical degrees, but actors don’t need Phd’s in Theatre. However, having a Master’s degree could set you apart from other candidates in the future when you’re up for promotion. Ultimately, your ability to do your job better than anyone else is what will set you apart, not your education.
2. Entrepreneurship – For those of you who own a business or are considering starting one in the future, take your time in making this decision. MBA’s are awesome, if you want to work as an employee in accounting, finance, management, operations, etc. for a large corporation. As for the new MBAs you earn online, check out online MBA rankings before you enroll. But if you own your own business, you are not trying to impress employers, you want to impress customers. You need to know your target market really well. Understand what they want and give it to them. Do you have to have a Master’s in Horticulture to sell flowers? No, but you will learn about your niche and be able to apply it to your business. Weigh your options and do what’s best for your business, not your resume.
Conclusion
The decision to go to grad school is really the essence of Graduated And Clueless, because the fear is that if you do make the plunge you may end up in the same place: a little more educated and still just as clueless. So, hopefully you can make the decision based on your background and the advice I’ve provided here. I know a lot of what I’ve said here may sound hypocritical and/or contradictory, because it is. Everyone’s situation is unique and the decision is ultimately up to you. In the end, your choice should be based on long-term career goals, financial responsibility, and a firm understanding of what you’re doing, not just a distaste for your current job or lifestyle. I personally have chosen not to go to grad school because I am an entrepreneur. And as such, my future lies in effective decision-making that can positively influence customers, not potential employers. Could grad school benefit me? Of course. But it’s not my time. Good luck on your future education and stay positive! Don’t forget you can always Email me your story and/or questions and I’ll send you customized advice for the same price as this reading this blog post!
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The Clueless Graduate,
Jeff Sanders
Follow @JeffSandersTV
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As a graduate advisor and supervisor at a large University myself, I thought you brought up a few good points in the “Should I go to grad school” article.
Many students make the mistake to think that grad school is a natural progression following a Bachelors degree and don’t take the real time required to assess whether it will really have any major benefits to you in the long run.
The process of applying to grad school is in itself a challenge and will deflect many students who are not serious about why they are going in the first place. Also keep in mind that without a really good reason to attend grad school, your letter of purpose is likely to be weak and most graduate advisors and graduate committee members; the people who are making the selection decisions, will be able to see right through your weak reasons for applying.
Dave Mumby Ph.D.
http://MyGraduateSchool.com
That’s a good point about the letter of purpose. Having a strong argument about why you should be accepted into your ideal program is indicative of how well you have thought about your long-term goals. Thanks for the comment!
This is one of the best articles yet. Looking very openly at the pros and cons is an excellent approach. Not being a college graduate but having both children now graduated from college the positive and negatives need to be explored. With the drastic change in the economy in the last year it’s a new world for every college graduate to examine. Can the education needs and wants be supported in the job market? Is some experience as pointed out more valuable first before striving for the additional education. I agree with Jeff that everyones’s situation is unique. Luck!
Jeff- As a current graduate student, working towards my Masters in Public Affairs, I found this article interesting for three reasons. First, I was one of those people who was unsure about the job market and uncomfortable with a 9-5 job. I thought by going to grad school I would be heading for two more years of college (parties, bars, lots of fun) and assumed my job prospects would improve. It took me only a few weeks to realize that your grad program is what you make it. Second, I have a lot of friends who view our graduate degree (one of the fastest growing) as simply a piece of paper that will get them their dream job. This is certainly not the case as I know more unemployed people with a masters than without. Finally, I appreciate your point about professional networks, as mine has grown tremendously. In certain fields your network is almost as important as your degree. One thing I would recommend to others is to consider working for 1-2 years before going back to school. There are many things that my “older” classmates know/understand that I wish I had my practical experience with. Thanks for your continued hard work Jeff!
You focus on just the Masters. Many (?) people go straight for their PhD, though this isn't allowed in all fields and/or schools. Most doctoral students have teaching or research assistanceships that pay tuition, fees, and a stipend. Some Masters programs also offer these options, especially if they don't offer a PhD program. I got my BA, MA, and am now getting my PhD all without taking out any student loans. It can happen! You sometimes have to be persistant and willing to go to school in another part of the country. You're also not going to be making a ton of money but it's enough to live somewhat comfortably.
Interesting column. Deciding whether to go to graduate school or not is a difficult decision, however I would make a few points that may help flesh out this issue.
First, no one cares if you have a bachelors in general liberal arts subjects, because essentially, you will need in-depth training in whatever job you go into after undergrad. Let's face it, the general B.S./B.A. has become the new high school diploma. Once you have it, you will merely pass through initial job recruiters screening. To expound upon this point, if you have a general Communications, English, History, or other humanities degree you usually do not have skills, abilities, or knowledge that will set you apart from other candidates. Unless you have relevant job experiences or the “right” connections, then you will likely not be an attractive candidate (especially in this job market). Graduate school, whichever type you go to, will provide you with more specialized skills, which will set you apart, at least somewhat, from other job candidates. Additionally, many jobs, career level jobs, have a bachelors as a minimum requirement, but not as the desired degree. Usually, some sort of advanced degree or specialty certification is desired for these positions.
Second, graduate school may not be for everyone, but it's not as difficult as it may seem. I have seen many individuals in MBA, Law, Ed.d, MSW, and other M.S/M.A. programs who were not the top students in their undergraduate classes. At the graduate school level, you really only need to be of a sufficient intelligence, and then everything else is driven by motivation. I have seen graduate students with lower mental ability succeed based on motivation, while simultaneously seeing brilliant individuals fail because a lack thereof.
Lastly, research indicates individuals with advanced degrees make drastically more over the course of their career. Additionally, individuals holding advanced degrees are promoted faster and to higher levels. Taken together, it would seem spending $50,000 on an advanced degree is a small price for $500,000 in greater earnings over the course of 20 years. Also, as MTK mentions, many assistantship opportunities exist, which can provide some or all of a student's tuition.
Thanks for mentioning the assistantships and that's awesome that you have gone through so much school without debt.
Thanks for the comment Honts. I think you've convinced me to at least consider grad school as a way to make myself stand out even more. After the book I'll look into it.
This post clearly explains the pros and cons of grad school education, especially in the context of traditional brick and mortar college. With the advent of online colleges, I feel, the ‘cons’ can be done away with. Any day, a higher degree has value over an Associate’s or Bachelor’s. It boosts career growth, position, and salaries. Online programs are available at all levels up to Ph.D. By enrolling in an online graduate degree, one can benefit by the advantages of higher degrees as well as minimize the issues of cost, experience, and time constraints. Stevens-Henager College is reputed for offering a variety of well structured online courses of Masters level, you can check their website.
I'm contemplating grad school. I'm an accounting major pursuing my CPA license and afterwards hoping to solidify my thoughts on grad school.
To be honest, I'm not entirely sure of what I want to do for the rest of my life. Expanding my corporate career and climbing the corporate ladder for the rest of my life isn't that exciting to me. Then again, I'm needing that career to pay for the traveling lifestyle I want to live… oh the choices to make.
Coincidentally, a friend of mine who is still in school is wondering what is more stressful: working or school? My answer: work. Work provides so many variables one cannot control-of course you have your own responsibilities to focus on but you also have co-workers, subordinates, management, etc to rely on and you can't force them to go at your pace. In college, you have set deadlines and you can choose to procrastinate and stress yourself out or adequately prepare for those deadlines.
Great source of information in this blog..Thank you..