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 MBA 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 @cluelessgrad
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