Thinking of Going Back to Graduate School? Make Sure There’s a Payoff
Lisa | Jul 30, 2008 | Comments 5
NPR recently reported that the cost of attending graduate school can often outweigh the benefits.
If you’re already working, but considering graduate school - either full time or part time - there are a number of factors to evaluate before taking the plunge:
What is your motivation?
If your motivation is financial, determine if the pay-off is there by:
evaluating your target job market over the next 5-10 years.
- Is it increasing?
- What is the pay scale? Will you make more money when you graduate?
- Where are the jobs located?
discussing with your current employer any potential job opportunites. Do they include a pay increase
If your motivation is to study what you love, Lucky you!
Not everyone finds something that draws them. In this case, the sacrifice is absolutely worth it, but you still want to be smart about your decisions.
- Do you need to attend a prestigious school? You pay a lot for a big name.
- Will your current employer pick up the tab?
- Is your major one that allows you to teach undergraduates as part of your education? For example, science graduate students almost always can get some financial support for teaching science labs.
- Would you consider an ROTC program? These programs commit you to five years of military service upon completion, but will pay for everything while you are in school.
- Will you go full time or part time? What will the impact be on your current lifestyle? Are these sacrifices you are able to make until you graduate?
- Are you eligible for any scholarships? There are many opportunities out there for scholarship money. Doing your homework could pay off.
How will you pay for it?
Graduate school costs have increased 60% in the last decade, 240% in the last 20 years, states the Wall Street Journal. If you’re borrowing the cash, even with an education loan, you could be paying back that money over the next twenty years. Will your increase in salary compensate for this additional payment? Does that matter to you?
Has anyone gone back to graduate school after working a few years? What has been your experience?
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Filed Under: Careers • College Relief Programs • Debt Reduction
Linda
The Passive Dad
J. Money
Matt
Mr. GoTo
I actually went back to pursue my masters in business administration 2 yrs ago. However, the only thing left is my thesis which I didn’t have the time to start during those time (e.g wedding, then a baby a yr later). Now that I’m free, I honestly thought I wasted 3 yrs of my time as I didn’t see any reasonable ROI. Some of my former classmates are now MBA but I still earn more than them. If your company will shoulder your graduate studies, man you’re lucky then go for it. If not, check if your only motivation is money, as I do believe you don’t have to take a graduate course just to earn more.
I know many people who are earning more even if they don’t have an MBA or graduate degree. I think its all about opportunities…if an opportunity knocks in your door, and you happen to be passionate about it, grab it and start making money from it!
Sam
Fix My Personal Finance
http://fixmypersonalfinance.com
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I agree with your thought that advanced education be carefully evaluated. I went to a career counselor recently who said that many who return to school because they don’t like their current career can end up spending a lot of time and money, and ultimately not know how to effectively use their new education. It does seem like you need to have a strong, realistic desire of what your new career will be and a financial plan to support it.
I can speak from the point of view of someone still in graduate school who went straight to grad school following the BA. It’s been a good eight years in uni now, and it does get tiring insofar as you start thinking that you’re “supposed” to be working at a “real” job (although I have been employed as a graduate student all along, society doesn’t tend to recognize this and it can be isolating). So for me it’s always good to hear stories from the “other side” about how those who just went right into careers would like to do something academic again. But definitely, all I can say is that grad programs have almost nothing in common with each other - much much less than undergraduate degrees have in common - and that you really have to think about it on a case by case basis. Feel free to contact me, anyone, if you have any questions or want to talk more about it.
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