Need a reason to go to graduate school?
How about 14,520 reasons? On average, people who have a Master’s degree earn $14,520 towards their salary more each year than those who hold only a Bachelor’s degree. 1. You’re probably thinking “where do I sign up?” Slow down. Graduate school is no joke, and, even with all that money, it’s not for everyone.
Here are a few pointers:
1. Do You Really Want to Go to Graduate School?
All kidding aside, financial incentives are a big part of why people go back to school. But they are not the only reason. Whether you work in Education, Business, or Healthcare, a graduate degree can provide the training and expertise to help you make a difference in your field. That being said, it’s not going to be easy. Graduate students typically have to deal with a workload considerably larger than that of undergraduates, and are often put under greater time pressure as well. Remember, obtaining a graduate degree means becoming an expert your field.
2. Do You Really Need to Go to Graduate School?
It is important to remember that not all career paths require graduate degrees. People involved in many areas can oftentimes move up the career ladder quite effectively without a graduate degree. Even people working in disciplines traditionally associated with Graduate degrees don’t always need them themselves: for example, many successful private school teachers don’t have Master’s degrees, and any lawyer can tell you that there are some very well-compensated Legal Assistants out there.
Of course, there are many fields, such as business or nursing, where a graduate degree is a valuable asset. If you find yourself ready to take the next step, try to have a concrete career goal in mind; it will make finding a quality program that much easier.
DON’T make the mistake of going back to school for the sake of going back to school. Whether you’re fresh out of an undergraduate program, or going back after a few years in the “real world,” don’t make the mistake of assuming graduate school will be a chance to re-create your college experience.
3. Paying for Graduate School
Graduate school can be very expensive. Think of it as a bet, albeit a smart one. You are banking on the likelihood that obtaining another degree will increase your earning potential and career opportunities in the future. In general, then, graduate school will eventually pay for itself, but some programs will take far longer to do so than others. Some graduate students enjoy significant financial advantages, which are typically tied in to employment: for example, some corporations will pay for MBA degrees, and some hospitals promote employee education.
Furthermore, graduate students in the Arts and Sciences are often given tuition waivers and funding in exchange for teaching and research duties. Unfortunately, however, for the vast majority of graduate students, finding funding remains something you must do on your own. The good news, though, is that many of the same financial aid sources available to other students remain available to you: education loans, grants, scholarships, fellowships, and military assistance.
4. Choosing a Graduate School
So if you’ve decided you are ready to go to grad school, this should be right up your alley: research, research, research! Do you want to go to a nearby school, or are you willing to relocate? Do you want to go full-time or part-time? Online or on campus? You’ll also need to determine the degree level you want to achieve, as well as a reasonable timetable for achieving it.
5. Applying to Graduate School
Some graduate programs can involve competitive admissions processes. Virtually all of them will require certain qualifications or experience, not to mention a completed bachelors degree.
1. U.S. Dept. of Commerce, Bureau of the Census, Current Population Reports, Series P-60, “Money Income of Households, Families, and Persons in the United States,” “Income, Poverty, and Valuation of Noncash Benefits,” various years; and Series P-60, “Money Income in the United States,” various years. Digest of Education Statistics 2005.
