master's degree

For many fields, earning your Master’s degree will lead to higher salaries and advance your career. But the biggest thing to consider is your opportunity cost.  As you think about where you are right now and where you want to be, here are some pros and cons of going back to get your Master’s degree:

PROS
– Higher potential for promotion and earning. While obtaining a graduate degree does not necessarily always lead to a high-paying job right away, it can open up future opportunities.
– Needed career change. If you are not satisfied with your current employment, an advanced degree can help transition to another career and give you a fresh start.
– Advancing your career choices. A grad degree can open up a wider array of career opportunities in fields such as psychology, social work, and healthcare.

CONS
Takes a chunk of time. Not everyone can complete a graduate degree in the typical 1 or 2 years. Personal obligations often intrude or lack of finances makes it difficult to complete a degree in a timely manner.
Stressful. Completing a graduate degree can be emotionally exhausting. Some graduate programs require writing a thesis on a topic that your degree supervisor picks out for you. Compared to course work, it can be much harder and it is often the reason grad students take a lot longer than program duration.
Graduating with a large debt. Looking at a large debt on top of all your other expenses might push you into accepting any job after graduation out of necessity instead of a job you really want.

You also may enjoy being part of an elite status with your degree, but will the cost be too much? Do you have a family that you have to take care of? If so, you must be able to balance graduate school with working full time also to take care of your family. Only you can decide if an advanced degree is worth it, but if the pros outweigh the cons, and you are dedicated and determined enough to make it work, then you might just have all you need to succeed.

If you have immediate questions on other concerns related to this or any financial topic, visit our website at mooneylyons.com, or call Mooney Lyons Financial Services at 847-382-2600 for more information.

References

Peterson’s Staff. A guide for Potential Grad Students: Should You Go To Grad School? Petersons. 31,Mar. 2016.
https://www.petersons.com/graduate-schools/guide-students-graduate-school.aspx

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.

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