Is graduate school worth the effort and time? The short, but convoluted answer would be, it depends on your major. There is no guarantee that a graduate degree will propel you instantly further into the market, in a lot of degrees it simply puts you on par with other workers. As I said in a previous article the choice to attend grad school should be purely about ROI (Return On Investment), unless your employer will pay for it or a plethora of scholarships. In that case, it is a no brainer; go to grad school! Below I will give a few good examples of degrees worth obtaining and ones that do not increase salary enough to offset the additional cost, which on average is $40,000.
When considering graduate school you must also take into account that it will consume two years of your time, that is two years that you will not be working in your field, making less than you would with a grad degree, BUT in your field non the less. The average college graduate comes out making around $40k, multiply that by 2, and that’s $80k in potential lost wages. So that is $80k in lost wages plus the additional $40k in tuition, that drives the total cost of college to $120k, not accounting for the interest on the loans or the loss of 401k contributions.
1. Masters of Fine Arts degrees – Estimated to only increase annual salary by $5,000 per year, at that rate it would take 24 years to break even on the $120k investment in the graduate degree. In this field world experience and the portfolio is what matters, not an advanced degree.
2. Masters of Engineering – This is a field that a graduate degree will pay off greatly. On average, the difference between a masters and undergraduate degree is around $17k per year. This means in only 7 years you would out the red and into the black, a solid investment.
3. Masters of Education – According to the nonprofit group Education Next, that difference is about $2,500 — or 6.5 percent. It would take 48 years to break even when comparing getting master’s degree in this field. I do not know about most people but I do NOT want to work 48 years just to break even on my degree.
As you can now see, it truly does depend on your degree. In fields such as engineering, it would pay off greatly to get that advanced knowledge, but teaching will never be worth it financially. I say financially because education is not all about the money. It can be personally rewarding as well. But if you are basing the choice off money, there are many things to take into account.
When considering graduate school you must also take into account that it will consume two years of your time, that is two years that you will not be working in your field, making less than you would with a grad degree, BUT in your field non the less. The average college graduate comes out making around $40k, multiply that by 2, and that’s $80k in potential lost wages. So that is $80k in lost wages plus the additional $40k in tuition, that drives the total cost of college to $120k, not accounting for the interest on the loans or the loss of 401k contributions.
1. Masters of Fine Arts degrees – Estimated to only increase annual salary by $5,000 per year, at that rate it would take 24 years to break even on the $120k investment in the graduate degree. In this field world experience and the portfolio is what matters, not an advanced degree.
2. Masters of Engineering – This is a field that a graduate degree will pay off greatly. On average, the difference between a masters and undergraduate degree is around $17k per year. This means in only 7 years you would out the red and into the black, a solid investment.
3. Masters of Education – According to the nonprofit group Education Next, that difference is about $2,500 — or 6.5 percent. It would take 48 years to break even when comparing getting master’s degree in this field. I do not know about most people but I do NOT want to work 48 years just to break even on my degree.
As you can now see, it truly does depend on your degree. In fields such as engineering, it would pay off greatly to get that advanced knowledge, but teaching will never be worth it financially. I say financially because education is not all about the money. It can be personally rewarding as well. But if you are basing the choice off money, there are many things to take into account.