How to decide whether to study for a Masters degree

The decision to progress on to advanced study by doing a year or two of graduate study after completing an undergraduate degree can be an agonising one because, for some, there are both strong cases for and against doing a Masters degree.

Masters degree provides clout in the job market

There is no doubt that one of the main reasons why people undertake a Masters degree course is, to become highly employable, get top jobs with high pay. Almost all Masters Degree holders are in employment and in many cases, in jobs they were planning when deciding to study for an advanced degree.

People with advanced degrees are highly paid

According to the Census Bureau data for 2005, a person with Masters degree or other advanced degrees earn, on average, just over $78,000 a year compared to just over $50,000 for those with an undergraduate degree, and even less for those with a high school diploma. Of course, this one of the main motivational factors that persuades people to do an advanced degree, and according to this data, justifiably so.

Other benefits:

• Those with Masters degree are likely to reach higher echelons of business – It is no surprise that people holding an advanced degree earn much more than those with a lower level of education because many are at the higher echelons of organizational hierarchy either because they tend to get promoted faster or because they enter the job market in more well paid jobs and more demanding jobs.

• Prestige associated with holding a Masters Degree – While there are many people graduating from university successfully, completing their undergraduate course, there are far fewer that hold a Masters degree. A Masters degree is very difficult and intense, and therefore, rightly holds a good deal of prestige.

• An advanced degree provides deeper understanding of the subject – A Masters Degree will expose you to more complex theoretical knowledge and deeper understanding of the subject. Doing a Masters degree, and passing it well, makes you much more of an authority on the subject and, you may wish to use this knowledge to write on the topic/subjects yourself sometime in the future.

• Availability of flexible study options – Fortunately, there are a wide range of flexible study options available for Masters degree students. There is part time as well as evening classes for those wishing to work during daytime at many universities. Recently, the interesting development of some recognized universities broadening out to offer online study to increase the flexibility further, will no doubt increase the appeal of Masters programs for many. However, none of the major universities yet offer standalone online Masters degree courses.

• Possibility of doing a PhD in the future - If anytime in the future you wish to receive a Doctorate, then you will first need to have received a Masters degree.

Here are some reasons against doing a Masters Degree:

• A Masters degree is not a requirement – For many jobs, a Masters degree is not a requirement, it is often a personal choice because of the intention to eventually get very prestigious/high paying jobs within organizations.

• Opportunity cost of doing a Masters Degree – During the course of a Masters degree, a person may well give up on potential earnings from a job, and the year or two of gaining experience from the job, which could potentially boost pay and increase chance of promotion. This has to be weighed up against the benefits derived as a result of doing the Masters degree.

• A Masters Degree is very expensive – The fee for a Masters degree is often a very prohibitive factor hat dissuades many potential applicants. It can cost tens of thousands of dollars.

• Cost of accommodation – The cost of accommodation, whether renting a private place or staying at university-run accommodation is not cheap, especially if you do not have full time work. This added to the fact that most Masters degree students can only do part-time work means finance is often a struggle. This means bigger graduate loans/private loans from banks or other independent student loan providers that also provide graduate loans.

• Student loans – Although it may be quite easy to get large graduate loans from private financial institutions, the repayments are not cheap. You have to be prepared that it may take years to pay off your graduate loans after getting a job.

Some people find that the best thing to do is to do a degree and then get a job and see where that takes you. After a while, it might be that you find yourself enrolling yourself on a part-time Masters degree program to enhance your credentials, both from an employment and personal standpoint.