Determining if Grad School is Right for You
Whether you've just received your undergraduate degree or you’ve been in your career for a decade or more, you’ve probably entertained the idea of attending graduate school. But in most cases, the decision isn't always as straightforward as you’d like it to be. Do you know when it makes sense versus when it’s a waste of money?
When Grad School Makes Sense
Most people in the business world have a bachelor’s degree. While there are occasional success stories of entrepreneurs who dropped out of college and launched their own businesses, most people start from the bottom of the ladder and climb up. That means getting an undergraduate degree.
A graduate degree is different. It’s considered optional, yet valuable. You take the GRE, apply for programs, complete the required coursework, and continue on with your career. While simple in theory, it’s actually a difficult and painstaking process. In order to make sure you don’t waste your time and money, you need to be sure it’s right for you.
Here are a few reasons it would make sense:
Clear Increase in Earning Power
In most cases, the decision to attend grad school is a financial one. You need to conduct some detailed cost analyses to understand how much school will cost you and what your increase in earnings will likely be.
What you really want to know is the break-even point. If it’s going to cost you 15 or 20 years to recoup the cost of grad school in the form of salary, a graduate degree might not be best for you. If, on the other hand, it’s going to take just three to five years, it may be an investment worth considering.
Employer Offers to Pay For It
Some employers offer to pay for some or all of an employee’s graduate school tuition while they’re employed by the organization. If this is the case, then the only risk involved is your time. Even though the next three or four years of your life will be extremely challenging, this is something worth checking out.
You Want to Become a Professor
Do you have dreams of one day becoming a college professor and entering academia? You’ll be hard pressed to find a university that will accept a professor without a graduate degree.
When to Pass on Grad School
Grad school isn’t right for everyone. Just as there are factors that may work in your favor, there also a handful of factors that could work against you.
You Won’t Quickly Recoup the Cost
If graduate school is going to cost you $100,000 and prevent you from accepting overtime offers at work for the next three years, you’re probably not going to immediately recoup the cost. This may be a reason to say no.
You Won’t Stand Out Much
Are you in a field where graduate degrees don’t matter very much? Believe it or not, there are fields where an extra plaque on your wall or line on your resume doesn’t move the meter much. You’ll want to research this ahead of time.
You Don’t Have Time
You might not have time. If you’re working 50 hours a week, raising a house full of kids, and participating in social activities outside of work, you don’t really have room in your schedule to squeeze graduate school in.
Make Your Own Decision
We live in a culture where the graduate degree seems to have replaced the bachelor’s degree as the norm. It’s easy to get caught up in the hype of getting a second degree, but at the end of the day, the decision is yours.
Make a choice based on your circumstances. Only then will you be truly satisfied with the results.