Acquiring a degree often feels like a job of its own, since life as a college student is busy and unpredictable. It is easy to get caught up in finishing school without considering what to do after graduation due to the demands of being in this intense environment. College goes by quickly, so whether you are an under or upperclassman, it is never too early to start figuring out the right path to take after school ends.
While many students start jobs immediately after graduation, this may not be the ideal route for everyone. Depending on the desired career path, a graduate degree is a viable option for achieving more employment opportunities. Deciding to apply to grad school can be a confusing choice. With options for upper-level degrees in nearly every major, who should apply? Graduate degrees are often important and necessary for certain career paths, but depending on the program, finances and desired occupation, it is not always worth it.
In some instances, a graduate level education is necessary to be employed in a certain position. For example, medical and law school are required to practice as a doctor or lawyer. However, while some careers require additional schooling, this is generally not the case. Emma Kerr writes on the factors contributing to the utility of a graduate degree in her article for U.S. News. She explains how both the specific program and desired career path play a major role in how worthwhile a graduate degree is.
To illustrate this, she references the average first year income for someone with a master’s in social work, which is $49,400. Furthermore, the average student loan debt for this same degree program is $115,000. The mean debt alone is more than twice the amount an individual would be likely to earn a year after entering the work force. In the case of doctors and lawyers, their student debt is high, but so is their average income, making it easier to pay off their loans. Along with this, being a doctor requires medical school, but a social work master’s is not always necessary to work in this field. Depending on the program, graduate school may be necessary, but if not, it may be too pricey to be rewarding.
Money is the second major consideration when enrolling in a program. Student loan debt affects most college students after completing their undergraduate degree. The additional cost of a graduate degree to this preexisting debt could make that sum unconquerable. Melanie Hanson for the Education Data Initiative writes about the student debt totals for higher degree programs and how they have fluctuated from years past. The average amount owed after completing an undergraduate degree is $36,635, but after graduate school, this increases to $71,287. For PhD holders, this number is even higher at $159,625. Student debt is expensive after just a bachelor’s degree, but this can quickly reach an unmanageable amount after reaching the graduate level. According to the article, the average graduate school debt has also more than doubled since 1995. Higher level schooling is expensive. If the benefits of a graduate degree do not outweigh its cost, graduate school may not be worth it.
Graduate school may seem too expensive to be worthwhile, but there are ways to make the cost more manageable. Kelly Heinzerling explains some of the options used to make graduate school more affordable in her article for CNBC. Similarly to a bachelor’s degree, scholarships and financial aid are often an option to help graduate students bear the burden of these costs. Along with this, working assistantships are also available in many graduate and PhD programs. The costs of a graduate degree are steep, but there are a multitude of options to make this investment more affordable and achievable.
All things considered, the decision to attend graduate school is personal since not everyone has the same career aspirations. While some occupations require a graduate degree to be employed, many do not. Determining the need for graduate school comes from personal research into the requirements of one’s desired field of work. If a career does not require a graduate degree, it will be an unnecessary and weighty expense. Regardless, if it provides a route to a fulfilling and worthwhile career, acquiring a higher-level education is a valuable investment.
Researching the specific requirements of one’s desired occupation will reveal if graduate school is the right path. When finances are manageable and extra school is beneficial to achieving one’s goals, graduate school is a worthwhile investment. Awareness of the costs and benefits are important to making the right decision, but ultimately, this conclusion can only be made on an individual level. Is graduate school worth it? Go find out.