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Graduate School: Worth investing in or just a waste of time and money?

4/23/2012

3 Comments

 
What is the value in higher education, if you've already established momentum in your career? When does it make sense to go back for a Masters? What payout do you need to see in order to justify the high cost of post graduate education? Or should higher education not be tied to a monetary gain? 

That is, you have established yourself in your industry as a subject matter expert and you have a pretty good gig going for you. All in all, you're finishing off your tenure in the work world making a decent salary, and for the most part, life is just peechy. 

The obvious answer in my mind is well, duh!!, education is always valuable. You will grow as a person and make yourself more competitive in the work place, especially if you get into a position where your employer is comparing apples-to-apples. But really, what is the value in investing more time and money into a Masters if you're already moving forward successfully in your career path. Will a Masters make a real difference? 

You ask me, my answer is undoubtably, Yes. 

You ask my friend, who is a director of a Global auto division working in the US from Europe and has about 5 years my senior in the work world; Her answer, undoubtably, No. 

This friend has a University degree from France which I believe is equivalent to a bachelor's degree in the US. She has achieve a senior level position within her global company without a post-graduate education. And she's only moving up the ladder, quickly. 

In her mind, once you get to a certain level in your career, there are no financial benefits to pursuing post graduate education that you could not achieve on your own without that degree. Bottom line, he philosophy is unless you can equate a direct ROI of that potentially $50,000 - 100,000 investment of your post graduate education, what is the point? You would have to really sit down and break down how quickly you project you will realize a return.

Though I don't completely agree with that philosophy, I can respect that very direct point of view. 

There are a few questions you should ask yourself before dropping a ton of cash on another degree that you may or may not need.
  • Why do you want to go back to school? What do you expect to gain?
  • Is it because you can't find a job and that is the only other alternative to flipping burgers? What I see often is you have a high rate of unemployed, but highly educated people. And the workplace is becoming more competitive as a result. 
  • Do you have an employer that is willing to invest in paying for your education? Keep in mind, an employer that is willing to invest in you, is truly an employer you should be willing to invest in. 
  • Do you want to go back to school simply for the pursuit of knowledge, not expecting a monetary gain, but a non-tangible gain in the form of greater knowledge? 
  • Are you shifting careers and need training in a new field?
  • Do you plan to work in other countries? Are their standards of higher education the same as they are in the US? That is, do they value work experience just as much as having another degree? 
  • Ultimately, what are your life goals? Do you want to be a C-suite leader? What lifestyle are you looking for?
Whatever your reasons are, make sure you think long and hard regarding your choice to go back to school. Consider the long term benefits of your post-graduate education. If you're stuck not being able to find a job, try diversifying your search efforts. Shop online, use social to make connections, build a digital portfolio, work though a workforce solutions company, and/or go back to school to expand your skill set and experience.

Here are some of the comments I received on my facebook. Cheers!!

Mona

3 Comments
Mona
4/23/2012 04:17:23 am

Joshua Morgan "From my personal experience... there's a very significant tradeoff going for a Master's and spending 3-4 years intensive study for a degree... re-integrating back into the real world after completion of studies is like trying to find yourself all over again. With the rising costs of degree programs, unless you find a job that will not burn you out after a long period of intensive work to get to that point, I don't know if it's worth it in the long run... but then again I'm trying to figure that out for myself :)"


Maya Choucair Hamade "Interesting questions. I will let you know once I graduate and find a job :)"

John Golembiewski "I'm currently going for my masters part time, one class a semester"

Carlos Thomas "I went from college straight to my Masters so I was 26 years old when I finished my Masters. My opinion is that it is a ticket to get on a train. If you don't have that ticket, you will not gain access. If your going for a job and all things are equal, the person with the advanced degree will get the job. My after getting my MBA, my base pay doubled. Getting your masters after you been in the job market for awhile will make your masters more meaningful and you will get more out of it because of the experience you bring to the table. However it is harder to go back after you have been out of school for so long. Life happens. I went right after while my study skills were still sharp. However, I did not have much experience to bring to my classes and study group. Soon master degrees will be like bachelor degrees and bachelor degrees will be like high school diplomas. You need to give yourself every advantage. Especially as a woman. Especially as a minority woman."

Carlos Thomas "To add to that...don't spend a arm and a leg getting your masters. Find an employer (if that is what you want) that pays for part or all of your schooling. An employer that is willing to invest in you is an employer you want to invest in."

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8/19/2013 02:00:17 pm

These are magnificent tips. Education is always valuable and you decide into what person you will grow. It is not just the question of competitiveness, it is a question of your realization.Thanks a lot for sharing your experience with us.

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11/26/2014 03:28:12 pm

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