Should I Pursue a Master's Degree? by Jennifer Berry* (Guest author)

Going to college has become an essential “next step” after high school graduation, but what about working on a master’s degree? Is this essential on our quest for success? Graduates with master’s degrees have much higher salaries in most fields than graduates with just bachelor’s degrees. Also, there chances of being unemployed are lower. This decision can be made easier by evaluating the pros and cons.

You should consider the potential for a higher salary, the financial cost of seeking the degree, and the opportunity cost.  Will you have to take out student loans? Will you be able to pay off those loans? Will graduate school make you miss out on existing job opportunities? Don’t forget to consider your own personal and career preferences.

The financial benefit is that your salary can start at around 20% higher than a person without a master’s degree. However, you must consider that two year master’s degree programs can cost anywhere between $80,000 and $120,000. Paying off debt is difficult and pursing a master’s degree may be unwise, unless your payoff is high enough. Many universities do offer assistantships. An assistantship usually will cover some or all of the tuition costs, and provide a stipend to live off.

Those of you in high school should research more about your potential major so you can get an idea of whether or not graduate school will be necessary to reaching your goals. Don't forget to choose what will be the best fit for you. Evaluate wisely.

READERS, what do you think?

Is going to graduate school a reasonable expectation in today's society?

Do you feel pressured to go to graduate school? 

*Jennifer Berry is an undergraduate student with UK Department of Family Sciences.

Reference

Driscoll, Emily. (2012, October 17). Masters Degrees: Are They Worth It? Fox Business. Retrieved from http://www.foxbusiness.com/personal-finance/2012/10/17/masters-degrees-are-worth-it/?intcmp=obinsite