Master's Degree

[Kailex]

I want some opinions about the point to a Master's Degree and its relation to today's economy. I've been giving some serious thought about going back to finish off my Master's. When I started it, I was in another country in a college that was credited.

But, here, things are a lot different. The tuition is WAY more expensive and the last thing I need now is a student loan to add onto my daily life.

I'd love to finish it off, in maybe 2 or 3 years time but honestly, I don't see the economy improving anytime soon. All I constantly hear are horror stories about being overqualified for MANY positions.

Am I right to feel the heat from not finishing it off if it means taking on more debt?

I don't want to add something else to my resume that might actually hinder my progress in the future. It seems like backwards thinking but I'm trying to be as realistic as possible. I see many people around me who think that Master's = Better job, more money.

And I'm just not seeing that as a reality as of TODAY.

Advice, additional insight, past experience is more than welcome.

 

[Quiksilver]

Is there a direct return on investment for your degree?

What graduate job are you guaranteed--or expecting--to have after finishing your masters?

How long will it take to pay off your debt in this position?

Is there another way to get to that job you want, without doing a masters?

 

[5string]

I never finished my MBA. It would have never helped to have it in the career I am in, financially or otherwise. So, if you are going to do what you are doing, ask yourself if there would be a benefit of having the MA? Secondly, will you make a career change? If the answer is yes, can you anticipate whether or not the MA will help you in your new career? Then compare your answers to the actual cost of the additional education and make your decision. Good luck.

 

[Kailex]

These are all good questions that I've posed to myself and I end up with the answer that it's not worth it, at least NOT right now.

There wouldn't be a direct return on the investment of it, I'm not guaranteed a position and in the present time, I couldn't afford to pay off an additional debt (although I relatively have none). I'd rather save up money and continue on my current path and hopefully get promoted within the ranks in due time.

There are other ways to get jobs without a Master's and I think it might even be easier. There was a time I was doing it in Marketing but am now thinking about Accounting.



I'm not so sure about a career change, but I know it could definitely help me at SOME point, but note the difference in "WILL" and "COULD".

I'd rather do it at a point where I have 0 absolute debt and can afford to do it easily. My job currently would pay for about half of the tuition cost if I decide to go back, which is nice, but it still means out of my pocket costs.

I'd probably think about doing this closer to 33-34 than now that I'm just 29. But it got reignited within my mind to think about it since overhearing people talk about it and how they fully expect to have jobs as soon as they finish their Master's while still paying off their loans from their Bachelor's.

 

[manish]

best way for you according to me is

Do part time education, you can opt for part time mba/other courses which u want to do.

This way you keep your earnings ..salary coming in..and side by side..you will earn your degree..

i know it will be difficult to manage both...but your hard work will pay of in later stages...

 

[Trader]

I want some opinions about the point to a Master's Degree and its relation to today's economy. I've been giving some serious thought about going back to finish off my Master's. When I started it, I was in another country in a college that was credited.

But, here, things are a lot different. The tuition is WAY more expensive and the last thing I need now is a student loan to add onto my daily life.

I'd love to finish it off, in maybe 2 or 3 years time but honestly, I don't see the economy improving anytime soon. All I constantly hear are horror stories about being overqualified for MANY positions.

Am I right to feel the heat from not finishing it off if it means taking on more debt?

I don't want to add something else to my resume that might actually hinder my progress in the future. It seems like backwards thinking but I'm trying to be as realistic as possible. I see many people around me who think that Master's = Better job, more money.

And I'm just not seeing that as a reality as of TODAY.

Advice, additional insight, past experience is more than welcome.

The rudimentary calcs are pretty easy.

Amount of salary given up while in school + tuition = Cost.

Figure out starting salaries for the job you will get after you finish your Masters X probability of landing the job (which depends on whether you forecast a recession when you graduate), then extrapolate out your salary, and DCF it all back to time zero. Take that DCF number - Cost to get your NPV.

Compare that NPV to your DCF calc for your current job you are in.

Of course the tricky part is your assumptions, it is difficult to predict the future.

So in essence your thread is about: 'What assumptions do you have regarding the job market in the particular field I am getting a Masters in, and what assumptions do you have about the job market in my current field?'

I would just advise you to do your own research and make your own assumptions, and plug and chug to get your numbers.

 

[synergy1]

I'll outline my experience briefly and maybe you can glean off details relevant to your life.

For me, the masters degree was a needed time after a difficult undergraduate school to "catch up" and pick up on some interpersonal skills that I didn't get in undergrad. Basically , I wasn't mature enough and wanted to focus on a project more in depth than our senior project would allow. Doing the research, teaching, reffing sports and publishing all helped in those regards. I had the college experience I never had in undergrad. I partied a lot, got a higher GPA and enjoyed myself much more.

Now, for post graduation. I have been employed for 3 years and self employed for 1 more. Thus far, the graduate degree has been of no help with employment. None of the employers I have had, or interviews I have had have really paid much attention too it. The only people who seem to care are defense contractors like BAE, Lockheed etc who will bump you up a pay grade if you have your masters. Maybe 2 or 3 jobs out of 50 will require a masters in my field, but they also require pretty in depth experience which I don't have yet in my career. That said, just because it isn't helping now doesn't mean it won't help.

Advice, additional insight, past experience is more than welcome.

Do graduate school because you have a good plan. It doesn't matter if its life experience, more experience in your field, or just because you like school. In todays economy, i wouldn't bank on the M.S being a deal breaker for employers, but in 5-10 years it may be! god knows i am sure hoping so.

 

[Iceberg]

Do graduate school because you have a good plan. It doesn't matter if its life experience, more experience in your field, or just because you like school. In todays economy, i wouldn't bank on the M.S being a deal breaker for employers, but in 5-10 years it may be! god knows i am sure hoping so.

That's definitely something to consider. But a counterpoint is, in 5 - 10 years Kailex will probably have the resume, experience, and connections to apply for whatever job he wants in his industry anyway.

I couldn't imagine an employer saying, "You have 10 years experience, a great track record, and people speak well of you.....But I don't see a Master's Degree."

In my experience, your work accomplishments speak better for you than your academic accomplishments. Just because a guy is highly educated doesn't make him great at his job. But that's just my experience.