Going to grad school: Not always the obvious choice
These days, it seems like college is an extension of high school, serving just as a natural progression to a successful career.
Many students, however, are now considering advanced degrees to set them apart from those with a bachelor’s degree when applying for positions or to increase their salary potential. After all, the statistics seem to support evidence of greater earning potential of graduates with advanced degrees.
According to the U.S. Census Bureau in 2005, the median earning of those with a graduate or advanced professional degree was $57,600 while those with a bachelor’s degree earned about $44,000.
While the pay incentive may entice many, careful consideration of the costs and benefits of going to grad school is essential. Otherwise, you may find yourself with a load of debt and a salary equal to or only slightly higher than your colleagues with bachelors’ degrees.
One of the most important things to consider is the cost of a graduate program. There is extreme variability in the costs of different graduate programs and schools. Some graduate students actually get a salary for their graduate work and others are stuck paying up to $100,000 a year. According to FinAid.org, the average graduate student borrows $37,000 in student loans.
This is an especially important consideration if your chosen career doesn’t necessarily guarantee a large salary. Paying off a debt of this size, along with other inevitable expenses, can potentially be an insurmountable task. My advice is to be realistic with your expectations regarding your graduate degree. For example, if you get a doctorate in sociology, don’t expect a six-figure salary. If you plan on going to medical school, on the other hand, expect a comfortable salary.
Another important consideration is whether an advanced degree is really necessary or useful in your chosen field. For example, if you want to be a researcher, physician or lawyer, an advanced degree would be the only option.
On the other hand, a person with a business degree may be able to advance within a company to achieve the same position or salary as someone with a Master of Business Administration. This is especially important when you consider the MBA requires a loss of salary for two years, which could have been invested and drawing interest during that time, in addition to the high cost of the actual program.
When weighing the financial pros and cons of graduate school or a professional degree, it is easy to forget the most important reason for going to graduate school — an interest in your chosen field of study and the desire to become more knowledgeable about a certain subject.
If you are going to grad school only to make more money in the long term, you are missing the point. In the end you may consider it a waste of time, money and effort. However, if you truly are interested in what you do, the financial costs should not deter you from pursuing an advanced degree.
Alex Alexiades is a columnist for The Nevada Sagebrush. He can be reached at editor@nevadasagebrush.com
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