Something on the minds of many young professionals is grad school. Whether you’re fresh out of undergrad and looking to obtain an advanced degree before entering the workforce, or you’re a few years out and looking to change jobs, careers or even make yourself more attractive for a promotion, grad school can be an attractive option. However, a lot of questions will start coming up as you think through the decision – how much will this cost, how long will this take, what will it help me achieve? Mrs. Money herself is completing a Master’s degree hopefully in the next month, and I’ve had several friends complete them as well. Let’s dive into the pros and cons to help you weigh your options.

Whom does it make sense for?

An advanced degree can make sense for most young professionals, as a way to continue learning, obtain new skills, and hopefully pave the way for a new job, career or promotion at work. Each master’s program will be different, but generally it’s advised to have been a few years after your undergraduate degree, to have obtained a few years of real life experience.

An advanced degree in the form of a Master’s degree is a graduate degree, and a graduate degree requires an undergraduate degree. Different Master’s programs will have their own requirements, whether in the form of a specific undergraduate degree or specific course work have been completed. There could also be a work experience requirement, like having had to have been out in the field for 2-3 years. For many programs, a combination of real-world experience and a bachelor’s degree is desirable. To become an accounting analyst, for example, you might have an accounting degree, and work experience with things like taxes or auditing. The Master’s course will build on this and prepare you for a more specialist position. 

What’s the committment and when’s a good time?

It’s actually fairly common to do a Master’s a bit later in life. Many people decide what they want to do after trying out different fields. Studies and testimonies have also shown that mature students are much more focussed and inspired. Rather than age, doing a Master’s requires certain personal skills. Self-discipline is key. You have to think carefully if you’re ready to take on a a few years worth of hard work. Your dedication and commitment will hopefully be compensated and recognized by your future employer, but not until after you’ve made some sacrifices to achieve your goals. 

A Master’s program used to take about 2 years of taking classes somewhat full time. In today’s modern era however, programs are becoming shorter, and more flexible. There are tons of evening, weekend, summer, part-time, even online programs out there if you don’t want to quit your job and go to school for 2 years full time. Mrs. Money has done her program fully online, and has been able to go at her own pace – taking 1-2 courses/semester for the past 2 years. So, don’t just assume that a Master’s will require you to quit and go full time to school – know you have options!

What does the course entail?

A Master’s allows you to delve deeper into your chosen subject. You will be carrying out more advanced research than you undertook in your undergraduate degree, but you will have all the assistance and resources to help you with it. You will be able to develop your critical and analytical skills. You will build a lot of confidence in academic debate and asserting your opinion and backing it up with your findings and results. This is an excellent skill to take to your future employer! 

What are the advantages of e-learning?

The main one is obviously flexibility. With remote learning, you can study from home, when you want and pretty much plan your own timetable. This has worked well for Mrs. Money! Having said that, however, this doesn’t take any of the prestige away from an online course. Courses will follow the same curriculum and program, but with materials online rather than “live” lectures. Again, you will need to rely on your own self-discipline. With higher education you are left to develop at a more mature level, so make sure you’re up to the challenge.

How much will it cost

I feel like grad school used to be fairly cost prohibitive – ranging in the tens of thousands. However, schools are actually becoming more competitive, which is good for you as the consumer in getting a lower price! Even better – many employers will offer tuition assistance or reimbursement. My current employer offers $5,000/year for graduate school, and Mrs. Money’s employer has ended up paying about 60% of her degree. There are all sorts of grants and scholarships available, just like in undergrad! Of course you can take out student loans, but please do so only after exhausting your efforts elsewhere!

Is it worth it?

I’m not going to be able to answer this for you, but in my opinion – a graduate degree should have a clear pathway to better or more career opportunities post graduation. Whether your work has an official policy or whether you’ve done research or seen colleagues benefit from it, an advanced degree is an investment, and like any investment, it should come with a nice return. You’ll a) be spending a fair amount of money and b) be spending a fair amount of time obtaining a degree, so make sure it’s worth it on the other side!

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