Congratulations on furthering your education by going to graduate school! Attending grad school is an extremely personal decision, and not one to be taken lightly. There are a ton of factors that need to be considered before you take the plunge back into all-nighter cram sessions and multi-hour classes and seminars.
My decision to pursue my M. S. in Materials Engineering was not one that I took lightly. I had many things to take into consideration – what I wanted out of my future career, how graduate school would help train me for the next step in my journey as an engineer, and much more. While everyone has different factors to weigh in their decision to pursue grad school, here are the 5 most important questions that everyone should ask themselves before they sign up for classes.
1. Is your undergraduate degree too generic to land the job you actually want?
This is a statement I hear often from people across industries – “Well, if I really want to get X job, I have to have a Master’s Degree [or some other form of advanced degree].” The type of degree and experience you need differs depending on the job you want. However, I highly suggest that you do your own research into your industry to really see what the qualifications are for your dream job.
Say your dream job does require a Master’s degree – what else does it require? 5+ years of experience? Special certifications? These other credentials that you need can be something that you pursue while you’re in grad school as well.
For example, if you need a Master’s and 5 years of experience to land that dream job, is there any entry level job that you can get with your undergraduate degree to get those 5 years of experience? And, while you’re making money and gaining experience in your entry level job, could you go to grad school part time to get your Master’s?
Even if your undergraduate degree is “too generic” to get your dream job right out of school, research your options so that you are not accidentally delaying your career by going to grad school.
2. Is a graduate degree is required for advancement in your industry?
This question is similar to the first, but more specific into where you want your career to go. From my experience in the STEM industry, some companies may require you to have a Master’s degree (either technical or a MBA) in order to advance to a managerial or higher level position. However, other companies may base their promotions on the experience that you have rather than the degrees that you hold. Like in the first question, this is where your own research on your company and your industry are crucial.
In addition to receiving promotions and having a higher status at work, having an advanced degree can also help raise your salary. For entry level positions alone, I saw a 13% increase in starting salaries for engineering positions when comparing full time offers for those with a Bachelor’s degrees versus those with a Master’s degrees. Having an advanced degree can help bump up your starting salary, but it really depends on your industry. Some companies would be more likely to raise your starting benefits due to your experience rather than your degrees.
3. Is research is a key component of your job?
While not all graduate degrees are research based, many of them are especially technical graduate degrees. Even if you don’t intend to go to grad school to do research, your degree could still end up thesis-based. If research is not something that is relevant to your industry or the career that you want, graduate school may not be for you.
However, if you want to go into a research based position, then going to graduate school is a key step in preparing you for the career you want to pursue. In that case, definitely do your research to determine what the most appropriate degree is for you to pursue. Many research based positions prefer for you to have a PhD rather than a thesis-based Masters, but you could still end up in a research based position without a PhD. Obtaining a PhD is definitely more strenuous than obtaining a thesis-based Master’s degree, but the extra few years in your education are worth it if you need if for your dream job.
4. Do you want to work in academia or higher education?
Continuing with the same ideas presented in Question 3, if you plan to work in academia, some sort of advanced degree will definitely be required – most likely a PhD. The requirements for a job in higher education greatly depend on the institution that you want to work for. Some universities are more research based, and some are more teaching based. Where you obtain your advanced degree and what kind of research you do during your advanced degree can have an impact on your career opportunities after you finish grad school. Again, make sure you do your research on what university you want to attend, what degree you want to obtain, and what research you want to do while you are in grad school.
5. Is it paid for?
The average student loan debt for a given person is $37,000! If you are already in student loan debt due to your Bachelor’s degree, is graduate school worth going into more student loan debt for? I was extremely blessed that my entire graduate school program (both full tuition and a monthly stipend) was paid for by the professor I worked for. However, I know a lot of students are not necessarily in the same position, and they may have to take out student loans to earn their advanced degree.
Before starting graduate school, really consider if you are comfortable taking out loans to pursue your advanced degree. How will this impact you financially in the future? I suggest completing a cost versus return analysis – how much more will your earn with your graduate degree compared to how much your graduate degree costs to obtain. If your potential earnings and benefits greatly outweigh the cost of getting a graduate degree, then graduate school is worth going to. However, if your salary and potential for advancement in industry aren’t much different with a graduate degree than without, graduate school probably isn’t worth it.
There are a few ways to fund your graduate education so that you don’t have to take out student loans or pay for it yourself. If you choose to go to graduate school before starting your full time job, see if your university offers research assistant or teaching assistant positions for graduate students. Working in these positions can give you some sort of income and can possibly get your tuition subsidized through the department you are working in. If your school doesn’t offer programs like this, there are tons of scholarships and fellowships you can apply for outside your school, like NSF, AAUW, and more.
If you are already working full time, see what opportunities your company has for education assistance. Many large companies have support for their employees to go back to obtain an advanced degree if the employee can show that it will benefit the company. Educational assistance from your company can come in a few different forms – either as full or partial tuition reimbursement or a fully funded program upfront. Even if your company does not offer “official” educational assistance, don’t be afraid to be the first to ask about it.
While there are many factors to weigh before taking the plunge into grad school, don’t forget to ask yourself these 5 questions! Be sure to research the job and career options that you qualify for with your undergrad degree, but also remember to consider how a graduate degree can advance you further in your career. Lastly (and probably most importantly), really consider how your graduate school is going to be paid for. Research your options to get your graduate education funded by your school, employer, or other scholarships/fellowships.
