The dilemma of whether to get a graduate degree is a complex one. With the recent unprecedented growth in the western world and low unemployment, tech companies such as Google still receive more than two million job applications per year. Banks such as Goldman Sachs also receive thousands of applications per year.
To gain an edge in the job market, sometimes the solution is to reskill by getting a post-graduate degree. The pros of whether to get a graduate degree or not should be weighed to ensure that you are making the right decision.
The pros of a graduate degree
Salary increase
Most graduates report an increase in salary of 25 percent after finishing their graduate studies and graduating with an MBA results in a salary bump of between 60 to 150 percent. In contrast, masters in Human Services or Museum Sciences will increase your earnings by a mere 10-15.
Changing carriers
With growing technology and automation of traditional jobs, a lot of people are taking the initiative to change carriers to avoid losing edge. This has resulted in upgrading skills in grad schools by pursuing courses relevant to what job market requires. This has resulted in a sharp increase in the number of students enrolled in graduate schools.
Following your passion
Being stuck in a job due to poor decisions made while you were young might be devastating. A lot of people are now being bold enough to change carriers to where their passion really is by applying in graduate schools. Many have indicated that they like the aspect where they work for what they truly love.
Cons of graduate degree
Free learning
With the advancement in technology and the availability of information on the internet, it is now possible to learn skills for free. These skills will cost you thousands of dollars if you study them in graduate schools. A lot of people are opting to study through the internet to avoid high tuition fees charged by these schools.
Time wasting while studying
Studying in graduate school does not always translate into new skills. In fact, studies have shown that the best way to learn is through doing. The theoretical study of a subject is not currently a priority for firms looking to hire. For instance, employers like Google, Amazon, and Microsoft indicated that they have to retrain their new hires in order for them to be integrated into the working environments.
Probably end up in debts
The cost of a graduate degree is expensive. By choosing to study for one, you will probably end up in student debts due to these higher costs. By failing to evaluate the return on investment correctly, you may end up being stuck by these debts for the rest of your life.
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