BY: Savanna Pruitt
May is quickly approaching and many college seniors are getting ready to graduate. Though most are excited and relieved to be receiving their bachelor’s degree, the inevitable question still goes through almost everyone’s mind: Should I get my master’s degree?
Data from the National Center for Education Statistics shows that “between 2000–01 and 2017–18, the number of master’s degrees conferred increased by 73 percent, from 474,000 to 820,000 degrees.” As the numbers reflect, more people than ever are earning master’s degrees. Additionally, data from the Bureau of Labor Statistics (BLS) shows that master’s degree holders do earn more on a weekly basis and experience lower unemployment rates than those who hold bachelor’s degrees or high school diplomas.
A quick look at the numbers makes it seem as though going to school for a master’s degree is a no-brainer. There’s more to consider when making the decision, though.
You should not pursue a master’s degree right now if:
You just want to learn more. There’s absolutely nothing wrong with wanting to learn more, of course. However, if you’re thinking of pursuing a master’s degree just because you like and want to learn, there are plenty of far more cost-effective alternatives. Anyone with a solid internet connection can tap into a plethora of knowledge on the web, and the content is free in many cases.
If you want to learn from professors at an institution, there are sites such as edX that provide free online classes from colleges and universities at Harvard, MIT, and more. If you want to learn from experienced professionals in a certain field, sites like Skillshare and TEDEd are great options. You don’t have to go to grad school in order to learn more and build relevant career skills.
You aren’t sure of your career path or what you want to do in the future. Pursuing a master’s degree in a field you aren’t sure you see yourself sticking with longterm or going to grad school because you just don’t know what to do after receiving your bachelor’s degree are decisions that will take up a lot of time and money without a guarantee of benefitting you in the end. Instead, try taking some time to gain work experience in the field to see if it truly is something you want to pursue more education for.
If you find during your time off from college that you love your chosen career field and want to get your master’s degree in that field, great! Now you have work experience under your belt for your grad school application and resume. If you find that you either don’t love your career field as much as you thought you would or you’re happy staying at the level you’re at in that field, great! You saved a lot of time and money.
You should pursue a master’s degree if:
You’re going into a specialized field that requires one. There are some career fields that require master’s degrees, and there’s just no way to get around it. According to the Bureau of Labor Statistics, most people in fields such as education administration, mental health counseling, library sciences, and museum curation do have a master’s degree or higher. Additionally, people with master’s degrees in those fields do make more than people with bachelor’s degrees in the same fields. Make sure you do research to see what your desired career field really requires.
You see a lot of growth potential for jobs that require master’s degrees in your chosen field. Nearly everyone wants a certain level of job security and earning potential. There are lots of job areas that require master’s degrees that are seeing a higher than average rate of growth. For example, the BLS reports that job opportunities are rapidly growing for nurse practitioners, healthcare social workers, speech-language pathologists, and guidance counselors who have master’s degrees. The Occupational Outlook Handbook is a great resource for anyone wondering if earning a master’s degree will really benefit their employment and income prospects.
In the end, only you can decide whether or not pursuing a master’s degree is a practical move at this time. Success isn’t guaranteed with either path, so it’s up to you to do your research and settle on a solution that works with your lifestyle, your financial situation, and your career goals.
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