In this piece, contributing writer Lisa Fox from DegreesThatPay.com gives a useful perspective for people who are approaching or are early in their careers to think about when considering whether to attend grad school. Based on her past writings, I thought she’d be the perfect person to offer an objective opinion on the topic…definitely much more objective than someone like me who attributes his current career success to having earned an MBA from Stanford GSB.
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Is Graduate School the Right Thing For Your Career?
By: Lisa Fox
Graduate school can be a great way to build skills as well as make you more appealing to employers. But the truth is, it can be harder and a bit more complicated than you might be anticipating. Graduate school will require you to invest a significant amount of time, energy, and, in many cases, money. What you will need to decide is if the resume booster is worth the effort that it will take to get it.
Before you decide to take the plunge, carefully consider your answers to the following questions:
Why do I want to go to graduate school?
Some consider going for career advancement. Others just want a career change and they think that going to graduate school may be the best place to start. Reasons to go to graduate school are different for different people. But, what remains the same across the board is the need to make sure the juice is worth the squeeze.
Graduate school costs a lot of money as well as time. These are not things that you can afford to lose if you aren’t sure about your career path. Before deciding to take the plunge into grad school, really ask yourself if this is the right move for you. Are you only able to achieve your career goals with a graduate degree? Are you sure that a graduate degree will open up the right doors for you? If yes, then proceed with confidence knowing your decision is leading you to the future of your dreams. And if not, well maybe you should consider some other options that are less demanding of your time and money.
Which graduate school should I attend?
After you have made up your mind to attend grad school, you will need to decide which school to attend. The answer to this question should rely on a number of factors. A primary factor that should be considered is the strength of your desired program at the school. There are a lot of good schools that have a lot of good programs, but all are not equal. If you really want your graduate education to make an impact on your career, you must choose a school that has a good reputation for your area of study. Before you decide on which school to attend, research the most accredited institutions for your field. When you have a list of schools that are strong for your field of study, proceed to evaluating which ones would best suit your needs.
Another thing you need to consider is the institution’s flexibility when it comes to class schedules. This is particularly important if you need to work while studying. Do they offer night classes? Are they considerate to working students? The answers to these questions are vital when choosing a graduate school.
Can I afford it?
This last question is one that will probably make or break your decision. As mentioned, graduate school can be really expensive. Ideally, you have saved enough money in your career to pay for your schooling out of your own pocket. If you haven’t saved enough, you can still apply for financial aid or get a loan. However, you should remember that requirements to get financial aid for graduate school can be rigorous and money is not awarded to all that apply.
If you need to get a loan in order to attend graduate school, you need to be extra sure of your decision. While graduate school may definitely help your career, is it worth going 6 figures into debt? Would you be better off climbing the ladder slower to avoid the massive debt? Especially in these difficult economic times, jobs are hard to come by even for those with graduate degrees. Will you be able to find a job and start paying off your loans right after you graduate? If you are committed to graduate school and are willing to take on the debt, be sure to have a plan to manage and pay off your loans as soon as possible. So is graduate school right for you? The truth is that any decision of this magnitude with all the pros and cons can be difficult. If you know that graduate school is what you need, then of course go for it. But, if you are having any doubts, don’t rush into anything because you could end up regretting it.
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Lisa Fox is a contributor for DegreesThatPay.com which recently featured an article on the
Highest Paying Careers for 2013. Feel free to reach out to Lisa with any questions or comments via Twitter at @DegreesThatPay.
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