Are you asking yourself if Graduate school is right for your future success? You may have to make a decision soon, but it’s worth taking the time to think about all of your options.
You have to consider the educational costs and lost wages associated with going back for graduate degrees before making any final decisions about whether or not grad school would be suitable for your future career.
Going back to get an advanced degree may cost tens of thousands of dollars out-of-pocket, and you would be taking time away from your career growth to attend school. Plus the average student loan debt for graduate school is $84,300 according to Credible.com. Add interest and you’re looking at over $100,000 in debt; and that is not including your undergraduate loans. Keep reading to find out if you should continue your formal education or explore other options for your future.
It’s a big decision. And it requires more time and energy than any other degree you can earn after high school.
Several career paths require you to have some form of Graduate or Master’s degrees, but they are limited. Most entry-level positions are available to anyone with a Bachelor’s, even if you may find yourself lacking the advanced degree for a promotion down the line. However, even these situations are rare and limited by industry. Ideally, your employer cost-shares your advanced degree or enables time off to study.
When it comes to finding a marketing job, you may feel wildly unprepared for the future ahead of you. And through no fault of your own. The world of marketing is constantly changing, and schools simply can’t keep up.
When it comes down to it, marketers at all levels are far better off up-leveling what they know. There’s so much more for you to learn on the job than in a classroom that an advanced degree typically does not pay off.
The promises of higher pay grades may have drawn you, but you stop at the expenses. In addition, it can be daunting to add another $40,000 onto your already hefty student loan payments.
The average cost of grad school tuition is around $30,000-40,000 and upward, depending on your institution. And that’s not counting the costs of extra fees and supplies. That already high bill could skyrocket if you find yourself paying for housing on top of it.
You will need to think about how much more debt you are willing to take on when you don’t have the same amount of time to work, even part-time. Some people work while completing their graduate degree, but a full course load won’t leave you time for that. It could extend how long it will take you to complete your degree if you try spacing it out to make time for work.
The overall costs will change depending on your situation, but without significant financial aid, it will be expensive regardless.
When considering the time commitment of a graduate degree, you also have to think about the possible opportunities you could be missing out on.
These opportunities could come in the form of a new job or travel opportunities, but in essence, it could be just about anything that interests you. Even if you get into a great program with tuition covered, you will never be attending for free.
There will always be new opportunities coming along. Consider what your ultimate goals are and if a graduate degree will take you there. It may be that this just isn’t the right time for you to go to graduate school. There’s always time in the future.
There are a lot of decisions to make when looking into Graduate school. Your best course of action will be first to research your desired industry and learn the required qualifications.
A graduate degree will give you an advantage, but it might be one you didn’t need in the first place. For example, you may regret taking on extra debt if you find yourself working the same job as people with bachelor’s degrees.
Though you should never feel wrong about having the drive to further your education, you can find a program that works for you if a graduate degree is what you want to do.
It just may take a bit of extra work to make it fit around your life and finances. If you are here because you are thinking about pursuing an additional degree in marketing, you should first consider the alternative resources already available to you.
ROIinU offers a complete marketing training course for a fraction of a graduate program’s cost and connects you to potential employers. So if you’re interested in a cheaper and faster path into your marketing career, then reach out here.