There is no denying that significant value is placed on higher education and obtaining credentials to “make it” in the world. While you can get started and maintain a good career without a graduate degree, it often results in a career plateauing far earlier than those who have undertaken further education.
Many professionals pursue advanced degrees to avoid this and instead gain specialized skills, increase their earning potential, and ensure they can shift or change careers down the line, rather than be trapped on a stringent and immovable path. The problem, however, is that the type of education required to achieve this is a major commitment, involving financial, professional, and personal considerations and sacrifices.
Choosing the right program, or indeed choosing to study at all, requires careful consideration beyond simply gaining the “prestige” of having a degree. Understanding the realities of starting a graduate education can help prospective students determine whether further study is the right path for them, whether they have the capacity, and determine if it aligns with their long-term goals. In this article, we review five key considerations before pursuing an advanced degree.
1. Cost/investment into education
Depending on the type of education, tuition costs for graduate programs can range from tens of thousands of dollars to over $100,000. This does not take into account costs incurred beyond tuition, either, including textbooks, accommodation, living expenses, insurance, and other fees. In total, the average student in the United States can be expected to spend $38,270 per year to attend college, a cost many students underestimate.
In theory, graduate students will walk into higher-paying jobs; however, it is important to consider your personal situation and whether the time and cost of studying balance out the time you could have spent working and earning an income. Whether you are eligible for any scholarships, fellowships, grants, employer tuition assistance programs, or federal or private loans is also an important factor that can significantly reduce education expenses and improve the long-term return on investment.
While finances are a major consideration, potential students should not discount career choice and job satisfaction as part of the trade-off; you cannot put a price on these things.
2. Impact on lifestyle
Advanced education often requires a significant time commitment. This is not just time spent at a university attending lectures or classes, but also the many hours required to complete coursework, placements, or to study for examinations. Most graduate programs take between one and five years to complete, meaning this type of commitment will affect a person’s professional and personal life for a significant period. Students may need to pause their current employment or reduce their hours, and balancing study and family responsibilities can become a challenge and will require adjustment.
Understanding a particular degree’s coursework, research, placement, or thesis requirements is an important part of knowing whether you are able to commit to higher education. Recognizing your ability to handle competing priorities, manage stress, and your time management skills will also play a role.
For many, online or flexible programs can help students continue to work or manage their family priorities while also studying.
3. Career advancement opportunities and return on investment
For many, one of the biggest motivations for pursuing graduate education is to advance their careers. Degrees can lead to higher salaries, leadership positions, specialized roles, and industry credibility. For example, in the healthcare sector, BSN MSN programs can be a significant factor in advancing your education, offering professional growth and career flexibility for nurses seeking leadership or specialized roles.
For many other careers, graduate credentials are essential to get your foot in the door. For others, experience may actually outweigh a formal education. It is vital to evaluate employment outcomes, average salaries, job placement rates, and alumni success before choosing a program to ensure the return on investment meets your expectations. And while career outcomes are important, future students should also consider the academic value of the program itself.
4. Quality of programs
The latest count shows the United States has nearly 4,500 different universities, and unfortunately for potential students, not all graduate programs deliver the same educational value. When it comes to choosing the right university and program for you, research is key. Factors you need to consider include:
- Curriculum relevance - does this program match my needs?
- Faculty expertise - are the teachers or professors leaders in their field?
- Accreditation - will this program get me the accreditation I need to start my career?
- Industry partnerships - what career outcomes do graduates achieve?
- Networking opportunities - are the job opportunities linked directly with this program?
Future students need to know what they are investing in, so it is important to dive into the details of all potential courses you are considering.
5. Motivation and long-term goals
Beyond the financial, personal, career advancement, and quality of the educational program factors, the last most important factor when considering pursuing an advanced degree is personal motivation. Graduate programs are academically challenging - they require a sustained effort over several years, which can be emotionally and financially draining. Without having a deep sense of purpose, it can be extremely difficult to remain motivated to finish the course, leaving one with a pile of debt and nothing to show for it.
Before enrolling, prospective students must reflect on why they want to pursue further education. Some of the factors we discussed above may play into it - it is seen as an investment in your future, it allows career progression, or it can help you establish yourself in a field of your choosing, and it is vital that you can identify what it is early on, to keep the passion burning.
For many, a graduate education is a powerful investment in their future. This, however, can only occur when an advanced degree is chosen strategically, aligns with clear career ambitions, and motivation is persistent.
