Summary
You’ve got that bachelor’s degree and now you’re wondering, what’s next? For those seeking careers in the professions – law, medicine, most clinical healthcare and mental health positions, librarians, CPAs and academics – there is no mystery; entry into practice requires a master’s degree or doctorate.
You’ve got that bachelor’s degree and now you’re wondering, what’s next? For those seeking careers in the professions – law, medicine, most clinical healthcare and mental health positions, librarians, CPAs and academics – there is no mystery; entry into practice requires a master’s degree or doctorate.
In other professions, a graduate degree may be advantageous, but it’s hardly necessary for success in many fields. Neither Bob Woodward nor Carl Bernstein attended graduate school for journalism. Elon Musk, Mark Zuckerberg and Steve Balmer have earned billions of dollars without MBAs. Engineers, computer scientists, architects, accountants and others have opportunities to deepen their understanding of systems, develop a more global or enterprise-level perspective, specialize within the field or engage in academic research in graduate school.
The advantages gained by advanced training in a discipline must be weighed against its financial burden, time commitment, effect on family life and opportunity costs. The equation is different for each individual and their specific set of circumstances.
Research demonstrates that as a group, those with masters’ degrees almost always out-earn those with bachelors’, and enjoy a lower unemployment rate. For example, across all fields, the median salary for those with graduate credentials was about $12,000 higher than those with undergraduate diplomas, according to the Bureau of Labor Statistics (BLS) in 2020.
Below is a list of the 10 fastest growing job categories in the U.S., according to the BLS. Most require a master’s, including nurse practitioners, physician assistants, speech-language pathologists and statisticians. But one can obtain a job in wind-turbine service, information security and software development without one.
A multitude of motivations prompt those who enter graduate school, not all of them easy to quantify. As such, the cost-benefit analysis is a very personal calculation Among reasons to attend graduate school are:
- A desire to continue learning an academic setting
- Greater opportunities for career advancement
- Networking opportunities within the field, both with professors and fellow students.
- Research opportunities, which can lead to jobs and even acclaim
- Focus on a specific area of interest
- Personal development gained from the rigorous demands of graduate school
- Pride in being called “doctor” or owning a credential
The cost of a master’s degree can range widely depending on a variety of factors. Tuition is typically between $30,000 and $100,000, but it can be offset by scholarships, fellowships, teaching and research assistant positions and other offsets. An in-state medical student at MUSC would pay an estimated $158,000 in tuition, books and fees for their four years of study, versus $83,000 in-state for two years in the master’s of public health program. At College of Charleston, SC residents enrolled fulltime in any graduate studies pay about $9000 annually; out-of-state residents pay $12,000. Citadel tuition, books and fees add up to about $1,000 more.
Fulltime graduate school expenses do not measure living expenses or the opportunity cost of lost wages. That last item becomes salient during economic downturns that generate spikes in graduate school applications. The individual variance of these costs renders estimates largely meaningless, particularly for those who already live in the area and may continue to work, at least part time.
At bottom, the decision whether to attend graduate school is an individual one that requires research into the field, an estimate of the credential’s actual value and personal, financial and family considerations. That said, you hardly ever hear someone with a graduate degree regret their time spent or skills gained from their years gaining that advanced degree.