As the cost of higher education continues to rise into the stratosphere, many have questioned the financial wisdom of spending two more years in school to earn a master's degree. At present, the average college graduate enters the workforce with over $33,000 of student loan debt, according to government data. If that grad were to continue his or her education, they would have to come up with another $30,000 to $40,000 in annual tuition. But does the high price of admission mean that graduate school is no longer worth the investment? Here are four reasons why it almost certainly is.
1. Higher Paychecks
According to the U.S. Census Bureau, workers with a master's degree earn roughly 15 percent more in lifetime income than the average college graduate. When we do the math, this works out to around $8,000 more each year. While that may not sound like a significant difference in pay, it is important to note that some professionals earn a boatload more. Recent MBA grads, for example, reportedly make 35% more than those without a graduate degree.
2. Better Employment Opportunities
As more and more students attend college, it is often said that a bachelor's degree is the new high school diploma. In other words, it is a basic requirement of employment that may not give you a leg up on the competition. But compared to the 40 percent of Americans who have graduated from college, only about 8 percent have earned a master's degree. At the same time, about 20 percent of job openings require or prefer advanced education, meaning that the demand for these workers is greater than the supply.
3. Develop Sought-After Skills
While bachelor's programs tend to focus on the basic skills needed to obtain employment, master's programs concentrate on more advanced skills, such as critical thinking, problem solving, and technical training. These are skills that often take years to hone in the workplace and are needed for most management positions. It is no wonder business grads with MBAs earn much higher starting salaries than those without advanced education.
4. Study What You Want
In college, most students are required to take general education courses, which are often completely unrelated to their major. Then, when they declare a major, they typically have precious little time to actually study it. If that major is in a field that requires time, practice, and patience, even a dedicated student might feel shortchanged or unprepared for the workforce. For example, let's say you want to be a writer, but by the time you graduate college at 22, you don't have the Great American Novel outlined just yet. A few more years in school might be just what you need to develop your skills in a creative, constructive environment. It is no wonder many aspiring writers pursue their Master of Fine Arts (MFA).
Although rising costs are a constant concern, a master's degree is still worth the investment for any student that wants to get ahead in his or her chosen field.
Harrisburg, PA residents considering pursuing their master's degree go to Lebanon Valley College MBA Program. Learn more at http://www.lvc.edu/mba/.
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