Pursuing graduate studies is a big decision. So before you compile graduate school applications, gather transcripts and take the plunge, know the beneficial and “not-so” beneficial side of taking a master’s degree.
Benefits of earning a master’s degree
Obtaining a master’s degree has many benefits. Although earnings can vary widely by discipline, those who have master’s degrees undeniably have bigger paychecks compared to bachelor’s degree holders. According to the salary comparison presented by study.com, professionals with master’s degrees bump up their salary potential by $20,000 to $30,000 more.
In addition to improving earnings, here are more benefits of graduating from a master’s degree:
- helps you set a career change in motion;
- equips you with current knowledge and skills to make you more competitive and an expert in your field;
- creates a good impression to potential employers that you are committed to improving your skills and credibility and;
- increases your chances of getting hired or promoted faster.
Tips to choose the right subject to study
If you completed a bachelor’s degree in business, it might seem normal to take an MBA. However, there are actually many other subjects that you can choose such as finance, international business, economics and more. So how do you choose the right subject to study?
Imagine planning a vacation overseas. Instead of thinking about the means of transportation, the first you do is gain clarity of your destination. It’s the same as choosing a subject for your master’s degree.
Before choosing a subject or university, ask yourself what kind of career resonates with you. Where do you see yourself in the future professionally? Then consider the program and university, and search for career perspectives. What is the reputation of the school? What are the kind of work graduates of such programs do? Seek advice from these alumni and ask them about their educational choices.
Take a sneak peek of your desired subject by sitting in on a class, talking to current students while you sit in or speak with an available professor. Schools like the China Europe International Business School (CEIBS) offer a one-week pre-MBA bootcamp where you can attend lectures by CEIBS revered faculty, and visit multi-million companies like Tencent, PepsiCo, and Huawei.
Is a master’s degree worth it?
While having a master’s degree has many perks, it comes at a cost. It can be quite expensive, which means you might have to temporarily sacrifice a paycheck. It also takes time and effort, which means less family and free time.
Most importantly, outcomes can vary depending on what field you are in. Working in the corporate world or as an engineer? Obtaining a master’s degree will probably lead to a big raise. However, it’s not the same for journalists. Communications majors in particular don’t see an increase in paycheck after graduate studies.
So is a master’s degree worth it? It still is! Nearly a third (32%) of employers are bumping up education requirements for new hires. According to a survey from CareerBuilder, 27% are recruiting those who hold master’s degrees for positions that used to only require four-year degrees.