Going to Grad School?

Deciding whether or not to go to graduate school is a massive decision, and requires a lot of time and money. Rates of people choosing to go to a graduate school have increased as a result of the pandemic, and the linked high layoffs and unemployment rates. With no employment to be found, going to school again can seem like a good option. Another reason for this increase is that undergraduate degrees hold less weight than they used to, becoming the baseline requirement in many professions. But, does that mean grad school is right for you?

Graduate school is where students earn advanced degrees after their bachelor’s. This can be a master’s degree, a Doctor of Philosophy (Ph.D.), or professional degrees such as the Master’s of Business Administration (MBA). Master’s programs last one to three years, while doctoral programs last four years or more. There are also specialty schools, such as medical school which will give you an MD, and law school that gives you a Juris Doctor degree.

In order to decide if pursuing a graduate education is right for you, you may want to consider coaching, finances, and what you may want to get out of graduate school.

Coaching

Getting an outside opinion can help prospective students decide. Student Coaching Services’ coaching can help with this! Part of the program is academic life coaching, and planning getting into graduate programs. Go to this link if you are interested!

Finances

Determining if you can afford a graduate program is a key step in deciding to enroll or not. As you check out programs, research program funding and work opportunities. One thing that is typical is that fees are usually $100 or more per school, which is good to note when deciding how many schools to apply to. Another thing to note is that some Ph.D. and other research-based programs are funded, while Master’s and other degrees tend not to be. Prices vary greatly depending on the course you apply for, and where it is located. However, tuition will be a few thousand at the very least. Tuition rates often double for out-of-state and international students, and it is important to note that textbooks and other equipment will be additional costs. Another huge factor will be living expenses. Gas, food, rent, and insurance will add up.

Thankfully, most institutions offer paid teaching assistant positions and multiple scholarships, which can help alleviate costs. One thing that is important to note is financial stability and financial wellness. These things can affect your health and well-being, which can then affect your ability to succeed in grad school.

Considering What You May Want to Get Out of Graduate School

Higher earning potential is a very common reason to pursue graduate education. Income for those with bachelor’s degrees compared with master’s increases by 20%, according to Indeed. Then salaries only increase as the degree does: a doctoral degree is the highest academic qualification that can be earned, making up either the Ph.D. or professional doctorate. Individuals with these degrees earn approximately 25% more than master’s holders, and 218% more than those who don’t have a high school diploma.

However, it is important to note that going to graduate school is not the only way to advance your salary. Certifications are a very solid way to boost a salary. A certification shows completion of a program or course in a specific area, such as coding or project management. Many of these certifications are nationally recognized. These certifications can and are often combined with a high school diploma or college degree. The Bureau of Labor Statistics reports those with certifications earn 35.2% more than those without. However, this difference is very field-specific: In the legal field, having a certification can increase earnings by 68.3%, while in health care salaries may only increase by 4.6%.

Earning a graduate degree can also help boost your career. Undergraduate degrees have become the baseline for most jobs, and applicants with in-depth knowledge and experience stand out. However, you may want to research your future career before committing to a graduate program–as of 2020, 11% of jobs require a master’s degree or higher, so there is a slim chance you will need one. However, if your desired field is highly competitive, completing a graduate program can help you stand out in highly competitive industries, such as journalism.

Completing graduate programs, such as archeology and journalism, can also provide opportunities for travel. This travel experience is not only fun and fulfilling, but is a great addition to a resume.

Making connections is also something that prospective students can get out of graduate programs. Because networking is important, this is a huge bonus, and developing your people skills is essential to success both now and in the future. You’ll meet and make connections with peers, faculty members, alumni, and other professional connections that could be a way to get your foot in the door of post-grad opportunities.

Finally, many people go to graduate programs simply because they want to expand their knowledge. These people tend to be self-directed learners who want to explore their passions in-depth.

If you enjoyed this article, you may be interested in How Do I Choose the Best Degree for My Career?