Coach Ned is asked this often. Here’s the deal on the Master’s-or-no Master’s question…
Let’s look at the financial circumstances surrounding a Master’s Degree. Number one, it costs money and, in many cases, a lot of money. Number two, it takes at least a year.
It’s never a bad idea to have a graduate degree; however, Coach Ned strongly suggests that a student NOT go into further debt to acquire it. Let’s say the Master’s program costs $40,000 and it takes one year to complete. Not only are you spending the $40,000 (plus expenses like beer & gas), but it actually costs a lot more. Why?? If you graduate and enter into a career making $42,000, the Master’s Degree will actually cost you $40,000 plus the $42,000 you won’t be earning over the next year.
Which is the best scenario?
- You graduate with an undergraduate degree at 23 and borrow money to immediately attend Grad School. After your Master’s;
You’re 24 years old with no real professional experience; however, you do have a Graduate degree and $40,000 of additional debt.
- You graduate with an undergraduate degree at 23 and begin working at a company while getting your Master’s at night, paying for most of it (because you have a job) and borrowing some of it. It takes two years to complete your Master’s Degree. After your Master’s;
You’re 25 years old, with a Graduate Degree, two years of professional experience and $20,000-$25,000 of additional debt.
- Coach Ned always saves the best for last….
You graduate with an undergraduate degree at 23 and begin working at a company while getting your Master’s at night, paid for by your current employer. It takes two years to complete your Master’s Degree. After your Master’s;
You’re 25 years old, with a Graduate Degree, two years of professional experience and no additional debt. WINNER WINNER CHICKEN DINNER!!!!!
Even though approximately 50% of all graduates are unemployed or under-employed upon graduation, clients of NextStep College to Career Coaching get career job offer(s) prior to graduation. A Graduate degree is great, but if you’re smart, you’ll leverage your talents and join a company which encourages employees to pursue graduate degrees, and actually helps to pay for it.
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