Unlocking Career Potential with Advanced Education Degrees: Is It Worth the Investment?

Advanced degrees are so often seen as the pathway to a better life. It is true that in certain career paths—the world of business, for example—getting a graduate degree is one of the fastest ways to dramatically increase your pay.

It still isn’t that fast.

Getting your master’s can take 2-3 under the best conditions. If you are already working, or simply tied down with lights of personal commitments, it can take even longer. Graduate school also costs tens of thousands of dollars. Is the potential to increase your salary proportionate to the cost?

In this article, we take a look at when to consider graduate school, and what situations alternative methods of advancing your career might be better.

Is it Worth It?

Getting a master’s or doctorate can be worthwhile for two reasons:

• Career advancement- Employers genuinely want and often seek out people with graduate degrees. In competitive job marketplaces, this can be an exceptional thing to put on your resume.
• Personal enjoyment– Graduate school is also the best way to do an immersive deep dive into something that legitimately interests you. Often, undergraduate studies provide a broad overview of a field, while graduate school will let you zero in on a specific area. For example, you might get an undergraduate degree in business and a master’s degree in business analytics.

Some jobs can only be done by people with graduate degrees. Nurse practitioners. Most school administrators. Many social workers. Even librarians. These jobs are all highly regulated and legally require pursuers to have a graduate degree.

You might also have noted that none of those careers are associated with extremely high salaries. True, nurse practitioners and school administrators can break into the six-figure range, but librarians and social workers often fall well short of it.

Making a graduate degree “worthwhile” is not always about how much money you will earn. Sometimes, it’s the opportunity itself that justifies the pursuit.

Maximizing ROI

You can improve the return you will get on your investment in education by minimizing the cost of the degree and tapping into ways to help finance it without cracking open your own wallet.

Lower-cost education is not always easy to find, but there are steps you can take:

• Choose programs with costs proportionate to your earning potential: If you are getting a graduate degree in business, for example, your earning potential might be extremely high. A graduate degree from Harvard could open the door to jobs with very high salaries. If you are working in education, on the other hand, your pay will be determined by a union-negotiated schedule. Your graduate degree will most likely still increase your earnings but by a smaller, more predictable amount. In that case, an expensive degree won’t be as justified.
• Consider online learning: Online degrees can cost as little as half the price of traditional classroom learning. They also allow students much more flexibility than brick-and-mortar universities do, making them a good choice for working professionals.

You won’t necessarily pay for all of it yourself. If you are currently employed, your employer may pay for some or all of your tuition. There are also lots of scholarship and grant opportunities out there. Every dollar adds up, so actively pursue even smaller amounts. A $1000 scholarship may not sound like much in the context of a graduate degree, but it is very literally money in your bank account.

Healthcare and education—both employment sectors suffering extreme shortages—often have extra tuition assistance and state-sponsored programs that you can take advantage of. It helps to spend a few months researching opportunities. Treat it like a job. The potential savings certainly justify the significant effort.

Graduate school isn’t for me. Now what?

If you’ve determined that the circumstances described in this article are not relevant to you, that’s ok. Graduate school is just one of many ways to advance your career options. If the investment does not make sense:

• Consider upskilling– Upskilling opportunities provide professionals with shorter bursts of instruction. You won’t receive a comprehensive overview of various business concepts over three years. You will instead spend just a few days weeks or months learning one skill. Choose the right one, and it may be great leverage when it comes to negotiating your salary.
• Begin the conversation– It’s often true that you won’t get what you don’t ask for. Your employer isn’t dying to give you a raise. They may not even be actively considering you for the promotion you are positive you would do so well with. There are lots of factors that go into career advancement decisions, but taking a little initiative can go a long way toward progressing matters.
• Consider looking elsewhere– Finally, if your current employer isn’t giving you much encouragement, you can always look for a promotion or raise elsewhere. All too often wage stagnation occurs because people forget they have options. Bonus? If you can get a good offer from somewhere else, it might be great leverage for your existing employer when it comes time to negotiate. Just make sure you are willing to take the job offer if you apply this tactic.

Negotiation is an art form. Be confident. Practice with a friend or family member. Also, do your research. Great negotiation skills can be helpful, but you also need to be realistic. No matter how good you are at your job, you most likely can’t expect to dramatically beat the industry average.

Is graduate school the answer? That depends on the question. There are benefits to getting advanced degrees. However, unless you are passionate and excited by the opportunity, it probably won’t be a good fit for you in the end.

Getting your master’s degree in anything takes a ton of work. It’s also a big cash investment. Without passion, you simply can’t expect to get the return you are looking for.