The Pros and Cons of Graduate School in 2017
We’re all in favor of career girls grabbing the bull by the horns and taking the workforce by storm, and a graduate degree can help you to make a name for yourself in the business world.
Yes, earning a master’s degree, a Ph.D, or an MBA, as it turns out, may unlock the door to lots of opportunities. However, this doesn’t mean that graduate school is the only option for career success. So you need to consider your options to figure out what course of action is best for you.
If you’re contemplating whether or not to further your education, read on for a look at the pros and cons of graduate school in 2017.
PROS
Opportunities
One of the best reasons to consider earning an advanced degree such as an MBA is that it can open up a wealth of opportunities for you. Whether you want upwards career mobility within your existing company or to explore exciting opportunities elsewhere, an MBA could be your ticket towards a more fulfilling career — financially, professionally, and personally .
Earnings Potential
Consider that the median starting salary offered by U.S. businesses to MBA graduates in 2016 is about $105,000, which might be a sizable enough pot of gold at the end of the rainbow to justify the costs and expenses associated with enduring the rigors of business school. While money isn’t everything, it doesn’t hurt to be able to pull in a six-figure salary for all of your hard work.
Credibility
When you can add a graduate degree to your resume, you’ll show headhunters, HR departments, and recruiters that you’re serious about your career. Indeed, an MBA or any other graduate degree will be the sort of thing that gets you shortlisted for interviews and will be the type of differentiator that allows you to leapfrog ahead of the competition. So if that sort of thing drives you, then applying for an advanced degree is an option worth combing over.
CONS
Costs & Expenses
If you don’t relish the idea of going into debt to finance your education, then you might find the cost of a graduate degree to be prohibitive. One source calculates that it can cost in the range of $100,000 to $200,000 worth of debt as well as expenses for a two-year MBA. That eye-watering amount can, over time, be offset by the earning potential post-graduation, but you have to be willing to take on the debt and expenses before enjoying the promised reward.
Time
You can expect to spend at least a couple of years, if you study full-time, to earn a graduate degree. Depending on your situation, you simply may not want to put your career on hold for a period that can be measured in terms of years rather than merely in weeks or months. After all, an MBA or any other graduate degree can be taken later on in the event that you wish to take advantage of job opportunities here and now. If you are looking for more flexibility, consider an online Master of Business Administration course.
Promotions
While business school is an investment, you may have to pass on promotion opportunities and the possibility of getting your dream job while you invest time into earning your graduate degree. Yes, there is a possible payback after you earn your advanced degree. But are you willing to pass on what might be your dream job now as you go back to school for a few years?
If graduate school is something you may be interested in, you need to think about what it is you want to get out of it and whether or not it makes sense to apply now versus later. The pros and cons listed above should give you some food for thought as you mull over the possibilities.
Good luck!
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