Should you get a master's degree?

There are a few main reasons why you may be considering getting a master’s degree.

• To earn more money
• To advance to a leadership position
• To gain a certification that will allow you to work in your chosen field
• To switch to a new career path

You may have a less practical reason for wanting to pursue a graduate degree. Hey, we’re all about following your heart and finding your true path. If you don’t know why you feel drawn to getting a master’s in textile design or film theory, but you can’t ignore the pull, go for it. As long as you can figure out the practicalities and are prepared for the financial reality, follow that dream. Sometimes taking bold action opens up doors we didn’t know were there.

There was a time that a degree of any kind was the ticket to a stable financial future. The skyrocketing costs of higher education have people wondering, though. Is a master’s degree worth it?

Unfortunately, there are no easy answers to this. You need to think about your own situation. That includes your job prospects once you earn a degree.

We can tell you that the National Center for Educational Statistics has a report with some sobering statistics on graduate school debt over a roughly 20-year span, ending in 2015-2016. Here are a few of them:

• Students leave graduate school with a higher level of debt every year
• The average amount of debt for a master’s program was $66,000 in 2015-16. (We can only assume it’s increased since then.)
• Sixty percent of people who graduated with master’s degrees in 2015-16 had student loans
• The amount of debt for master’s programs varied by type of degree programs and institutions
• Professional and doctoral degrees incur tens of thousands of dollars more in debt—some over $100,000

That’s a massive amount of debt to incur, and it doesn’t include the interest you’ll pay on your loans. The only way earning a degree makes sense is if you see a significant pay increase once you have your degree. There’s good news on this front.

The U.S. Bureau of Labor Statistics reports median weekly earnings for people holding various degrees. As of September 2022, people with master’s degrees earn $1,574 per week, $240 more per week than people with bachelor’s degrees. If you multiply that by 52 weeks, that’s $12,480 per year. Over a 40-year career, that’s almost $500,000. This jibes with the figures that the Social Security Administration (SSA) reports on their website.

Other factors include how much you paid out of pocket for your master’s and whether or not you took time off of paying work to go to school.

A few years ago, you thought about getting a master’s degree. Life was busy, though. It didn’t feel like the right time, so you nixed the idea. Last year you came across a couple of interesting programs, but the cost turned you away. Now it’s on your mind again.

Is now the time? Look for some of these signs that it’s time to go for it:

You love, love, love the field you’re in

If you know you’re staying in your current field for the long haul, a master’s degree might make sense.

You’re ready for a new challenge

You like your job—or maybe you don’t like it—but it’s gotten a little routine. A master’s would land you in a more challenging role.

You’ve missed out on career opportunities because you don’t have a master’s degree

It’s sort of like making it to the airport on time, ticket in hand, but you never got your passport. You just can’t get on the plane without it. In some cases, you simply have to have an advanced degree if you want to move forward in your career.

Your boss or your mentor has suggested it

Good bosses care about your professional growth. They also have their company’s goals and strategic plan in mind. They have a sense of the company’s needs and know about upcoming opportunities for people with a master’s in your field.

You have the time and the resources to do it

We’ll get to the money aspect in a moment, but this is really about whether going back to school fits in with your life right now. We all have times that are more challenging than others. Are things going relatively smoothly right now? Do you feel like you’re managing things and still having some leisure time? Or do you have so many obligations that you don’t have time to breathe? When things are going smoothly is the best time to take on a graduate program.

Let’s say you’re confident that you’ll recoup your money if you earn a master’s. You see yourself in a few years with money in the bank and a poolside beverage in your hand. That’s a great vision to have and, as we know, earning a master’s degree is usually a good investment. You still have to deal with the immediate costs associated with getting a master’s degree.

Let’s review some of those, so you know what you’re facing:

Tuition

Depending on where you get your degree, the length of the program, and the field you’re in, a master’s degree can run from $20,000 for a one-year program up to $60,000 for a two-year program.

Books and materials

So much content is available online for free these days—professors even take advantage of it for their courses. You still have to buy books (paper or digital copies) and other materials that are needed for your studies. You also have to keep your internet working and make sure you have access to a functioning computer.

Transportation

If you go to in-person classes, you’ll spend money on transportation. Bus fare, train ticket, gas for your car, tolls—one way or another, getting to and from class will cost you.

Fees, etc.

It starts with your application fee. Then there’s the registration fee. Be ready for other program-specific fees—lab fees, etc. If you have a particular program in mind, make sure you understand all the fees associated with it.

Living expenses

How will you pay for food, housing, clothing, bills, insurance, etc.? Can you still work while you get your degree? Do you have to borrow more money to pay for living expenses?

Whether to get a master’s degree is a big decision. Now that you have a lot of information in hand, we’ll leave you with two pieces of advice.

First, make a list of the pros and cons of getting a master’s and not getting one. It’s an old technique, but it helps sort out your thinking.

Second, check with the important people in your life. This is too big of a decision to make alone.