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Only a few more classes and a few final exams left for the seniors of the graduation class of 2017. For the students that have committed themselves to putting in the work, the graduation marks a major step in their young lives. For many seniors, this time means stress because there are so many decisions to make that are life changing, like “Where should I move?” “What jobs should I apply for?” Or “Should I go to graduate school?”
These major questions require a lot of time spent evaluation all options. However, most students go the common route of staying in the area to work or continuing their education with a master’s program. This arises the question, whether it is worth it to continue studying and living on a budget for one or two more years or whether it is better to find a job and earn some money.
“For me it was really easy to decide between getting a job or joining a graduate program. Since I am in the technology field a lot of companies will pay for you to get a master’s degree. I would much rather get a job out of college right away and start making money rather than prolonging it another couple of years. I would say it is pretty urgent for me to start making money. The earlier I can start saving the better off I will be later down the road,” said Adam Urbaniak, who will graduate this semester with a degree in Computer Information Systems.
Not all students that graduate have a job lined up or have a major that promises many job opportunities. Thousands of students are looking forward to graduate alone in the Tampa Bay area, which makes finding a job very competitive. For many students that struggle to find jobs, continuing their education is one of the main option and this can led them to decide to enroll in a master’s program, .
“I definitely think pursuing my master´s degree was a good decision. It enables me to develop an expertise in the field I want to work. It also allowed me to experience a whole new setting since I decided to go to a different school as where I did my undergrad. Additionally, I believe it is good concerning networking since you got to meet people that work or want to work in your chosen field,” said Jelena Tancic, who graduated from Saint Leo University in 2015 with a degree in Mathematics and is now pursuing her master’s degree at Ohio University.
A common master’s degree field for students to pursue is the Master of Business Administration (MBA) programs. In fact, according to Forbes magazine, the MBA degree made up 23 percent of all advanced University degrees in 2012 with a growing tendency. However, the value of an MBA divides experts in the value that it provides to a student. In fact, Jeffrey Pfeffer, a professor of organizational behavior at Stanford Graduate School of Business claimed that obtaining an MBA is not worth it: “A degree has a value only if the degree is scarce, and the MBA is completely unscarce.” Additionally, he stated that unless you go to an elite school, “an MBA is a complete waste of money,” as he stated to Forbes magazine.
However, statistically an MBA – obtained from the Universities that Forbes did a study on – has a good return on the invested money. Their research shows that the degree from a good school has a short payback period from only 4.2 years. With rising costs, this period might increase; but considering that the average employee will work 40 to 45 years, it is well worth the investment. The major difference between MBA classes compared to business classes on the bachelor level is that they teach the student to think on the higher management level. Furthermore, the programs are designed to teach leadership and manager skills that are needed in any organization.
For people that cannot see themselves in the field of business there are many other graduate programs that increase one’s competitiveness on the job market. For students that aspire to be a lawyer or doctor it is clear that they will have to continue their education before being able to start in the field of choice.
For students that decide to pursue a career in law, they will usually have to join one of the three-year law programs. In fact, Bloomberg stated that in 2015 some of the more elite and exclusive law schools are making room for more students, with “Top-tier schools admitted a median 7 percent more people in 2015 than they did in 2011.” Despite this, less people are applying to these top-ranked law school; actually, “since 2011, the number of applicants to law schools ranked in the top 20 by U.S. News has dropped by a median 18 percent, data from the American Bar Association show,” with Yale experiencing 13 percent drop and Harvard receiving a 13 percent drop as Bloomberg reported. Nevertheless, these degrees offer a wide range of concentrations in fields, like immigration, patents, or health policy. With these law specializations, one can work as a lawyer, attorney for a big corporation, or start an own service business as an entrepreneur.
For the students that want to pursue a medical degree, they will have to sacrifice another four years in a medical program. These programs often require excellent grades in pre-medical undergraduate degrees. After the medical school, in which a student also has to decide for a field of concentration. When a young adult finishes these eight years and finally has their pre-medical and medical school degree their education is still not done. To be a doctor one must need to finish three to seven years of residency, which is a stage of graduate medical training. During this training the graduate will work in a hospital or clinic under the direct or indirect supervision of a physician. When the investment into a medical degree is worth it depends on the University and the concentration that a student decides on taking. In fact, according to Forbes, it can take medical school graduates between 5 to 35 years to pay back their debt.
Regardless of pursing a law, medical, or master’s degree, there is still a divide on whether furthering one’s education following undergraduate studies is worth it.
“I believe that a graduate degree will give me a competitive advantage. For a lot of jobs a master´s degree is already required. Additionally, one developed a more profound knowledge in one´s field compared to applicant with just a bachelor´s degree. I would recommend undergrad students to look into different graduate programs and to find out what scholarships they offer and what the different programs focus on. It also is a longer process so one should definitely start early looking and applying for grad school. Keep in mind that a GRE or GMAT test is required for the application. So one should start studying for that in advance,” Tancic said.
These requirements show part of the value that obtaining a master’s degree creates for employers when looking at multiple candidates. The applicants usually need a high GPA, have good test scores, need to get recommendations, and even qualify in interviews.
Everyone has different goals and ambitions in life, which is the reason why there is no right way that fits everybody. Many people start as an entry-level employee at a company, and the company will pay for their master’s degree in order to prepare an employee for upper-management leadership positions. In the end, it is up to everyone to decide what is the best decision to achieve his or her personal goals in life.
