When evaluating whether going back to school is the right move, perhaps the most important question you can ask is “What is the ROI on a graduate degree?” While we are unable to answer the question for you, we can help you answer it for yourself.
Return on Investment (ROI) is a way to measure the economic value of a degree by comparing the cost of attending school to the lifetime earnings increase it provides. When considering whether to pursue a graduate degree, it is crucial to assess the ROI from multiple angles. Here are some points to consider:
- Tuition and Fees: Calculate the total cost of the degree, including tuition, fees, books, and other materials. Be sure to factor in living expenses and meals if you plan to study full-time.
- Potential Earnings: Research the average salaries for careers that require or benefit from a graduate degree in your field. Websites like Glassdoor, LinkedIn, and Indeed can provide valuable insights into salary ranges.
- Scholarships and Financial Aid: Investigate scholarships, grants, and other financial aid options that can reduce the overall cost of your education.
- Job Opportunities: A graduate degree can open doors to advanced positions that may not be accessible with just an undergraduate degree. This can include leadership roles, specialized positions, or roles in academia.
- Job Security: Higher qualifications can offer greater job security, especially in fields that value advanced education.
- Passion and Interest: If you are passionate about a subject, pursuing an advanced degree can be incredibly fulfilling. It allows you to delve deeper into topics you love and contribute to your field.
- Work-Life Balance: Some advanced degrees can lead to careers that offer better work-life balance, either through more flexible work hours or the ability to work remotely.
Networking and Connections
- Professional Network: Graduate programs often provide opportunities to build a strong professional network. This can be invaluable for career growth and finding job opportunities.
- Mentorship: Access to experienced professors and industry professionals can provide guidance and mentorship, helping you navigate your career path more effectively.
- Skill Development: Graduate programs often focus on developing advanced skills that are highly valued in the job market, such as critical thinking, research, and specialized technical skills.
- Lifelong Learning: Committing to a graduate degree can instill a habit of lifelong learning, keeping you adaptable and competitive in a rapidly changing job market.
Practical Steps to Evaluate ROI
- Cost of Attendance (COA) Calculator: Use tools like Baylor’s COA Calculator to estimate the total cost of your degree.
- Job Market Research: Investigate potential careers and salaries using job listing sites.
- ROI Calculation: There are several models that exist to calculate the ROI of an educational investment. Ultimately, you want to compare the total cost of the degree with the potential increase in earnings for every year that you work and other benefits to determine if the investment is worthwhile.
By considering these factors, you can make an informed decision about whether pursuing a graduate degree is the right move for you. Remember, the value of an advanced degree is not just financial; it can also significantly impact your personal and professional life in positive ways.
