Pursuing master's degree?-?why & why not? A reflection guide after 10?years.

For the past couple of weeks I have gotten a lot of mentorship requests on the top of getting a higher degree. This article is written in support of https://www.wisementorship.org/. An online mentorship platform where alumni of Chulalongkorn University provide on-demand mentoring for undergraduate students.

Questions like Is going for a master’s degree right for me? or Would prioritizing work experience be best? are great questions to ask. As a matter of fact, it’s a question that everyone asks at some point in time! (I asked myself so many times). However, before answering these, it is essential to start with your own why.

Your own why/future

You should never pursue something just because someone told you to. No one else lives your life, suffers the consequences, or reaps the benefits of your investments. Therefore, it’s important to understand your own needs and then search for the appropriate solution?—?not fitting a solution into a need that isn’t truly yours.

A couple of questions for you to reflect about your goals:

1. How do I define happiness and success?
2. What excites me and why does it excite me?
3. Where do I see myself in 5, 10, or 20 years?

Once you have preliminary answers (or further questions) after reflection, you will realize that master’s is just a part of your life and career journey that gets you towards your future.

As you derive your answers to these questions and future questions in this blog… always go back to your goal and then understand where your current reality is and then thinking about potential obstacles/opportunities/options you have and think about your will… develop your plans & steps & accountability you can have for yourself.

[TIP] G.R.O.W. framework to help clarify your decision:

• Goal: What do you want to achieve?
• Reality: Where are you now?
• Obstacles & Opportunities: What challenges might you face? What possibilities exist?
• Will & Way Forward: How committed are you? What are your next steps?

Now, let’s dive deeper into different career paths and considerations.

Careers are never?linear

Explained very well in the blog post https://thecursormag.substack.com/p/careers-arent-linear?—?what first jobber tends to not realize (and not yet experienced) is the true lack of structure and ambiguity of the world.

After academia, your career is most likely a random set of events strung together. Career changes and most often you change most of the time. Think about the last time you’ve changed your mind or felt a quote/perspective opened up your world! That’s what career management are like.

From my own reflection after 10 years out of undergrad… the first 5–10 years is the time span for you to learn, find what you like, home in some skills, and explore what you want to be able to do long term.

Sure, getting a really big job title like managing director, c-suite, or vice president looks good and may feel good (and I can say it is only for a short while) but what I realized is that rarely do these job titles come from a linear progression!

Rather, people who are able to get to those titles have a wide variety of skill, knowledge, and industry exposure. Think of your career as monkey bars rather than a ladder?—?to advance, you often need to swing sideways, explore different functions, and develop your experiences along the way.

Now if you are interested in other career path or options?—?explore via other linkedin post/blog post to understand more or reach out to one of the mentor on wise ?? to kick start your career planning. https://www.wisementorship.org/

Master’s degree vs. corporate vs. entrepreneurship vs.?start-up

Below is a quick overview of what you could gain and what are your trade-offs given these broad options. Whichever resonate with you I would recommend further exploring and researching to understand where you want to start first.

A couple of questions to reflect on decision making:

1. What do I truly value in a career? Consider what matters most?—?work-life balance, financial stability, personal growth, creative freedom, or social impact. How do different career paths align with these values?
2. How do I define success, and why does it matter to me? Is success about financial gain, personal fulfillment, recognition, or making a difference? Understanding your definition of success will help guide your choices.
3. What skills and experiences do I want to gain? Identify the key skills and experiences you hope to develop. Which career paths provide the best opportunities to acquire them?
4. What level of risk and uncertainty am I comfortable with? Some paths, like entrepreneurship, come with higher risk, while others, like corporate roles, offer stability. What level of uncertainty am I willing to embrace?
5. Am I open to change and flexibility? Careers evolve?—?are you willing to pivot, learn, and explore new opportunities if your goals or circumstances shift?

So should I pursue a master’s?degree?

Now we are right at the golden question from everyone… so should I pursue a master’s? The answer? It depends! Many undergraduate students feel anxious about their future and look to a master’s degree as a way to secure better job opportunities, but this is not always the case. Often, work experience is valued more than an additional degree.

Rather than relying solely on external advice, it’s crucial to assess your own goals, strengths, and market realities before making the decision. In the below section, I will explain common questions that are asked and how you can approach answering them.

1. Why Are You Considering a Master’s?Degree?

Before committing to further education, do you understand your own motivations? (Assuming you have done the previous why exercises). Often time you may think getting another degree is a good solution, but you better first assess the problem you are trying to solve.

Here are some common reasons students consider a master’s degree and some guidelines (these are flexible and will not always be right for you?—?so do your own reflections):

2. Types of Master’s Degrees & Their Career?Impact

Assuming you have now decided to do a master’s degree?—?that’s great! You will now be face with the dilemma of which school and which programs. Master’s programs differ widely in prestige, location, and industry relevance.

Do your own research so you can uncover the factors that matters to you:

• Program Reputation: Consider the reputation of the program and the university. A well-regarded program can enhance your resume and open doors to prestigious job opportunities.
• Industry Connections: Look for programs that have strong ties to the industry you wish to enter. This can provide valuable networking opportunities and internships.
• Location: The location of the program can impact your career opportunities. Consider whether the program is in a city or region with a strong job market in your field.
• Curriculum and Specializations: Review the curriculum to ensure it aligns with your career goals. Some programs offer specializations that can give you a competitive edge in the job market.
• Alumni Network: A strong alumni network can provide support and connections throughout your career. Research the success of alumni from the program.
• Cost and Financial Aid: Consider the cost of the program and available financial aid options. Weigh the potential return on investment against the cost of tuition and living expenses.

In broad terms, after doing your school research you will realize that programs categorize broadly as below and depending on your motivation, you will realize not all your answers will be given through school but rather gaining valuable real life experiences as well.

Table 1: helpfulness of master’s degree vs. work experience to your career

Flipping degrees to a different lens… master’s degree is a tool for you to get closer to your end goal/industry of interest. There are multiple ways to explore and get to your end state functions or industry… look at the below is a guideline to think about alternative pathways to pursue different kind of jobs.

[TIP] Go to linkedin and search for the school you are interested in and look at the career path of the alumni to understand further. Look at companies and reverse search different people in different roles to understand their career journeys.

Table 2: pathways to industries based on additional degree vs. other ways to get there

[TIP] ask your mentors on wise to understand what matters most in the industry they were once a part of or are current?in!

Reflection time?—?after reading the 2 tables, please think further about your career with the following questions:

1. What is truly driving my decision to pursue a master’s degree?—?my own aspirations or external influences?
2. If societal expectations, family, or peers weren’t a factor, would I still choose this path? Why or why not?
3. If I had complete freedom to design my career, what steps would I take first? How does a master’s degree fit into that vision?
4. How deeply have I explored alternative paths before committing to a master’s program? What experiences (internships, self-study, networking) could give me greater clarity?
5. Do I fully understand what excites and fulfills me? What real-world experiences can I seek out to uncover my strengths and interests?

3. Final Thoughts: Building Confidence in Your?Decision

The best career decisions come from self-awareness and independent thinking?—?especially coming up with your own reflection questions based on learning about experiences from alumni, blogposts, and widely available video and reviews.

A master’s degree can be a powerful tool, but it is not a guaranteed path to success. Confidence comes from taking ownership of your decisions and believing in your ability to adapt and grow in the professional world.

But one thing to caution for all the new first jobbers reading this, you will always be tempted to seek external validation. We are human, we always want to be loved and admired. But remember?—?external validation is short-lived?—?it means you are depending on someone else’s emotions of you to feel good.

Imagine acing a test you studied hard for, it feels great in the moment but 3 years down the line it does not matter as much anymore because no one else remembers it but you.

Consider the following as you reflect further on whether master’s degree is right for you and why it is right for you:

• Gaining real-world experience through internships, projects, or entry-level jobs.
• Developing skills that are in demand in your desired industry.
• Building a strong network to explore career opportunities.

Alright, I know what I am in for and I want to pursue a master’s degree… what?next?

Congratulations on making it this far into the guide… the reflection questions are no joke, and I am proud of you. Now that you are set on getting a master’s, let’s discuss about what is required and what is considered a strong application. Each school has different requirements, and you should take time to read about the application timeline and prepare for it. Please do your own research and school application planning.

[TIPS] Ask GPT or LLM model to help search the right schools for?you

** for letter of recommendation, statement of purpose, portfolio?—?are developed through your work experience, connection, and also self-reflection.

As you plan your application here are some self-reflection questions to guide you and help you plan:

• Who can provide strong recommendation letters for me?
• Does my statement of purpose clearly articulate my goals and motivations?
• Do I meet the test score and prerequisite requirements for my desired programs?

Quick advice for those who want to pursue top programs and are still in school (relevant for first year til fourth year students). Reminder, as you read these bullet points it is not meant for a check list you need to pursue but always questions if you are willing to go through these hoops. If you are still unclear about your career, going through these steps may not help uncover what you want out of your future.

• Time your application well… research application deadlines and understand expiration of your test scores (some are 2 years and some are 5 years).
• Applications are pricey ranging from $100-$400 for 1 application not including the cost of tests.
• Some programs require work experience especially where it demonstrates leadership capabilities.
• Recommendation letter matters a lot if it is not generic?—?application readers can tell.
• Writing good statement of purpose is important?—?there are many examples online & chatgpt can help understand what goes into it?—?do your own research and build your statement of purpose well.
• You may be tempted to use admission consultants… their role is to enhance your application and not write the application for you. However, you need the raw ingredients/ability that they can extract… without good achievements or experiences, hiring consultants will not help you.

Overall… then is a master’s worth it for me? (Understanding the?ROI)

Now to the main question, after careful consideration of all the above (I hope) you will start to get a sense that pursuing a master’s degree require a lot of upfront work and time commitment. Monetary commitment will also be a factor once you are accepted. Choosing the right master’s degree requires careful evaluation of your career goals, industry trends, personal strengths, and the return on investment of your education.

Here’s a breakdown of what could cost on each stage of application depending on how you decide to pursue and the schools you choose to join. Cost varies greatly if you do not have a scholarship or a sponsor.

I have specifically did not choose to calculate the total cost per stage or per type of school?—?this varies greatly depending on how many schools you apply to or the duration of program.

[Tips] do your own calculations!

Pro tip is to start thinking about what net worth you want to achieve in the next 20–30 years and thinking about how much salary you would need to make to recoup ensure you recognize the benefit you will?have.

Here’s a my blog post about calculating your financial needs?—?expenses are not factored in but feel free to download and adjust accordingly. https://medium.com/@mimnonthapun/financial-planning-a-guide-for-undergrads-so-you-do-not-freak-out-6940ab3019ec

In summary, without even doing calculations?—?cost of a pursuing a higher degree is always going to be very pricey.

There are many ways to justify ROI depending on how much you value gaining life experience and network if we think beyond just compensation terms. Overall people look at master’s degree as a long term investment that will yield results 5–10 years down the line so this is the NPV calculation you need to do yourself with the longer time horizon.

To recap on ROI calculation:

I hope with the above guidance and information you now have the basics to understand and reflect on career planning with pursuing higher education in mind.

Now for a quick-fire round cherry on top?—?how do you want to strengthen your application? Here are the list below?—?and I encourage for you to look at people’s blog post and reviews of their career journey to understand how they did and seek out how you can apply it to yourself.

[TIP] how much money will I make post schools? Check the school’s website for a salary report for both in country (US, UK, others), % placement after program, and check free salary reports?online.

How Do I Plan My Experiences to Strengthen My Application?

Self-Reflection Questions:

1. What experiences will strengthen my application and make me stand out?
2. Am I actively engaging in activities that demonstrate my leadership and expertise?
3. Have I built relationships with mentors and professionals who can support my application?
4. How can I showcase my skills in a way that appeals to admissions committees?

A competitive master’s application is built over time through strategic experiences and proactive planning. Here’s how you can enhance your profile:

1. Gain Relevant Work Experience

• Seek internships, co-op programs, or part-time jobs in your field.
• Take on leadership roles or high-impact projects at work.
• If possible, work in a company that has strong university connections.

2. Engage in Meaningful Extracurricular Activities

• Join student organizations, professional clubs, or industry groups.
• Participate in competitions, hackathons, research projects, or case studies.
• Volunteer in initiatives that align with your field of interest.

3. Build a Strong Professional Network

• Connect with alumni and professionals in your desired field.
• Attend networking events, workshops, and webinars hosted by universities.
• Develop relationships with professors and mentors who can provide strong recommendation letters.

4. Work on Personal and Academic?Projects

• Publish research papers or work on independent projects.
• Showcase relevant projects in an online portfolio (especially for creative and tech fields).
• Contribute to open-source projects or build something that demonstrates your expertise.

5. Develop Strong Application Materials

• Start writing your statement of purpose early, revising it based on feedback.
• Secure letters of recommendation from people who know your skills and work ethic.
• Prepare for standardized tests well in advance to achieve competitive scores.

By taking intentional steps to gain experience, build a strong profile, and craft compelling application materials, you can significantly enhance your chances of admission into a master’s program that aligns with your goals. Of course, it is not easy, but it will be rewarding if you are doing it for yourself.

Remember?—?as you reflect through these questions reach out to mentor on wise so that they can help enhance your reflection and guide you on thinking process. Thank you for reading!

this post is written to be utilize together with Chula’s online WISE mentorship program https://www.wisementorship.org/

For action plan?—?either use this or go to any GPT/LLM/google to find a template that works for?you.

For GMAT test prep please read my old guides here &?here

For my own application journey, please read?here