Should You Go to Graduate School?

It’s cap and gown season. With diplomas and higher education top-of-mind for many, you may be considering a graduate degree to further your education. Graduate school is a big decision tied to big expenses and time sacrifices. If you’re wondering, “Is a graduate degree worth it?”? — we break down the top points to consider.??

By Helen Harris

It’s graduation season. Maybe you know a recent graduate, or maybe you are a graduate yourself. This time of year often has us reflecting on how regardless of the hours of studying, many classes attended and late-night study sessions pulled — the degree is worth it.?

For those of you who have already moved past your undergraduate degree and are considering a graduate degree, consider the foremost advice of Rob Kim , educator of careers and inclusion and LinkedIn Top Voice 2022 .

Ask the Head, Heart, Gut Question

“I work with a lot of existing and potential students, and when I’m guiding them, I like to ask them the ‘head, heart, gut’ question,” said Kim. “I ask, ‘What does your head say? What does your heart say? What is your gut telling you?’ And it's very interesting to see how the responses line up and how these questions lead to clarity after they write their feelings and instincts down.”?

Kim, who began his master’s program in educational technology at the University of British Columbia six years after his undergraduate from the same university, knew the path to a graduate degree was the right one for him.?

Consider Timing and Why You Want a Graduate Degree?

“No. 1, I knew my master’s was going to further my education in my area of interest, which was educational technology at the time,” said Kim. “Also, I knew that a graduate degree from this program would likely increase my payscale.”

Kim was right: He saw a return on his investment from his graduate education within three years’ time.???

Additionally, Kim mentioned timing. He knew if he wanted to get his master’s, it had to be before he settled down with a family and got even busier than he already was.?

(Undergraduate students take note, life will never be easier than it is now! If the graduate program you’re considering makes sense for you to transition directly into, it’s definitely worth considering before those study habits slip away from you!)

Although Kim’s program and timing was the right path for him, you should think about your unique circumstances, the particular graduate degree you are wanting and if you will start after a few years of work or straight out of undergraduate.?

“I recommend somewhere between two and five years if you're going to get an MBA because you're going to be sitting in a classroom with people that have between two to 30 years of experience with you, and it helps to have some background knowledge before you get there,” said Jeremy Bennet, associate dean and associate professor of management (DEI) at Mercer University Stetson-Hatcher School of Business. “But for medical school, law school — those sorts of programs — I recommend transitioning straight into your graduate program; that’s how those programs are generally intended.”

Consider the Graduate Degree’s Cost and Return on Investment

Money. It’s a big issue when it comes to the educational system as a whole. But as CNBC writer Abigail Hess reported in July of 2021, graduate students have the fastest-growing area of educational debt in the US.?

Hess also revealed that the average amount of student debt for a person with a bachelor’s degree is $28,950, compared to $66,300 for an MBA, $71,000 for a master’s degree, $145,500 for a law degree and $201,490 for a medical degree.?

On the flip side, according to the Bureau of Labor Statistics , college graduates earn roughly $1,248 per week, and workers with master’s degrees earn nearly $1,500 per week.?

With the hope of an increase in salary after obtaining their degrees, Hess additionally pointed out how many students turned to graduate degree programs in a period (between 2000 and 2018) when the US was experiencing slow wage growth.?

“Many young workers turned to graduate school in hopes of increasing their earnings,” said Hess. “For many, graduate school stood out as an opportunity to close stubborn wage gaps.”

Statistics show a graduate degree can potentially take a professional to the next level in their career and pay rank. But it can also put someone in debt worth thousands. It makes sense to verify if the degree is worth the financial risk.?

Luckily, Kim again lends us his insight on this matter to help those on the fence best decide next steps. He suggests potential graduate students ask themselves three questions:?

1. What’s my budget??
2. What’s the brand reputation?
3. Will this degree be useful to me in five years, 10 years or 15 years from now??

To parlay off Kim’s questions and dive deeper into point No. 3, Bennett stresses that the return on investment (ROI) on certain degrees do have an expiration date.?

“For example, you don't want to wait too long and get 15 years into your career and the ROI on your MBA isn't as much as it would have been if you would have started earlier,” said Bennett.?

“Also, potential students should make sure to properly credential the university and tie that into the ROI portion of their graduate degree search,” said Bennett.??

To also ease your mind when it comes to ROI, Kim recommends researching job-market success with the graduate degree you plan on obtaining, as well as checking out the LinkedIn alumni search tool to see where other graduates have landed.

Consider the Value of Graduate School’s Networking Opportunities?

One of the many things to look forward to (beyond the diploma you’ll receive at the end of your graduate program) is a roster of connections that will enrich your professional career for years to come.?

“The graduate degree itself is not the end-all-be-all of success; it’s a combination of working experiences, volunteer, social involvement and networking that pave the way for success,” said Kim.?

This is a sentiment that Bennett agrees with, stating that networking is a “gigantic” piece of the graduate degree experience, along with the credentials that accompany any given university and its staff.?

Bennett, an online/hybrid advocate, detailed the networking events for graduate students during his time as director of graduate programs at North Georgia University, director of graduate programs, online programs and college transfer programs at The Citadel and now as associate dean and associate professor of management at Mercer University Stetson-Hatcher School Of Business — not only for on-campus graduate students but also online graduate students.?

“We even do virtual networking nights for each of our programs every year,” said Bennett. “We'll bring in three or four alumni professionals from the field, and then the students can ask them questions like, ‘In the marketing world, what don't I need to say and what do I need to say? What are buzzwords in an interview?’ And they get pretty real with the students.”

Bennett further stresses the importance of taking advantage of the community and networking available to you during your time as a graduate student by detailing the many resources that may be available to help bolster your professional resume and path to success.?

“Part of our orientation is to take advantage of everything we offer,” said Bennet. “We have a career director who helps you with your resume and helps you find internships. We have student services, librarians to assist you and an expansive alumni network. Additionally, I just started our LinkedIn group for the business school in August of last year, and we’ve already grown to roughly 2,200 members. LinkedIn is the built-in virtual component that allows our students to network with other students, alumni and employers.”??

Further explaining the strong connections of the graduate school community in the universities he’s taught at, Bennett strongly recommends that recent graduates (if possible) and graduate students “stay somewhere where the bubble is good for the school.”?

“Being at Mercer, my personal bubble is Georgia, and a little bit of South Carolina,” said Bennett. “We're not a national-level place. “The Citadel has a Southeastern bubble. North Georgia has a Georgia and Tennessee bubble. Wherever you are, it's good to have your degree recognized and work in your favor.”?

Editing by Onjeinika Brooks .