College is always an investment, but by the time you get into graduate school, that fact really hits home. By then, the experiential component of university life is no longer a motivating factor. You’ve had your late-night walks in the quad. You’ve spent long hours at the library and made a habit of going out to grimy bars on Tuesday nights to take advantage of drink specials. Vodka mixers you don’t even actually like, but hey, it’s two dollars.
Now, you want a degree that will pay for itself, and then some, over the next few years.
A well-thought-out graduate degree can lead to financial success and career growth. However, there are several factors that influence how valuable your degree is. In this article, we examine which graduate degrees have the highest face value, and how you can select the right program for you.
First, Do You Have to Get a Graduate Degree that Aligns with Your Undergraduate Degree?
From an admissions standpoint—and even just as a learner—you will have the easiest time going onto a graduate degree that is in some way related to your undergraduate work.
It doesn’t have to be a direct continuation. For example, someone with a degree in English might be able to get a master’s degree in English education, allowing them to work as a teacher even if they didn’t go to school for it originally.
That former English major would have a harder time applying for a master’s program in engineering or microbiology.
The ultimate decision will often come down to the university, and whatever state requirements are in play. If the reformed literary scholar in our example is truly determined to pivot into the sciences they may be able to:
- Complete equivalency exam. You would probably need to demonstrate your understanding of scientific concepts in the form of a pre-requisite exam. This will often be a requirement for anyone applying to the program but may be more challenging for someone with no educational background on the topic.
- Take prerequisite courses. The university may say, “Thanks for applying but before we can consider you, you’ll need to complete these six classes.” That can be a little frustrating, but it will often be achievable in less than a year and cost considerably less than getting a completely new degree.
So yes, it is easier to transition to a graduate program that is related to your undergraduate work, but at the same time, you shouldn’t feel boxed in by a decision you made when you were nineteen.
What Degrees Are the Most Valuable?
From a strictly financial perspective, the most lucrative graduate degrees are:
- Law: Law school is actually just a very specialized graduate degree. Lawyer salaries will vary pretty significantly based on their practice area and eventual job placement, but many earn $200,000+ annually.
- Engineering: Engineers—particularly those with a graduate degree—can earn around $180,000 a year. Actual salary expectations will vary based on the type of engineering you are focused on, as well as your eventual job placement.
- MBA: A master’s in business administration is an excellent way to stand out for corporate positions and significantly boost your earning potential. MBAs generally have an easy time finding work and can make salaries that begin in the early six-figure range and extend almost indefinitely depending on what they go on to do. It’s good to note also that MBAs have really high career growth potential. The sky is the limit. You can even specialize. For example, nurses who are interested in taking on more of a strategic/leadership position could pursue an MSN/MBA which combines business and healthcare concepts.
Of course, it is important to understand that the value of a degree depends on several factors, which we will describe in the next few headings.
How Much Does the Degree Cost?
If you have to take out a fortune in student loans, the value of the degree may be reduced or even neutralized. Law school is a particularly good example of this. Good law programs can cost $100,000 or more, and graduate job placement is not always certain. You’ll find work, sure, but it may not result in a salary that puts you in the Mercedes you were envisioning when you started preparing for the LSAT.
That investment will become more worthwhile over time, but it could take a while. If you apply for law school when you are thirty, you may be paying the degree off into your forties. During that time, you might not benefit much from the salary increase.
Even for high-yielding degrees, it is often worthwhile to pursue programs that provide a balanced combination of value and quality.
Are There Benefits to Prestigious Degrees?
It is true that some expensive programs justify their costs through high value. The more competitive your field is, the more worthwhile it might be to pursue a prestigious degree. For example, business and law degrees from Harvard are worth more than an equivalent degree from Eastern Illinois University.
On the other hand, an education degree, where salaries are non-competitive, is not.
It’s ultimately a very personal consideration. Most people will probably do just fine with a graduate degree from an affordable state program, or even an online university, but you’ll have to decide what makes the most sense for you.
What are You Willing to Do with It?
That’s the other thing: You can’t just get your graduate degree and then stand there with your arms out saying, “Hey world, here’s me!” You need to be aggressive in monetizing your new qualification. That means applying for many jobs and leveraging multiple offers to get the best possible salary.
It may even mean relocating.
If you are going to graduate school with the primary purpose of increasing your salary, you need to be very active in looking for high-paying work after graduation. These jobs are very competitive. Even with your new degree, you will need to do lots of research and put in some time. While the post-college job search can take 3-6 months for typical jobs, those with really high salaries can be even harder to find. Stick with it. You’ll find a career that excites you eventually.
Photo Credit
Image by Maura Nicolaita from Pixabay
Guest Author Bio
Sarah Daren
With a Bachelor’s in Health Science along with an MBA, Sarah Daren has a wealth of knowledge within both the health and business sectors. Her expertise in scaling and identifying ways tech can improve the lives of others has led Sarah to be a consultant for a number of startup businesses, most prominently in the wellness industry, wearable technology and health education. She implements her health knowledge into every aspect of her life with a focus on making America a healthier and safer place for future generations to come.
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