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I live in a pretty large metro that is rapidly growing. One thing I've noticed a lot about the young people around me is that many of them have or are pursuing Master's degrees. I graduated with my Bachelor's degree about six years ago and I'm already feeling behind the curve. Now, most of my close friends only have Bachelor's degrees and are doing well in their professional careers. The lack of a degree or certifications outside of the Bachelor's degree they possess has not seemed to limit their career opportunities. My one friend just received a $30k pay increase and is making nearly $100k with her Bachelor's degree in English Lit.
I'm wondering what others think about the value of a Master's degree. It seems like everyone is getting them (I'm not sure what the actual percentage rate is), but are they worth the time and money spent on acquiring them? I'm not convinced that they are, however, young people (people in my age group) seem to be flocking to them.
I live in a pretty large metro that is rapidly growing. One thing I've noticed a lot about the young people around me is that many of them have or are pursuing Master's degrees. I graduated with my Bachelor's degree about six years ago and I'm already feeling behind the curve. Now, most of my close friends only have Bachelor's degrees and are doing well in their professional careers. The lack of a degree or certifications outside of the Bachelor's degree they possess has not seemed to limit their career opportunities. My one friend just received a $30k pay increase and is making nearly $100k with her Bachelor's degree in English Lit.
I'm wondering what others think about the value of a Master's degree. It seems like everyone is getting them (I'm not sure what the actual percentage rate is), but are they worth the time and money spent on acquiring them? I'm not convinced that they are, however, young people (people in my age group) seem to be flocking to them.
Because as many people warned decades ago, the readily available funding for college degrees caused an increase in those with degrees. Supply and demand kicked in such that now the Graduate degree is what the Bachelors used to be. When an employer posts a job requiring a bachelors and 5,000 people apply....the employer ups the ante and asks for a Masters for the same pay. Employers want to maximize their talent pool. Its all supply and demand. That's the law of unintended consequences for you, everyone begged and pleaded for Higher education for all......and this is what you get.
Now just imagine what will happen if people get FREE education as theyre asking for. Everyone will have a Masters degree and it will just be the new high school education.
Because as many people warned decades ago, the readily available funding for college degrees caused an increase in those with degrees. Supply and demand kicked in such that now the Graduate degree is what the Bachelors used to be. When an employer posts a job requiring a bachelors and 5,000 people apply....the employer ups the ante and asks for a Masters for the same pay. Employers want to maximize their talent pool. Its all supply and demand. That's the law of unintended consequences for you, everyone begged and pleaded for Higher education for all......and this is what you get.
Now just imagine what will happen if people get FREE education as theyre asking for. Everyone will have a Masters degree and it will just be the new high school education.
As far as I can tell, a lot of these people are paying mostly out of pocket for these degrees. A lot of them graduate with five- to six-figures of debt.
It most certainly has gone up over time. Where I live, I notice that a lot more women seem to pursue Master's degrees than men. I think a lot of that has to do with the field that they're in. A lot of them work in healthcare and education, where apparently a Master's degree plays a larger role in the type of work you do and the earnings you qualify for.
I'm still uncertain as to whether the extra education is beneficial from a cost-benefit standpoint. Also, does it really improve your employability or earnings potential by that much? As I've mentioned already, most of my friends have done well thus far in their respective careers with nothing more than a Bachelor's degree.
I live in a pretty large metro that is rapidly growing. One thing I've noticed a lot about the young people around me is that many of them have or are pursuing Master's degrees. I graduated with my Bachelor's degree about six years ago and I'm already feeling behind the curve. Now, most of my close friends only have Bachelor's degrees and are doing well in their professional careers. The lack of a degree or certifications outside of the Bachelor's degree they possess has not seemed to limit their career opportunities. My one friend just received a $30k pay increase and is making nearly $100k with her Bachelor's degree in English Lit.
I'm wondering what others think about the value of a Master's degree. It seems like everyone is getting them (I'm not sure what the actual percentage rate is), but are they worth the time and money spent on acquiring them? I'm not convinced that they are, however, young people (people in my age group) seem to be flocking to them.
What does your friend do, that she is making nearly $100k with an English Lit degree?
What does your friend do, that she is making nearly $100k with an English Lit degree?
She's a marketing director now. Apparently her company gave her a hefty raise/promotion when she was offered the equivalent title/compensation at another firm.
You really have to look at specific fields to see what the earnings potential of a master's is. Looking at aggregate data related to master's and salaries is not going to tell you much.
I will say this -- early on in your career it is FAR more important to gain experience over education. Often your experience will point you towards what you excel in. There's nothing worse than going back to school for a subject area you have no interest in. I did not go back for my MBA until I was in my early 30s.
It also can pay to wait to get your master's as many employers offer tuition assistance to employees.
IMO a graduate degree compliments real life work experience and, by itself, does not have much value.
I personally have a Bachelor's in a social science field and I'll be pushing about $70k this year, which is decent where I live. Believe it or not, we exist and we're doing well. As I mentioned in the OP, we worked our way up to get to this point. Generally, we've been out of school for about 6-8 years.
Eventually I will probably go back to school, either for certification or for a Master's degree (if necessary). But at this point, having just a Bachelor's has not impeded my career and income advancement. Now that I have a field of sorts, I think it will definitely assist in choosing which programs I decide to pursue later. Having been the first to go to college in my family, I didn't have quite the same direction going into undergrad as I do now.
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