Three questions to ask before pursuing an advanced degree

You have your bachelor's degree but are considering pursuing some kind of advanced degree: a master's or even a law degree. The conventional wisdom is that there are significant benefits to your career by pursuing an advanced degree. But the decision to do so should not be made lightly. Before pursuing an advanced degree, reflect on the questions below to become more clear about whether the decision is the right one for you.

What is your goal in pursuing an advanced degree? When you embark upon an endeavor like obtaining a master's degree or another of its kind, think about what it is that you are trying to accomplish. Do you hope to earn more money? Those with advanced degree do earn a higher income over the duration of the careers according to the Georgetown University College Payoff report. However, some industries value higher education more than others and an advanced degree may not make a difference. But money might not be your goal: perhaps you pursuing one for the sake of learning or growing your professional network. You may have other reasons; get clear about them before filling out any paperwork.

What is the value of a degree to your organization? If you are working for a company or organization, learn how they value degrees. Some employees think that obtaining an advanced degree will lead to an automatic promotion or pay increase...only to be disappointed to find out that it does not. Your role in the company may make a difference as well: if you are in a sales position, an advanced degree might not mean a pay increase (though it could be factored in to promotional opportunities). And while some companies provide a tuition reimbursement benefit, it may require you to commit to working there for a certain number of years (typically one to three); if you leave before then you will have to pay back all or a portion of your schooling. If you work for an organization, ask around or check your company's policies to learn more about the impact an advanced degree would have.

How will pursing the degree affect your life? Pursuing a degree will take time and dedication: are you willing to make sacrifices in order to see it through? If you have a family, are you willing to spend less time with them and more time studying? Same question if you do not have a family but have an active social life; pursuing a degree will affect it. You should factor in two to three hours of studying for every hour that you are in class. Further, if your organization provides a tuition remission benefit, it is highly likely that there are things it will not cover (e.g. books, lab fees, gas to travel to classes, etc). Is your budget in line to be able to take on this extra burden? 

While there are many benefits to advancing your education, a level-head and some serious consideration are necessary to ensure if this is the right decision for you. 

Does a College Degree Really Help your Career?

My ten year-old daughter knows in the abstract sense what I do. She knows I write resumes and that I help people “get jobs” (her words, not mine). At bed time last night she asked me if going to college is really important to having a career. Like every good parent I said, “Yes, of course.” However, it made me really think about her question, so I started some research.

With the cost of a college education rising by leaps and bounds every year, I sometimes wonder if anyone will be able to afford that education in the future. Did you know that Steve Jobs, Bill Gates, Michael Dell, and Richard Branson are all college drop-outs? If these billionaires made it without a college degree, does someone who is targeting a middle class income really need a college degree?

Here are some general facts I found about the benefits of a college education.

• It is estimated that a person with a bachelor’s degree will earn almost twice during their lifetime as much as those with a high school diploma. Someone with an associate’s degree will earn almost 25% more than just a high school diploma.

• Positions that require a college degree are not only higher paying. These positions often offer better health care and life insurance as well as retirement benefits.

• A college education does not guarantee a job or job security. You must do your research before pursuing an education. Conduct your labor market research, verify the career’s outlook in the Occupational Outlook Handbook, and be sure that the future growth for the industry is solid.

• People without a college degree are more likely to perform unskilled labor positions. These are most often the types of positions that are being outsourced to other countries or being replaced with technology or automation.

• The amount of money you will make in your career of choice must make sense in terms of the cost of the degree you intend to pursue. Once again, conduct your labor market research before you make a decision.