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With the increasing cost of education, a lot of people are starting to wonder if getting a Master’s Degree is worth it. There is no simple way to answer this question. It is entirely dependent on the individual and what their opinion is. Some people do perfectly fine without getting a Master’s Degree, other people aren’t even able to imagine their lives without having gotten one.
Consider the Investment
Strictly speaking, paying for education is an investment. Education is getting a lot more expensive and people are becoming a lot more frugal with their money. One thing to take into consideration is whether getting your Master’s is worth the financial burden. The economic situation isn’t improving particularly quickly. How likely is it that you’re going to get a high-paying job as soon as you graduate? If you’re going into massive amounts of debt in order to get your Master’s Degree, you want to make sure that the potential benefits are worth it.
Consider the Unemployment Situation
Again, the current economic situation is going to be a huge factor in this decision. Those that have a Master’s Degree are more likely to find work than those with just an undergraduate degree. The unemployment rate for those with a Master’s Degree is a modest 3.5%. Getting a Master’s Degree greatly increases your chances of finding a job.
Consider the Competition
More and more people are getting degrees. The Bachelor’s Degree of 20 years ago is not the same as the Bachelor’s Degree of right now. More students are encouraged to go to college instead of pursuing other options. This may seem like a good thing, but it actually isn’t. As more people go to college and get degrees, the less value these degrees hold. The market is completely oversaturated with people with degrees. Nowadays, there are entry-level jobs that require Master’s Degrees because everyone at least has a Bachelor’s. It would seem that getting a Master’s Degree is the best way to stand out from the general crowd. Obviously, fewer people continue their education to get a Master’s degree. Therefore, a Master’s still has quite a bit of value.
Consider the Potential for Higher Salary
Before we even start, if you just want to get your Master’s Degree for the ability to make more money, you should probably think about it a little harder. On average, those with Master’s Degrees make quite a bit more than those without one. However, you should look into your particular major to check if it is worth the extra cost. There is a chance that getting your Master’s Degree isn’t going to make much of a difference in the long run. This is especially the case if you already have a job in the field you’re working in. You would be better off just continuing to work your way up, as opposed to spending the extra time and effort getting your Master’s Degree just to end up in exactly the same place.
Bottom Line
All in all, there are many different reasons why you may or may not want to pursue your Master’s Degree. It’s all about weighing your options and deciding which route makes the most sense for your particular situation.