According to a 2023 poll from the Wall Street Journal and the University of Chicago, the majority of people believe that earning a four-year degree is not worth the cost. (1) About 56 percent of those polled indicated that bachelor’s degrees were overrated, while only 42 percent believe they’re worth the cost. In other words, there is no real consensus. But what about a graduate degree?
A graduate degree is a degree one can pursue after getting their bachelor's. This could be a Master's, a PhD, or a Professional Doctorate. Whether or not you should get one depends on a variety of factors that are mostly unique to your goals.
"Students often pursue a graduate degree to gain access to more jobs, higher salaries, or as a stepping stone for further study," explains Coursera. (2) "For specific careers, graduate qualifications will be essential, while for others, they may be a career boost, but you may be able to be more flexible on your choice of program. By earning a graduate degree, you can establish yourself as an expert in your field and potentially gain a competitive edge as a job candidate."
According to Oregon State University's College of Science, there are really four main reasons to get a graduate degree: to gain in-depth knowledge and answer unanswered questions, to set yourself apart from the rest of the workforce, to advance more quickly in your career, and to enhance your earning potential. (3) These reasons, however, are not limited to the science field, especially when it comes to earning potential.
According to data released this year from the Bureau of Labor Statistics, people with a bachelor's degree made a median $1,432 a week in 2022. (4) For those with graduate degrees, the numbers were significantly higher. The median for those with master's degrees was $1,661 weekly. For those with a professional degree, it was $2,080 per week, and for doctoral degrees, it was $2,083. Numbers were much lower for those with associate degrees and those without degrees.
The unemployment numbers directly correlate with the levels of degree, as well. Last year, the unemployment rate was only 1.0 percent for those with a doctoral degree and 1.4 percent for those with a professional degree. For a master's, it was 1.9 percent, and for a bachelor's, it was 2.2 percent. The unemployment rate for those with an associate degree, according to the Bureau, was 2.7 percent, compared to 3.5 percent for those with some college, but no degree. For those with a high school diploma, the rate was 4.0 percent, and for those with no diploma, 5.5 percent.
You may simply find that pursuing a graduate degree is necessary to go in the direction you want with your career. For example, it's possible that you want to change career paths from what you originally had in mind when you started college.
As Barbara Wintergreen from Phoenix FM explains, "It’s not uncommon for graduates to decide that they want to do something slightly different after getting their bachelor’s degree. After all, most people apply to university for the first time in their teens and when you are young, it’s completely normal that you might change your mind about what you want to do once you’ve got some more life experience. But, if your bachelor’s degree isn’t quite what’s needed for the career you want to go for, you might have some trouble landing your dream role. Many master’s degrees can be studied regardless of the subject you studied at the undergraduate level and they offer you the perfect opportunity to focus on whatever you have decided is right for you as a career." (5)
While you may find that graduate school seems like the right way to go, there is still the matter of paying for it. The average cost of tuition and fees is $19,700 per year, while the average total cost, including housing and course materials, is roughly $38,200 per year, according to Best Colleges. (6)
You must weigh the potential cost of a graduate degree against your goals and your desire to complete your next level of education. Then, make an informed decision on whether to go back to school.
1. https://www.wsj.com/articles/americans-are-losing-faith-in-college-education-wsj-norc-poll-finds-3a836ce1?mod=rsswn
2. https://www.coursera.org/articles/graduate-degree
3. https://science.oregonstate.edu/admissions/graduate-students/four-reasons-to-get-a-graduate-degree
4. https://www.bls.gov/careeroutlook/2022/data-on-display/education-pays.htm
5. https://www.phoenixfm.com/2020/07/10/post-graduate-degree-can-set-apart-todays-competitive-job-market/
6. https://www.bestcolleges.com/research/cost-of-grad-school/