Higher Education or Higher Higher Education - That is the Question

With an economy that is strapped financially for many families, more students are delaying their education.  What exactly does this mean?  Here is an excellent guest post that can fill this gap for you.

In today’s job market, many people are questioning whether there will be a job available for them if they continue their education and seek a graduate degree.

While graduate degrees in certain industries can contribute to your ability to find employment, they are certainly not a guarantee of success. Often, the qualities that contribute to success are present regardless of your educational background, a degree will simply add to the skills and knowledge you have available.

 Advantages and Disadvantages of Earning a Graduate Degree

There are numerous advantages to earning a graduate degree. Often, a graduate degree allows you the opportunity to learn about the application of theories learned in undergraduate degree programs. For example, many MBA programs require you to create and operate a mock business, including developing a business plan, operating budget and managing employees.

Another advantage to earning an advanced degree is that graduate programs require you to learn strategic planning and how to implement those plans. Regardless of the focus of your degree, graduate programs expect a higher level of responsibility and aptitude from their students. Thus, potential employers seeking applicants with advanced degrees generally have higher expectations of those prospective employees, simply because they understand the rigors of earning a master’s degree.

Participating in a graduate degree program also provides you with the opportunity to network within your field or industry. Many advanced degree and PhD programs are taught by instructors with real world experience and you can network with fellow students to learn about potential employment opportunities as you move toward graduation.

The primary disadvantage of earning an advanced degree is the added debt you may incur. While attending school may delay the need to look for a job in a dismal job market, there is no guarantee that you will be able to find employment once you have completed your degree program. With the majority of graduate students taking on student loans to complete their studies, the debt can be an added financial burden if the job market continues its downward trend and does not improve by the time you complete your degree. Additionally, if your chosen field is not one that traditionally provides significant compensation, the time and money invested in an advanced degree may be questionable.

 Graduate Degrees in Demand

According to Forbes Magazine, success with an advance degree largely depends on what you value most: high salary or job satisfaction. Of the degrees outlined in a recent article about advanced degrees and the job market, Forbes found that the most lucrative graduate degrees were in medicine and business.
Regardless of your undergraduate degree, you can earn a master’s degree as a physician’s assistant within two years, and the process only requires a few science courses in preparation for the graduate course work. The job market for physician’s assistants has remained strong throughout the current economic downturn and is anticipated to continue to be strong in the coming decade.

If your interests are more along the lines of business, then consider earning an MBA. According to Forbes, an individual earning an MBA can expect to earn in the high five figures. Forbes also mentions that the focus of your graduate degree can have a large impact on earnings. For example, individuals with an MBA in finance earn far more than those with an MBA in accounting.

By contrast, graduate degrees that are necessary for many career paths usually do not offer high earning potential. Teachers are often required to have a master’s degree in education, but they earn far less than individuals with an MBA. The same is true for careers in social work. While these positions can be very gratifying and rewarding, the jobs forecast for employment in these fields is limited.

Ultimately success is largely determined by your own definition of what the term means for you. If you are determined to achieve your own personal definition of success, then you probably have the qualities to reach your goals, regardless of your educational background.

Bio: Brittany Lyons aspires a life in teaching, but decided to take some time off from grad school to help people learn to navigate the academic lifestyle. She currently lives in Spokane, Washington, where she spends her time reading science fiction and walking her dog.