Entering the job market in the summer of 2009 is tough during this economic downturn. Whenever the economy is slow enrollment in graduate programs swell. Education is important, essential, and while a cliché, it is true that a good education is something that, once earned, cannot be taken away. However, graduate school should not be a default decision because you are afraid of the job search or hiding from the economy.
Approximately 25 percent of the population of the United States has a bachelor’s degree. Only 10 percent of the U.S. population over 25 has a master’s degree or higher. According to U.S. Census data, only 8.8 percent of Latinos 25 and over had obtained a bachelor’s degree and 3.6 percent had earned an advanced degree. 18.6 percent of white Americans had earned bachelor’s degrees and 9.8 percent had an advanced degree.
Your education level impacts your earning potential. Over a lifetime, on average, the holder of a high school degree will earn $1.2 million; the holder of a B.A./B.S. $2.1 million; the holder of a master’s or professional degree can expect $2.5 million; and the holder of a doctorate $3.4 million. However, significant debt can be incurred on the way to an advanced degree.
Graduate school is competitive and expensive, but there are strong reasons to earn an advanced degree. For example, if your career path is to teach at a two-year college, you’ll need at least a master’s degree; to teach and conduct research at a four-year college or university, a doctorate will be required. In many professional fields, such as social workers, psychologists, therapists, and educational administrators, licensing requirements dictate graduate education. Another strong reason is career and salary advancement. You may require a master’s degree in engineering for the industry position you are interested in. A master’s degree may be required to move into a supervisory or management position.
One of the best reasons for graduate study is for the passion: you love the discipline, the field of study and the intellectual stimulation provided by graduate work. Graduate work will push you to your limits. In most cases, it is that passion that sustains you.
The decision is personal and different for everyone but consider these realities:
• If you receive complete financial support (a fellowship) and you want a graduate degree, go for at least one year.
• If you're sure about your career path and require a graduate degree, then grad school is the right choice. This is especially true for those who want to be lawyers, doctors, professors and other degree-requiring careers.
• If you're worried about massive student loans, particularly in the current economy, explore ways of financing your graduate degree. Or take some time to work and save and then go to grad school in a few years.
• If you don't want to go, don't go. Many students feel that they are obligated to go to graduate school. Others are pursuing an advanced degree to "keep their options open." Graduate school requires a huge investment of time and money, so don't go if you're not committed.
• If you have no idea what you'll do after grad school, don't go. You can also seek out people who've earned the degree you're considering and ask what path they've taken after graduate school. Seek more information.
• While you are still in college, take the GRE, GMAT, LSAT or any other test that you think you might need. Your scores will be good for five years.
Talk to people you trust before making this decision, including faculty, current graduate students, your friends, and family. There are a variety of paths to reach your goal, so explore them all. Finding the right graduate program and getting in can be as difficult as finding that first job. A graduate degree can be very beneficial, but you have to be willing to commit.
For more information on graduate school, please visit http://www.gradsch.osu.edu. |
