According to recent surveys, Americans with a graduate degree earn an average of 35 to 50 percent more than do those with just a bachelor's degree. That's certainly one reason there are more people than ever in the United States applying to grad school.
When deciding to go to grad school or not, you should realistically assess what you expect it to do for you, and exactly what program will suit you best.
IT'S TOUGH BUT . . .
Grad school is as hard as a "real" job--and is often much more demanding and time-consuming--and the degree doesn't necessarily guarantee you the career of your dreams. So why did over a million people enter U.S. grad programs last year? Well, there are still compelling reasons to get a graduate degree:
CAREER CHANGE
Many people make the decision to return to grad school after working in "the real world" for a while. Some feel that their career options are otherwise limited. Others find that their interests and abilities have developed over the years and no longer have anything to do with their undergraduate education. A graduate degree is necessary training for the new field.
CAREER OR SALARY ADVANCEMENT
The upper levels of your field may be closed to people with only a bachelor's degree, no matter how talented or industrious you are.
SWITCH FROM PRACTITIONER TO ADMINISTRATOR
After working in the trenches for a while, and developing a strong sense of how an organization, school, clinic, or department could be better run, you may be interested in moving up to the management level of your field. This often requires some graduate education.
THE LURE OF IVY WALLS
To teach at two-year colleges you'll need at least a master's degree and maybe a doctorate or a professional degree. To teach or do research at four-year colleges, universities, and graduate programs, you'll need a doctorate and/or the "terminal" professional degree in the field--i.e. MBA, JD, MD, etc.
PROFESSIONAL LICENSING
Social workers, psychologists, therapists, and others who directly treat or counsel generally need graduate education to meet national and state licensing requirements. The proper licensing and credentials are also essential not only for employment reasons, but also for getting insurance reimbursement. Many insurance carriers authorize payment only to practitioners who meet certain educational and licensing standards.
BECAUSE YOU LOVE IT
Lots of people choose grad school simply because they love the field, and they don't really care about the job prospects. This is especially true of PhDs in the arts or humanities and some of the social sciences. Other social science PhDs and those in many of the sciences generally face a better job market, and some areas--notably computer sciences--are enjoying a real boom time these days.
BECAUSE THE JOB MARKET IS LOUSY
A slow economy is a popular reason for going right from college to grad school. The reasoning is: "Since I'm not going to get a job anyway, I might as well go to grad school. Maybe the job market will be better when I get out." This may not be the best idea. Some areas that have been often rumored to be ready for better employment prospects--college teaching, for instance--may not experience any significant change for the better any time soon. Bottom line: add a realistic appraisal of career prospects to your idealism and career hopes when you're making grad school plans.
button to enroll in a Kaplan course