Bachelor's Vs. Master's Degrees
- Is your goal prestige or money? Having an MBA is, for some, an accomplishment worth sacrificing for financial success. If the goal is money, it may take a Master's in economics to crunch
the numbers. The average Master's degree will earn $2.5 million in her career compared to $2.1 for
a Bachelor's. This is a significant sum, but over an estimated 39-year career, it may not make sense.
The estimate is based on a career from 25 to 64 years of age. At a mere $10,000 per year, this is nearly offset by the Bachelor's-earner getting to work 3 years sooner, and when considering tuition cost, it is completely offset. The high school graduate makes $1.2 million in the same time, so once the degree isearned, earnings dramatically increase. There are diminishing returns on the Master's. - Depending on the field of study, postgraduate work may be unnecessary. For fields like philosophy
and art, where teaching is one of the most viable positions, getting the extra degree will separate the student from others in the field and allow her to pursue prestigious teaching positions. For other professional fields, like business, the degree itself might not have as much of an effect. Getting the job and doing well is going to be most indicative of success. Increasingly, employers are seeking experience. Getting into the work force early could be more advantageous. - Is a bird in the hand worth two in the bush? This could be the question that determines whether or not
it is worth spending a little more time in school. Going to college is a big investment in one's future. It is
every student's responsibility to stay abreast of the job climate in his given field, and even cross-over
fields. Start looking for jobs before getting the MBA. Speak candidly with your prospective employer
about your goals and plans. It may even allow you to leverage MBA pay with a Bachelor's. - What have you been doing with yourself? When making the decision to get a Master's, career potential
is the primary concern. If there have been internships and other applicable experience, then landing a
job may be easy. Without any experience outside of academia, getting that extra feather in the cap may
make all the difference.
