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Started By
Message
Thinking about going back to grad school
Posted on 2/9/15 at 12:59 pm
Posted on 2/9/15 at 12:59 pm
I've been out of school for 4 years, graduated with a degree in Business Administration. Would going back and getting a Masters degree be worth going back into debt with student loans?
8
Posted on 2/9/15 at 1:03 pm to springsvol
You'll be poor. All of your friends will have money. Don't do it.
Posted on 2/9/15 at 1:07 pm to springsvol
I 100% don't mean this to sound rude-
If your ability alone doesn't separate you from the pack, then do it.
I.E. I work in a place that REQUIRES master's level degrees for some position...plenty of intelligent, hard working folks here will never be executives because of this...
Obviously, there has to be a return on the investment though... I know a guy with 150K in student loan debt making 50K as an associate professor....not a great investment.
If your ability alone doesn't separate you from the pack, then do it.
I.E. I work in a place that REQUIRES master's level degrees for some position...plenty of intelligent, hard working folks here will never be executives because of this...
Obviously, there has to be a return on the investment though... I know a guy with 150K in student loan debt making 50K as an associate professor....not a great investment.
This post was edited on 2/9/15 at 1:09 pm
Posted on 2/9/15 at 1:09 pm to jimbeam
I'm already in the poor house, way underemployed and thought going back to school might help to get my foot in the door for a better situation in the long run.
This post was edited on 2/9/15 at 1:16 pm
Posted on 2/9/15 at 4:28 pm to springsvol
I wouldn't do this unless I had something lined up and guaranteed.
A buddy of mine was going back. I asked him why and he told me 50K+his current salary. WORTH IT!!!
Now that is just me!
A buddy of mine was going back. I asked him why and he told me 50K+his current salary. WORTH IT!!!
Now that is just me!
This post was edited on 2/9/15 at 4:29 pm
Posted on 2/9/15 at 4:34 pm to springsvol
Don't do it without a clear plan. Everyone I know that went to grad school without a plan for what they wanted to do with it afterward just saddled themselves with debt and are no better off career wise.
Posted on 2/9/15 at 4:39 pm to AngryBeavers
Are you talking MBA? 'Cause you didn't specify. What about some other field? You've already got the degree in business, why not get some education in another area that interests you? Going to grad school simply to make more money is a bad idea.
Posted on 2/9/15 at 7:14 pm to springsvol
Are there any professional designations or outside learning that you can do to help advance in your current role? What would be your goals after graduating? Do you have a rough idea of how much more you would make?
I think people see grad school as an easy way out and a guaranteed path to better pay. Go check out the median pay for MBAs from non top 10 schools. It's not great, especially when you consider the up front cost and the opportunity cost of not being fully employed for two years. Make a spreadsheet and do the math over the next 10-20 years.
If you're only looking at a 20-30% raise, I don't see the value. Obviously there are more factors at play than your starting salary, and it may make sense for you, but I just wanted to point out that too many people make this decision without actually conducting proper analysis. The ones who come in with a set plan/goal are typically the ones that excel during and after grad school.
I think people see grad school as an easy way out and a guaranteed path to better pay. Go check out the median pay for MBAs from non top 10 schools. It's not great, especially when you consider the up front cost and the opportunity cost of not being fully employed for two years. Make a spreadsheet and do the math over the next 10-20 years.
If you're only looking at a 20-30% raise, I don't see the value. Obviously there are more factors at play than your starting salary, and it may make sense for you, but I just wanted to point out that too many people make this decision without actually conducting proper analysis. The ones who come in with a set plan/goal are typically the ones that excel during and after grad school.
Posted on 2/9/15 at 7:42 pm to springsvol
quote:
I'm already in the poor house, way underemployed and thought going back to school might help to get my foot in the door for a better situation in the long run.
I was in the same situation 3 years ago at this exact same time of year. Took the GMAT in March, got into a good MBA program in May/June, started in August, and graduated 9 months ago with a job paying nearly 3x what I was making prior to school. It was necessary for me to go back, and it paid off. Yes, I have student loans, but the future is a lot brighter now. Don't go to law school though.
Posted on 2/9/15 at 8:34 pm to AngryBeavers
I don't have a plan yet, I've just started kicking the idea around. Truth be told, I really don't want to go back into debt with student loans. In my current job situation, I'm getting good experience but there is zero room for professional growth.
Posted on 2/9/15 at 9:02 pm to springsvol
I went to grad school (non-MBA) and worked full time. While in school I applied for a job in my field of study and got it (partly due to my grad work and partly due to my experience and certifications), it was a significant raise. I also received a promotion when I completed my graduate studies. Most of my co-workers either have a graduate degree or 15-20+ years of experience. I would not have been "qualified" for my position without my graduate degree.
Not sure if you were going the traditional MBA route, and can't give advice on that, but I can tell you that my graduate degree has helped me immensely.
Not sure if you were going the traditional MBA route, and can't give advice on that, but I can tell you that my graduate degree has helped me immensely.
Posted on 2/10/15 at 5:49 am to springsvol
quote:
In my current job situation, I'm getting good experience but there is zero room for professional growth.
I'm failing to understand how it is good experience if there is no room for professional growth. Please explain.
This post was edited on 2/10/15 at 5:50 am
Posted on 2/10/15 at 7:16 am to Beerinthepocket
Let me rephrase, there is no room for advancement at my current job. I'm working at a small CPA firm in a small town as a staff accountant.
Posted on 2/10/15 at 7:26 am to springsvol
Are you a CPA?
Posted on 2/10/15 at 7:32 am to Beerinthepocket
No, that's what I was thinking about going back and getting the credentials to sit for the cpa exam.
Posted on 2/10/15 at 8:11 am to springsvol
Oh, I wasn't aware that you were an accountant. If I were you I'd definitely attempt to get the credits to sit for the CPA exam.
Posted on 2/10/15 at 9:49 am to springsvol
That changes everything.
I would go back for the CPA!
I would go back for the CPA!
Posted on 2/10/15 at 9:56 am to Spec1
100% do that.
Posted on 2/10/15 at 1:23 pm to springsvol
Only go back if you have a clear path and experience in the field that the degree you want will help you get
Posted on 2/10/15 at 2:23 pm to springsvol
quote:
Posted by springsvol No, that's what I was thinking about going back and getting the credentials to sit for the cpa exam.
If you want to be an accountant for your career then you definitely should do that. I would work and take part time classes.
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