Choosing a graduate school education now or later?
It’s one of the most frequently asked questions we hear from graduate student hopefuls. Your days may already be packed with a full- or part-time job, social commitments, and more. You’re probably wondering if you can squeeze in more school and coursework into your already-busy schedule.
When you’re considering graduate school, it’s important to keep in mind the big picture. Understanding that a graduate degree is an investment in your future will help you consider if the cost and commitment are worth it.
Simply put, it’s hard to pinpoint the right time for you to go to graduate school, but we’re here with some surprising data that may help you with this important decision.
Higher Earning Potential
According to the Bureau of Labor Statistics, median annual salary for those with bachelor’s degrees in 2015 was $59,124. Compare that to the median annual salary for master’s degree holders, which was $69,732. That’s a $10,000+ difference in one year alone!
And don’t forget that those with graduate degrees often advance more quickly in their career and earn more during their lifetime as a result. If you want to check out updated salary scales for your desired career, visit Glassdoor and Payscale to get more information.
Lower Risk of Unemployment
You never know when the economy will take a dive or your company announces staff cutbacks. One way to lower your risk of unemployment is by having an advanced degree. In 2013, the U.S. Department of Labor reported that those with master’s degrees had an unemployment rate of 3.4 percent versus the 6.1 percent unemployment rate for all workers.
It’s no surprise that companies want to hold on to their best talent, and having that degree will boost your chances of staying and succeeding in your field – even when the going gets rough.
The Rising Costs of Education
It’s important to consider that the price of education rises every academic year. JP Morgan Funds reports that higher education costs are rising faster than any other household expense in recent decades! The longer you wait, the higher tuition will be for your desired graduate program; in turn, financing graduate school will be more of a concern to many students.
Enrolling now will help you benefit from lower education costs, less debt, and higher pay sooner once you earn that graduate degree. In other words, going to grad school now is one way to get the best grad school education for your buck. It may be a cost-efficient decision to go to graduate school as soon as possible, because you’ll see greater rewards both professionally and financially!
Data aside, you are the best judge of when you should attend graduate school. But the facts are clear: Now is the best time to go to graduate school. An advanced degree is proven to help you earn more over the course of your lifetime and decrease your chances of unemployment. It’s an investment in your career and future, and the benefits far outweigh the costs.
We invite you to check out West Virginia University’s Guide to Financing Graduate School for more information on how you can easily afford graduate school, the real ROI of an advanced degree, and so much more.
