Should I Get a Master's Degree? Pros, Cons and Challenges

If you’ve been thinking about getting a master's degree then you’ve likely spent some time asking yourself questions like: How much time and money will it take to earn a master’s degree? How fast can I earn my master’s? How hard will it be to work and go back to school for my master’s? Is a master’s degree really worth it?

Whether or not to get a master’s degree is a highly personal choice, but here’s a pros and cons list to help make that tough decision a little easier. 

What’s the Value of a Master’s Degree Right Now? 

If money is the first thing that comes to mind when asking yourself if you should get a master’s degree, congratulations, you’re smart enough to know that cost is a big factor. On the flip side of that money equation is the payoff. Can a master’s degree help you earn more money and have the career you’ve been wanting?

If you’re like a lot of people, the chance to boost your earnings potential is at the top of all the good reasons to get your master’s. And good news! There is a correlation between how much education you have and your earnings potential.

According to the National Center for Education Statistics (NCES), a master’s degree has the potential to bump up median earnings close to 20% compared to a bachelor’s degree. Total that 20% over a career of 20 or 30 years and you can see that it adds up to tens of thousands of dollars. 

 

What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.

Now that you know what you can expect to earn and how much your master’s degree will cost, you can easily figure out what your return on investment (ROI) is. Depending on pay increases and salary bumps (assuming they’re in line with the median earnings for all professionals) you can expect, on average, an ROI of two to three years. But … your ROI could be even quicker if you take into account financial assistance programs like scholarships or employer tuition reimbursement programs.

Bottom line: Investing in a master’s degree for your future is worth it–and can pay off even faster than you think.
Pros and Cons of Getting a Master’s Degree

Master’s Degree Pros: 5 Good Reasons to Get a Master’s

1. Opportunity for New Career
Whether you’re seeking new challenges or want to increase job stability, a master’s degree is a smart way to demonstrate your expertise to a new employer, especially if your resume is thin on practical experience in your new field.

2. Better Chance for Advancement
Many people hit a ceiling on advancement if they don’t get a master’s degree. So, if you want to move into higher paying positions with more responsibility, a master’s degree is a strong indicator that you have unique skills and value to bring. 

3. Expanded Skill Set
In general, there are two types of master’s degrees, generalist and specialist. A generalist degree like an MBA can prepare you to lead cross-functional teams at the management and executive level whereas a specialized master’s degree can deepen your skill set and expertise, making you a subject matter expert (SME).

4. Keep Up with Cutting-Edge Technology
Technology continues to change the way the world does business and a master’s degree can help you stay ahead of the learning curve. Not only will you learn about new technologies, you’ll also upgrade one of the most in-demand skills today: data-driven decision-making.

5. Expanded Leadership Capabilities
In addition to hard skills, the right master’s degree program will help you develop and deepen those all-important soft skills like critical thinking, problem solving and communication. With these highly desirable soft skills, you’ll be the one leading the way in developing comprehensive business solutions and influencing their implementation.

Master’s Degree Cons: 3 Challenges of Earning a Master’s

1. Not Cheap
Without question, investing in your future through education does have a cost associated with it. You, however, have some control over how much you’ll pay out of pocket for your master’s. Consider a degree and university that offers an affordable cost per credit hour tuition rate and accepts transfer credits. To maximize your back-to-college budget, ask if you qualify for partnership benefits. Employer partnerships can mean big savings in tuition and fees with discount rates that can reduce the total cost of your master’s degree. 

2. Takes Time, Money and Energy
You could complete your master’s degree program in as few as 12 months. But, be prepared to dedicate about 20 hours a week toward earning your degree. It can help to think of your coursework as a temporary, part-time job. Keep in mind that the best master’s degree programs offer a flexible learning environment, a quality master’s degree experience and work with your life and schedule.

3. May Require Completion of Prerequisites
Depending on your academic history and the master’s degree you choose, you may need prerequisites to qualify for enrollment. But don’t like prerequisite courses like statistics or accounting scare you away from earning a master’s degree. Just make sure you’re well-informed about both the prerequisites and degree requirements of your master’s. A great master’s program will offer individualized advice, support and resources to help you through your courses, including those you may find challenging.

4 Questions to Ask Yourself to Determine if a Master’s Degree Is Worth It

If you’re thinking of getting a master’s degree just to check it off as a credential on your resume, then don’t. A master’s degree is so much more than that! To make sure you’re going after your master’s degree for all the right reasons, ask yourself these important questions first.

• How open am I to learning something new from others?
• Am I willing to rethink my current perspectives and points of view?
• Can I dedicate a year or two of my time and focus to earning my master’s degree? 
• Is there a master’s degree program that aligns with my personal interests and my professional needs?
• Am I able to make this investment in my long-term career prospects and growth right now?

Ready to Say ‘Yes’ to a Master’s Degree? Start Here.

Even the most accomplished professionals can benefit from developing additional skills or fine-tuning their expertise. A master’s degree can be the best way to accomplish that.

Just be sure that you’re looking at an online master’s degree that helps you earn your degree on an accelerated timeline while also giving you the support and flexibility you need to finish your master’s.

Ideally, you’ll enroll in a master’s program with a curriculum that’s designed to help you develop real-world, practical skills while also helping you learn from the successes and mistakes of industry experts who’ve gone before you. Then, when you’ve completed your master’s degree, you’ll have so much more than a degree. You’ll have best-in-class skills and fresh perspectives to put you on top of your life and career.

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