“Is grad school worth it?”
It’s a question many professionals mull over. While a master’s degree can change the trajectory of your future by enabling you to develop specialized skills, secure a leadership position, or successfully pivot into a new industry, it is a significant time and financial commitment.
There’s no one-size-fits-all answer—the right choice for you depends on your personal career goals, current stage of life, and where you want to go next.
In this article, we’ll cover some of the most important factors you should consider before enrolling in a graduate program—such as market demands, motivation, return on investment, and financial readiness—to help you decide whether a master’s degree is right for you.
Clarify Your Career Vision
Master’s degrees are intended to deepen your knowledge in a specific field to enhance your career prospects and earning potential. So, begin by reflecting on where you’d like to be professionally in the next 5-10 years.
For instance, do you aspire to hold a leadership or C-suite position at your organization? Are you feeling stagnant in your career and want to break into a new industry? Do you currently identify as a generalist and wish to become a subject matter expert?
Your career vision doesn’t have to be set in stone, but having a general direction can help you decide if it’s worth it to get a master’s degree.
Identify Skills Gaps and Market Demands
Once you have a clearer idea of where you’d like your career to go, the next step is to assess what it might take to make your vision a reality. What skills or credentials do you need to move forward?
If you can attain your career objectives without a master’s degree, you may want to reconsider entering a graduate program. Do keep in mind, though, that the job market is saturated with hundreds, sometimes thousands, of applicants vying for the same open position as you. While a master’s degree may not be a “must-have” in some industries, having one can set you apart from your competition.
As for leadership and C-suite roles in other industries, many employers do require a master’s degree. Depending on which graduate program you pursue, a master’s degree would signal to potential employers that you possess critical skills they’re seeking, such as:
- Leadership: Whether you’re interested in pursuing corporate, consultancy, or nonprofit roles, a versatile graduate curriculum can sharpen your leadership and business acumen.
- Data Analysis: As companies navigate the big data boom and emerging AI technologies, they need professionals who can efficiently and ethically leverage massive amounts of information to make strategic business decisions.
- Supply Chain Management: Businesses today must balance complex logistics, rising consumer expectations, and increasing global disruptions—all while remaining sustainable and profitable. To stay competitive, companies are searching for professionals who can optimize the entire supply chain from sourcing raw materials all the way to delivering finished products to the end customer.
While graduate school isn’t the only way to close a skills gap, it does offer a structured environment to gain market-relevant knowledge.
Understand Your Motivation
Master’s programs are designed to be academically rigorous to help you achieve ambitious career goals. They often involve a combination of coursework, independent research, and an internship experience to help businesses solve real-world challenges. It’s important to be honest with yourself regarding if you have the motivation and discipline to complete all of a program’s requirements.
Some motivations are internal, driven by curiosity, a desire to grow, or passion about a specific topic. Other motivations are external, such as the need for advanced credentials to secure a higher position or salary.
Honestly reflecting on your motivations can help you determine if grad school is the right path for you, or if other avenues like certifications or on-the-job training might meet your needs.
Evaluate the ROI
Investing in a master’s degree is both a significant financial and time commitment. If you’re leaning towards graduate school but are experiencing sticker shock, consider the ROI you can unlock from potential salary boosts.
Master’s Degree Salary vs Bachelor’s: What’s the Difference?
According to the Bureau of Labor Statistics, the median weekly earnings for those with a master’s degree is $1,737. In contrast, those with a bachelor’s degree earn $1,493 a week on average. Plus, the unemployment rate for master’s degree holders is lower, offering greater job security.
Advantages of a Master’s Degree
Beyond potential salary boosts, other benefits include:
- An Expanded Network: Graduate programs often connect you with like-minded professionals and industry leaders through opportunities like speaking engagements and internship experiences.
- Increased Confidence: Gaining specialized knowledge and credibility can empower you to take on leadership roles you thought were once out of reach.
- Job Satisfaction: Advancing into leadership roles where you can make a greater impact may be personally fulfilling.
What’s more, you may be able to take advantage of financial aid as well as choosing an accelerated master’s program. This will allow you to lower your out-of-pocket costs, earn your degree faster, and unlock ROI sooner.
Consider Timing and Readiness
Reflect on whether you have the time, energy, and financial bandwidth to pursue a master’s degree right now. Here are some key factors to consider as you make your decision:
- Time Commitment: Some people opt to step away from the workforce to dedicate themselves to their studies full-time. On the other hand, some people may need to attend on a part-time basis to balance their education with work, family, or other obligations.
- Program Format: Would you prefer to attend in person or online? While some may opt to attend in person for a more structured environment, others may need to attend online for the flexibility to complete their coursework at night or on the weekends.
- Financial Resources: Do you have the financial means to cover tuition, or could scholarships, financial aid, or employer sponsorship programs help?
Some people choose to attend graduate school right after undergrad while others prefer to wait until they have more work experience under their belt. There’s no wrong timeline—choose what works best for you.
Earn an Affordable Master’s Degree at Ashland University
Whether or not to pursue a master’s degree is a deeply personal decision that can only be made after honestly reflecting on your long-term career goals and current life circumstances.
If you’re ready to explore your options, Ashland’s competitively priced master’s programs for business are designed to meet working professionals where they are—and help them get where they want to go:
- Master of Business Administration (MBA): Available in person and online, designed for those seeking a broader business education that covers management, finance, marketing, and leadership principles.
- Master of Science in Business Analytics (MSBA): A great fit for data enthusiasts looking to leverage machine learning, predictive modeling, and industry-respected business intelligence tools to make strategic decisions.
- Master of Science in Supply Chain Management: Available in person and online, this program is ideal for those interested in leveraging information technology to manage manufacturing, service production and delivery, and distribution and supply processes.
Not sure if a master’s degree is right for you? Ashland also offers a range of online business certificates designed to provide a flexible, targeted, and cost-effective path to immediate career impact.
Wherever you are in your journey, we’re here to help:
