Bureau of Labor Statistics, the median weekly earnings by degree type are as follows: In other words, some degrees are associated with much higher pay than others.Īccording to the U.S. That said, like graduate school debt, prospective earnings vary widely depending on your chosen field and degree. People with graduate degrees tend to make more money than people without graduate degrees. However, it’s important to know the costs associated with any educational choice you make. Your employer may even reimburse you for a portion of the tuition as an educational benefit. You may receive a full ride to med school or significant grants for your M.B.A. There are, of course, exceptions to these numbers. When you factor in multi-year or multi-decade interest, attending grad school becomes even more expensive over time and can influence lifestyle decisions (e.g., where to live, what job to take). program may offer free tuition and a living stipend so you can graduate with little or no debt, whereas law school tuition alone can exceed $40,000/year.Īccording to Credible, the average grad school debt among recent graduates in various fields is as follows:Īs you can see, graduate school isn’t cheap. Analyze the Cost to Attendĭepending on the program, enrolling in grad school can be an affordable option or a heavy financial burden for decades to come.įor example, a fully-funded Ph.D. That said, you don’t need to attend business school to start a successful business.) 2. can increase your odds of business success, open your eyes to new career opportunities, and build a powerful network. ( Note: I’m not saying you shouldn’t attend grad school if your chosen field doesn’t require it. If the answer is no (e.g., starting a business doesn’t require an M.B.A.), you can be successful in your chosen field by skipping the additional schooling. If the answer is yes (e.g., becoming a physician requires a medical degree), graduate school may be right for you. The first question you should ask yourself is, “Does my dream career require a graduate degree?” I’ll answer this complex question by exploring the following five factors: Should I Go to Grad School? (5 Factors to Consider) In this guide, we’ll use the expanded definition because the advice applies regardless of the field(s) you’re considering. In recent years, some people have expanded the definition of grad school to include any advanced program after graduating from college, including academic degree-granting graduate programs (e.g., Master’s, Ph.D.), professional degree-granting programs (e.g., M.D., J.D., M.B.A.), and graduate school preparatory programs (e.g., post-baccalaureate programs before medical school). Traditionally, “graduate school” refers to degree-granting academic programs beyond the undergraduate level (i.e., “college”). Depending on your situation, it can be a great idea or poor decision. Regardless of your situation, you’re probably asking yourself, “Should I go to grad school?”Īnd I’m glad you are, because attending grad school can involve significant financial and opportunity costs. Financially, you may have access to a trust fund to pay for any program of your choice, or face a mountain of debt upon graduation. You may be in college and confused about what career to pursue, or perhaps have a job you love but see all your friends going for higher degrees. Your parents may be like mine, or you may be the first person in your family to attend college or consider graduate school. He attended medical school, and I received a Ph.D. They talked about attending college and grad school as an inevitable part of life, like going to the supermarket to buy groceries or visiting a barbershop for a haircut. Clearly, my parents value higher education. My parents immigrated to the United States in part because my dad wanted to go to graduate school here. Grad School Can Be Worth It (But Don’t Take It Lightly).How Many Grad Schools Should I Apply To?.What Should I Go to Graduate School For?.Should I Go to Grad School? (5 Factors to Consider).
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