Diana Pochara

Once students have decided to pursue a master’s degree, they must decide if they should begin working after college or instantly pursue the degree. Factors to consider are time and money.

Costs of a Master’s Degree

A major trade-off of pursuing a master’s degree is time and money. According to Best Colleges:

• The average total cost of a master’s degree is about $35,700 a year
• Master’s degree programs typically range from $50,000-$85,000 for 2 years
  • Includes tuition and fees
  • Includes non-tuition expenses, such as books, supplies, room and board, transportation, and personal expenses
• The most expensive master’s degree programs can cost more than $74,000 per year
• 45% of full-time master’s students and 35% of part-time master’s students receive scholarships or grants
• The average cost of an online master’s program is roughly $24,300
• The average master’s degree-completer graduated with $64,400 in student loan debt
  • Without counting loans from their undergraduate degree

According to Best Colleges, “Students can save money in online and public college programs….Online learning often comes with fees, such as technology fees, which contribute to students’ total costs. But, online master’s degree students might save money on travel, room and board, and campus-related costs.” If you get a master’s degree through the Penn State World Campus (online) version of Smeal College of Business, one of the top ranked business schools in the US, then students can waive GRE requirements.

Pursue

According to study.eu and the Princeton Review, reasons to pursue a master’s degree right out of college include:

• A Master’s degree makes it much easier to qualify for the jobs you want right out of college
• Increases job security in the long run – In an economic downturn; it’s easier to compete against applicants without a Master’s
  • Those with only a Bachelors might be among the first to be let go when times are tough
• Earn more money with a Master’s degree – With the additional qualification and the added responsibilities, you can expect a higher salary than with only an undergraduate degree
• Some employers will pay for
• After a longer break from university, it will be more difficult to get back into the “groove” of learning
• Instead of a 2-year break, consider 1-year Master’s!  Employers usually don’t see a big difference and value them just as highly
  • However, these are sometimes not enough to get into PhD programs
• Some scholarships are only available to students who have no work experience, or are under a certain age
  • Postponing your Master’s for work may disqualify you
• Some careers will require professionals to have a Master’s degree to advance beyond a certain stage
• If your goal is to do a PhD later on, a Master’s is a necessary next step after an undergraduate degree

Mecca Muhammad, a Penn State Abington student in a psychology major who plans to pursue a master’s degree remarked, “I want to pursue a Master’s right out of college to the best of my ability. Money is tight right now but my mother put off her education and career for thirty years because she waited and then had children and I just don’t want to be fifty trying to get back into the groove of things. I want to be in my career as long as possible.”

According to Professor Dave Paul, a part-time management information systems professor at Abington who has a Master of Science in Engineering (M.S.E.) in Computer Engineering, “I suggest all people continue their education immediately after finishing their bachelor degree. This is the time when you have the least responsibility and most free cash.”

Postpone

Reasons to postpone a graduate school according to study.eu, and the Princeton Review:

• Work experience can help figure out what to study – If you are unsure what subject to get a Master’s in, get a relevant job, or try finding an internship
  • The experience gained can help you make a better decision later on
• You can save money, and rely on your savings when you do a Master’s later
  • Financing studies with your own money is less burdensome than taking a student loan
• Initial work experience in a relevant field adds value to your learning experience during a Master’s. This can be in a full entry-level position
  • One or two internships can also be very insightful
• If you didn’t finish your undergraduate degree with a good grade, or if you lack formal education in a certain subject, relevant work experience will help you get into a good university later

Master’s degrees comes with many benefits but costs, therefore, students will have to weigh the time it takes to look for a job, the money to pursue a master’s degree, and the burden of student loans to decide if they should postpone their education or instantly pursue it.