After graduating, most students head into the workforce. However, some find themselves in a post-grad slump and rather than transition into the “real world”, they choose to study further. Education is never a bad thing, but there are times it may not be the right decision. If you’re thinking of pursuing a postgraduate degree, here’s what to consider.
5 Reasons Why a Postgrad Degree Makes Sense
If a postgraduate degree will support your career goals, pursuing it makes sense.
1. It can give you an extra edge in the job market
When you first graduate, you’re competing against other graduates as well as more experienced players in your field. Completing a postgrad degree could give you a competitive advantage in the job market.
2. You want a higher salary
The average annual salary for someone with a bachelor’s degree is approximately $59,124 compared to $69,732 for someone with a master’s degree and $84,396 with a doctorate degree.
3. You want to specialise or improve your expertise
An advanced degree is worthwhile if you want to improve your skills or specialize. Let’s say you did a general degree like business administration. Studying for a postgrad in finance or economics could sharpen your skills and boost your credibility.
4. You aspire to a leadership position
An additional degree can improve your chances of moving up the ladder. Many C-suite executives have completed an MBA (Master’s of Business Administration). However, degrees in science and engineering are also popular among executives.
5. Your profession values additional letters behind your title
In certain professions such as the medical, academic, or science fields, a master’s, doctorate or PhD degree is highly valued. It may earn you more respect and make you more employable. In fact, the lack of an advanced degree could actually hold you back.
4 Reasons you should not do a postgrad degree
Furthering your studies is a huge investment of time and money. So, you need to be sure you’re doing it for the right reasons. Here are a few reasons not to do it.
1. You’re doing it for prestige
Be clear on why you want to further your studies. Is it to keep up with your peers or for prestige? If you see it as a status symbol, this is the wrong reason to pursue a postgrad degree.
2. You’re time poor
If you have found employment or started a family, you may not have time for studies. Attending classes, studying for exams, and researching and writing dissertations take a lot of time. Can you fit it all in? Rather than overstretch yourself, it may be best to postpone your studies until you have more free time.
3. You’re unsure of your career goals
The average person changes careers 5-7 times in their lifetime. How confident are you that you’ll want to remain in your chosen field 10 years from now? If you’re unsure, it may be best to gain some work experience first and reevaluate your career path later on. Then you can select a course of study that better aligns with the new direction you want to take.
4. You can’t afford it
If you relied on a loan for your bachelor’s degree, increasing your student debt to get a postgrad degree may not be wise. If you can’t afford it, don’t do it — at least not now. You can always pursue a postgrad degree later on when you are more financially secure.
Should you decide to embark on a postgraduate degree, GradGuard can help protect your tuition fees. Our tuition insurance will reimburse your college fees should you be unable to complete your studies due to a serious illness or accident.
BIO: Deevra Norling is a freelance content writer. She’s covered topics such as entrepreneurship, small business, career, human resources, e-commerce, and finance. When not writing, she’s tossing balls on the beach with the four-legged fur babies she looks after as a professional pet sitter.