When is Grad School Worth It?

As Career Coaches who spend a lot of time working with students and recent graduates—we have many clients asking about advice on grad school. The appeal of post-graduate education has always been high for smart students who didn’t graduate with a direct career path, license, or specialized skill that translates into an immediate job. These students now find they’re struggling to find ways to translate academic experiences into money making ventures. For many, graduate school is a really expensive “pause button” that enables reevaluation of things like strengths, skills, interests, and practical ways to translate these things into a job. If you’re considering graduate school—please read this before you sign the student loan paperwork:

Will a graduate degree make it easier for me to get a job?
No. It sounds good and we’re taught to believe this, but it isn’t really true. For most fields, marketability is no longer defined by education. Marketability is defined by results. In order to be able to prove you’re someone who can get things done, you need a broad network and experiences that show your successes. Jobs, internships, and even volunteer work are the best way to showcase results and hands-on experience.

Should I get a graduate degree?
Graduate degrees are a must for certain professions—doctors, lawyers, counselors, investment bankers, etc. For people in these industries, it’s very important to go to a prestigious school, get prestigious internships, and show academic superiority. For almost everyone else, the investment is dubious from a Rate of Return (ROI) standpoint. I personally believe that using your youth to advance career-wise is a better ROI than staying in “theory-land” within a university.

What do employers think?
Large employers who have executives and/or HR people who are highly educated are increasingly requiring and preferring graduate degrees, but not without the experience to back it up. Smaller employers are divided…and again it depends on what the leadership has done. When I talk to CEOs of smaller companies and push them on whether a graduate degree is required, without exception they decide that they may prefer the degree, but ultimately care most about whether the candidate can show that he/she has the skills and experience to be successful in the job. So, from an economic perspective, you can saddle yourself with loans for a graduate degree OR you can work hard and commit to demonstrating your value to an employer and slowly growing your career. A master’s degree is no longer a short-cut up the corporate ladder, nor is it a green-light to demand a higher starting salary.

The bottom line:
A graduate degree without the work experience is not valued at all. And graduate degrees from less prestigious or for-profit universities are dismissed completely by employers. If you’re planning a career in a highly competitive company or industry—graduate school will offer you the prestige you’ll need to advance in a career that requires it. If you’re considering a graduate degree for career clarity, marketability, or general enrichment—save your money and get to work!