14 Feb 2022
Should You Get a Master’s Degree?
The pandemic has brought about great changes in work and what it means, and for some of us, that brought with it an awareness about the work we were doing and what it means.
“Am I fulfilled in this job?” we asked ourselves, or “Can I aim higher?”
Naturally, questions about studies arose alongside questions about occupation. In particular, those already employed wondered if it was time for some further learning, be it deepening their existing expertise or expanding into new fields.
On paper, a Master’s in your field seems like an excellent opportunity for developing yourself. However, there is no simple answer to whether you should take the plunge and commit to three to four years of study.
As you plan and browse universities, there are probably many considerations in your mind. But these can be distilled into three main questions:
- Will the qualification get me what I want?
Consider what you want from the Masters, as well as the reality of your work. Many people have the misconception that a Masters will net them a higher pay – which is not true. Increasingly, organisations are looking for work experience over paper qualifications, and that has become even more prevalent during the pandemic than ever.
On the other hand, a master’s degree can help you become a recognised expert and thought leader in your field. It provides credibility and assurance that your experience is applicable to multiple industries. Also, Master’s programmes incorporate significant management and leadership training, which could open the door to a world of new professional opportunities beyond your day-to-day responsibilities such as public speaking, mentoring, and publishing. You may also find yourself branching into consulting or freelance work as a result of your learning.
- Do I have the resources to commit to it?
Assuming the answer to the above is “yes, a Masters will take me closer to my goals”, you can start considering whether it is feasible to undertake one or not.
This is the logistics question. Do you have the funds, time and interest to see it through? A Masters is a big commitment that comprises at least three years of academic study and substantial tuition payments.
While you cannot plan for everything, we suggest having the resources for at least half the costs in hand (or in the bank) before starting. This will give you some buffer should unexpected emergencies arise.
Also, when searching for a suitable programme, make sure to note down their policies on deferment, late payment of fees, and other such matters. Based on this information, you can decide on whether a programme is suitable your life path.
- How much longer to I plan to stay in the workforce?
Alternatively, “How much longer do I plan to stay in this industry?” If you are thinking of retirement or switching careers, is a three-year Master’s a good investment of your time and money?
For example, you want to retire in five or seven years, or are making plans to start your own business soon. Then, it is rarely worth the cost because you will not have the time to recoup the money in your earnings, even if you do get a promotion or pay raise from the qualification.
We hope this article has been useful in laying the groundwork for whether a Master’s is what you need. At the end of the day, it is just one out of many paths to learning, and both practical and emotional considerations need to be weighed before such a big commitment. Choose wisely!
The pandemic has brought about great changes in work and what it means, and for some of us, that brought with it an awareness about the work we were doing and what it means.
“Am I fulfilled in this job?” we asked ourselves, or “Can I aim higher?”
Naturally, questions about studies arose alongside questions about occupation. In particular, those already employed wondered if it was time for some further learning, be it deepening their existing expertise or expanding into new fields.
On paper, a Master’s in your field seems like an excellent opportunity for developing yourself. However, there is no simple answer to whether you should take the plunge and commit to three to four years of study.
As you plan and browse universities, there are probably many considerations in your mind. But these can be distilled into three main questions:
- Will the qualification get me what I want?
Consider what you want from the Masters, as well as the reality of your work. Many people have the misconception that a Masters will net them a higher pay – which is not true. Increasingly, organisations are looking for work experience over paper qualifications, and that has become even more prevalent during the pandemic than ever.
On the other hand, a master’s degree can help you become a recognised expert and thought leader in your field. It provides credibility and assurance that your experience is applicable to multiple industries. Also, Master’s programmes incorporate significant management and leadership training, which could open the door to a world of new professional opportunities beyond your day-to-day responsibilities such as public speaking, mentoring, and publishing. You may also find yourself branching into consulting or freelance work as a result of your learning.
- Do I have the resources to commit to it?
Assuming the answer to the above is “yes, a Masters will take me closer to my goals”, you can start considering whether it is feasible to undertake one or not.
This is the logistics question. Do you have the funds, time and interest to see it through? A Masters is a big commitment that comprises at least three years of academic study and substantial tuition payments.
While you cannot plan for everything, we suggest having the resources for at least half the costs in hand (or in the bank) before starting. This will give you some buffer should unexpected emergencies arise.
Also, when searching for a suitable programme, make sure to note down their policies on deferment, late payment of fees, and other such matters. Based on this information, you can decide on whether a programme is suitable your life path.
- How much longer to I plan to stay in the workforce?
Alternatively, “How much longer do I plan to stay in this industry?” If you are thinking of retirement or switching careers, is a three-year Master’s a good investment of your time and money?
For example, you want to retire in five or seven years, or are making plans to start your own business soon. Then, it is rarely worth the cost because you will not have the time to recoup the money in your earnings, even if you do get a promotion or pay raise from the qualification.
We hope this article has been useful in laying the groundwork for whether a Master’s is what you need. At the end of the day, it is just one out of many paths to learning, and both practical and emotional considerations need to be weighed before such a big commitment. Choose wisely!
