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This story is sponsored by BYU Graduate Studies. Learn more about BYU Graduate Studies.
There are many considerations to take into account if you are debating whether or not to pursue a graduate degree. Graduate school, in many ways, is an investment in oneself. In an effort to help those interested in a master’s or a doctoral degree, here are three things to consider before you go down that road.
Cost vs. Benefits
In 2012, Pew Research Center explored the value of a post-bachelor degree and found that on average, “median monthly earnings for young adults with master's degrees were 24 percent higher than for those with bachelor's degrees.”
There are, undoubtedly, variables in this equation though. The degree one chooses to pursue has a tremendous effect on their ROI for a graduate degree. For example, the United States Census found that among those who pursued a graduate degree in liberal arts, the mean monthly salary was $5,741 dollars while the mean monthly salary for those who obtained a master’s in business was $8,849 dollars. With more than a three thousand dollar gap between the two majors, the degree you choose definitely carries weight in this decision.
You may find a significant cost difference between universities of interest. While it is vital to consider where you can obtain the best education, it is also important to explore the schools where you can get the best “bang for your buck.”
The average cost of a year of graduate school is nearly $30,000 while the cost at a private school is nearly $40,000. However, scholarships or tuition targeted toward a specific demographic can make this much more affordable.
For example, tuition is approximately $6,310 each year at Brigham Young University for graduate students who are members of The Church of Jesus Christ of Latter-day Saints. Some companies also offer to pay a portion of their employee’s tuition.
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Photo credit: Steve Walters/BYU