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Graduate school to wait out the rough times?
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Even in times of economic stability, students often wonder if they should continue straight on to graduate school. However, given the current job market, the question seems even more pertinent. Is graduate school a good option to wait out the rough times? Unfortunately, there is no one right answer for everyone.
Pros
1. Possibility of greater salary (although usually not right away). “Those with advanced degrees usually command higher salaries. If one goes to graduate school now, the hope is that, by graduation, the economy will have rebounded, and new, higher paying jobs will then be available for that individual,” said Clara Pitts, project operations manager of GradSchools.com.
2. Better than the alternatives. “A period of unemployment or underemployment looks bad on one's résumé, whereas time spent in school almost always looks good,” said Dr. Laurence Shatkin, author of “150 Best Recession-Proof Jobs.”
3. Recession-proof your future job. “A graduate degree is not only often essential in job advancement and helping you get your foot in the door, but statistics also show that it brings you job security. While the unemployment has steadily risen this year and now stands at 6.1 percent for the overall population, according to the Bureau of Labor Statistics, for those with graduate level degrees, it hovers at only around two percent,” said Jennifer Kedrowski, GRE and GMAT programs manager for Kaplan Test Prep and Admissions.
4. Showcase your professional development devotion to future employers. “It can show future employers that you are someone who takes the initiative to better yourself. It shows you are being proactive in your career and not just waiting for good fortune to come to you,” said Dr. Cindy Rothenberger, dean of the graduate school at Carlow University.
Cons
1. Burnout. “In the ten years it took me to get my doctorate in social psychology, I observed a lot of graduate students come and go. I realized that when students arrived in graduate school directly from college, and had gone to college directly from high school, they very rarely managed to complete graduate school without either having an emotional breakdown, taking a fairly lengthy break or disappearing completely,” said Dr. Diana Gardner Robinson, owner of Choices Success Strategies Coaching.
2. Cost. After four (or more) years of undergraduate education, an additional two (or more) years of graduate school does not come cheap and can draw you further into debt.
3. Not gaining experience. “I currently work with graduate school students, some who have very little to no experience in their field. What they find is that employers view them as ‘tweeners,’ meaning they do not fit in an analyst job or an associate job. Most training programs or entry-level positions after a graduate degree require about two to four years of professional experience to qualify,” said Dr. Patrick Madsen, director of professional career services at The Johns Hopkins Carey Business School.
To turn Madsen’s comment into a “pro,” if you do go back to graduate school, I recommend interning or finding a part-time job directly related to your career goals so as not to detract from your résumé.
4. Graduate school may not be necessary in your field. "This is true for many jobs and professions," said Greg Wypiszynski, director of graduate services at UW Oshkosh. "You need to research your field to find out if it’s acceptable to enter the job market with only a Bachelor's degree. If this is true, holding-off for a year or two to begin a graduate degree may be the more prudent approach."
“The bottom-line is that graduate school is a huge investment, both financially and personally, but one that can be incredibly rewarding,” said Kedrowski. “You should weigh the positives and negatives of going to graduate school directly from college carefully before making this important decision. You should also consider speaking with not only a graduate advisor, but also with people who are already in your situation and desired field for a more hands-on view of the landscape.”
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