There is ample evidence that graduate education can deliver a healthy return on investment. Since our business model involves selling high-quality consulting services, one could assume that we always point to data like this to persuade potential students to pursue graduate education. In fact, during the hundreds of Free Consultations we offer every year, we often encourage people to think twice about this momentous life decision and even to avoid or delay it, at least at this point in their lives. This approach demonstrates our neutrality – we don’t have any university affiliations or partnerships – and has helped us earn the trust of our clients.
For those that are on the fence about graduate education, we offer the following critique:
Have you weighed your current opportunities vs. potential future opportunities?
Revisiting the Microeconomics 101 concept of opportunity cost is useful when attempting to put a value on the road not taken. For people struggling to determine whether graduate education makes sense, we challenge them to honestly weigh their current career prospects versus expected opportunities after graduation. Regarding current opportunities, factors to consider are expected salary increases in the next few years, promotion potential, access to personal growth challenges or lateral transfer possibilities. Regarding future opportunities (post-graduate school career goals), one must weigh the cost of the education, typical career outcomes, expected salary ranges, and possible geographical job locations.
Life is not like a 100-meter dash at the Olympics where everyone begins at the same starting line; people enter graduate school from a variety of entry points. In other words, the opportunity costs are higher for some (i.e., those that have already attained certain career progress and a competitive salary) and lower for others (i.e., those with few prospects or limited growth potential in a current job, company, or industry).
Is the timing right?
Graduate education might be a wise choice for you, but is now the ideal time to go for it? Many people want to pursue an MBA early in their careers with just a couple of years of experience. They may feel impatient and wish to accelerate their progress. However, some fail to consider the value of maturity and experience in the MBA environment. People with more experience typically have a better sense of their strengths and weaknesses and what they want to get out of their education. Moreover, since future job prospects depend largely on the quality of past experiences, they fail to consider that limited work experience coupled with a graduate degree might be insufficient for their future career aims. Alternately, one situation in which the timing is often right is when a person feels that they are hitting a ceiling in their career path or are feeling that their growth curve is flattening.
On the other hand, some people may be over-experienced for the program they are targeting. It is useful to look at the average student’s age and to think about whether you can fit in with the cohort. Furthermore, you will want to understand if there is a strong preference for younger or older applicants in your future career path. Have you considered alternative ways to reach your goal, such as job transfers or even part-time or online programs?
Are you doing it for the right reasons?
Graduate programs usually require candidates to provide detailed explanations of their future career plans in application essays and interviews. This is to assess your career vision and enthusiasm for your chosen field. Basically, they want to sense your burning passion for that field and commitment to making the dream a reality, which you can show by demonstrating that you know what skills and experiences are required in order to reach your goals. Unfortunately, rather than running toward something they love, many people use graduate school to run away from something they loathe. While graduate school is a tried and true launch pad for a career change, it is best to show a clear direction and motivation, rather than leaving the impression that you are just desperate to make a change, with no clear direction.
Can you afford it?
While there may be nothing more valuable and meaningful than investing in upgrading yourself via education, it is important to be realistic about the financial commitment. Conduct a cost/benefit analysis taking into account tuition and expenses, cost of living (which varies greatly from city to city), and other hidden expenses (that spring break trip to Machu Picchu in Peru isn’t free!) vs. your expected debt load and salary after graduation. Such a rational assessment will help you make the decision with your eyes wide open.
Does the education fit your career plan?
The final consideration is whether the skills and knowledge you will gain in the program are valuable and sought after in your desired future company. For some people, an MBA degree with a specialization might prove to be the best fit. While for others, an MS degree that is more specialized for their field, such as supply chain management or fintech, could prove to be a better choice than an MBA. This is why we encourage our clients to attend information sessions, talk to many alumni and admissions officers, and read student blogs to gain a thorough understanding of a program and how it applies to their target career path. There is no substitute for extensive due diligence here. After talking to alumni and industry professionals, people often realize that the degree is not needed, or perhaps another degree that they had not considered would be more valuable.
Conclusion
When considering a career change, it can be tempting to focus on graduate education as a fast track to reaching lofty professional goals. But be careful not to idealize graduate school as some kind of silver bullet that can make a career pivot or rapid advancement automatically possible. As this post has attempted to make clear, there are many serious considerations to take into account when assessing one’s commitment to graduate-level studies. If you find yourself feeling undecided about pursuing further studies, we invite you to book a FREE 20-minute consultation to discuss your candidacy and admissions questions.