by Nic Edwards

Created on: February 25, 2009

The short answer is probably not.

In taking any big decision about your future, it's useful to examine the potential costs and benefits.

The biggest cost of a masters is time. Taking 1-2 years out of your life is a huge commitment and you should consider the in-job career advancement you would forgo by choosing to do it. Many people have no problem in moving up the ladder without a postgraduate qualification. Secondly, doing a masters takes a lot of money. Even if you can get funded through a scholarship or through your job its unlikely that this will cover all your living expenses. You will need to use up a significant amount of your savings (assuming you have some) even if you can live fairly frugally. You also need to keep in mind the opportunity cost of giving up your salary for up to 2 years.

Another significant cost is your mental health. Any masters degree worth getting is difficult - the point of acquiring the masters is to be able to signal to employers that you are more productive that those with a bachelors degree. In order for the signalling effect to work, the technical level will be set such that only a proportion of those with an undergraduate degree will be able to pass. For exceptional students this is not a problem, but for those (like me) further down the ability scale it can be highly challenging. You need to be prepared to work six, possibly seven days a week and to cope with stress levels you may not have encountered before.

There are significant benefits from getting a good quality masters. The signalling effect will make you more employable than those with an undergraduate degree and allow you to demand a higher salary, the amount depending on your field, the country you live in and the industry in which you work. Having a postgraduate degree will also allow you to advance your career within your company or department as senior positions frequently require an additional qualification. Provided you can cope with the workload, postgraduate study can be a fulfilling experience and a opportunity to specialise within your field of study.

When deciding whether to extend your academic life there several important questions you need to ask yourself. Do I really need this for my career? Do I have enough funding and savings to do this? Would my lifetime earnings be more or less as a result of doing this? Can I cope with the stress of studying at a much higher level? Masters programs are meant for the small proportion of graduates whose answer to these is yes. Think carefully about these questions and about your motivation for doing a masters. Research how important a masters is in your field and the technical level of what you would be studying. It should become clear whether you're one of the proportion of graduates who would benefit from postgraduate study.

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