Making more money, moving up in a company or finding a better job are all good reasons to seek a graduate degree.
Yet a graduate degree is not for everyone, and getting an education beyond the four years spent at a university is a decision that should be considered carefully with some clear goals in mind, according to one University of Memphis administrator.
"There are numerous benefits to earning an advanced degree," Karen Weddle-West, director of Diversity Initiatives at the University and vice provost for Graduate Programs, said. "The most important advantage is the in-depth and rigorous study of a particular discipline."
Weddle-West also serves on national boards, where she is the chair of the Council of Graduate Schools Advisory Committee on Minorities in Graduate Education.
The U of M is currently home to 4,500 graduate students and offers 25 doctoral degrees, 55 master's degrees, 30 graduate certificates and the Education Specialist degree.
Another determining factor of earning a higher education degree is the effect on one's lifetime earnings. According to Weddle-West, a doctorate degree can increase lifetime earnings by $3.4 million.
"One of the benefits is the ability to stand out in a crowd. Even if a graduate degree is not required, it can make a person stand out from the others. It can also carry some economic benefits," said one unnamed graduate student at the University.
In some professions, like education, employees are rewarded for getting an advanced degree without ever having to change jobs. In other fields, getting the graduate degree can put a person in line for promotion. There are some professions such as law and medicine where the advanced degree is the entry into the field.
However, a graduate degree right after a four-year degree can delay a person's entry into the workforce. Some students choose to work a couple of years before attending graduate school.
Cost can also play a factor when deciding to attend. Many financial aid programs do not cover the cost of graduate school, which means paying for it without help or borrowing money.
Prior to the recession of 2007 to 2009, many companies were reimbursing employees for extra education, but very few companies today continue to reimburse.
"Graduate school is definitely market-driven. When jobs are very much available to all students who hold degrees, graduate school attendance tend to decline," Weddle-West said. "When it's clear that people need a competitive edge to pursue the job of their choice is when attendance rises."
Experts advise that a person needs to have clear career goals and a clear plan to repay loans when pursing a graduate degree. While it may not be for everyone, for some, the advantages of earning a higher degree can greatly outweigh the drawbacks.
