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Is Pursuing a Master’s Degree Really Worth It?

By Sam Woolfe on 27-01-2018

It is often difficult to figure out whether it is worth pursuing a master's degree . It is, or course, a highly individual decision. But there are still many factors that need to be addressed when you have completed an undergraduate course.

Girl graduating

 

What to study?

The first thing you should pay attention to is what you intend to study . It may seem logical to continue studying what you have studied at an undergraduate level. But do your career goals fit in with this subject choice? Are you passionate about this subject? What are the career paths for people who graduate with a master's degree in this subject? These are all worthy considerations.

There's nothing wrong with education for education's sake. And studying a completely different discipline - going from architecture to philosophy , for example - may offer you a riveting educational experience.

But a more forward-looking perspective should not be neglected. This is not to say that studying philosophy is a waste of time ( because it is not ); that's what you're getting your money's worth.

Which brings us to the next consideration.

Funding your studies

When you finish your undergraduate studies, you will be saddled with a hefty student debt , and the idea of adding a little more. Indeed, the costs of a master's degree can really add up. There is the price of the course itself, books, accommodation, food, clothes and going out expenses.

If you intend to do a full-time course and not take up any employment, then you may have a bank loan. Otherwise, applying for scholarship or scholarship is something to keep in mind, or perhaps doing an online course so you can have more flexibility while you study.

Courses can vary widely in price. For example, you can study Experimental Psychology (MSc) at the University of Oxford - a two-year course - for £ 6,200 a year. On the other hand, you could study Business Administration at the same institution , but it will cost you £ 52,000 for the year. Also, the institution at which you can make a big difference. As a case in point, Philosophy (MA) at King's College London is £ 9,000 per year for domestic students; If you want to study abroad, at Columbia University , say, then it's nearly £ 20,000 per semester .

Job prospects

Whether or not to have a master's degree will boost your career prospects is a difficult issue. It can largely depend on what you study. But while some may argue that the costs of a master's outweighs any benefits to job prospects, there are still advantages to having such a degree.master's outweighs any benefits to job prospects, there are still definitely advantages to having such a degree.

A survey published by the Higher Education Statistics Agency (HESA) found that postgraduates are 10% more likely to work with their degrees with undergraduate degrees. Also, they are 15% more likely to be in full-time employment.

Continuing with higher education is not for everyone. While some people may have enjoyed the university experience, the idea of studying, writing papers, revising and taking photos, may not be a very appealing prospect.

Climbing the career ladder or pursuing a more entrepreneurial endeavor could turn out to be much more beneficial. It depends on your priorities, interests, and goals (and how your finances are looking).

Sam Woolfe writes for Inspiring Interns, which specialises in finding candidates their perfect  internship. To browse our  graduate jobs London listings, visit our website.

 

Comments

  • Student from London:

    29-01-2018

    Great Article, well done Sam!


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