Is Earning an Advanced Degree Right for Me?

The decision to pursue an advanced university degree is a big one. Whether you’re considering a master’s, doctorate, or professional degree, the investment of time, money, and effort can be significant. For many, the prospect of earning an advanced degree is a pathway to greater job opportunities, career advancement, and personal growth.

But how do you know if it’s the right move for you? In this blog article, we’ll explore the benefits, challenges, and factors to consider before committing to an advanced degree program.

What is an Advanced University Degree?

An advanced university degree typically refers to graduate-level education beyond a bachelor’s degree. This can include:

• Master’s degrees (e.g., Master of Science, Master of Arts)
• Doctoral degrees (e.g., PhD, EdD, MD)
• Professional degrees (e.g., JD for law, MBA for business, DNP for nursing)

These degrees are designed to provide specialized knowledge, advanced skills, and deeper expertise in a particular field. Earning an advanced degree can lead to better career prospects, higher earning potential, and increased job satisfaction — but it also requires careful consideration.

Is the Time Commitment Worth It?

One of the first considerations when thinking about pursuing an advanced degree is the time commitment. Master’s degrees typically take about 1-3 years to complete (according to Coursera), ¹ while doctoral programs, on average, take 5.8 years (according to U.S. News & World Report). ²

Do you have the time? Balancing work, family, and personal life with a demanding academic schedule can be challenging. Some advanced programs are designed to be flexible and offer online or part-time options to accommodate working professionals. For example, NMSU Global Campus offers several online programs, including Master of Data Analytics and Master of Agriculture degrees, which allow students to continue their careers while going to school.

However, the long hours required for coursework, research, and exams can still be intense. It’s essential to ask yourself if you are prepared to dedicate the time and effort necessary to succeed in a rigorous program.

Financial Investment of Graduate Degrees: Is It Worth the Cost?

The financial cost of earning an advanced degree can be substantial. According to the Education Data Initiative, the average cost of tuition and fees for a master’s degree in the U.S. ranges from $44,640 to $71,140, depending on the school and program. ³ On top of tuition, there are additional expenses, such as textbooks, technology, and living costs, if you’re attending a full-time program.

Is the return on investment worth it? Many people pursue an advanced degree to increase their earning potential. According to Indeed, individuals with a master’s degree earn an average of 16% more than those with only a bachelor’s degree. ⁴ A recent survey by the U.S. Bureau of Labor Statistics found that the median weekly earnings for workers with a master’s degree were $1,737 in 2023, compared to $1,493 for those with a bachelor’s degree. ⁵ This wage premium tends to increase for those who earn doctoral or professional degrees.

However, it’s important to consider the debt-to-income ratio when thinking about your long-term financial goals. Before taking on student loans, research the potential salary increase you can expect with the degree you are pursuing. For instance, a Master of Business Administration (MBA) often leads to significantly higher salaries in corporate leadership, while a PhD in humanities might not yield a financial return as quickly.

Career Opportunities and Job Market Demand

An advanced degree can open up new career opportunities and help you break into fields that require specialized knowledge or expertise. For instance, fields like law, medicine, research, and academia generally require advanced degrees for entry. Additionally, certain leadership roles in sectors like healthcare, technology, and engineering often require a master’s or doctoral degree.

But it’s essential to assess the job market demand in your field. Some industries place a higher premium on work experience than academic credentials. In sectors like tech, hands-on skills and a strong portfolio may be more important than an advanced degree. Meanwhile, in fields like education, healthcare, and social work, higher-level degrees are often required for career advancement.

According to the U.S. Bureau of Labor Statistics, workers with advanced degrees were significantly more likely to be employed full-time. In fact, the unemployment rate for master’s degree holders was only 2% in 2023. ⁶

Skills Development and Personal Growth

In addition to career benefits, an advanced university degree can foster personal development. Graduate programs provide opportunities to develop specialized skills in areas such as:

• Critical thinking and problem-solving
• Research methodology
• Project management
• Leadership and teamwork

Earning a master’s or doctoral degree also allows for a deep dive into a subject you are passionate about. It gives you the opportunity to contribute to research, innovate in your field, and build expertise that is highly respected within the industry.

Furthermore, pursuing an advanced degree can give you a sense of accomplishment and personal growth. Successfully completing a rigorous program can build confidence, improve your work ethic, and expand your network.

Work-Life Balance: Can You Juggle It?

A critical factor in deciding whether to pursue an advanced degree is assessing your current responsibilities. If you are already juggling a full-time job, family responsibilities, or other commitments, pursuing an advanced degree can be overwhelming. Many students in advanced degree programs opt for part-time or online options to maintain a work-life balance.

Fortunately, NMSU Global Campus offers flexible online programs that allow students to earn their degree while working or managing other responsibilities. For example, the online Master of Data Analytics provides a flexible structure for students to learn at their own pace, making it easier for working professionals to pursue further education without disrupting their career.

Assessing Your Long-Term Goals

Ultimately, deciding if an advanced degree is right for you requires considering your long-term career and personal goals. Ask yourself:

• What do I want to achieve with this degree?
• Do I need the degree to advance in my field or pursue a new career?
• Can I handle the time commitment, financial cost, and stress?
• How does this degree fit into my overall life plan?

If the advanced degree aligns with your career aspirations and provides a clear path for future opportunities, it may be a wise investment. However, if you are unsure about your career goals or the field you want to pursue, it may be worth taking time to gain more work experience or conduct informational interviews with professionals in your desired industry before committing to a program.

Is an Advanced Degree Right for You?

Earning an advanced university degree can have many benefits, from opening up new career opportunities to increasing your earning potential. However, it is a significant financial and time commitment that should be considered carefully. Whether the degree is worth it depends on your career goals, financial situation, and readiness to take on the challenges of graduate-level education.

Before making your decision, consider the job market, the skills you want to develop, and how this degree will impact your personal life. Research programs that offer flexibility, like those from NMSU Global Campus, which provides a range of online degrees designed for working professionals.

By carefully weighing your options, understanding the benefits, and assessing the demands of an advanced degree, you’ll be able to make a more informed choice about your future educational path.

For more information on flexible advanced university degrees and career opportunities, explore master’s degree options at NMSU Global Campus.

References

1. “How Long Does a Master’s Degree Take?” Coursera, 28 November 2023.

2. Kowarski, Ilana. “How Long Does It Take to Get a Ph.D. Degree?” U.S. News & World Report, 12 August 2019.

3. Hanson, Melanie. “Average Cost of a Master’s Degree: 2024 Analysis.” Education Data Initiative, 24 November 2024.

4. Northup, Genevieve. “How Much Does a Degree Increase Your Earnings? (Salaries).” Indeed, 10 July 2024.

5. “Employment Projections: Education Pays.” U.S. Bureau of Labor Statistics, last updated 29 August 2024.

6. “Employment Projections: Education Pays.” U.S. Bureau of Labor Statistics, last updated 29 August 2024.