Grad school vs. college

[Homie]

Is grad school really all that much harder than college? Is it worth the 2 extra years + 2 years of expenditures to get the masters degree?

I am an econ major and I am considering a graduate degree, probably also in economics, but not necessarily. Because in America you can take a 4 year bachelors degree in one area and then take a masters degree in a completely different area, which makes no sense to me, you would think one had to start over if one switched fields. Anyway, that is how it works.

So, any insights into the questions posed?

 

[Godwynn]

Is grad school really all that much harder than college? Is it worth the 2 extra years + 2 years of expenditures to get the masters degree?

I am an econ major and I am considering a graduate degree, probably also in economics, but not necessarily. Because in America you can take a 4 year bachelors degree in one area and then take a masters degree in a completely different area, which makes no sense to me, you would think one had to start over if one switched fields. Anyway, that is how it works.

So, any insights into the questions posed?

My sister got her 4 year degree in Accounting and landed an okay job with it. After I think 6 months, they offered to pay for her to get an MBA at a nice private university around here. Even better, as much as she hates the place, she didn't have to sign a contract so she is planning on quitting once she gets her degree.

She tells me that the MBA is easier than getting her Accounting degree.

 

[LightFang]

Yes. In today's world, getting your Bachelor's is like getting your high school diploma some years ago. Go to graduate school.

I will say that MBAs are worldwide recognized to be jokes.

 

[Fifty]

MBAs are universally acknowledged to be for networking, and the piece of paper you get at the end. Nobody considers them academically rigorous. That doesn't mean you shouldn't get one, though. If you are interested in business they can be very useful.

As for masters in economics, I don't imagine it'd be too difficult. As you get higher up in economics, it just becomes an exercise in saying the exact same thing with harder math. It will also allow give you the piece of paper that qualifies you to do the type of stuff JerichoHill does.

 

[LordRahl]

I got both my undergraduate and graduate degrees in Electrical Engineering. I also don't quite get why some people choose to do different areas (it may work for something that's closely related, or if you did a double major - but still).

Anway - the extra year or so it took to get MS felt pretty much like first 4 years of college, except there was a bit more research/projects involved.

 

[GenMarshall]

Grad school is to expensive to go to. You only rack up more debt.

 

[Archbob]

Go for the MBA, its an instant raise.

 

[plarq]

why not hit for Ph.D degree?

 

[Archbob]

That makes you overqualified and you don't necessarily make more than someone with just an MBA.

 

[GenMarshall]

Go for the MBA, its an instant raise.

How in the world is it an instant raise?

 

[Archbob]

Because you now have a masters. Those people with MBAs usually start at $20,000 more than people without.

 

[Mise]

I think the type of people who do Masters degrees are smart enough to find them pretty easy. You just have to figure out if you're that type or not.

As for whether it's worth it, most education pays itself back, but some pays back faster than others. MBAs pay back REALLY fast if you get your company to pay for it

Accounting qualifications pay back even faster, and are generally paid for by companies if you get on a decent graduate scheme. Sometimes you can land a good accounting job just by taking one term of an Accounting course (because then you're "part qualified", and have shown willing to go all the way, so to speak). There's a lot of potential to do more interesting "strategic" stuff once you've spent some time doing donkey work, but personally I just cba to pay my dues...

 

[Archbob]

An MBA takes little to no academic effort, its all about networking.

 

[LordRahl]

why not hit for Ph.D degree?

I actually saw a pretty neat plot at one point showing average earnings based on education level. It kept going up until Master's degree, and then went down with Ph.D - not by much of course.

I think it's because most Ph.D candidates work in academia - where the pay is still good, but not as good as good as private companies.

 

[Desmond Hawkins]

The expense is less relevant than people think. Governments love to lend money for them, and they will often forgive this debt. Also, there are a lot more scholarships and grants available for Grad students. Universities tend to take better care of you than undergraduates.

Oh, and you are pretty much guaranteed a higher salary for life in whatever it is you specialize in. Did I mention you are better educated. Is not that an end in itself?

 

[mangxema]

I've only been in grad school (electrical & computer engineering) for about a month, but here goes.

Is grad school really all that much harder than college?

Fundamentally, no. The big difference is that there is absolutely nothing requiring you to be there. Technically, college is like that too, but it is de facto required to get a good paying job. Grad school is totally optional. You don't go (or shouldn't) unless there's something there that interests you.

Is it worth the 2 extra years + 2 years of expenditures to get the masters degree?

I am an econ major and I am considering a graduate degree, probably also in economics, but not necessarily. Because in America you can take a 4 year bachelors degree in one area and then take a masters degree in a completely different area, which makes no sense to me, you would think one had to start over if one switched fields.

I've never understood switching either. As it is I'm in one class I was a little weak on the prereqs, and I kinda vaguely know what's going on. Switching seems suicidal. Some programs won't even let you do a master's without a related bachelor's.

If you do it economics (which you did before) it shouldn't take as long. My master's program is only 10 classes, though I get to double-dip two from undergrad and finish in two semesters.

I actually saw a pretty neat plot at one point showing average earnings based on education level. It kept going up until Master's degree, and then went down with Ph.D - not by much of course.

I think it's because most Ph.D candidates work in academia - where the pay is still good, but not as good as good as private companies.

You can financially justify getting a master's degree. It's short, and gives a significant boost to income, which will carry you for the rest of your life. PhD is different. It takes a while, and in most cases is completely unnecessary. The only times where you need one (that I know of at least) is to work in a research lab (for engineering), or a college professor. I don't know about economics. The point is, the PhD is a huge investment of time and money (though usually there's aid/assistantships available) that in all likelihood, you won't need.

 

[Desmond Hawkins]

You can financially justify getting a master's degree. It's short, and gives a significant boost to income, which will carry you for the rest of your life. PhD is different. It takes a while, and in most cases is completely unnecessary. The only times where you need one (that I know of at least) is to work in a research lab (for engineering), or a college professor. I don't know about economics. The point is, the PhD is a huge investment of time and money (though usually there's aid/assistantships available) that in all likelihood, you won't need.

I have two family members presently working on engineering PhDs and they are FAR ahead in career opportunities because of it. It might not translate to much higher income at that level of education, but much more interesting choice of jobs.

 

[mangxema]

Also, there are a lot more scholarships and grants available for Grad students. Universities tend to take better care of you than undergraduates.

Most aid is for PhD students, though. Or for research projects (which almost always use PhD students). If you're going master's you're probably on your own for the most part.

 

[mangxema]

I have two family members presently working on engineering PhDs and they are FAR ahead in career opportunities because of it. It might not translate to much higher income at that level of education, but much more interesting choice of jobs.

It all depends on what you want to do. If you want to be super technical and work in a development lab, then yeah, PhD is the way to go. My point is you have to KNOW that that's what you want to do. If you're debating whether to go to grad school at all, that probably isn't you.

Plus in my limited experience, you can still get hired into labs with a masters, you just won't be 'that guy'. I've known people who worked in such a place, and then were told that they needed to get a PhD in order to be promoted up, but the company would help pay for it. That's always nice.

 

[Shadylookin]

There's also the option of getting a job which will pay for you to continue your education. I'm considering taking that route once I get my bachelors.