Is Going Back to School Worth It? Weigh the Pros and Cons of Advanced Degrees for Working Women
By Editorial Team on October 3rd, 2024
In today’s rapidly evolving job market, many women find themselves at a crossroads, contemplating whether or not to pursue an advanced degree. The prospect of returning to school may be tempting for working women who wish to broaden their career opportunities, increase their earning potential, or transition into a new industry.
This trend seems to be more prevalent than ever, as evidenced by some recent statistics. In the academic year of 2022, an impressive total of 551,460 female students earned a Master’s degree in the United States, outpacing male students where 331,530 achieved the same level.
This demonstrates that despite the challenges of juggling work, family, financial obligations, and academic demands, many women are concluding that indeed, it is worth it. However, the decision is deeply personal and depends greatly on one’s individual circumstances and goals.
In this piece, we will examine the pros and cons of pursuing an advanced degree for working women, providing guidance to help you make a well-informed decision.
Pros of Going Back to School
1. Enhanced Earning Potential
One of the most enticing advantages of acquiring an advanced degree is the potential for a higher income and job security. This is supported by the U.S Bureau of Labor Statistics which states that workers age 25 and over who have less education than a high school diploma had the highest unemployment rate (5.6 percent) and lowest median weekly earnings ($708) in 2023 among those at all education levels.
On the contrary, workers with graduate degrees had the lowest unemployment rates and highest earnings. In fact, even within sectors like healthcare, business, technology, and education, individuals with a master’s degree typically earn more than those with only a bachelor’s degree, associating advanced qualifications with superior pay scales and improved benefits.
An advanced degree can also unlock previously inaccessible opportunities for women seeking to step into leadership roles or negotiate a higher salary. These benefits are particularly pronounced in industries where higher education is deemed essential for progression such as law, finance, and academia. The statistics highlight the significant potential rewards of investing in further education, despite the costs and commitment involved.
2. Advanced Career Opportunities
An advanced degree can grant you access to specialized fields and positions that require expertise that goes beyond a bachelor’s degree. Whether you’re aiming for advancement in your current role or considering a career transition, an advanced degree can help qualify you for more sophisticated roles. This may also make you more competitive in rapidly progressing industries, such as tech or healthcare.
Moreover, some women opt for advanced degrees as a route to migrate into a completely new field. Returning to school can equip you with the skills and qualifications needed to successfully pivot if you’ve reached a plateau in your current career or are in pursuit of fresh challenges.
3. Personal and Professional Growth
Beyond the tangible benefits of higher pay and possibilities for career advancement, acquiring an advanced degree can be personally enriching. Education bolsters confidence, broadens your knowledge, and hones critical thinking skills. This personal growth can subsequently translate into enhanced problem-solving and leadership skills at work.
For working women balancing various roles—either professional or personal—acquiring higher education can be a significant achievement showcasing dedication, perseverance, and the ability to tackle new challenges.
4. Networking and Mentorship Opportunities
An oft-overlooked advantage of returning to school is the chance to establish a new network comprising peers, professors, and industry professionals. This is particularly relevant and valuable given research shows that 70% of all jobs are not published publicly on job sites and as much as 80% of jobs are filled through personal and professional connections.
Many graduate programs emphasize collaboration and group work, fostering relationships that can become pivotal for your career. These connections can lead to mentorship opportunities, job referrals, or collaborations otherwise inaccessible, potentially giving students a significant headstart in the hidden job market.
Furthermore, some schools also offer professional development services, career coaching, and alumni networks to aid in your post-graduation job search. These resources are even more valuable considering the high percentage of positions filled through networking, underscoring the benefits of further education outside of pure academic advancement.
Cons of Going Back to School
1. Financial Burden
The most substantial disadvantage to acquiring an advanced degree is the associated financial cost. Graduate programs can be costly, often amounting to tens of thousands of dollars. Despite potential scholarships or financial aid qualifications, remaining costs can still be hefty. Many working women already shoulder financial responsibilities like supporting a family or saving for retirement, and assuming additional student loans can feel risky.
It is important to closely assess whether the long-term financial benefits of attaining an advanced degree outweigh the immediate costs. Investigate salary trends in your field and consider how long it will take to recover the expenditures on tuition and related expenses.
2. Time Commitment
Striking a balance between work, school, and personal obligations is a challenging task. Graduate programs generally require hefty time investment, ranging from two to six years, depending on the program and whether you opt for part-time or full-time learning. Finding time to study, complete assignments, and attend classes can pose difficulties for working women with children, family responsibilities, or other personal commitments.
The time commitment can result in stress, exhaustion, or strained relationships, particularly if you’re attempting to juggle it all without enough support. Before committing to a program, it’s crucial to devise a plan for managing your time and responsibilities.
3. Opportunity Cost
Investing time and energy in acquiring an advanced degree may detract from other life opportunities. For instance, you may miss out on a work promotion because you’re less available or unable to assume additional responsibilities. There’s also the opportunity cost of time—years spent in academia are not years spent gaining professional experience, climbing the career ladder, or capitalizing on other career-related prospects.
Some industries value hands-on experience equally, if not more than, advanced education. Hence, acquiring an advanced degree, whether online or in-person, may not necessarily provide the career boost you envision.
4. Uncertain ROI
While an advanced degree can enhance earning potential, it does not secure a high salary or immediate advancement. The return on investment (ROI) from a graduate degree varies substantially depending on your field, your school’s reputation, and the prevailing job market. In certain industries, the cost of the degree may outbalance the benefits, especially if you’re already well-established in your career.
It’s pivotal to research extensively before making this decision. Examine the job market, interact with professionals in your field, and determine whether the degree offers a competitive edge in your chosen industry.
Making the Decision: Is It Worth It?
The decision to return to school is personal and heavily reliant on your unique circumstances. Here are a few steps to help determine whether an advanced degree is right for you:
1. Research Your Industry:
Consider whether advanced education is essential for progression in your field. Engage with industry professionals to understand whether such an investment will yield returns.
2. Assess Your Financial Situation:
Factor in the cost of the degree, your current financial obligations, and your preparedness to assume student debt. Ask yourself if the potentially higher salary will be worth the long-term financial commitment.
3. Evaluate Your Career Goals:
What are your long-term professional ambitions? An advanced degree may be a worthwhile investment if you’re seeking to change fields. However, if you’re already settled in your career, it may be more advantageous to focus on accumulating work experience and additional skills.
4. Consider Flexible Options:
Many schools offer part-time, online, or hybrid programs that accommodate both work and academic demands. If you’re interested in advanced education in speech-language pathology, for instance, taking online SLP programs allows you to carry on with your current job while completing coursework and arranging clinical training to suit your schedule. Explore programs that align with your lifestyle, existing commitments, and career aspirations.
The decision to return to school for working women is multifaceted and intricate. While the lure of career advancement, increased earning potential, and personal achievement that an advanced degree provides is appealing, there are significant considerations of time, finances, and opportunity costs. Be mindful in weighing the pros and cons, ensuring that your decision aligns with your specific personal and professional goals, and is in the best interest of your future. Should you decide either to pursue an advanced degree or to seek other avenues for career enhancement, bear in mind that education is only one of many pathways to success. Your experience, skills, and tenacity remain valuable assets regardless of the path you choose.