Getting an advanced degree can earn you extra income. However, it can cost you money too. Evaluate how much you stand to gain or lose to determine whether grad school is a good investment.
There are plenty of reasons to go to graduate school—and not all of them are about money. You might want to learn for the sheer joy of learning, or you might want to get a degree that allows you entry into a satisfying and meaningful line of work.
Let’s face it: Nobody gets an MFA for the money.
Money Isn’t Everything … But It’s Something
Money is a key reason a lot of people go to graduate school, especially for professional degrees. The financial benefit of advanced education is also one of the easiest to measure. Here’s how.
First, look up the median income for graduates from the program you want to attend. If it isn’t any higher than your current income, then you can’t justify graduate school based on the money.
If that salary is higher, then it’s time to figure out how long it will take for that extra income to pay back the expense of going to school. Here’s how to do this.
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