It's well-known that anyone who hopes for more in life than minimum-wage drudgery needs a high school diploma. And without a college education, it's becoming more and more difficult to afford a house in the suburbs, two cars and a few kids. But after college? Do you still need graduate school? Do you still need a higher education?
Looking at the current economic picture, if the economy continues to improve without adding new jobs, as is predicted by some, job-seekers will need to be more competitive than ever to bag a good position. In certain fields, now might be an ideal time to add some higher education to that résumé. Marci Armstrong, associate dean of the Cox School of Business at Southern Methodist University, comments, "It's a great time to come to business school because applications are down". Increasing fees partly explain the slowdown, but strict government policies concerning foreign students have also downsized the applicant pool in fields that have, in the past, attracted many overseas students. In areas like science, engineering, and economics, "the competition may be a little easier," says Harvey Waterman, associate dean for academic affairs for the graduate school of Rutgers University-New Brunswick.
According to the Employment Policy Foundation, a Washington, D.C., think tank, the lifetime income of those holding master's degrees surpasses those who received only a bachelor's by about $139,000, while professional and doctoral graduates earn $595,477 more than the bachelor's holders. Those figures, however, can be misleading. Hundreds of humanities Ph.D.'s are just getting by with part-time teaching jobs. Part of the income differential might also be attributed to the personal ambition that pushes people into graduate school in the first place.
Graduate school requires too much intellectual rigor, spiritual fortitude, and financial commitment for students to be motivated solely by future job prospects and a theoretical increase in lifetime income. It will consume at least one year of your life, most likely much longer. Doctoral candidates and future physicians face a combination of schooling and internships that can last a decade or more. And these are years of work more demanding and competitive than college ever was.
One doesn't go to graduate school to explore different career options or even a wide variety of subjects. That's what college and real life are for. If you are still casting about for your life's goals, don't hide on campus. Take a shot at at one or two careers. Then go to graduate school if and when inspiration hits.
Graduate school is for people who are obsessed. It's for people who don't mind reading tax textbooks late into the night. It's for people who like the smell of chemicals, the sight of blood, or a debate on international politics.
If this sounds like you, we invite you to look over our site. Reading through some of the articles will help you think about whether you want a law school, a master's in engineering or some other form of higher education. At this moment, you have the great privilege of delving into a field that fascinates you.
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