Universities across the world are responding to students’ increasing demand for enrollment to master’s programmes by expanding the range of programmes and intakes. As an increasing number of graduates each year opt for a master’s degree to increase their employability, the question that remains is whether it is worth the trouble.
Ashfaq Mahmud, a 24 year old Economics graduate from a reputed private university in Dhaka has decided to take a stab at a master’s degree in the US. He is aware that it will cost him around $20,000-$30,000 to attain the degree in his desired programme.
“I am ready to make financial and personal sacrifices for my passion for my subject. My starting salary will be higher with a master’s degree than otherwise. It takes a lot of motivation and personal initiative to stick to a discipline, hence I recommend those with a genuine interest in learning about the subject to apply for master’s programmes,” he explains.
Attaining a master’s degree requires a number of substantial expenditures to be made. The obvious financial costs of enrolling into the programme plus the opportunity cost of giving up work for a couple of years adds to why one should not take lightly the decision of stepping into university again.
30-year-old Kashfi hoped that getting a master’s degree in architecture would help her earn a pay bump but nothing worked as planned.
She said, “I decided to go for a master’s because I thought it would help me land a better job. But it seems that employers in my field of work are more impressed by work experience than an academically rich CV. I see my friends who only earned their bachelor’s degrees progressing faster than me. I think I wasted my time and money opting to study further before gathering more job experience.”
The expected returns from a master’s degree vary from person to person.
Extensive research has revealed some of the areas in which earning a master’s degree adds substantial value to your academic credentials. They include:
Economics Marketing Chemistry Physics Industrial Engineering Chemical Engineering Electrical EngineeringIt has been observed that occupations that require practical skills (think fine arts, journalism) put more emphasis on practical experience than academic qualifications. Research into History, English and Public Administration has shown
that experience influences your salary accelerator more than an advanced academic degree.
However, this is not to suggest that advanced studies in one field brings guaranteed success or failure as opposed to the other. Success is more likely to come your way when the motive for further studies comes from the love of learning.