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"Education is what survives when what has been Will Graduate School Earn You Big Bucks? 
With the economy in a tight squeeze, many adults – whether fresh out of college or reaching the pinnacle of their careers – are opting to step back into the classroom to pursue a graduate degree. While "riding out" a bad economy in the comforting halls of higher education isn't a bad idea, it can cost a pretty penny. Tuition rates everywhere are on the rise, and it's not uncommon for graduates with a master's degree or Ph.D. to leave school with five- or six-figure loans.Grading Your Options Earning a graduate degree gives you the opportunity to study a subject you love or take your career to the next level. You'll also be in communication with professors, mentors and fellow students who have a passion for their field and can offer valuable networking opportunities. However, for many people considering a grad degree, there's a bigger question: "Will going back to school pay off?" The short answer is "yes." Generally, the higher the education level, the more money to be reaped. Individuals holding master's degrees earn, on average, nearly twice as much over a lifetime as high school graduates, and those with doctoral and professional degrees can expect to make even more.* There is a catch, however. Career earnings are based on your field of study. A master's degree in European art, while intriguing, may not offer the same financial opportunities as an MBA. The fields that bring in the most bucks vary and can change through the years. If you're intent on heading back to academia and hitting the books, an academic advisor can offer suggestions on which field of study will best fit your situation and career goals. Pursuing a graduate degree can be expensive, but it's an investment in your future. *Source: College Board, www.collegeboard.com.
Does Education Pay Off?
The following chart shows the average lifetime earnings of employees based on education level.
Source: College Board, www.collegeboard.com. |
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