Should I Stay or Should I Go?: Pros and Cons of Going to Grad School VS Entering the Workforce
Few things are a bigger deal for college students than graduating after 2-4 years of dutifully going to classes, working tirelessly on projects, and giving stress-inducing presentations. Right before graduation, however, students have a choice: Enter the workforce in their field, or transition to graduate studies for more education. It is worth weighing the pros and cons between grad school and the workforce, especially in today’s highly competitive world. The National Center for Education and Statistics (NCES) reported a 17% increase in students graduating with a master’s degree since the 2011-2012 school year (2022). This growing number of students seeking more education may not be the norm but could offer insights into a changing job market landscape. This article will discuss the pros and cons of both grad school and immediate entry to the workforce, and factors to aid you in clearly defining the next steps in your career path.
Graduate School
Let’s start with the pros and then move on to the cons!
The Pros
Money, Money, Money – Investing more into your education with a master’s degree gives you a greater chance to maximize your salary earnings when you enter the workforce. Employers view this investment in yourself as a mature and well-thought-out decision. An employer will likely view you as a qualified (maybe over-qualified) candidate, even if you may not feel the same!
Max Experience – With more courses and hands-on research into your field, you can grow your knowledge beyond your undergrad studies by writing papers, conducting project research on dynamic subjects, and presenting your contributions to professors and peers. With this experience comes the opportunity to publish your research in journals and show your work at academic conferences.
Getting Stronger – Another benefit of grad school is gaining additional personal growth by developing your character, skills, and brain. For example, your ability to analytically and critically think drastically changes if you join a graduate program, as you must stretch yourself to understand more complex concepts and ideas. You also gain the opportunity to enhance your time management and self-discipline, improve your communication, and hone your presentation skills for the future.
The Cons
Not in Kansas Anymore – Grad school may sound like two more years of what you just did in undergrad. But, unlike undergrad, grad programs have different requirements and focus on specific research and more demanding coursework. While you’re probably no stranger to homework, grad school is less busy work and more intense projects. You will have support from your professors and peers, but relying on your discipline and desire to succeed is important.
All About the Money– More college means more money to pay to be a student. While generally only for two years, tuition, boarding expenses, and food and gas costs add up over a few extra years. Unless you’re working a part-time job or as a graduate assistant, you may need to take out more financial loans. Keep in mind, financial support and grants are available, you just need to know where to look.
Late Bloomer – Continuing your education is an investment, but when you choose to invest in one place, you naturally can’t in another. In this case, you’re delaying your ability to build a professional network on the job and immediate professional work experience.
Entering the Workforce
The Pros
Financial Independence – One of the biggest pros to entering the workforce when you graduate is near-immediate financial independence. Gone are the days of feeling like you don’t control your bank account. From now on, you’ll have a salary and a budget. Though you’ll undoubtedly have college loans to pay off, immediate income allows you to save more and invest your money in ventures or the market.
Practical Experience – Senior capstones and internships give you valuable experience, but on-the-job experience is unmatched by its utility. You move from classroom theory to daily practice, helping you solidify your understanding of your field and complex tasks. You get the opportunity to develop and refine your skills in meetings, interactions, and projects. The easy access you have to experts in the field for mentorship, as well as being able to build your reputation professionally, is practical this way.
Move Up in the World – Starting work lets you show off how much of an asset you are to your organization. The more you impress, the greater your potential for gaining a higher position and/or a salary increase, boosting your career trajectory through increased prestige and responsibility. Depending on your employer, you may have the benefit of receiving employer-sponsored education if you want to go back to college to increase your career flexibility.
The Cons
Potential Glass Ceiling – Advancing your career is an exciting part of being in the workforce. However, some fields want individuals with extra experience from college. Some industries provide educational modules and courses you will take, but others want to see a master’s degree or even a doctorate when considering employees for career advancement. Not only could your long-term earning potential be affected, but you may have difficulty stacking up against coworkers with higher degrees for promotions.
Less Specialized Knowledge – While most industries provide on-the-job training to equip you at work, not all knowledge can be found at your job. Foregoing more education may lead you to feel less equipped to tackle complex challenges in your role. A growth mindset and diligence can overcome a lack of knowledge, but you can only push your brain so far this way.
Harder Going Back – This one may not be a con to many, but for those thinking of getting more school at some point, going straight to work holds some weight. While working allows you to pay off debt and save money for later (maybe for more school), you have transitioned from academics. Slipping back into a student mindset and rigorous coursework is not easy. The chances of you going back decrease the more you experience the freedoms of professional life. Returning to college is not impossible, but it’s a harder transition than continuing right after graduation.
Factors to Consider
Who Are You and What Are Your Goals? The first question to consider is “Who are you?” Think about your learning style, your energy and passion to continue with your education, and the goals you hope to accomplish during your career! Do you want more job security? Future job flexibility? Is there a more practical application for you to go straight into a job? Many of these things come down to your field, so be sure to research if there are requirements or recommendations for careers you are considering.
What’s Your Financial Situation? The second biggest factor to consider is your finances. How many student loans have you taken out and will need to eventually pay? Understanding what is available to you goes a long way in weighing your decision. Many colleges have academic and financial resources to aid and incentivize students to continue their education. Ask your desired university’s financial aid center about their available scholarships and financial support, or look online for websites that show scholarships (scholarships.com, collegeboard.org, scholarshipowl.com, fastweb.com) (Forbes)
What Do the Pros Say? Along with understanding yourself and financial research, listen to the professionals! The experts in your field have great insight into current trends, news, and tips to give you the best chance to meet any industry requirements. Look at the typical qualifications and skills for the roles you desire. If you’re unsure about choosing more college or the workforce, look at job market conditions (job postings, industry growth, employer desires/expectations) and conditions at educational institutions (where are solid programs, academic requirements and offerings).
Where Are You Heading? One last factor to think about is where you hope to land. Consider where you’re comfortable working from, where your industry is growing, and if it’s practical for you to live independently or with your family. Relocation for jobs and job opportunities is becoming more common as industries grow and shrink. Accounting for external forces like location and job proximity when deciding between grad school or work allows you to have a clearer goal for your future career.
Conclusion
This is not an exhaustive list of pros, cons, and factors, because you cannot account for every possible scenario. Though there are many other things to consider, your personal circumstances will be most important in your decision-making. With self-reflection and research into your industry, you will be more prepared knowing whether to start grad school or your career.
by Jarred Scott – GA for BJU Center for Career and Calling