New York Times: My M.A., a Source of Pride and Regret

In our discussion about the value of a master’s degree, we received hundreds of comments from readers who spent time and money pursuing a graduate degree. Many said earning an advanced degree was a wasted effort that did not enhance their skills or make them more attractive to employers. Others, though, said the point of getting a master’s degree was to pursue an intellectual interest, not pad a resumé. Here are excerpts from their comments.

 

This is my primary hesitation with pursuing a[nother] graduate masters degree in an arts/humanities field ... too many applicants, too few jobs. I'm now leaning towards doing a relatively inexpensive MSc now and going back later in life (when I am stable financially) to work towards a humanities PHD.

 

Navel gazing... blah blah blah.

 

I totally agree with this; however, not when come to the management position.

 

For me pursuing a master's degree really is primarily about the intellectual interest. I couldn't fathom it otherwise. However, I'll admit that the hope of getting an edge in the job market is certainly a part of my motivation. Hearing all of these stories (not just those in the link, but in a lot of other places as well) has been sobering, but it hasn't deterred me.

 

Hmm...I may just opt for that cheap MBA from Andrew Jackson University after all. At least I know I won't be in debt for the next 20 years.

 

It all depends on what you plan to do with the degree.

On one extreme, an MBA from a well-known AACSB RA business school (or at least a school with a good reputation) can be invaluable for landing a new job or getting a promotion. That is, you will get some "lift" on your resume. And the content can make you a better manager.

On the other end of the spectrum, an inexpensive MBA from a NA or CA Approved school will give you some valuable content that will help you become a better manager, but not provide much (or any) "lift" for your resume. I know, I know you could argue that the NA MBA will give you some "lift" on the resume; in the right circumstances, that could be true.

That said, you can always get more money, but you can't get more time... Don't waste time. People who waste your time (say one year) are not guilty of murder, but they are guilty of wasting one year of your life; too bad there isn't a way to arrest someone for killing you 1%...

 

Great article! I'm currently working on Masters degrees #2 and #3. One of the main reasons is that I can afford to pay for them out of pocket. All of my degrees have been about $5,000-$6,000 each. I know that I don't need a Phd, so I study areas that I am interested in . .. all loan free! Also, I don't expect to land some big corporate job either. I work in the education field in the south, so I'm not making any big returns on my investment. I see it more as an investment in myself. I say don't buy a degree with money that is going to take you forever to pay back, especially if your field is not lucrative.

 

I guess I'm lucky I'm pursuing graduate education for no other reason except for personal growth. I'm truly taking classes for education, not to make money.

 

I did a DL MA for personal interest and don't have any regrets at all. It only cost me $4,200 and I think that doing it was a great decision.

I did decide not to pursue a PhD though. The costs (both money and labor) of that started to look a bit excessive, given my needs. I'm perfectly happy assigning my own readings and taking the occasional individual class.

 

I have a BS, and two Master Degrees. It has not led to any promotions. I was often challenged by colleagues who scoffed at the idea of education. It has not been cheap, but probably not as costly as some hobbies pursued by others. It is probably not as expensive as drinking and smoking in some instances.

The difference for me occurred when I was ill. I was able to research and analyze the situation, participate in the decision-making for my treatment, and to develop an overall strategy to deal with it. Contrary to some some medical thinking, I am still here two years on. My education provided me with the framework for thinking to deal with this crisis. Thank God for it. Sometimes development is not about the money.

I am now pursuing admission into a PHD on a scholarship and things are looking very good indeed. My only other thoughts is the selection of the institution. Why spend big money on well known institutions if the gain financially is minimal? A good education at a lesser known will develop your personal skills probably to the same level. At the end of the day, it is what you put into it.

Pursuit of the big name institutions is really only necessary if you think you can trade on the name or networks successfully. A big risky investment requires a high return. If you put the same money into a business, you may get a better return at less risk. Better yet, go to a lesser known institution, then put the difference into a business venture. You may reduce the risk, get an education, and may get a higher return.

 

I would argue that the letters "MBA" would provide some "lift" for a resume, regardless of the school. Of course, some schools provide more "lift" than others. For me, it would be about obtaining knowledge, not necessarily the letters.

The biggest crime would be spending thousands of dollars on a degree only to find that it wouldn't help me land a nice salary and that I'd be stuck repaying loans for the next decade. There is no crime in learning something new.

 

As an entrepreneur of twenty five years I couldn't agree more. I like the idea of hiring decisions being in my hands and that any education I get can only help me and my business.


Sideman JD

 

People commonly fail to realize the significance of the commitment that they are making with student loans. There are people taking out such loans today who will be harnessed with them, not just for a decade, but for life -- even after Social Security kicks in. As noted by Liz Weston, the personal finance columnist for MSN Money:

It's like the problem with unrealistic mortgages -- except that if your mortgage goes bad, you at least have the option of giving the house back to the bank. In contrast, you can't discharge your student loan debts by giving the bank your college degree. Ms. Weston's rule of thumb: don't borrow more in student loans that you expect to earn in the first year after you graduate:

 

Student loans and mortgages can't be compared, because of the nature and utility of the assets. Never forgo education though due to the out of pocket cost alone (but time to acquire and inability to apply the application seem valid inhibitors.)