Completing your college degree is exciting, but your next move can make all the difference in your career path. Millions of students often face the same question after graduating— ”is it better to go to work or attend grad school?” To put it quite plainly: it’s all based on your personal preferences for your next life stage post-college. Depending on the industry you want to work in, grad school may be for you—however, it’s not the path everyone should take. Your bachelor’s degree, the experience you got while in school, the connections you’ve made, and your personal skills can qualify you for many jobs right out of the gate. Ultimately, the choice is yours—but to help you decide, read our breakdown of the pros and cons of entering the workforce or enrolling in graduate school below.
Why Not Do Both?
Paying for grad school can be a daunting thing, but there are many ways to lower or completely avoid the costs altogether. Many companies offer tuition reimbursement programs. If you’re provided tuition reimbursement, companies see the value in you and your growth potential. Plus, tuition reimbursement programs provide several benefits to the company, including increased employee retention, development of practical skills, greater specialization, and a greater competitive advantage. As a result, you will have saved thousands of dollars and feel supported by your employer—something that’s not guaranteed in every workplace.
At Barton, we offer a career development reimbursement program, which includes grad school assistance! That’s not all—review our career site today to learn more about the benefits of Barton!
Grad School Pros
Higher Earnings Potential
Getting a graduate degree can increase your earnings significantly. According to the National Center for Education Statistics (NCES), people with a master’s degree earn 20% more than their peers with a bachelor’s degree. Graduate students receive a higher level and more specialized education, exposing them to advanced problems and research opportunities. Ultimately, these skills can open the doors to leadership opportunities that start at high levels of pay.
Research/Specialization Opportunities
No matter your career path or program, grad students typically complete individual and/or group research projects. The overarching goal of these projects is to review emerging trends, learn from outside sources, network with professionals, and contribute to academic publications. Ultimately, the experience your graduate-level program provides can generate an expert level of understanding and the ability to innovate. This graduate-level experience gives you a competitive edge over your peers with only a bachelor’s degree, whose education tends to be broader.
Grad School Cons
Cost
The cost of grad school is a considerable factor given prospective students have already paid the price of a four-year degree. According to Discover Student Loans, the average cost of a master’s program is $65,134. Depending on your degree and how long it takes to complete it, you may be better off getting a job and receiving income immediately. On top of this, interest payments on the principal balance of your loan could make or break your financial stability. However, there are ways to come out debt-free and even reach a high level of pay that would cover educational expenses, such as tuition reimbursement through an employer.
Stress and Pressure
Grad school is different from a bachelor’s program—students must have higher grade averages, complete more comprehensive assignments, and undergo expedited courses with strict deadlines. On top of this, many graduate students work to support themselves. Based on the latest data from Georgetown University, 76% of grad students work more than 30 hours per week on top of attending school.
Employment Not Guaranteed
Simply put, advanced degrees do not guarantee employment. Some companies may even decline to move forward with the application process because you lack experience in the working world. That’s why internships and fellowships are essential to pursue as a grad student. Without real-world experience during school, grad students may lack practical skill development outside of education.
Pros of Entering Workforce
Stability
During college, work is often inconsistent—you oftentimes lack the stability of a job while you’re juggling classes and assignments. Just as you’re trying to get into a rhythm, the semester ends or a school break cuts your employment short. By moving into a full-time role after college, you can focus your time and energy on new opportunities that help sharpen your skills.
Financial Independence
The sooner you start paying off your student loans and saving for the future, the closer you will be to financial independence. Entering the workforce post-undergrad allows you to take a step back, reorganize your priorities, and come up with a game plan for next steps. This means you can prioritize saving for your dream car, vacation destination, or home—or whatever means the most to you.
Career Exploration
By launching your career after graduation, you can use the time as a trial and error period. Whether your major is biology or marketing, you can see if your career path is right for you. As the saying goes, “We will never know unless we try.”
Cons of Entering Workforce
Competitive Job Market
While a bachelor’s degree opens the door to many opportunities, you’re competing with millions of others who have the same level of education. This means competition is high for many entry-level positions. In the case you’re competing with someone who has more experience or an advanced degree, you may not be considered.
Limited Growth
Depending on the industry or company, to climb the organizational ladder you must have the proper credentials. Companies may view your bachelor’s degree as insufficient because of their need for specialization, regulatory compliance, and additional training. Even in the case that a master’s degree is not necessarily required, it may be an industry standard for higher-level positions to have a higher education for networking purposes.
Looking for employment? Barton considers work experience—not just a degree for our open positions.
