When my friend and I ran around the Boston University Economics Department inquiring about the master’s program, our professors were clear about one thing: be sure that you really want to go to grad school.
With the outbreak of COVID-19 and no end in sight, many students have opted to stay in school for a longer amount of time. Entering the workforce at a time when unemployment is historically high and LinkedIn feeds are full of people looking for work seems terrifying. College graduates during the 2008 financial crisis have tried their best to give encouraging advice, but current students are still apprehensive, making grad schools seem more and more attractive.
There are lots of considerations here though—and as tempting as it is to postpone workforce entry, the state of the world isn’t the ultimate reason to do it.
Here’s what else to factor in when making your decision.
- Finances
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This is a bit of a no-brainer. College is already notoriously expensive, and debt and loans aren’t forgiving. Grad school isn’t known for its generous financial aid either. Figure out the return on your investment in grad school. If loans will be more significant than the difference in salaries for jobs you’re looking at, further education may not be the best idea.
- Your Specific Field
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Think about what kind of higher education degree would be useful for your career aspirations. For example, I want to go into economic litigation consulting. BU offers an economics BA/MA program, but for most jobs in consulting, a master’s degree doesn’t carry that much weight. Firms tend to hire straight out of undergrad, and the way to a promotion is an MBA or a doctorate. A master’s degree might make you a little more competitive, but it might be comparable to valuable internship experience. Do your research!
- Leadership
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A master’s or doctoral degree is a good way to establish and build leadership skills. With the pandemic, these attributes become even more attractive because businesses and organizations are looking for people to lead employees through huge changes.
- Online vs. Remote
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A lot of students have remarked that they abhor and have significant difficulty with taking online courses. Jumping into grad school remotely might be an even bigger challenge. So, research your schools of interest and find out how they’ve adapted to COVID-19.
At the end of the day, grad school isn’t something to rush into. Trying to find your first job in a chaotic time like this might seem frightening, but it could be worse to pursue a graduate degree you don’t want or need.
Make the right decision for you!
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