EDUCATION
The Pros & Cons of Going to Grad School
during the Economic Recession
By Knewton
T
he Dow is below 9000. The unem- you’re currently working, see if your
ployment rate is at 8.6 percent. It’s employer has a tuition reimbursement
easier to get a school loan than a program. But keep in mind that you
home loan. Fifteen people at your com- probably won’t have much time for
pany have lost their jobs. The market is work during school. Graduate pro-
contracting as a whole, but most fore- grams usually have a much more
casts predict things will improve in a demanding course load than do under-
few years. So it’s the perfect time to graduate programs. Some institutions
head to graduate school, right? It will withdraw funding if you can’t
might be, but not for everyone in every maintain a certain grade-point aver-
circumstance. Before you take the age.
plunge, take a few considerations to You should also consider your per-
heart. attractive than does a hostile job-seek- sonal and family priorities. Can you
There are many good reasons to ing environment. There are some good relocate? Can the people in your life
make an investment in yourself by reasons to wait, however. If you have a give you the financial and emotional
pursuing a graduate degree: learning graduate degree and limited or no support you’ll need?
new skills, making new connections, work experience, you may have a diffi-
and gaining a resume-boosting creden- cult time competing for jobs. Working Does the school meet your
tial. Pursuing a graduate degree can in your chosen field for a few years can specific career needs?
give you a valuable edge in this com- clarify your goals and put you on a Graduate degrees fall into two main
petitive job-seeking environment. But more secure financial footing. Having categories, master’s and doctoral.
it might not be the right time for you. more life experience can also give you There are also a variety of hybrid or
Are you clear about your goals? Are a more mature outlook that can focus combined degrees, as well as certificate
you ready for the financial commit- your studies and make them more pro- programs. Master’s degrees usually
ment and the workload? Do you have ductive. Some graduate programs take one to three years to complete.
the test scores, grades, and work expe- actually require work experience, par- They can be professional or academic.
rience to make your application stand ticularly in the business, nursing, and The Master of Business Administra-
out from the crowd? engineering fields. Additionally, work tion, or MBA, is perhaps the best-
experience can strengthen your portfo- known professional degree. An aca-
Know your goals lio, especially if you weren’t at the top demic degree like a Master of Science is
Before you apply, make sure you’re of your class as an undergrad. intended less for professional advance-
clear about what you want out of your ment than for intellectual growth, and
career. Narrow down your intended Are you ready? is sometimes a prerequisite for a doc-
field of study. Are you ready to pick a Grad school is an investment and, torate. Doctoral degrees usually take
specialty and commit to it? Grad like any investment, it can be a gamble. three to six years to complete, and like
school is the wrong place to experi- You are likely to pick up a lot of debt. If Master’s degrees, can also be profes-
ment. If you have any doubts about you take out a second mortgage, you sional or academic. Professional doc-
where your professional ambitions lie, may be paying it off for the next thirty toral degrees include the Doctor of
it’s better to address them before years. The good news is that various Medicine (MD) and the Juris Doctor
spending thousands of dollars and at kinds of financial aid are available. The (JD), focused on applied skills and
least two years in school. same kinds of grants and loans offered knowledge. The Doctor of Philosophy
Beyond the cost of tuition, there are at the undergraduate level are often (Ph.D.) is an academic degree, requir-
opportunity costs to consider. If you’re available to grad students. Most grad- ing original research in a particular
still in college or finished very recently, uate programs also offer fellowships scholarly field.
graduate school might seem more for teaching or research assistance. If Let’s analyze three traditionally
56 PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE
www.professionalwomanmag.com
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