Online master’s programs make it easier to earn a degree on your own time. You don’t have to move to be closer to your school. You can still work your day job and provide for your family. You may save some money, even if tuition costs the same as for a brick-and-mortar grad program. And with some experts expecting a recession to start later this year, going back to school now could help set you up for success when the economy takes a turn towards prosperity again.
But going back to grad school isn’t always the right move for your career, even if you’re doing it online. The cost of a graduate degree may not justify your increase in earnings, for example. The online experience tends to not be the same as the in-person experience. And if you choose to quit working in order to focus on going to school full time, you lose the wages you would have earned had you kept working during that time.
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A Graduate Degree May or May Not Translate to Higher Earnings
Of course, there are plenty of professions that require a master’s degree just to get an entry-level position. But if you’re debating whether or not grad school is the right career move for you, you’re likely not in one of those fields. If you’re already working in your chosen field with a bachelor’s degree, then you’re probably hoping that earning a master’s degree will earn you more money. But that may not always be the case.
A lower-paying profession is going to be lower-paying regardless of whether you have a master’s degree or not. Plenty of low-paying careers require a master’s degree, after all. Before you commit to going to grad school, make sure the degree will actually bring you an increase in salary. If you’re thinking of getting a Master of Fine Arts (MFA) degree, for example, you’re not likely to see a big salary increase. But if you’re thinking of getting a Master of Accountancy (MACC) degree, then you can probably expect to earn more with your degree in hand.
The Online Grad School Experience May Not Be What You Need Professionally
It isn’t just the lessons you learn in class that help advance your career after grad school. The connections you make with professors and other students are arguably just as valuable as the knowledge you obtain. Connections with professors and students can mean the difference between getting a job and not getting one later on. Graduate school can be a great opportunity to expand your professional network.
But you may not have that same opportunity in an online program. Sure, you’ll get the chance to meet and study with students from all over the world, and online programs can give you access to programs and professors in far-flung locations. And while you have every opportunity to make strong connections in an online program, you’ll have to work harder to do so, because you’re not automatically spending time together with your classmates and professors every day. Many students struggle to connect with classmates online and some feel like they don’t get the same level of personal attention from professors.
There Can Be an Opportunity Cost Associated with Going to Graduate School
There’s definitely an opportunity cost associated with going to graduate school, especially if you quit working in order to devote yourself to earning your degree full-time. If you do that, you’ll lose out on the money you could have potentially earned if you’d kept working.
However, the beauty of going to school online is that you can keep working full-time and take classes as your schedule allows. If you don’t have time to go to school full-time while working full-time, then your master’s degree will take a little longer to earn. Instead of lost wages, you’ll be considering the opportunity cost of spending time on your degree – going back to school will mean less time with family and friends, and less time for your hobbies and interests, so you’ll have to decide if it’s worth making those sacrifices to further your career.
Only you can decide if going to grad school is the right move for you professionally. A master’s degree is essential for many careers, and depending on your field, it can really enhance your earning potential. Weigh the pros and cons of going back to school carefully, so you can make the right decision for your career and lifestyle.
