Table of Contents
Abstract
This is a report created to aid the reader in determining whether or not attending graduate school would be a beneficial course of action for them. We hope to help inform the reader and allow them to make a more educated decision using the knowledge we’ve incorporated into this paper. We will be assessing the costs, benefits, and requirements individually and then combining them to make our final assessment of whether or not you should pursue higher education.
Introduction
We were assigned this project by Professor Tsisin in our Technical Writing (RPW 215) class on Tuesday, October 27th of 2015. We were tasked with the creation of a feasibility report, choosing from one of three topics; whether or not to attend graduate school, the pros and cons of purchasing an electric car, or making an improvement to an issue or area on campus. We opted for the first of the three options, and made a brief powerpoint to showcase our ideas and how we would eventually expand upon them and write a complete feasibility report.
After analyzing the facts associated with attending graduate school, we determined that it would be beneficial for some, but not all people to attend graduate school, specifically based on their chosen career path and how much more money they would make if they did in fact pursue higher education. We feel as though this is a very important conversation to have, and that it is essential for people to be informed on the topic before they decide whether or not they want to spend tens, if not hundreds, of thousands of dollars on graduate school in order to obtain a degree which may or may not be beneficial in the long run.
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This report includes four other sections, Costs, Benefits, Requirements, and a Conclusion, all of which will help the reader decide for themselves if they should attend graduate school.
Costs
One of the most controversial aspects of attending graduate school is the cost, seeing as it can cost anywhere from $30,000 to $120,000 over a standard four years, depending on what degree you choose to try and receive. Some jobs will pay more than others, so it is truly up to you to decide if acquiring a graduate degree in your specific field of expertise is a financially sound decision.
However, you are not own your own when it comes to paying for the arduous educational endeavor. Financial aid, grants, and scholarships are all available depending on your prior qualifications, including but not limited to past grades, age, race, and much more. Organizations such as Affirmative Action can help minorities attend higher education as well as aid in the payment.
Despite the aforementioned financial aid, students are still consistently graduating with debt. In fact, these statistics are only increasing on a steady rate, with the number of students attending graduate schools with six figure loans increasing to over 175,000 in 2012. This number is nearly twice the size of what it was in 2008, indicating a worrying trend for all future graduate students. Additionally, the amount of debt acquired by a student is dependent on their field of study, with Medical and health science students graduating with an average of $165,000 in debt in 2012, whereas students who received a Master’s in education had an average of roughly $50,000 in debt. However, these numbers also happen to be proportional to the amount of money somebody in that field of work will make, seeing as that professionals in the medical field will almost always make more money than those on the same level in the educational field.
Benefits
The main reason that more and more students find themselves going back to graduate school is the fact that they feel as though they aren’t receiving enough money at their current job, and would like to be eligible for a higher pay grade. Additionally, in many areas there are certain promotions that can only be obtained when you possess a master’s degree, a trend that has been increasing in frequency exponentially over the past few decades.
Along these lines of thinking is the fact that you are more likely to be presented with a wider array of career opportunities once you own a graduate degree. While they may not be immediately apparent, you will definitely be considered for certain job positions more highly now that you have obtained higher qualifications that make you seem better suited for the occupation than your peers.
The graphic presented above denotes the difference in unemployment rates and earnings between individuals based on their level of education. Workers who didn’t even graduate high school make about $488 a week on average, and a staggering 9% of adults without a high school diploma are unemployed. This number decreases by 3% simply by obtaining a high school diploma, and weekly earning are raised by $180 on average. Unfortunately, attending some college but not graduating or getting a degree means that you have the same likelihood of employment as someone who only graduated high school, albeit the fact that you might make slightly more money than them. From there onward, unemployment rates only shrink, whereas the median weekly earnings on grow higher. At their peak, those with Professional degrees make an average of $1,639 per week; this means that they make at least $85,228 every year, not including end of the year and quarterly bonuses.
Unemployment rates also differ by age; back in the day, it was much easier to secure a higher paying job without a college degree, or even a high school diploma.
Workers of age 20-24 without a high school diploma were almost twice as likely to be unemployed in 2010 than those aged 25-64 who had an equivalent level of education. As their education levels increase, the level of unemployment decreases, a progression which follows both age groups. However, the difference is by how much; only 3% of 25-64 year olds with a Bachelor’s degree or higher are unemployed.
Requirements
The requirements for the obtainment of a higher educational degree seem simple enough when listed, but when put into scope they become much more difficult to meet. The most obvious prerequisite for attending a higher educational institution is the completion of at least 4 years of higher education prior to applying the graduate school, not including the self-evident high school diploma.
As mentioned prior in the Costs section, money is definitely a large stipulation when it comes to the acquisition of a graduate degree. While it may vary depending on the individual’s financial circumstances, as well as their desired degree, it will always cost money. Additionally, at this point in their lives, many people will be working another job and starting a life, possibly even with a partner and children. There is no set age to attend graduate school, and those doing so will find themselves with fellow students of all different ages. Therefore, it can be hard to find the money necessary to contribute to an educational fund.
Along the lines of money being harder to come by when starting a life, time is also a huge factor when determining if one can truly pursue higher education. In between managing a household, taking care of the kids, and commuting to and from work, it can be quite difficult to find the time to squeeze in a night class or two every week, a circumstance which many working class students going back to school later in life currently find themselves in.
Conclusion
Depending on your career field of choice, the decision to attend a higher educational institution may or may not beneficial. It’s really up to you to decide whether or not choosing to pursue a graduate degree will be financially beneficial in the long run. Contingent upon where you find yourself in your life at the time, it is not always possible to attend graduate school when you want to. However, will enough willpower and spare time, you may indeed find yourself attending a class at the local university after you’ve finished your work day. Regardless of your decision, know that there are always pros and cons to each side. To reiterate, the choice is always going to be up to you.
