Now that it has been statistically proven that college education leads tohigher incomes, the question topmost in everyone’s mind is how much educationdoes one need to succeed in the corporate world?
While the answer to that question depends on several factors, there arecertain things you can consider before deciding on the level of education you’dlike to pursue. For that, you should first understand the difference betweenundergraduateprograms and graduate degrees.
An undergraduate program is a degree that can be earned after high school.The two most common types of undergraduate programs are Associate’s andBachelor’s degrees. Graduate programs, on the other hand, are advanced degreesavailable to those who have graduated from an undergraduate college program.Master’s and Doctoral degrees leading to a PhD are the two main graduate degreeprograms.
Important Differences
The first difference between the two types of degrees is the level ofspecialization. Depending on your program, an undergraduate degree provides afoundation in a specific field or an overview of several subjects, preparingyou for different types of entry-level jobs. Graduate programs, on the otherhand, look to build on that foundation. The coursework is far more intense,focused, and specialized in a graduate degree.
Students of graduate degree programs are required to contribute to classroomdiscussions, take up independent research work, write a thesis and defend it infront of their professors and peers.
The second factor to consider is the employment opportunity offered by bothof these degrees. While there are certain professions like law, medicine,academics, etc., where a graduate degree is necessary, there are plenty ofcareer choices open to those who have an undergraduate degree.
That said, graduate programs add value in terms of giving candidates acompetitive advantage in the job market, increasing their marketability, andimproving their earning potential. According to the U.S. Department of Labor,those who held a Master’s degree made $1,257 per week in 2009 as compared to$1,025 per week earned by those who had a Bachelor’s degree.(bls.gov/emp/ep_chart_001.htm)
However, the overall time commitment for a graduate degree is greater. AMaster’s degree is usually for eighteen months to two years. Add to that fouryears for a Bachelor’s degree, and you will need to spend a minimum of sixyears in school if you want to pursue a graduate degree.
An undergraduate degree, on the other hand, can be earned in much less time– four years if you are going for a Bachelor’s and two years if you arepursuing an Associate’s. But your earning potential and advancementopportunities may not be the same as they would be if you were to get aMaster’s degree.
Is Grad School for You?
Grad school is pretty expensive and demands a tremendous amount of hardwork. Also, since most students already have a few responsibilities by the timethey enter graduate school, you may have to juggle several commitmentssimultaneously.
Therefore, you should consider well ahead of time if grad school is for youby evaluating your career goals, academic inclination, monetary situation, andpersonal circumstances.
While some students prefer to headlong straight into a graduate programafter completing their undergraduate degree, others prefer to work for a fewyears and then enter grad school. This has several advantages.
First, you will be able to figure out if you really enjoy working in yourchosen field before committing more years to education in that area. Next,you’ll carry your valuable industry experience to the classroom and be able todraw much more out of your coursework.
You will also have a few years of savings to put into college tuition andcan probably lower your loan dependence. Finally, if you realize this was notthe career you’d been dreaming of, a graduate degree in a different field willhelp you make a switch to another career.
There are benefits of both undergraduate and graduate degrees. Whichever oneyou choose, make sure you’ve made the decision with your eyes open.
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