Deciding to Go or Not to Go

Reasons to Go to Grad School

In some fields, having a graduate degree may be required to gain entry. Here are common reasons for which people attend grad school

• Greater earning power - This is a popular reason why people go to grad school
• Advance your career - A grad degree can open up a wider array of career opportunities
• Career change - An advanced degree can help transition to another career
• Enhance your education - Grad school can provide opportunities to explore theories you may have about a topic
• Get research opportunities - may have more chances to participate in funded research
• Update your education - if your knowledge of your field is outdated and you find it difficult to keep up with advancements
• Find teaching opportunities - getting a PhD can lead to a tenured position at a university with a nice salary, possible assistants to help with workload, consulting opportunities, and a nice pension upon retirement
• Higher potential for future promotion
• Employer incentives - some employers have funds to partially pay your way for qualified employees
• Free tuition - In some cases, grad schools might not only waive your tuition, but also give you a stipend for living expenses in return for taking on the work of a teaching or research assistant

Reasons Not to Go to Grad School

Completing a graduate degree can be rewarding. However, there are many reasons not to go

• Highly competitive - Grad programs have fewer spots than undergrad programs
• Enables the "professional student" mindset - Some students don't want to leave school for fear of going into the workforce
• Requires ability to set priorities - Completing a grad degree requires a  great deal of discipline and priority setting which can be a strain on you and, family, and personal relationships
• Stressful - Emotionally exhausting. Completing a grad degree, especially a PhD program, requires emotional maturity
• Writing a thesis - Some require writing a thesis which can often delay graduation and may mean extra tuition costs
• Graduating with a large debt - This state of financial affairs might push you into accepting any job after graduation out of necessity
• No guarantee of higher salary - Getting a grad degree does not necessarily mean you'll get offered a job with a much higher salary than you are getting now
• Return on investment might be slow - Even with a higher salary, how quickly will that offset tuition loans and the negative cash flow due to not earning while studying?
• Limited job opportunities - If your degree is in academia, finding work outside of teaching and research may be difficult
• Undesirable job locations - Teaching positions post-graduation may be in areas you don't want to live
• Too qualified - During an economic downturn, should you find yourself looking for employment, having an advanced degree can be a liability. You might hear, "Sorry, you're overqualified."

Credit: Peterson's A Guide for Potential Grad Students: Should You Go To Graduate School?

Benefits of Going Right After Undergrad

• You’re still in study and student mode
• You may have fewer family, work or financial commitments