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Obtaining a Masters Degree Lauren Simmons 25 October 2013

Prepared for Dr. Karen C. Holt Brigham Young University-Idaho

Simmons 2 Introduction In the career world today, furthering ones education is becoming increasingly more important. Employers are preferring and, at times, expecting their employees to have a graduate degree. Having an undergraduate degree is at times not enough for those looking for a well-paying job. Now, more than ever, people are expected to further their education and obtain a masters degree or higher. There are many benefits of having a masters degree, such as opportunities for higher paying jobs, being able to further your education, and standing out to potential employers. Masters Degree A masters degree is most often pursued by those who either want to qualify for a certain profession or who already have a career, but want to advance further in their vocation. With a masters degree, one becomes qualified for a large number of well-paying jobs, as well as more of an expert in their field of work. Purposes The purpose of a masters degree is for a person to study in more detail a particular area that they are interested in. Professor John E. Ebel of the Department of Geology and Geophysics at Boston College explains, Undergraduate education gives students a broad, general education. Graduate education provides students with more advanced learning in a specialized discipline or subdiscipline. Graduate school gives an in-depth understanding such that the student becomes something of an expert in the topic of study. Uses There are many different uses of a masters degree. With it, a person can be better qualified for jobs that they apply for compared to others with less education. In an online article titled What's the difference between a masters and a doctoral degree, the uses of a masters degree is

Simmons 3 mentioned. [A masters degree] may help qualify them to teach in elementary, secondary, and community education settings. Professional masters degrees teach students skills they will need as practitioners in their respective fields, and may lead to credentials necessary to practice in the field. What it takes To earn a masters degree, it takes a lot of time, work, and unfortunately, money. The thought of having to spend even more money may deter some from pursuing this degree. The idea of having more student loans to pay off, and basically having to add on extra years of living the college students lifestyle can be overwhelming and unattractive. But a person has to ask themselves if all of that will be worth it someday. With a masters degree, a person could be qualified for jobs that pay significantly more than if they only had a bachelors degree. And as years pass, that extra amount that they make will eventually add up to a substantial amount of money. Cost The cost of a masters degree program depends on a few different things. If a person is going to a public institution rather than a private institution, the price will be different. The type of program that a person chooses to pursue also affects the overall cost. A cheaper option than going to a traditional institution is to do an online program, which can be a good decision for those who already have a job or are simply too busy to attend daily classes on a campus. Another cheaper option is to do an accelerated program which takes less than two years to complete. Since less time is spent enrolled in classes, there is less tuition to pay, which can be a huge benefit. In the online article titled How much does it cost to get a masters degree it discusses how financial aid is different for masters degree programs. Masters programs, unlike bachelors and doctoral degrees, do not frequently offer stipends or generous financial aid packages, as they

Simmons 4 tend to be substantial sources of tuition income for public and private institutions alike. Funding a masters degree, then, is made possible through student loans. Even though going into debt through student loans isnt desirable, it can be possible to pay them back quickly since with this degree a person can have a higher paying salary compared to someone without it. In the online article Masters Degrees: Are They Worth It? Danielle Babb talked about if the degree was worth the cost. She says: Two year MBA and masters degree programs can cost anywhere from $80,000 to $120,000 and even with a salary increase, students should still consider the amount they will have to take out in loans. Calculate the projected difference in salary and determine how many years it will take to recoup that cost, and it may help you make a solid decision. (par 10) Time There are different options for people to choose from when it comes to how long they want to take to get their masters degree. Onlinemastersdegree.com talks about these different options in their article titled How long does it normally take to get a masters degree? This article discusses three options for students: online programs, part-time programs, and accelerated programs. Online degrees are more flexible as far as location and schedule are concerned. It takes approximately two to three years to graduate this way, if one stays consistent with taking the required courses. Another one of the options is for a part-time degree. This option works well for those who have a job that they cant miss during the day, leaving only their nights and weekends open. This is the slower option, and takes around three to five years to finish, adding on an extra one to two years.

Simmons 5 The accelerated masters degree programs allows one to finish their degree in less than two years. Some programs allow a student to complete their bachelors and masters degree at the same time in order to finish more quickly. This allows the student to finish in five years instead of seven to eight years. This option is extremely time consuming though, and very demanding. Some may say that spending two to three extra years in school isnt worth it. For the most part, students dont want to spend any more time in the classroom than they need to. And since having a bachelors to begin a career is enough in most cases, many may not see a reason to continue to go to school. But two to three years really isnt that much of a difference when ones whole future and career is affected by this choice. It could be worth it to take those few extra years and make ones self a more marketable professional to employers. Work A students workload depends on how long they take to complete their degree. If a student decides to do a part-time masters degree, then obviously they will have less work than if they chose to do an accelerated program because their course work will be spread out into more semesters. With the accelerated program, a student has less time to finish, and therefore, more coursework to finish within a short span of time. So basically a students workload all depends on how long they decide to take to accomplish their degree. Benefits of a Masters Degree There are many benefits to having a masters degree. One benefit is that the risk of unemployment decreases significantly. With a masters degree, the unemployment rate is as low as 3.5 percent, and ones median weekly earnings increases as well (see table 1). Table 1 Earning and unemployment rates by educational attainment

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Source: Bureau of Labor Statistics, Current Population Survey; Earnings and unemployment 2007; n.p., May 2013; Web; 19 Oct. 2013; table 1a. a. The data from this table is from persons 25 and older. Earnings are for full-time wage and salary workers. In Dr. Don Martins article 6 Reasons Why Graduate School Pays Off, he gives six reasons why getting a higher degree such as a masters can prepare you for a better future. First, he talks about personal growth. There are those who desire to continually learn and grow in order to become as educated as they can. Going the route of a masters degree allows them to do this in an organized and structured way. The next benefit he talks about is greater employment opportunities. Today, there are many jobs that will not consider hiring a person who doesnt have a masters degree or more. Jobs such as higher education administration, social services, and public affairs are a few examples of the types of jobs that require a minimum of a masters degree. Martin then talks about greater career advancement. Obtaining a masters degree requires determination, persistence, a hard work ethic,

Simmons 7 and being able to handle difficult situations and environments. Having a masters degree can show to an employer that they have the qualities of a leader, and therefore, could do well and be able to handle a leadership position. Next Martin talks about financial reward. He explains that when one is considering going to graduate school, they need to understand that they will have a return on investment. Going to graduate school can be expensive, but when comparing the average annual salary of those who only have a bachelors degree to those who have a masters degree, Martin explained that there is a difference of 30%. Those will a bachelors degree have a salary of approximately $43,877. But those who have a masters degree have a salary of approximately $55,242. This goes to show that getting a masters degree can pay off in the long run. The last two benefits that Martin talks about in his article is having a sense of accomplishment and having greater recognition and credibility. Accomplishing the goal of getting a masters degree can be very rewarding because one is able to prove to themselves that they can do difficult things, as well as do things that at times seemed impossible or unachievable. Having a higher degree also looks good on a resume. Having this degree shows employers how dedicated and serious one is about the field they have chosen to pursue. Conclusion Because of the demand from employers to have a higher level of education, it is vital for those seeking higher-paying jobs to understand the importance of obtaining a masters degree. There are many benefits to furthering ones education, all of which are worth the time, cost, and work it takes to obtain a masters degree. All of the hard work will pay off in the long run, and there are not very many people who would say that they regret making themselves a more marketable person to employers.

Simmons 8 Works Cited Driscoll, Emily. Masters degrees: are they worth it? foxbusiness.com. 17 Oct. 2012. Web. 10 Oct. 2013. Ebel, John. FAQ: Applying to Graduate School. n.p, n.d. Web. 19 Oct. 2013. How long does it normally take to get a masters degree? onlinemastersdegree.com. n.p, n.d. Web. 19 Oct. 2013. How much does it cost to get a masters degree? onlinemastersdegree.com. n.p, n.d. Web. 19 Oct. 2013. Martin, Don. 6 Reasons Why Graduate School Pays Off. n.p, 29 Jun. 2012. Web. 22 Oct. 2013. Occupational Outlook Handbook. bls.org. [Federal Government]. 22 May 2013. Web. 10 Oct. 2013. Whats the difference between a masters and a doctoral degree? n.p, n.d. Web. 19 Oct. 2013.