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Getting a master’s degree is a serious commitment. You need to go into a master’s program understanding the time, energy and financial resources you need to succeed. Balancing the short-term costs and demands of a master’s program with the long-term gains will help you determine if a master's degree is worth it. It’s a decision that shouldn't be taken lightly.
Use this guide as a gut-check to determine if you should pursue that master’s degree you’ve been thinking about.
The value of a master’s degree shouldn’t be measured solely in monetary terms. However, for most professionals, increasing earning potential is one of the primary reasons for pursuing a master’s degree. It’s proven there is a correlation between level of education and earnings.
A master’s degree can increase your weekly earning potential by nearly 20% compared to a bachelor’s degree. Over the course of a year that equates to $12,948 in additional earnings when comparing median earnings of bachelor’s and master’s degrees.
Even at an average cost of $30,000 to $40,000 (according to Peterson’s, a leading educational services company), a master’s degree can pay for itself in approximately 2–3 years if you see income increases in line with the median earnings for all professionals. That’s also without considering financial aid like scholarships or employer tuition reimbursement programs.
Over the course of your career, the investment in your education can certainly pay off. But, as we said, salary is only one consideration when determining if you should get a master’s degree.
Outside of monetary gains, there are many other positive aspects of earning your master’s degree. A master’s degree provides you with the tools to strategically solve business challenges at the highest levels in an organization.
Here are five of the top benefits that should motivate you to get your master’s degree:
While the benefits of a master’s program are compelling, you also need to go into your program with your eyes wide open to challenges you may face. It will help you be better prepared to navigate and persevere through difficulties.
Getting a master’s degree isn’t easy. However, if you’re determined, the right master’s program will provide the flexibility, tools and resources to ease many of the challenges of getting your master’s degree.
A master’s degree should be seen as more than a credential that checks a box on your resume. To get the most from your experience, ask yourself these important questions before committing to a master’s program.
If you think a master’s degree is worth pursuing, it’s time to find the right program to help you accomplish your goals.
Franklin University is built for busy adults. Our online master’s degrees help you earn your degree on an accelerated timeline, while providing the support and flexibility that promotes success. Our curriculum is tailored to developing real-world, practical skills and taught by industry experts. You’ll walk away with much more than a degree. You’ll have a revitalized perspective and the cutting-edge skills to get ahead.
Explore our complete list of master’s degree programs to find the best master’s degree for you.