If the masters is your fallback plan 10 years in the future is it sill going to be relevant/current?
I can't imagine going another $40K+ into debt now for something that you might possibly want to use 10 years down the line.
Where does the 20%-50% increase in income come from? If you own your own company, you set your rates....so you can just charge more if you're worthy of a higher rate. You don't need a masters to increase your income that you set yourself
Exactly, I don't need the degree to charge more.
But I don't know where I'll be in 3 years.
So....it is a gamble.
And I need to sit down and really think about the ROI.
So why not wait and do it in 3 years? I don't understand why you need to do it now.
If you don't need the degree to charge more and can demand the higher rates...then isn't it not worth it to go $40K into debt for a degree you don't even need?
And I need to sit down and really think about the ROI.
So why not wait and do it in 3 years? I don't understand why you need to do it now.
If you don't need the degree to charge more and can demand the higher rates...then isn't it not worth it to go $40K into debt for a degree you don't even need?
I never said I was doing it now. I said, I'm considering it again. And it's something I keep circling back too.
And, I'm not sure I don't need it. Lol.
Getting a master's has always been my plan.
I'm seriously considering it. However, it wouldn't be until Fall 2017. So, I have time. I don't see the harm in picking up a GRE study book in the meantime.
But again, I'm not sure where I'll be next year or in 3 years. And if in 3 years, I want to be doing something different, I'd rather spend 2 years now on the path to be doing it.
Again tho, I need to look hard at the ROI and my goals.
They way I see it - You should want to be where your degree leads you in three years. If you don't want that, then don't pursue the degree. Yes, life changes, shit happens, and you never can really "plan life" but if you are sinking 40K into a program, your end goal should coincide with the programs touted end goals.
They way I see it - You should want to be where your degree leads you in three years. If you don't want that, then don't pursue the degree. Yes, life changes, shit happens, and you never can really "plan life" but if you are sinking 40K into a program, your end goal should coincide with the programs touted end goals.
I completely agree. I want to be where the degree can take me, but can I also get there without the degree? Ya know, that's my thought process.
If you can do it without the degree, then I don't think the degree is going to be worth it. I see post-grad degrees as something that should only be done if you can't get what you want without it. Maybe some won't agree. If it were free, then fuck yeah! I love learning and I love school, but I can't really argue for getting a degree just because when you are talking six figure loan debt.
ETA: I also think I am fairly conservative when it comes to getting education beyond a 4-year degree. I have seen too many examples of people becoming over-educated and under-experienced so finding work is difficult.
I would look into a degree like communications or marketing ... something that could transfer outside this niche field as well. (Though, social media is certainly not going away anytime soon.)
But I would be hesitant to do anything that would benefit your *company* given how easily those can change.
I actually disagree. I wouldn't get a degree specifically in social media, but a graduate program in "communications" is likely so general as to be useless. Even an undergraduate program in something like media and communications likely needs a specific concentration, certificate, or specialized graduate program to open up career options. IMO, this is one field where SOME specialization can help. That said, an MA or MS is not necessarily the way to go. On the job training or certificates are usually a better choice.
If this is an MBA, Bliss, you are much better off working in a job where you will have tuition reimbursement, so they will pay for all or part of it, and then only if you need it to move up the corporate ladder. Few people pay for MBAs and those who do have good reasons.
If not, I am of the opinion I was before - part time certificate programs can hone your skills and be a resume builder for about $1k a pop.
Also, re: buying a house - a house has equity (usually). A degree doesn't. Not really. Knowledge is useful, but not equity.
Money is important though for when you repay your debt/loans or want to live. So while money may not be your goal, it is important to live within your means. Can you currently afford 100K in debt on your current salary?
Yes. I'd have to give up a lot....
Why not try living on the budget you'd need to pay off $100k in loans for, say 6 months now and see if it feels worth it to you? Then you'll also have the extra savings to use towards your degree when the time comes.
Bliss, I'll make this easy for you (as a University Administrator). I absolutely, 100% DO NOT recommend that you take on any additional debt for any educational purpose. You don't really have any solid plan that would make this make sense. If you applied to go to school here, I would personally tell you the same thing. At the grad level we want serious students with drive and determination that will literally use the degree right away. Not someone that maybe, one day, will "pivot" and use it.
Come on now.
To be clear, if I makeep the decision to go then the pivot will have been made.
It's a pivot from working for myself to working for someone else. It's not a complete career change by any means.
It's am I best using my talents in option A or option B. Does option A make more long term sense than option B. Is option B the next step after a few more years of options A.
I have a plan...it just so happens I'm at a fork. So..which path do I take.
If I make the decision for school then I'll be taking that path. Whenever that decision is made.
All I got from this thread is that you are not actually seeking advice
Lol. I got a lot of advice. Mainly, determine my goals and objectives to determine if pursuing a 2nd degree is necessary now or within the next 3 years.
Oh and the biggest one: determine the ROI of the degree today vs 3 years vs 5 years.
So, as always, I've received valuable feedback. Feedback that I can rely on when meeting with my connections in the coming weeks. I have 3 additional questions for them, based on the responses here.
I don't know what field you're in but I thought about an Exec MBA many times more for the learning experience than anything else but I always end up thinking it's not worth it
I make well into 6 figures with just a bachelors I have no interest in student loans And I don't think it would propel me forward in my career. What's move me forward is being smart, staying educated on my industry (free online), mentoring and being mentored and getting results.
Hard to answer your specific situation without more details but that is just my experience
So, it's my understanding I'll need one to teach at that level. I'm still investigating but this is a role I've always dreamed of having.
So I'm one of the non-sarcastic education4lyfe people but I can give you some insight on higher ed.
In the last 8 years that I've worked in higher ed, all of the colleges that I've worked for are systematically moving away from hiring master level professionals to teach. There are still a number of positions out there but with stricter accreditation standards and a glut of Phd's on the market who couldn't get tenure positions, my (fairly educated inside) opinion is that in 5 years time, it will be extremely difficult for an MA to teach any higher ed classes.
Having said that, if you do 2 years MA and then convert into a Phd program, professor jobs may be an option - but those may need to be full-time and/or be a larger investment.
“With sorrow—for this Court, but more, for the many millions of American women who have today lost a fundamental constitutional protection—we dissent,”
So, it's my understanding I'll need one to teach at that level. I'm still investigating but this is a role I've always dreamed of having.
So I'm one of the non-sarcastic education4lyfe people but I can give you some insight on higher ed.
In the last 8 years that I've worked in higher ed, all of the colleges that I've worked for are systematically moving away from hiring master level professionals to teach. There are still a number of positions out there but with stricter accreditation standards and a glut of Phd's on the market who couldn't get tenure positions, my (fairly educated inside) opinion is that in 5 years time, it will be extremely difficult for an MA to teach any higher ed classes.
Having said that, if you do 2 years MA and then convert into a Phd program, professor jobs may be an option - but those may need to be full-time and/or be a larger investment.
I think it's smart to re-visit career options / goals / objectives on a regular basis.
From where I sit, financial security and independence is more valuable than additional degrees. I recently hired an employee who had a "Lifelong learner" bullet in their "additional" section of their resume - they listed some relevant (free) online / virtual learning that they had done, as well as an industry-focused meetup group they ran. There's so much out in the world beyond traditional education, that the only way I would personally recommend an investment in education beyond a few thousand bucks would be if you were saying, "I need a degree in X because 50% of my last prospective clients turned me down because I didn't have that credential."
Good luck in exploring the programs...auditing a few might be a fun way to get a bit closer to the experience, too, and pick up some ideas, etc.
A Ph.D would be the ultimate dream come true. But I think MM would flip if I got one just to teach. Lol.
I'm also looking at a MA program that is considerably cheaper at less than $20k. And could be something I could pay for in 1-3 years.
If you got a PhD because you want to be a professor, MM would see this as a necessary step towards achieving your career goal. The MA is more nebulous.
A lot of people don't pay for heir PhDs,you know. I mean, it's easier to get research assistanceships in STEM fields, but even in other felds many people are funded by teaching assistanceships, not loans.
Of course, there is still the issue of unversities churning out more PhDs than there are jobs available.
I think it's smart to re-visit career options / goals / objectives on a regular basis.
From where I sit, financial security and independence is more valuable than additional degrees. I recently hired an employee who had a "Lifelong learner" bullet in their "additional" section of their resume - they listed some relevant (free) online / virtual learning that they had done, as well as an industry-focused meetup group they ran. There's so much out in the world beyond traditional education, that the only way I would personally recommend an investment in education beyond a few thousand bucks would be if you were saying, "I need a degree in X because 50% of my last prospective clients turned me down because I didn't have that credential."
Good luck in exploring the programs...auditing a few might be a fun way to get a bit closer to the experience, too, and pick up some ideas, etc.
I completely agree.
And I do a LOT of learning that isn't traditional through online courses, workshops, conferences, etc. I teach others on my craft regularly as well.
But...being a professor has always been a dream. And I'm eager to explore this dream and see what's feasible.
I can audit classes for less than $200 a credit hour. So, that's definitely doable on a OOP scale.
I've got some meetings setup over the next few weeks to explore this more.
Let me break it to you, as a professor. Even if you can get into a top program in your field, it is almost impossible to get a tenure-track job. Adjuncts often make ~$3-4K per class, which is poverty wages. The market is completely saturated.
Let me break it to you, as a professor. Even if you can get into a top program in your field, it is almost impossible to get a tenure-track job. Adjuncts often make ~$3-4K per class, which is poverty wages. The market is completely saturated.
I would suggest exploring other dreams.
I'm not looking for tenure-track opportunities. I'm looking specifically for adjunct opportunities.
Let me break it to you, as a professor. Even if you can get into a top program in your field, it is almost impossible to get a tenure-track job. Adjuncts often make ~$3-4K per class, which is poverty wages. The market is completely saturated.
I would suggest exploring other dreams.
I'm not looking for tenure-track opportunities. I'm looking specifically for adjunct opportunities.
In that case, the pay is definitely not worth the investment of time and money to get a PhD.
Idea! One of my former colleagues was particularly passionate (and excellent) at a very in-demand skill...while he could have pursued a professor track, he makes MUCH more (on his own schedule ) by offering public workshops on the topic. He is now several years into this, and has a few corporate clients that pay $$$ for his services.
I share this because I love, love, love teaching but have enjoyed seeing his success in this 'non-university' model (for lack of a better term.)
Now, to be fair...he is in his mid 50s so has 20 years on you....but I feel like this landed him in the win-win box of enjoying teaching and getting PAID.
Idea! One of my former colleagues was particularly passionate (and excellent) at a very in-demand skill...while he could have pursued a professor track, he makes MUCH more (on his own schedule ) by offering public workshops on the topic. He is now several years into this, and has a few corporate clients that pay $$$ for his services.
I share this because I love, love, love teaching but have enjoyed seeing his success in this 'non-university' model (for lack of a better term.)
Now, to be fair...he is in his mid 50s so has 20 years on you....but I feel like this landed him in the win-win box of enjoying teaching and getting PAID.
Totally. I already teach public workshops, often to agencies and brands. I'm in talks to expand those workshops as well, ie one client wants to go from quarterly to monthly; another partner wants to bring me into their tribe.
But something about inspiring the "youths" is what I love most.
I have more meetings lined up late this month with individuals who will add to the insights I've gained here.
Let me break it to you, as a professor. Even if you can get into a top program in your field, it is almost impossible to get a tenure-track job. Adjuncts often make ~$3-4K per class, which is poverty wages. The market is completely saturated.
I would suggest exploring other dreams.
I'll make this even worse for Bliss...I pay Masters credentialed adjunct faculty 2k per 5 week (3 credit) course. Max adjunct teaching load with the regional accreditor (WASC) is 7 courses, or 14k a year BEFORE TAXES.
Adjunct faculty roles are not something you go to school and take on additional debt to do. It's something you do after taking a step back from your career, or as an income supplement, etc. AND, that is if you can find schools needing additional adjuncts.
Don't do it.
Totally, it's not lucrative path.
However, it's also not something I'm going to write off just yet.
Who knows what will happen in a couple years. I could have it paid by an employer. I could save. Idk.
I'm not ready to give up.
This has been very helpful though. Like I said,I have a handful of questions to ask others because of this thread.