There are few places where it is more important to know how to use vocabulary and grammar than academia. This is especially true when referencing prestigious graduate programs, such as master’s degrees.
Master’s Student is the proper way to reference the term. It denotes enrollment and participation in a Master’s program. Using Masters Student does not denote ownership and is therefore incorrect. Further, Masters’ Student denotes plural ownership and is therefore incorrect.
Being a Master’s student requires several commitments and before committing to studying further, one should contemplate the reasons for doing so.
More and more people have chosen to continue their studies after high school, and in 2015, it was reported that 33% of adults in the US had a Bachelor’s degree (source).
While this statistic shows the growth of education, it also shows the underlying necessity for new graduates and working men and women to set themselves apart in the field.
This is one reason why many men and women have opted to go back to graduate school to complete their Master’s degrees, giving them a boost in their careers and in financial outcomes.
Reasons for Becoming a Master’s Student
Master’s students have a variety of reasons for heading back into academics.
One might feel like they are stagnating in their current field and require further education to advance their careers. Others might want to set themselves apart from their peers and obtain a postgraduate qualification.
Currently, almost a third of Americans hold a Bachelor’s degree, compared to only 9% who hold a Master’s degree (source).
It is also helpful for people who want to grow within their careers as pursuing a Master’s degree allows networking opportunities with leaders in the field, along with an emphasis on leadership skills that will bolster your CV (source).
Some may want to improve their finances through further education and it has been shown that having a Master’s degree leads to improved earning capabilities (source).
Statistics show that Master’s degree holders earn up to $6000 extra per year compared to their colleagues holding only a Bachelor’s degree.
Studying towards a Master’s degree also allows one to grow intellectually.
Especially when a student has not been in the lecture hall for many years, studying again can bring about an intellectual boost and fuel a passion for a new learning.
When choosing a Master’s degree, it is important to choose the correct one that will advance your career and potential.
Therefore, if you are already working, it is suggested that you speak to your place of work to find out what kind of qualification would be most advantageous and worthwhile for you.
Otherwise, you will be sitting with a very expensive piece of paper that does not help your career or life goals.
Implications of Studying for a Master’s Degree
Positives
There are so many reasons why one should study for a Master’s degree.
While it is a commitment, it allows you to achieve your career goals by upgrading in several areas:
Employability
While it can be argued that work experience is vital to advancing in certain career fields, some fields require an advanced degree before one can even enter it.
Careers based in academics, such as lecturing, require postgraduate qualifications to begin.
Statistics have shown that graduates with a Bachelor’s degree or higher are much more likely to be employed, with statistics showing that graduates only had a 2.1% unemployment rate in August 2018, which has steadily been dropping (source). This trend continued in 2019.
While the American economy has strengthened through the years, a degree has shown itself to be a positive factor in employment and a Master’s degree only improves the chances of employment.
Since the U.S Bureau of Labor Statistics (BLS) shows a positive uptick in jobs that will require a Master’s qualification, studying further may be the best way to increase your chances of employment.
The BLS has calculated a growth rate of 13.7% for jobs that will require a Master’s degree in 2028.
This growth is far stronger than expectations for a Bachelor’s degree (7.7) or even a Doctoral qualification (9.0), emphasizing the importance of a Master’s qualification (source).
Specialization
In some careers, not advancing academically will risk stagnation and better jobs in the field are only available to those who study further.
This is especially true for a career like education in which leadership roles require a Master’s degree or above (source).
Therefore, if you want to be a principal or school counselor, further education is a must.
Other fields that require a Master’s degree include Science, Technology, Engineering and Maths (STEM) fields, business and health care (source).
Master’s degrees also assist those looking for leadership positions with their fields.
Since workforces are evolving quickly, it is important to keep your skills up to date and studying toward’s a Master’s degree is a good way of doing so.
While short courses and training workshops can also achieve the same effect, a Master’s degree is a strong way of showing commitment to self-growth.
Opportunities for Networking
Regardless of how you choose to study your degree, studying a Master’s degree will increase networking opportunities.
The people you study with come from all walks of life and from different fields, giving you a unique opportunity to learn from lecturers and industry leaders who can assist you with their real-world knowledge and skills (source).
Greater Earning Potential
Without a doubt, there is a lot of earning potential once you have a Master’s degree.
The BLS has shown a consistent increase in salary of Master’s degree holders compared to those with Bachelor’s degrees or high school education.
Dependent on the degree and field, a Master’s degree holder can earn an immense amount of money through the course of their lives.
A Master’s degree graduate has a median salary of $83, 000 compared to the median Bachelor’s degree salary which sits at $61, 000.
Generally, holders of engineering degrees earn the most money while those in the educational field earn the least (source).
(Source)
The statistics above prove that obtaining an advanced post-graduate degree is a surefire way of obtaining a better salary. While there may be some exceptions to this rule, these cases are quite rare.
Negatives
While there are many positives to studying further, every potential Master’s student should consider the following if they choose to study again:
Potential Failure
Studying, especially after a long break from academics, is a difficult change to make.
It is an adjustment to go from working full-time with free time after work and on weekends, to giving up the luxury of free time and devoting it to research papers and assignments.
Ideally, one should be able to complete the course in the specified time period.
However, life can get in the way and every Master’s student needs to contemplate that they may fail or be unable to complete their degree.
Whether it is because of work and family commitments, or whether the student is struggling to align previously learned concepts from the Bachelor’s degree, there is always a chance of failure.
Master’s degrees are considered to be more difficult than undergraduate qualifications, as students are expected to be more independent and work with minimal guidance.
Depending on the field of study, there is also an expectation that Master’s students should be adding original research and ideas to their field. This creates significant pressure on students.
Along with the emotional burden of failure, there are also significant costs associated with the degree.
Student Loan Debts
Tertiary education in America is prohibitively expensive and while the payout in terms of salary may be good, many people are burdened with thousands of dollars of student loan debt.
If you are thinking of continuing your studies, a lot of thought needs to be given to the potential costs.
Will your Master’s degree be worth it in the long run? This is a question that you will have to ask yourself.
You need to think about how the additional cost will affect your current amount of student loans, whether you will be able to pay them off and whether the salary increase is worth the amount of time and effort that you would be putting into studying.
The average cost of a Master’s degree is between $24 000 – $40 000 a year (source). This amount might seem exorbitant and tuition prices are based on the field you study and the university that you study at.
An online Master’s degree program may be more affordable while giving students the time and space to continue working and studying concurrently.
Prices of online Master’s degrees range between $2,550 and $5,746 per year (source).
Once again, this is dependent on the field of study and the university, but there are many options for studying online and it is up to you to find the right Master’s course for your career goals.
Time
Since a Master’s degree takes between one to two years to complete, it is a major time investment.
For most working adults, the chances of taking time off work or quitting a job to pursue a full-time Master’s degree is not financially viable.
Most adults attempt to earn a Master’s degree through an online course but it is vital to choose an accredited qualification from a reputable university.
Studying part-time will also require sacrificing free time to study. This will have an impact on your social and family life, making it important to have the support of your family and friends to pursue the qualification.
For those who study away from home, the degree may be emotionally draining as you would away from your support system without having the time to create a network of new friends in your current city.
Part-time courses also generally take more time than studying full time so you may have to invest more than the expected one-two years.
This has both financial and emotional implications as relationships can become strained due to the pressures of self-studying.
Requirements to Become a Master’s Student
In many programs (but not all) the most obvious requirement in most disciplines (but not all) is a Bachelor’s degree in the field of study you wish to pursue.
Beyond that, you will face heavy competition for spots as there are many other motivated individuals who also want to study towards their Master’s.
When applying for a Master’s degree, the process is similar to applying for a job.
You are expected to sell yourself and your achievements. This includes researching the program, as you would with a new job, and modifying your resume to show the skills most likely to gain you entry.
However, the time when you choose to do your Master’s degree will decide how important your grades are.
If you are studying a Master’s right after completing a Bachelor’s degree, it might be difficult to study further if your GPA is less than stellar.
If you choose to become a Master’s student after a few years of professional experience, your experience counts more towards admission (source).
If you can prove that you have achieved positive outcomes in your career, like completing projects and showing initiative and leadership skills, it shows admission committees that you are capable of success, even without the best grades.
Different Types of Master’s Degrees
There are multiple types of Master’s degrees available, perfect for any career or job aspiration.
The following are a few examples of popular Master’s degree programs.
Master’s in Business Administration
For the business-minded, a Master’s in Business Administration (MBA) is a popular choice.
This degree is an open-ended business-focused degree that focuses on business skills such as leadership, negotiation and employee relations.
Sometimes, a pre-requisite for this qualification is corporate work experience, which is not necessary as often for other Master’s degree programs.
Interestingly enough, an MBA is one of the Master’s programs that does not require a Bachelor’s degree in the same field (source).
Master’s in Education
To rise through the ranks in a school environment, a Master’s in Education is a requirement.
This degree focuses on policy and management, with an emphasis on leadership and the running of a school.
Principals and other senior management positions require this qualification.
Master’s of Science
A Master’s of Science (M.Sc.) is a qualification that develops scientists that may want to study more specialized subjects.
Unique careers in bioinformatics and nanoscale physics are available to those who wish to study a M.Sc.
This qualification is highly sought after and graduates are generally well-paid, often already having job offers before they graduate (source).
Some people get scared away from a degree like this because of math anxiety, which may be unwarranted. To learn more, read our article ‘is statistics hard?‘.
Methods of Studying a Master’s degree
In a connected world, there are many methods of studying for a Master’s degree, each with its own advantages and disadvantages.
Master’s degrees are usually presented through course work, research reports or a mix of both.
On-Campus
Studying on campus has several advantages over online studying, depending on your requirements as a student.
Studying face-to-face allows students to ask lecturers and TAs for assistance when needed.
Studying full-time also motivates students to attend lectures by creating an academic environment and an expectation of professionalism.
Disadvantages of on-campus studying include higher tuition fees, along with extra costs related to commuting, parking, and textbooks.
Online
Online degrees are advantageous to theoretical fields such as business, education and the humanities.
Unfortunately, a Master’s degree in the sciences or medicine is not feasible online as it requires lab work and training.
Online degrees allow potential students to study the field that they want and are not limited due to their geographical location.
Depending on the university, an online degree may be cheaper than a full-time program, but students should be wary of hidden fees.
Studying online also allows students the flexibility to work at their own pace and continue working full-time.
However, in the same breath, by self-studying and removing oneself from the lecture hall, a less-committed student may be prone to procrastination or laziness.
Other disadvantages include the lack of lecturer interaction and assistance, the possibility of an online university being a scam, and lacking the qualities of being a self-motivated learner (source).
Paying for Your Master’s Degree
Since Master’s degrees can be quite expensive, the average student will require some assistance in paying for their degree.
Possible methods of obtaining tuition can be through the federal government by applying for a Free Application for Federal Student Aid (FAFSA) which provides different types of aids of varying amounts to pursue postgraduate studies (source).
One can also apply for aid through their state, their school or even their employer if they are willing to commit to the company that is paying for their tuition.
While the increased debt may be far from ideal, the long-term advantages of becoming a Master’s student far outweigh the disadvantages.
There are a lot of considerations to think about if you want to study further.
The general consensus seems to be that studying for your Master’s degree is advantageous for long-term career growth and financial stability if your field rewards employees financially and you perform in the workplace, despite the negatives. So, becoming a Master’s student may provide you with the professional growth you are after.
Final Thoughts
Becoming a Master’s student is a huge undertaking. The commitment of time, energy, financial resources, and opportunity costs are significant. Further, the risk of not finishing is a real one.
However, for those Master’s students who do finish their program, the benefits can be great as the long-term benefits of an increased salary, responsibility, and prestige in the workplace tend to outweigh the short-term sacrifices in most career fields. If, as a student, you want to find a job you can look here on Jooble.