Comments on: Is Grad School Worth the Money? http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sat, 11 Feb 2012 21:46:28 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Ashley http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-48068 Ashley Tue, 27 Apr 2010 21:49:50 +0000 http://www.mint.com/blog/?p=8561#comment-48068 Looks like your first link there is broken. Update it to: www.cgsnet.org/portals/0/.../Why_Should_I_Get_A_Masters_BW.pdf Looks like your first link there is broken. Update it to: http://www.cgsnet.org/portals/0/…/Why_Should_I_Get_A_Masters_BW.pdf ]]> By: David http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46554 David Fri, 19 Mar 2010 02:57:01 +0000 http://www.mint.com/blog/?p=8561#comment-46554 The value question comes into play here. How do you determine if an MBA school is worth the money? Take a look at Private Equity Jobs Digest analysis of the FT tables... http://digg.com/business_finance/Top_10_MBA_Schools_in_the_US_Based_on_VALUE It changes the way we look at "Top MBA Schools" Cheers! David The value question comes into play here. How do you determine if an MBA school is worth the money?

Take a look at Private Equity Jobs Digest analysis of the FT tables…

http://digg.com/business_finance/Top_10_MBA_Schools_in_the_US_Based_on_VALUE

It changes the way we look at “Top MBA Schools”

Cheers!

David

]]> By: Jill http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46298 Jill Tue, 09 Mar 2010 05:53:23 +0000 http://www.mint.com/blog/?p=8561#comment-46298 i am also in mental health and enjoyed your comment i am also in mental health and enjoyed your comment ]]> By: Jill http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46297 Jill Tue, 09 Mar 2010 05:51:17 +0000 http://www.mint.com/blog/?p=8561#comment-46297 I could not agree more; I struggled making pennies as a case manager in mental health after my bachelors and loved nothing more than helping children. But in the psychology field realized if I wanted to make ends meet and more importantly become a therapist I was going to have to go to grad school. I knew there would be loans and financing and all of the money stuff but the bottom line is being happy and living life and separating work from that. I see so many people unhappy with their jobs and traveling working long hours, and when the economy is in a crunch they realize they have lived by the mentality for the earlier part of life that school wasnt important. I didnt go to grad school until i was in the field for a few years so I did get work experience and yes i can still run circles around some interns. I dont care if im forever in debt; im happy, changing lives as a therapist, and since so many kids in this country are suffering in schools due to budget cuts and teacher stress, ill never lose business. Thanks for reading-- I could not agree more; I struggled making pennies as a case manager in mental health after my bachelors and loved nothing more than helping children. But in the psychology field realized if I wanted to make ends meet and more importantly become a therapist I was going to have to go to grad school. I knew there would be loans and financing and all of the money stuff but the bottom line is being happy and living life and separating work from that. I see so many people unhappy with their jobs and traveling working long hours, and when the economy is in a crunch they realize they have lived by the mentality for the earlier part of life that school wasnt important. I didnt go to grad school until i was in the field for a few years so I did get work experience and yes i can still run circles around some interns. I dont care if im forever in debt; im happy, changing lives as a therapist, and since so many kids in this country are suffering in schools due to budget cuts and teacher stress, ill never lose business. Thanks for reading– ]]> By: A http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46238 A Sat, 06 Mar 2010 18:13:38 +0000 http://www.mint.com/blog/?p=8561#comment-46238 "I think your article is kind of silly as my one data point clearly disproves reams of data because I am a solipsist." “I think your article is kind of silly as my one data point clearly disproves reams of data because I am a solipsist.” ]]> By: DukeGrad http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46234 DukeGrad Sat, 06 Mar 2010 13:51:18 +0000 http://www.mint.com/blog/?p=8561#comment-46234 My advice quit thinking of getting a master's as going to grad school. Alot of colleges now offer one year master's, provided you go into the master's right out of your undergrad. If you want grad school to be worth it get some experience in a scientific field and get a PhD. Sure it's 4-6 years but the school pays you the entire time, and in my case pays pretty well, and every employer you talk to will instantly put you in the elite category of their applicants. Doesn't really matter what field you get it in because a PhD is a degree in how to think analytically and logically break down and analyze a complex problem- thats why physicists work for GS and JPM and I McKinley hires PhDs to do all kinds of consulting in all types of fields via their advanced degree program. So to sum it all up with a PhD in a science field 1) The school pays you, well enough that several of my friends have bought houses while in grad school and most of us don't need to eat ramen unless we're feeling nostalgic for undergrad days 2) You spend some extra time in school but in this economy who cares even the worse case predictions, a la Pimco's Bill Gross who has a vested interest in the economy lagging for an extended time, say that in 3-5 years the economy will be roaring again. Personally I think it will happen much sooner, more like Q4/2011-Q1 but even if I'm wrong I'll graduate into a rapidly growing economy 3) The mere fact that you can have everyone call you Dr, even if it's not the M.D type, means that for the rest of your life at every interview you instantly have your foot in the door My advice quit thinking of getting a master’s as going to grad school. Alot of colleges now offer one year master’s, provided you go into the master’s right out of your undergrad. If you want grad school to be worth it get some experience in a scientific field and get a PhD. Sure it’s 4-6 years but the school pays you the entire time, and in my case pays pretty well, and every employer you talk to will instantly put you in the elite category of their applicants. Doesn’t really matter what field you get it in because a PhD is a degree in how to think analytically and logically break down and analyze a complex problem- thats why physicists work for GS and JPM and I McKinley hires PhDs to do all kinds of consulting in all types of fields via their advanced degree program.
So to sum it all up with a PhD in a science field
1) The school pays you, well enough that several of my friends have bought houses while in grad school and most of us don’t need to eat ramen unless we’re feeling nostalgic for undergrad days
2) You spend some extra time in school but in this economy who cares even the worse case predictions, a la Pimco’s Bill Gross who has a vested interest in the economy lagging for an extended time, say that in 3-5 years the economy will be roaring again. Personally I think it will happen much sooner, more like Q4/2011-Q1 but even if I’m wrong I’ll graduate into a rapidly growing economy
3) The mere fact that you can have everyone call you Dr, even if it’s not the M.D type, means that for the rest of your life at every interview you instantly have your foot in the door ]]> By: Girl http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46076 Girl Tue, 02 Mar 2010 04:17:00 +0000 http://www.mint.com/blog/?p=8561#comment-46076 I think its worthwhile to note that there are many other reasons to go to grad school besides the financial return. I am in my second year of law school now and yes, its extremely expensive, and yes, I really hope that it will pay off money-wise. But, at the same time, I am not sure that I would cash-in this experience for anything. Everything I am learning is absolutely fascinating and the people to whom I am exposed make me better and make me want to work harder. I know that no matter what job I end up in, I will be better because of my experiences in law school. Its become so fulfilling to me personally just in self-growth, that to me, I feel its worth it even though I don't really know where life is going to take me. I feel like I don't see going to grad school and a career as exclusively a means to afford a lifestyle, but its also an end in itself. If you really use that graduate education to grow and stretch your brain to absorb as much knowledge as you can, then it won't be that piece of paper that will get you the higher returns, it'll be your ability to blow employers away with everything you've become. The wonders of a graduate education aren't in the letters that you can now put after your name, but in the process of learning. I think its worthwhile to note that there are many other reasons to go to grad school besides the financial return. I am in my second year of law school now and yes, its extremely expensive, and yes, I really hope that it will pay off money-wise. But, at the same time, I am not sure that I would cash-in this experience for anything. Everything I am learning is absolutely fascinating and the people to whom I am exposed make me better and make me want to work harder. I know that no matter what job I end up in, I will be better because of my experiences in law school. Its become so fulfilling to me personally just in self-growth, that to me, I feel its worth it even though I don’t really know where life is going to take me. I feel like I don’t see going to grad school and a career as exclusively a means to afford a lifestyle, but its also an end in itself. If you really use that graduate education to grow and stretch your brain to absorb as much knowledge as you can, then it won’t be that piece of paper that will get you the higher returns, it’ll be your ability to blow employers away with everything you’ve become. The wonders of a graduate education aren’t in the letters that you can now put after your name, but in the process of learning. ]]> By: cipherex.com http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-46034 cipherex.com Sun, 28 Feb 2010 08:15:36 +0000 http://www.mint.com/blog/?p=8561#comment-46034 School helps you find a better job: well paid and more interesting. And most a master degree. School helps you find a better job: well paid and more interesting. And most a master degree. ]]> By: Bart http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-45938 Bart Thu, 25 Feb 2010 15:32:29 +0000 http://www.mint.com/blog/?p=8561#comment-45938 I'm a professor of psychological research and, given my training and experience, I'd like to add a few points to this discussion. First, as so many others here have said, employability is important when choosing a major or profession and one should always do one's homework. Fair enough. Second, assistantships and fellowships, when available, can make graduate school affordable. While I am aware that that the situation is different for masters degrees, it is entirely possible to get a PhD without ever taking out a loan. In fact, a person should NOT pursue a doctorate unless they receive a complete tuition waiver and respectable stipend. US News & World Report for example, said some time ago that a grad school in the liberal arts should be considered a low-paying job—not a lot of money but a positive cash flow. Third, there is no reason that education should be totally career focused. My PhD is in social and personality psychology, which is a basic research degree with essentially no employability outside of academia. (Not the wisest move, admittedly, but it has worked out wonderfully—I have always been employed as a professor and I now have tenure, so that shouldn't change.) Most of my students, on the other hand, are interested in being therapists of one kind or another. What I suggest is that they get a professionally-oriented degree like clinical psychology or social work but that they take as much social psychology as possible because it's a fascinating field and it makes one a much better therapist. But finally, income should never be confused with worthiness. Life is about so much more than money and education can contribute immeasurably to that quality of life. Yes, a certain financial level is necessary—you have to pay the rent, take the kids to the doctor, keep the car running, have a respectable retirement plan, etc.—but, provided that level is met, desires to go beyond that are often irrational. The research shows that money is very, very good at getting a person out of misery but has little bearing on happiness beyond that. Again, I agree that one should do the homework and make sound decisions about grad school and I agree that employability is very, very important. I also believe that we should keep in mind that those are means and not ends. I’m a professor of psychological research and, given my training and experience, I’d like to add a few points to this discussion.

First, as so many others here have said, employability is important when choosing a major or profession and one should always do one’s homework. Fair enough.

Second, assistantships and fellowships, when available, can make graduate school affordable. While I am aware that that the situation is different for masters degrees, it is entirely possible to get a PhD without ever taking out a loan. In fact, a person should NOT pursue a doctorate unless they receive a complete tuition waiver and respectable stipend. US News & World Report for example, said some time ago that a grad school in the liberal arts should be considered a low-paying job—not a lot of money but a positive cash flow.

Third, there is no reason that education should be totally career focused. My PhD is in social and personality psychology, which is a basic research degree with essentially no employability outside of academia. (Not the wisest move, admittedly, but it has worked out wonderfully—I have always been employed as a professor and I now have tenure, so that shouldn’t change.) Most of my students, on the other hand, are interested in being therapists of one kind or another. What I suggest is that they get a professionally-oriented degree like clinical psychology or social work but that they take as much social psychology as possible because it’s a fascinating field and it makes one a much better therapist.

But finally, income should never be confused with worthiness. Life is about so much more than money and education can contribute immeasurably to that quality of life. Yes, a certain financial level is necessary—you have to pay the rent, take the kids to the doctor, keep the car running, have a respectable retirement plan, etc.—but, provided that level is met, desires to go beyond that are often irrational. The research shows that money is very, very good at getting a person out of misery but has little bearing on happiness beyond that.

Again, I agree that one should do the homework and make sound decisions about grad school and I agree that employability is very, very important. I also believe that we should keep in mind that those are means and not ends.

]]> By: Lauren http://www.mint.com/blog/how-to/is-grad-school-worth-the-money/comment-page-1/#comment-45922 Lauren Thu, 25 Feb 2010 01:14:11 +0000 http://www.mint.com/blog/?p=8561#comment-45922 You can do all the research you want, but there's still no magic 8 ball that can tell you what the job market will look like when you get out of grad school(only estimates), who will be hiring, what they're looking for, and if the degree will really get you the job you're after. It all comes down to how ambitious you are and the experience you have--whether you have a grad degree or not. You can do all the research you want, but there’s still no magic 8 ball that can tell you what the job market will look like when you get out of grad school(only estimates), who will be hiring, what they’re looking for, and if the degree will really get you the job you’re after. It all comes down to how ambitious you are and the experience you have–whether you have a grad degree or not. ]]>