So, you have a Bachelors degree and you are earning decent money for you and your family. What if you took it up a notch? What if you enrolled in graduate school? Those with Master’s degrees and higher tend to make more money. Sounds worth it doesn’t it? Sure, it will be a lot of hard work and dedication just to earn a graduate degree but your future paycheck will thank you for it and so will your family.
Let’s take a look at average annual earnings for College Graduates and Non-Graduates to get an idea of how having a college degree really pays off:
Graduate and Non-Graduate Earnings
- Those who only have some high school under their belts will most likely only earn $23,400 for the entire year or less.
- A high school graduate will make more than a non-high school graduate but not by much. High graduates only make about $30,400 a year.
- Individuals who have some college like a professional certificate can earn up to $36,800 a year.
- Those with Associates degree may only see a two-thousand dollar difference from someone who only has some college under their belt.
- Individuals who currently possess a Bachelors degree average between $52-$60,000 a year.
- Those with Master’s degrees can earn $62,300 or even more a year.
- If you pursue a Doctoral degree you can probably see $89,400 a year, maybe even more.
- The ultimate is a Professional Degree which can earn you $109,000 a year or more.
As you can see the higher the college degree the more money you can potentially earn on the job. These numbers are obviously just estimates based on the U.S Census Bureau on census.gov and change every year, especially if there is a slump in the economy. Whatever the state of the economy, you can still pursue a graduate degree to better yourself. Things will most likely get better which will allow you to see a raise in your pay.
I understand that quite a few individuals may currently possess some type of graduate degree and are having a hard time finding a decent job or are not getting paid nearly as much as they are supposed to. I guess it may depend on which State you live in as well.
What about work life earnings? Here is what I found. Again, this is based on the U.S Census Bureau:
Average Lifetime Earnings
- Some high school: $1 million
- High school graduate: $1.2 million
- Some college: $1.5 million
- Associates Degree: $1.6 million
- Bachelors Degree: $2.1 million
- Masters Degree: $2.5 million
- Doctoral Degree: $3.4 million
- Professional Degree: $4.4 million
Wow, right? Now keep in mind these numbers are average lifetime earnings for full time employees. You can check out more details on lifetime earnings on about.com.
These figures definitely make you want to at least consider working towards a graduate degree doesn’t it? It’s definitely worth looking into even if you are only chipping away at it one class at a time.
How about you moms? Do you currently possess a Bachelors degree and would like to strive towards your goals of earning some sort of graduate degree? Maybe you are currently working towards a graduate degree. Whatever your current situation we would love to hear from you. Please share your thoughts, feelings, and even tips or advice if you have them.
*Are you ready to take that step towards earning your graduate degree? Check out our online list of schools and degrees here on classesandcareers.com
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With June rapidly approaching senior college students are getting ready to graduate. For many of these graduates the excitement of finally receiving that coveted degree is outweighed only by having to decide what to do next; get a job or go to graduate school (or both). Granted, the idea of starting a new degree all over again after just spending (at least) the last four years getting the first one may seem daunting, however, some careers can’t begin unless graduate school is in the mix. For example, if you strive to be an attorney, doctor, or college professor then a graduate degree is a must.
But even if you decide to go to graduate school just because you want to further explore your area of study (or increase your bankability when you finally do enter the workforce), you still have to decide where to go. Fortunately, there are a multitude of options today ranging from attending an accredited online post-graduate program to enrolling in a brick and mortar college. In any case, the factors you should consider when choosing your graduate school are all the same. Here are four important things to think about when choosing a graduate school that’s right for you.
- Faculty
- Program Objectives
- Career prospects
- Money
First and foremost, look at the faculty. Are these professors not only respected in their fields, but also knowledgeable? (The two do not always go hand-in-hand.) You want to study under people who have interesting ideas that coincide with the direction you envision for your career.
So to find professors that are a good fit, read all instructor bios AND everything those instructors have published. If possible, schedule an interview with some professors so you can ask specific questions about the graduate program – or at least start an email correspondence. Begin your introductory email by saying, “Hi, my name is [so-and-so] and I’ve read your latest book…” (That will definitely get their attention.) However, make sure you’ve really read the person’s book. Nothing kills a new relationship faster than starting it off on a lie.
Make sure the graduate program you’re considering focuses on the subject exactly the way you want to study it. For example, some programs concentrate more on theory over application (or vice versa). Is the college department you’re applying to known for any specific areas of expertise or discoveries, and if so do they fit in with what you want to do? Are the professors academic or have they been hired away from the corporate world? Professionals who teach may know a lot about a subject, but at the same time they may be poor teachers. (Something to consider.)
Most importantly, investigate the hiring rate and success of people who have completed a graduate program from the school in which you’re interested. Remember, in the end you want a long and rewarding career, so if you’re putting in all this extra time and money for further study make sure it pays off. Find out if graduates of your program are trained to do theory or actual research. This information probably isn’t specifically documented so you may have to check an alumni list and see what those people are doing now in the way of careers. If possible contact alumni and ask about their graduate experiences and if those experiences (and the graduate degree itself) helped further their careers.
Let’s be honest, graduate school is very expensive. However, many graduate programs offer work-study positions that allow you to earn money and go to school at the same time (more so than most undergrad programs). Participating in a work-study program as a graduate student also allows you to start building your resume before you graduate, because in most cases you end up working in your field of expertise. If you need financial assistance while going to graduate school (and who doesn’t these days?), you should definitely consider schools that have robust PAID work-study programs. Unpaid internships don’t count. You can’t pay your rent by showing your landlord how much you’ve learned.
Attending graduate school is a big step. With so many options you don’t want to end up at the wrong college, studying in the wrong department. Do your research on graduate schools up front, so you can be sure that the research you do while you’re at graduate school will actually get you where you want to go.
Go back to school and get your MBA!
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It won’t be long now. Colleges across the country are gearing up for commencement exercises and seniors are looking toward graduation. It used to be that most college graduates secured employment before graduation. But the “times they are a changin’”. The competitive job market, struggling economy, and unemployment rates have forced graduates to think outside the box and explore other options after graduation.
Thinking outside the box requires some creative thinking and exploring some options other than full-time gainful employment. The key is to work toward that final goal, but leverage the opportunities that are available now toward that eventual outcome.
Work at an internship
It’s no secret that internships provide amazing opportunities for those looking for employment. You can search for them online at various job sites, at company websites, or you can use social media as a tool to locate them. Try using LinkedIn, Facebook, and Twitter by doing searches for internships related to your career interests. The optimal goal is to secure a paid internship, but if you aren’t able to, consider working at one without pay. The goal: making connections that will land you a position with the company once they have a chance to see your work ethic, your job skills, and the assets you could bring to the table once you become a permanent hire.
Go to graduate school
Many students opt to continue their education after graduation by pursing a graduate degree in their chosen career field. Student loans are available for a graduate education, but it’s prudent to be cautious about borrowing. The best advice is to only borrow what you need for the education itself. If you borrow for living expenses, you will be saddling yourself with a tremendous amount of debt and might not be able to pay it back once you enter the work force. If you are interested in discovering how much you can expect to earn once your graduate degree is completed, you can find that data at Payscale.com. This information will help you determine if the long-term benefits of the degree outweigh the costs based on your expected salary increase.
Work or intern abroad
Another creative path to take after graduation would be to pack your bags and work or intern abroad. There are numerous opportunities abroad for recent college graduates, giving you the chance to travel and gain some valued global experiences. Companies see these experiences as a plus on any resume. You can intern for the summer with Intrax:
An internship abroad is the perfect chance to experience life abroad while furthering your career. Intrax Internships Abroad offers 8-week summer internships in 8 major economic centers around the world: London, Paris, Berlin, Barcelona, Madrid, Tokyo, Beijing, and Santiago. Every Intrax internship program includes the internship placement, central housing in the city, weekend and day trips to nearby sites, career and résumé coaching, along with insurance, on-call support, and orientations. Interviews have already begun for our top internships; make sure to apply before April 15th to secure your spot!
Or you take the plunge and work abroad at a full time position. Many graduates opt to teach English in various foreign countries while getting paid and having living accommodations furnished. This choice is a win-win option: you get a chance to travel and explore the world while adding to your resume and job experience.
Start a business
If you can’t find a job, why not consider starting your own business and join other graduate entrepreneurs? Online tools and social media sites make it simpler than it’s ever been to start a virtual global business. You don’t need office space. You don’t need employees. You don’t even need a web designer. Starting with a business idea, you can set up a blog, create a Facebook fan page, set up a Twitter account and a YouTube channel. There are unlimited tutorials available and free webinars to coach you through the process. It takes some drive and commitment, but there is a vast array of untapped niche markets out there waiting for the right idea of products or services.
If you’re not ready to enter the real world, or you’re finding it hard to snag that dream job, consider thinking outside the box and leveraging some of these other opportunities after graduation.
Get free information on Entrepreneurship and starting your own business.
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