3 answers
Kevin
Student
Miramar, Florida
2
Questions
Asked
1539 views
How long will it be until I get my Masters degree?
I hopefully plan to get my masters degree by 2024 and finally start working in my profession, but I know that as I grow older, life gets harder and may delay the projection that I have. Either way, I hope to reach it by 2024 and that's one of my goals, but the future holds it all. #masters-degree #businessmajor #education #school #graduate-school
Login to comment
3 answers
Matthew L. Tuck, J.D., M.B.A.
CEO/Managing Attorney, Greater Detroit Area
64
Answers
Lansing, Michigan
Updated
Matthew L.’s Answer
It's a good question. I think the answer is that when and how you get your masters is mostly within your control and partially not within your control.
I'm not sure from your question exactly how far you are in your studies. Before you enroll in a masters program you must generally complete a 4-year college degree. Some types of masters degrees require specific areas of study in college. Most masters programs are about 2 years long if you go full-time. Pursuing your masters part-time will take longer. I've known people who took more than 5 years to complete theirs.
Most of the control over when you get your masters lies with you. You can absolutely get your masters by the close of 2024 if you plan properly. However, you may not necessarily want or need to get masters that soon, depending on your field of study. Do your due diligence on this, but it is easier to get a masters when you are young, unmarried and more flexible.
To complete your masters by 2024, here is what I would do.
1. Come up with a Plan - By putting together a plan and sticking to it, you can absolutely meet this goal even if you have not started college yet. By a "plan" I mean determine what your course of study will be and make sure it is in an area where you can get a job when you graduate. Look for fields that are projected to have a high rate of growth and demand for jobs (See below).
If you want to absolutely maximize your chances of meeting your goal, you should plan to defer many of the distractions in life that you hint at in your question. For example, life will get in the way if you get married and have children before you complete your degree. Families take up a tremendous amount of time. Your studies and grades will suffer if you have a wife and children.
Now, families are wonderful and I am very much in favor of them, but they are a major distraction from your goal. Going to school will put a strain on your marriage, family relations and friendships. Discuss the time commitment up front. During my MBA program I spent on average 15-40 hours per week studying, depending on the week (In truth I probably spent more time studying than many of my classmates because I am a math idiot and had not been in school for more than 20 years) . This number does not include class time or the commute to school. Plan accordingly.
Avoid financial commitments. If you incur credit card debt, buy a house, buy an expensive car, or take expensive vacations before you have the degree, those activities can create financial situations that will prevent you from completing your degree. If you can, continue to live at home with your parents until you complete the degree. Drive an old car. Pack your lunch. Don't use credit. Don't take vacations. Don't go to Starbucks.
You should also plan to work while you are in school. It is difficult to work full-time and go to school full-time, but it can be done. I did it. Your employer may not be thrilled by the distraction the masters creates, so be sure to clear it with your employer. Many masters programs require employer approval in advance of enrollment.
In my case, I started a masters degree program in 1993 but had to postpone my MBA degree for financial reasons after the birth of our daughter. I eventually finished it (20 years later) but it took a while to get back to it. I can tell you it was harder doing it at 50 than it was when I was 30. Youth equals energy and younger is better for purposes of hard things like masters degrees.
Obviously, things like aging parents, financial disasters (lost job, house fire), or your own unforeseen medical issue can also interfere. Those things you cannot control. But if you stick to your plan you are able to control those variables that you can control. With a good plan that you can eliminate many (most) problems that will potentially derail your degree.
You can explore projected job demand by reviewing Labor Department projections. See https://www.bls.gov/emp/ep_table_104.htm.
Good areas for growing job demand into the next decade which often require a masters and pay well include:
- Computers/software (up 30% by 2026)
- Medical Field (up 25% by 2026)
- Financial Managers (up 18.7% by 2026)
Areas to avoid:
- Teaching (up less than 10%, though a masters may improve this number)
By selecting a profession with good growth you increase your chances of getting a good job. Selecting the right field should also be part of your plan. Thoroughly research the field you want to pursue before committing to make sure it will continue to grow and provide opportunity.
2. You May Not Need a Masters - Some fields do not require you to get a masters degree to find a good, high-paying job right out of school. Jobs in accounting, finance, medical and computers do not necessarily require a masters. If you are thinking about one of these fields, see if you actually need the masters.
However, some professions do require a masters degree. You won't be able to get a job without the degree, so plan on having the degree in hand.
These fields include:
- Librarian
- Archivist
- Social Worker
- Counselor
- Urban Planner
- Some medical careers (physical therapist, nurse practitioner, etc.)
- Political Scientist
- Some financial jobs
See: www.careervillage.org/questions/82051/how-long-will-it-be-until-i-get-my-masters-degree
Again, research is key. Do your due diligence and find out what you need to get the job.
3. Money - Paying for a masters can be difficult, particularly if you need to borrow your way through undergrad. A full-time masters degree at a good school costs between$30,000 and $160,000+ (See https://www.bestmastersdegrees.com/best-masters-degrees-faq/how-much-does-a-masters-degree-cost).
When you include other costs like lost wages (if you go full-time), opportunity cost (what you could do with the time and money instead of a degree), and the fact that you are likely paying for it in after tax dollars, the real cost is probably more than double or triple that published amount.
However, there is good news. It is possible to find creative ways to pay for the degree. Some companies still pay for education, including a masters (though it is becoming more rare these days). For example, school districts will often reimburse teachers for masters tuition and give you a nice raise when you get the degree. You likely will have to front the money, however. If you work for a university that has a masters program you like, you likely will be able to get reduced or free tuition if you attend that program. You likely will be required to work for the company for several years after the degree is awarded, but it is usually worth it. If you leave your job early, you may be required to reimburse your employer for the tuition.
Here again, the planning is the key. Explore ways to pay for the degree and ways to pay it off fast.
4. Avoid Bad Masters Programs at All Cost - Unfortunately, there are many "schools" out there that are offering bad masters programs. They promise 100% on-line classes, learning at your own pace, credit for life experience, blah, blah, blah. Avoid these programs if at all possible. These are not good programs and you will not be able to get a job in your field when you graduate. A masters degree is not just a box you have to check on an application. There are things you actually need to learn in a masters program and these shortcut options will not prepare you for a successful career.
Think about it: If you were going in for a medical procedure or to meet with a financial planner who will invest your life savings, would you want someone who went to an on-line school and graduated in 6 months or the guy who went to Harvard for 2 full years? You want the best you can afford. Employers are also thinking like end consumers. They want the best people who actually know how to do the job. Maybe a top employee will come out of a bad program, but that is not where the smart money bets. Employers like grads from top programs because that means the schools have done 90% of the work for them in the hiring process. They already know you are smart, hard working, dedicated, motivated and that you have the education and skills they require.
Moreover, many employers will not even recognize these types of inferior programs. The very best thing you can do for your career is to get into the very best school you can get into. A top 10 program is best. The best schools can be expensive. It's best to get into the best program you can and then figure out how to pay for it later. If you live at home and defer big expenses you can pay off the loans in a short time and your career will be amazing.
If you cannot get into a top program, you must get top grades in the program you do get into. I recently read an article by a top recruiter for tech companies in Silicon Valley. He said after 10 years of recruiting, he realized that a top student from a state school is a better employee than an average student from Stanford or another top school. Keep that in mind.
To help get into a top program, you will generally need either great undergrad grades or a great score on the GMAT (over 700). Recent students admitted to top 10 programs in the US have an average GMAT of 725. Having both great grades and a high GMAT is better. If your grades are not great, study like crazy for the GMAT.
Also, research companies you admire and want to work for. Use LinkedIn to research where the people in the positions you want went to school. If you see that everyone at Google who has the job you want went to USC then go to USC. People hire people like themselves. They won't take a flier on someone who went to an on-line school they never heard of unless you have TONS of real work experience doing exactly what they need you to do, in which case you likely don't need the masters in any case.
As part of your plan, you should do a thorough cost-benefit analysis before you agree to let your employer pay for the degree. And really do the same analysis before you take on a lot of loans. If you plan to get a masters that's going to cost you $100,000 but you're only going to earn an additional $5,000 per year, that's not a great return on investment. Before calculating interest it will take you 20 years to pay it off.
With all that in mind, education is never a waste of time. However, there is such a thing as good education and bad education. To have your dream career you need to do your due diligence. Pick the right profession with growth prospects. Pick a good program and a good school. Come up with a plan to finish the degree on your time line. Minimize the distractions of family, financial obligations and work distractions. Get good grades and learn what you are supposed to learn. There are no shortcuts. A masters degree is not just a box to check off on an application. Quality matters to your prospective employers and to the people you will ultimately be helping. Take your education seriously.
Good luck.
I'm not sure from your question exactly how far you are in your studies. Before you enroll in a masters program you must generally complete a 4-year college degree. Some types of masters degrees require specific areas of study in college. Most masters programs are about 2 years long if you go full-time. Pursuing your masters part-time will take longer. I've known people who took more than 5 years to complete theirs.
Most of the control over when you get your masters lies with you. You can absolutely get your masters by the close of 2024 if you plan properly. However, you may not necessarily want or need to get masters that soon, depending on your field of study. Do your due diligence on this, but it is easier to get a masters when you are young, unmarried and more flexible.
To complete your masters by 2024, here is what I would do.
1. Come up with a Plan - By putting together a plan and sticking to it, you can absolutely meet this goal even if you have not started college yet. By a "plan" I mean determine what your course of study will be and make sure it is in an area where you can get a job when you graduate. Look for fields that are projected to have a high rate of growth and demand for jobs (See below).
If you want to absolutely maximize your chances of meeting your goal, you should plan to defer many of the distractions in life that you hint at in your question. For example, life will get in the way if you get married and have children before you complete your degree. Families take up a tremendous amount of time. Your studies and grades will suffer if you have a wife and children.
Now, families are wonderful and I am very much in favor of them, but they are a major distraction from your goal. Going to school will put a strain on your marriage, family relations and friendships. Discuss the time commitment up front. During my MBA program I spent on average 15-40 hours per week studying, depending on the week (In truth I probably spent more time studying than many of my classmates because I am a math idiot and had not been in school for more than 20 years) . This number does not include class time or the commute to school. Plan accordingly.
Avoid financial commitments. If you incur credit card debt, buy a house, buy an expensive car, or take expensive vacations before you have the degree, those activities can create financial situations that will prevent you from completing your degree. If you can, continue to live at home with your parents until you complete the degree. Drive an old car. Pack your lunch. Don't use credit. Don't take vacations. Don't go to Starbucks.
You should also plan to work while you are in school. It is difficult to work full-time and go to school full-time, but it can be done. I did it. Your employer may not be thrilled by the distraction the masters creates, so be sure to clear it with your employer. Many masters programs require employer approval in advance of enrollment.
In my case, I started a masters degree program in 1993 but had to postpone my MBA degree for financial reasons after the birth of our daughter. I eventually finished it (20 years later) but it took a while to get back to it. I can tell you it was harder doing it at 50 than it was when I was 30. Youth equals energy and younger is better for purposes of hard things like masters degrees.
Obviously, things like aging parents, financial disasters (lost job, house fire), or your own unforeseen medical issue can also interfere. Those things you cannot control. But if you stick to your plan you are able to control those variables that you can control. With a good plan that you can eliminate many (most) problems that will potentially derail your degree.
You can explore projected job demand by reviewing Labor Department projections. See https://www.bls.gov/emp/ep_table_104.htm.
Good areas for growing job demand into the next decade which often require a masters and pay well include:
- Computers/software (up 30% by 2026)
- Medical Field (up 25% by 2026)
- Financial Managers (up 18.7% by 2026)
Areas to avoid:
- Teaching (up less than 10%, though a masters may improve this number)
By selecting a profession with good growth you increase your chances of getting a good job. Selecting the right field should also be part of your plan. Thoroughly research the field you want to pursue before committing to make sure it will continue to grow and provide opportunity.
2. You May Not Need a Masters - Some fields do not require you to get a masters degree to find a good, high-paying job right out of school. Jobs in accounting, finance, medical and computers do not necessarily require a masters. If you are thinking about one of these fields, see if you actually need the masters.
However, some professions do require a masters degree. You won't be able to get a job without the degree, so plan on having the degree in hand.
These fields include:
- Librarian
- Archivist
- Social Worker
- Counselor
- Urban Planner
- Some medical careers (physical therapist, nurse practitioner, etc.)
- Political Scientist
- Some financial jobs
See: www.careervillage.org/questions/82051/how-long-will-it-be-until-i-get-my-masters-degree
Again, research is key. Do your due diligence and find out what you need to get the job.
3. Money - Paying for a masters can be difficult, particularly if you need to borrow your way through undergrad. A full-time masters degree at a good school costs between$30,000 and $160,000+ (See https://www.bestmastersdegrees.com/best-masters-degrees-faq/how-much-does-a-masters-degree-cost).
When you include other costs like lost wages (if you go full-time), opportunity cost (what you could do with the time and money instead of a degree), and the fact that you are likely paying for it in after tax dollars, the real cost is probably more than double or triple that published amount.
However, there is good news. It is possible to find creative ways to pay for the degree. Some companies still pay for education, including a masters (though it is becoming more rare these days). For example, school districts will often reimburse teachers for masters tuition and give you a nice raise when you get the degree. You likely will have to front the money, however. If you work for a university that has a masters program you like, you likely will be able to get reduced or free tuition if you attend that program. You likely will be required to work for the company for several years after the degree is awarded, but it is usually worth it. If you leave your job early, you may be required to reimburse your employer for the tuition.
Here again, the planning is the key. Explore ways to pay for the degree and ways to pay it off fast.
4. Avoid Bad Masters Programs at All Cost - Unfortunately, there are many "schools" out there that are offering bad masters programs. They promise 100% on-line classes, learning at your own pace, credit for life experience, blah, blah, blah. Avoid these programs if at all possible. These are not good programs and you will not be able to get a job in your field when you graduate. A masters degree is not just a box you have to check on an application. There are things you actually need to learn in a masters program and these shortcut options will not prepare you for a successful career.
Think about it: If you were going in for a medical procedure or to meet with a financial planner who will invest your life savings, would you want someone who went to an on-line school and graduated in 6 months or the guy who went to Harvard for 2 full years? You want the best you can afford. Employers are also thinking like end consumers. They want the best people who actually know how to do the job. Maybe a top employee will come out of a bad program, but that is not where the smart money bets. Employers like grads from top programs because that means the schools have done 90% of the work for them in the hiring process. They already know you are smart, hard working, dedicated, motivated and that you have the education and skills they require.
Moreover, many employers will not even recognize these types of inferior programs. The very best thing you can do for your career is to get into the very best school you can get into. A top 10 program is best. The best schools can be expensive. It's best to get into the best program you can and then figure out how to pay for it later. If you live at home and defer big expenses you can pay off the loans in a short time and your career will be amazing.
If you cannot get into a top program, you must get top grades in the program you do get into. I recently read an article by a top recruiter for tech companies in Silicon Valley. He said after 10 years of recruiting, he realized that a top student from a state school is a better employee than an average student from Stanford or another top school. Keep that in mind.
To help get into a top program, you will generally need either great undergrad grades or a great score on the GMAT (over 700). Recent students admitted to top 10 programs in the US have an average GMAT of 725. Having both great grades and a high GMAT is better. If your grades are not great, study like crazy for the GMAT.
Also, research companies you admire and want to work for. Use LinkedIn to research where the people in the positions you want went to school. If you see that everyone at Google who has the job you want went to USC then go to USC. People hire people like themselves. They won't take a flier on someone who went to an on-line school they never heard of unless you have TONS of real work experience doing exactly what they need you to do, in which case you likely don't need the masters in any case.
As part of your plan, you should do a thorough cost-benefit analysis before you agree to let your employer pay for the degree. And really do the same analysis before you take on a lot of loans. If you plan to get a masters that's going to cost you $100,000 but you're only going to earn an additional $5,000 per year, that's not a great return on investment. Before calculating interest it will take you 20 years to pay it off.
With all that in mind, education is never a waste of time. However, there is such a thing as good education and bad education. To have your dream career you need to do your due diligence. Pick the right profession with growth prospects. Pick a good program and a good school. Come up with a plan to finish the degree on your time line. Minimize the distractions of family, financial obligations and work distractions. Get good grades and learn what you are supposed to learn. There are no shortcuts. A masters degree is not just a box to check off on an application. Quality matters to your prospective employers and to the people you will ultimately be helping. Take your education seriously.
Good luck.
I think the key is to figure out what it is that you really want to study. There will be times where you may be tired and not want to work on your graduate thesis paper so you should make certain that what you pick is something that you can see yourself sticking with for a while.
I also know for myself if I had to do it all over again I would do a full-time program rather than a work and school. The best thing that I did was my final year for my masters degree program where I decided that I would concentrate on school and my thesis full time.
Rhonda Melo
Melissa Iszler
Strategic HR Business Partner
3
Answers
Philadelphia, Pennsylvania
Updated
Melissa’s Answer
Hi Kevin,
First of all, you have an excellent goal! Aspiring toward an advanced degree and working to build a timeframe to accomplish that goal is a great start. That said, there are so many factors that can influence how long it will take to reach that goal. While there are certainly elements outside of your control, I think there are numerous things you can consider.
- Financial planning - School is expensive. Unfortunately, the cost of advanced degrees just keeps getting higher and higher. Being responsible with your money from the very beginning will help, but the reality is that many students are in significant debt by the time they get their bachelor's degree. It's great to start thinking about what resources are available to you early on - can you apply for grants? Are there scholarships available that could offset some of your undergrad costs to limit your initial debt?
- Sometimes you can get a leg up on your preferred profession by starting working in your desired field before you get the degree. For many, especially those who did acquire significant undergrad debt, delaying work isn't an option. But there's good news - many companies offer tuition reimbursement! If your masters program is flexible - i.e. it allowed you to take courses at night, online, etc., it is entirely possible to work toward your masters while employed in your chosen field. Your employer may even pay back a significant amount of the cost of your tuition, as long as your chosen degree is of benefit to the employer and you pass classes while maintaining your performance at work. Sometimes work experience and work projects can even be used with your school work to meet education requirements!
- Be flexible! What you want to do today may change, especially as you get into the working world and experience new things. Reevaluate your goals frequently. What interests you? What is most important to you - the degree? your personal life? your career? Never lose sight of your goal, but be willing to adjust it as your life experiences shape who you are and what you want out of life.
Good luck!
Steven Schaffer
Senior Business Manager
15
Answers
Chicago, Illinois
Updated
Steven’s Answer
Not being sure how old you are now or what you are getting your Masters degree in, there usually are some standard advise for this question. Many careers now, you will need more than 4 years of college to be able to get jobs in certain fields. Typically, you finish this path by your mid to upper twenties depending on the field. But as you can imagine there are also paths that are atypical. You commented that life gets harder as you get older and you may then get limited on your future decisions. This can or may night be the case. The only thing you control is your ability to follow a career path that is interesting to yourself, surrounding yourself with people that encourage you to make decisions thoughtfully, and also, you need to take responsibility of your financial situation on this path. Hope this was helpful.