Applying to Graduate School? Stop and Think.

This week in METRO:

Here’s a story I hear all the time.  A recent grad laments her difficult job search.  Apparently, when HR reps see the MBA on her resume, they put her in the pile of those seeking a management position.  Unfortunately, because this grad's prior positions were administrative and customer-service oriented, hiring managers don't think she has the practical experience to qualify for such a position.

There are lots of graduate school alumni in similar situations.  After spending a huge chunk of change on an advanced degree, they find that they are no more marketable in their chosen field than they were before they started school.  The only difference now is that their job search is more urgent because they are deeply in debt. 

To me, this phenomenon speaks to the danger of going back to school without a great deal of advance consideration.  So many people make this decision because the economy is bad and they’re scared to be on the job market right now.  Others choose a graduate program because they aren't sure where they want to go with their careers.  In reality, though, all of these folks should first be doing a cost/benefit analysis to determine what such a program is going to bring them in terms of increased job prospects and financial compensation.  

It also helps to do enough research to know that you actually like the field you’re going to school to pursue.  I've talked to lots of people who earn a Ph.D., JD, or MBA only to end doing something else entirely.

Graduate school is not something you should do just for the heck of it.  Rather, you should first determine in concrete terms why you need the advanced degree to move ahead in your career of choice, and then map out a plan for how you'll use the training and degree to facilitate the level of success you’d like to achieve.

Comments

[Will]

Great post

I almost went to law school, then figured out I had better ways to spend 3 years. There is a very interesting book called "Hit Over the Head with the Bar" that tracks people who enter law school through how many are actually practicing law three years after graduation. It is a small percentage.

[Carrie]

I'm torn on this subject. I went to graduate school and just completed my MA in International Public Relations (which very few people have in the US). Do I think it will necessary help me in my career? Maybe. But it probably is hindering my current entry-level job search because many employers don't seem to know what to do with an advanced PR degree.

However, going to graduate school allowed me to spend a year focusing on what I really wanted to learn before entering the job market and, more importantly, feel good about my choice to go into communications. In the end, I worked for my MA because I wanted more education in my field and the freedom within my education you get with an MA rather than a BA/BS.

[Chris H.]

@Will, the percentage of people who have JDs and are practicing law 3 years later is not necessarily the same as the percentage of people who have JDs and regret that decision 3 years later. You can learn more in law school than just how to practice law.

[Arch]

I recently graduated with a Bachelor's Degree. Not long before my graduation, I got a letter in the mail from my school telling me that the economy was bad and that I should consider going to grad school.

This made me very angry, and I did not take them up on the offer. The job search is grueling, however, they weren't lying about that economy thing. I still have enough debt, thank-you-very-much, and do not feel that I would benefit from an advanced degree. Reading this article makes me feel a little better about my decision.

[Rob Pinder]

You should go to grad school primarily because you have an intellectual interest in the field that you will study and not because of the possibility of enhanced employment after you graduate. If you can marry both up, then that's "icing on the cake". Last time I checked, no decent university attaches a guarantee of employment to their diploma.

[Les K]

Whatever happened to study for the love of it ? All my own study was done from sheer enthusiasm. It sll developed valuable transferrable skills directing cumulatively-improving, effective team participation in the working environment. Why would one want to force study/learning into the yoke of work ? Study for the sheer joy of it - but let's learn everything that might be remotely useful in any situation - leisure, work or even community action. That way, nothing is left undone, no opportunity lost ..

[Rick Leung]

Grad school is a unique experience of a life time. While it may or may not enhance your hire-ability after graduation, if you only focus on the employability that your Masters or PhD could bring, you're totally missing the point, and you probably shouldn't do it -- you'll only end up wasting your time because you won't be able to enjoy and treasure this most valuable experience.

[Wendy Hidenrick]

I've met quite a few people who are in their early 20's with Graduate and Masters Degrees. And I think, why did you do that? As someone who does hire entry level people, I won't interview or hire someone with a Masters and absolutely NO EXPERIENCE. I think a college education has it's place, but actual experience speaks louder.

Here is my personal quandary - I have a Bachelors degree and am thinking about getting a Masters to help me elevate my career to the next level. I also have 10+ years of experience in the industry. I am torn as to whether I should spend a ton of money on a Masters, or just continue to work and use the years of experience to help me where I want to go.

If I look at pros and cons, I don't think spending $60K on a Masters will ever be made up in my compensation, as I have a healthy comp now. But if employers see 12 years experience (b/c it will take at least 2 years) AND a Masters degree in the field, I think it will make me stand out and ensure long term employment.

What would you do?

[Alexandra Levit]

Thanks for all the terrific comments!

@Wendy: Is it okay with you if I answer this in my WSJ Mailbag segment? I can remove your name if you like.

@Rick: I see your point, but people should understand their own motivations before enrolling.

@Les: There's nothing wrong with going for the love of learning, but you should be aware that it may not translate directly into enhanced job opportunities.

@Rob: I think this is a valuable perspective, and thanks for helping me educate people on this issue.

@Arch: Glad to help, and I can't believe they sent you a letter like that. Rather irresponsible, if you ask me.

@Chris: Fair enough.

@Carrie: that it's done, you're looking at the situation in a very healthy light. Best of luck in your search!

@Will: Law school is notorious for being a catch-all solution for people who don't know what to do with their lives. Sounds like a fascinating book. I'm going to check it out.

[Oscar Hernandes]

A million dollar article and even better solutions. Even we as students in business schools never mapped out a plan and took things too lightly. The result was same as you have mentioned in the beginning. But i don't regret that now, because i m working with a company i would have dreamt to work with. Hirelabs, Inc. :). I love going to the office everyday. :D