When deciding to go to grad school, there are a lot of pros and cons to weigh. Of course, getting more education is a great thing for everybody, and graduate degrees will undoubtedly increase your earning potential, but at the same time, the cost of school can be a huge deterrent. If you’re considering a graduate degree you should think about the program you want to enter, the costs, and the salaries of people who earn these degrees. There are a lot of great choices for people who don’t want to break the bank.
A Medical Remedy
The costliest choice for graduate programs is medical school, but postgraduates can also repay their debts the fastest because of the high earning potential in medical fields. However, those looking into medical degrees also have to consider residency programs or a lower-paying apprenticeship. After finishing a residency, though, most doctors are looking at a six-figure salary which puts them in an excellent position for paying back loans. According to Medscape, a supplementary medical website of WebMD, average compensation ranges from $200,000 to $440,000 annually depending on the specialization. However, be sure that this field of work is right for you.
Some Serious Business
Master of Business Administration (MBA) degrees are skyrocketing in popularity because of their relatively low-cost and high post-grad earning potential. Among the most favored graduate degrees, an MBA has the lowest debt-to-income ratio, meaning these graduates make the most compared to the cost of their degree. Data from Priceonomics customer Earnest shows the average debt for earning a MBA is about $90,000 with an average income of about $127,000 annually. Many programs can be completed online in two years or even less, which means you’ll be on your way to higher earnings sooner.
Engineered To Think Outside The Box
The field of engineering is booming in the growing industry. The combined applications of science, mathematics, and technology are used in several sub-disciplines. The numerous branches of engineering including chemical, civil, electrical, mechanical engineering and many more ensures that a post-graduate with a degree in engineering will have a specialized field to advance their career. This degree typically requires two years of coursework with high odds of finding full-time jobs with high salaries afterwards. Employment for engineers is expected to increase by four percent between 2014 to 2024 with some specialties projected to experience faster growth such as biomedical, environmental and civil engineers according to the Bureau of Labor Statistics.
Finance Your Way To The Top
Every business could use some help with their finances. That is why a degree in finance and economics has amazing career potential. Once completed in two years or less, you can work with businesses, banks and even government offices. These positions could earn you a post-graduate salary starting at $70,000 according to the National Association of Colleges and Employees, will help to quickly pay off those school loans.
Analyze These Stats
A degree program for mathematics and statistics can be completed within two to three years with a median salary ranging from $70,000 to $80,000 per year according to the U.S. Bureau of Labor Statistics. Reports express that more job opportunities will increase by 20 to 30 percent for those with degrees in statistics and mathematics as data becomes more accessible for analysis.
If you decide to go to graduate school, be sure to consider various other factors like which school you plan to attend and if the field that you are choosing to study will be something that you wouldn’t mind doing for majority of your life. Graduates from the most prestigious schools have a higher earning potential even ten years down the line. However, some schools offer lower tuition than others. Also remember, graduate school is a chance to make connections, network, and learn from professionals in the field, which can increase your return on investment or even more, but be sure that you are happy in the field you choose.