Should you go to grad school? Here’s how to decide

Deciding whether graduate school will help advance your career can unleash a mind-bending set of cost-benefit questions that demand thorough research and planning.

Let’s face it: Earning a graduate degree can be time-consuming and costly, and it can add stress to your life. But in some cases, it can also lead you to a more attractive and satisfying career.

That’s why research is vital when making this decision. The central question should be: Will this degree get me where I want to go? You can’t figure out the answer to that question by guessing because too much is at stake, both in time and money.

Assessing professional goals

One of the best ways to find out if graduate school is worth your effort is by visiting with the people who do the hiring in your organization or in the industry you’re targeting as a career goal. Have honest discussions about their expectations, how those expectations might change and what specific value a graduate degree adds for job seekers.

Some specific questions to ask these hiring managers might include:

Some people arrive at graduate school as lifelong learners eager to build their academic credentials. That’s an admirable goal, but it’s also helpful to think about the result of earning that advanced degree and how your professional life will look after graduation.

In certain fields, for example, a doctorate carries an expectation that you’ll become a faculty member — and faculty jobs are at a premium and may require relocation. If you don’t follow this traditional route, will you struggle to find engaging employment, or could you be viewed as being overqualified?

Paying for school

The economics of graduate school are also important.

Start by calculating the tuition, fees and costs of living, including the cost in terms of lost wages if you’re not working. Find out if your employer will help underwrite your education.

If you need to borrow money, investigate your student loan options at studentaid.gov. Explore graduate school scholarships offered through your school, professional organizations and private groups. If you’re a veteran, consider the benefits available to you.

Once you settle on a graduate school program, find out if there are research or teaching assistantships that will help pay for graduate school — and help build your skill set.

Don’t forget to factor in the impact on your lifestyle and family. Consider carefully whether the sacrifice in the short term will ultimately lead to a better standard of living once you receive that diploma.