Is Getting a Master’s Degree Worth It? Written by Someone with a Master’s Who Says No.
“So where do I go next?”
I’ll never forget the moment I decided to go back and get my Master’s. It was while I was having a conversation with my boss’s boss about my future at a particular energy drink company. I had been employed for about a year (my first “full time” career) and after much growing/learning we were having the “what’s next” talk. I was based in a small market and I had aspirations of grandeur. A larger role in HQ, a bigger market, more responsibility. However, this was the response I got -
“Well to move up into the next role you need either 5-10 years of experience or a Master’s degree. But, we can accelerate that and give you a larger role in a smaller market. I think you’d be a great fit in Cleveland or even Cincinnati.”
Ohio? Seriously? I mean not to knock it but come on man. I’m from Alabama and Ohio is basically the Alabama of the midwest. Except colder, more farms and they have Lebron (right now). It was at that moment I knew I needed to make a pivot and try a different approach.
How does a Master’s replace 5–10 years experience?
As I later lamented about the injustices of my workplace and schemed how to move up quickly I realized there were programs out there that let you get your Master’s in a years span. Why wait for 5–10 years for what you could get in one year? My then girlfriend lived in Orlando and suggested I look up Full Sail University. Cause ya know “love” and stuff.
Sounded good to me so I was off and running. I went online, filled out the application, had calls with advisors, eventually got accepted and turned in my two weeks notice.
The program itself.
I could spend an entire article about Full Sail and my experience there. The good, the bad and the exciting. Overall a great experience in which I grew immensely and after 12 grueling months completed my Master’s to receive a degree in Entertainment Business. During my time at Full Sail we were told all of a world of opportunities, of how quickly we could get out of debt and just how special we were to be receiving our Master’s degree. What a smart investment we were making in ourselves! And while I get the need to be positive about the experience (they are a school after all) when I left and started looking for jobs I found it to be the exact opposite.
Standing out in a job interview. Just like everybody else.
Now I would like to take this moment to take my fair share of the blame. After receiving my degree I left school with every expectation that I was headed for my next move in a VP role at a major company. However, as the months passed and I picked up odd and end jobs, I realized my Master’s was not making people rush to hire me for a 6 figure salary.
After making some internal adjustments to my expectations I focused my job search within the “Middle Manager” realm. To my surprise in every interview I found myself sitting next to a candidate who, like myself, just received their Master’s and was applying for a role that was far beneath what we expected.
The market is oversaturated and you need to be prepared for that should you decided to go back and get a graduate degree. Essentially I found myself working just as hard as I did before my graduate degree to get callbacks, land interviews and find opportunities. There is no secret network of jobs and roles waiting for you when you finish your Master’s program.
Did I mention the debt is ridiculous?
It’s quite the predicament you enter into after getting your degree. Yes, you typically make more money however, you also have these spine crushing loans to deal with as well. For instance I physically attended Full Sail University and obviously had to pay the cost of living along with the online curriculum. When all was said and done I had over 70k in students loans from my graduate program. Keep in mind I worked 3 jobs all through my undergraduate program and had zero debt after I graduated from UAB. So this whole student debt thing was new to me.
And if you think 70k to attend in person was expensive don’t worry, getting a quality degree online is around the same. My wife also attended Full Sail but, did the online degree. With no additional cost of living her degree still came out to around 65k for the one year program.
But what does that mean in monthly costs? If you’re like me and doing a “pay as you earn plan” you could be looking at anywhere between $300 — $800 a month to pay it off. There is plenty of more I could write about this but, just want to give some perspective.
Yes it depends on the person but truthfully I don’t see the value.
At the end of the day I’m 99% certain that the roles I have had since my Master’s have had nothing to do with my degree. In interviews we talk more about my experience. And now the experience I gained during my program and right after with start ups gave me a plethora of life skills that I have utilized for my job. However, I would argue the same experience could be gained simply by being involved in a start up or other business venture.
There are more solutions than just an MBA or Master’s Program
There are a host of fantastic alternative MBA programs out there. Programs like Cardone University where sales folks can get trained by one of the best salespeople out in the game right now, Grant Cardone. Or Seth Godin’s AltMBA which condenses all the good stuff in an MBA into 4 weeks and allows busy professionals to finish while maintaining their current job. Even Ivy league schools like Harvard and Cornell offer online courses that are 3 months long and allow the student to receive a certificate in their given field (at a much cheaper price than a full year program).
If I could give advice to anyone considering quitting work and getting their Master’s, or going at night/online or trying to make a change in their career, focus on where you want to get in the long run. Does a year or 3 year program really get you where you want? Is there a certificate you could get quicker and still gain the same experience? Or imagine taking the 70k+ you would invest in a degree and imagine putting that into a business? If you’re wanting to launch a start up having a large amount of student debt isn’t going to make the “lean” months any easier.
For me I believe you can utilize any of these alternative MBA/Master’s programs to get you where you need to go. So, if I was to ask if my Master’s was worth getting, right now I would say no. Obviously the answers will vary from person to person but, the message stays the same. And if you’re considering going back to get a degree make sure to do extensive research and have a plan! Your experience will only be as useful as you make it.
Have any more questions you’d like to ask? Shoot me an email at cjgetsresults@gmail.com or connect with me on Linkedin!
