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Earning a Master’s Degree in a Fluctuating Economy

The past few months have brought on a sense of uncertainty about the future. Going back to school and earning a master’s degree during these times could serve as a way to overcome obstacles and find stability in a turbulent economy. Read on and learn why earning a graduate degree within the next year or two may be the right choice for you.

FURTHER YOUR EDUCATION
Higher education is an excellent opportunity to grow your skills and explore new ones. Whether you get a master’s degree immediately after your undergrad or after working for a few years, the continued learning that an advanced degree provides you will be useful in the long run. This option can also be used as a means of switching career paths. If the field you currently work in or have an undergraduate degree in is no longer a passion of yours – or you have discovered an interest in a different area – pursuing a graduate degree can help you further explore new careers and gain the necessary skills and knowledge to pursue them.

DELAY ENTERING THE WORKFORCE
When the economy is unpredictable and job openings are few and far between, it can be extremely daunting to enter the workforce right after your undergraduate degree. It may also feel like the workforce is uncertain at a time when unemployment rates are rising. However, pursuing a graduate degree can allow you to not only gain more expertise in a given area, but it can also give the economy time to stabilize before you enter or re-enter the workforce. Pursuing a master’s degree is a great investment and productive use of your time as you plan ahead and wait out the current economic fluctuations.

HIGHER MEDIAN SALARY
There have been many studies done by researchers to analyze the differences in median salaries between individuals with bachelor’s degrees and those with graduate degrees, all other factors being relatively the same. One such study, conducted by Georgetown University, showed that college graduates earned around $17,000 more annually on average with a master’s degree than with a bachelor’s degree. This study went into further detail with breakdowns by major to show that, despite what these degrees were obtained in, having a master’s degree showed higher salaries than a bachelor’s in almost every single case.

The reasons mentioned above are compelling when deciding whether or not to pursue a graduate degree not only in general, but especially during an economic situation like the one we are facing now. With the plethora of benefits from earning a graduate degree, giving this option more weight in your decision process is significant to long term success and growth.

If you are interested in joining the Master in Professional Accounting program at Texas McCombs, the application for the MPA Class of 2022 will open on September 8, 2020.

2 Comments

  1. whats the total cost of the mpa program

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