Advantages of a Graduate Degree
In an ever-changing job landscape, having a graduate degree can set you apart by identifying you as an expert in your field, which can increase your chances of getting a position that requires a great deal of in-depth knowledge and study. For scientists and leaders in the medical industry, having a graduate degree can make the difference between landing a management position. Even more, having a graduate degree may create more teaching opportunities, particularly at the post-secondary levels.
The Facts
The United States Census Bureau reported in its 2004 survey that employees with a master's degree earn an average of 23 percent more than employees with only a bachelor's degree. The report also showed that employees with a doctorate degree earned 35 percent more than employees with a master's degree and 68 percent more than employees with only a bachelor's degree. The Master's of Business Administration (MBA) degree is popular in the corporate world. According to a study featured on Top MBA, 38 percent of United States chief executive officers have a MBA. Most United States attorneys have a doctorate degree, specifically a Doctor of Jurisprudence degree. Master's degrees are also offered in the field of law for potential practicing attorneys.
Schools
Harvard, Yale and Massachusetts Institute of Technology are considered amongst the very best universities in the world. Earning a graduate degree from a top school shows commitment to your field. On top of offering standard financial aid, scholarships and grants, graduate schools offer students fellowships to help pay the cost of tuition. Additionally, many graduate schools accept transfer credits from other accredited undergraduate colleges and universities. Earning a graduate degree allows students to attend school with increased flexibility. For example, there are graduate degree programs that allow you to attend school part-time and earn your degree. Several colleges and universities allow you to earn a graduate degree online.
Types
There are two types of graduate degrees: master's and doctorate. Generally, it takes an average of 2 to 3 years to complete a master's degree and another 3 to 6 years to complete a doctorate degree. Master's and doctorate degrees are available in many professional or academic fields. For example, there is a master's of business administration and doctorate of education. Having a graduate degree in psychology, law, science and medicine can create credibility between you and your clients, especially if you have your own practice.
Benefits
Beyond providing leverage for you to increase your earnings potential, a graduate degree allows you to narrow your focus on a particular field of study/work. Returning to school to earn a graduate degree in your current profession may create the perception that you are dedicated and passionate about your area of work. Graduate alumni programs also offer networking and other perks you may be able to take advantage of. You may also notice that your level of personal and professional self-confidence increases after you put in the work to earn a graduate degree.
Considerations
To be accepted to most graduate schools, you will be required to take and pass an admissions test. There is the General Admissions test (GRE) and the GMAT for admissions to business graduate programs. The medical school graduate admissions test is the MCAT. You can check with the specific college or university you are interested in earning your graduate degree from to see if they offer a master's or a doctorate degree in your field of study. A comprehensive list of colleges and universities at both the undergraduate and graduate levels can be found at Peterson's. College Degree Directory also offers a list of colleges and universities at the undergraduate and graduate levels (see Resources).
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