People who have master's degrees often have access to better, or more specialized, jobs than those with bachelor's degrees or high school diplomas. Some organizations specifically ask for applicants with master's degrees when they are looking for candidates for jobs. A master's degree is essential to work as psychologists, social workers, physical therapists, librarians or professors. Master's degrees often qualify students for different types of jobs within their fields, and people with master's degrees command a higher salary than those with lower-level degrees. According to the U.S. Census Bureau, those with master's degrees earned an average of more than $10,000 more per year than individuals with bachelor's degrees in 2008. However, having a master's degree can sometimes hurt people's chances of getting lower-level jobs. Employers may not want to hire them because they may believe that they will be looking for a new job or will quickly become dissatisfied with the job.
Within master's degree programs, students often learn skills they will need within their job. They also can gain knowledge about their field that they would not get in a bachelor's degree program, which could help them do their job better. Many graduate programs offer internship or assistantship programs through which students can gain experience within their chosen field. Having hands-on experience often makes students more attractive to potential employers and prepares them for their future careers.
Attending graduate school is often expensive, which means that students have to go further into debt to get master's degrees. Some students get scholarships and grants to cover the costs of graduate school, but many people need to get federal or private loans to help with tuition, fees and living expenses. By the time they have finished their bachelor's and master's degree programs, many students are more than $50,000 in debt, according to the SmartStudent Guide to Financial Aid. These individuals often have to pay off their loans for between 10 and 25 years, depending on the amount they owe. People do not have many options for getting out of debt when they cannot pay their student loans, as private and federal loans are not subject to bankruptcy.
Students often spend two or more years of their life in graduate school, which is more time that they are out of the workforce. They may be able to gain valuable skills and knowledge through their programs that help them get a job, but they may miss out on advancements because they are not working within their career fields. Absence from the workforce for two or more years, on top of the years they work toward their undergraduate degrees, may cause additional debt. Although they may be able to work while attending school, they likely will not earn enough or work long enough hours to be able to save money. The money they earn often goes to go to rent, necessity items and other costs. During their time in school, students usually have to focus and spend more time on classes, theses and internships at a cost to their daily jobs. If they cannot find a job in their fields right away, students risk going into greater debt or having to get a job outside of their field.