A master's degree is as much an investment in time as in money, but what it will be worth after graduation depends on the student's course of study. In "The Chronicle of Higher Education," Thomas Benton, an associate professor in English, says that after graduation many students are disappointed to find out that there are not as many job opportunities available in the humanities as they had originally thought. Because they continue to be unable to find a job, the competition snowballs, and more and more people chase fewer and fewer full-time positions. These students may then settle for either lower paying jobs or positions unrelated to the field they studied. If there are doubts about graduate school, the student should instead take the time to do some self-assessment and career planning.
Deciding to get a master's degree is a serious financial investment, and the accrued cost may be more than the degree itself. Mark C. Taylor, the religion chair at Columbia University, told "The New York Times" that he has known many students who pursued master's and doctoral degrees in various disciplines only to find themselves broke, unemployed and starting all over again in their mid-30s. Taylor advises students to first decide how they are going to pay for their graduate degrees and, if they do borrow, make sure they will be able to pay off the new debt.
While many degree programs may offer assistantships and fellowships to help students pay for expenses, some of those academic programs can be just as competitive as trying to find a job.
Many people apply to graduate schools with the belief that additional education will increase their chances of finding secure employment. But going to graduate school could prove to be a bad solution for coping with uncertainty. Many career changes could be obtained by taking a night class. Some fields may only require additional knowledge, but not a degree.