Is Now the Right Time for Graduate School? Do These 3 Things to Decide

As a first-generation college student, a master’s degree was never on my radar in undergrad. Later on, a doctorate was a consideration only once I started working and realized I would need it to reach my goals at the time. 

Looking back, I wish I had spent more time thinking about the type of degree I was pursuing and where it could take me. As a result, the following information will help you make the most informed decision about your future education.

Before you jump into applying for graduate school or any other advanced degree program, do these 3 things to make sure going back to school makes the most sense for you right now… or if you should wait:

1. Consider Your Career Goals

2. Evaluate Your Personal Life

3. Research Job Market Trends

1. Consider Your Career Goals

✅ It’s the right time for graduate school: If you have a clear idea of what you want to do in the next 3-5 years and a graduate degree will get you there. This includes continuing in your current career or making the pivot to a new one.

❌ It’s NOT the right time for graduate school: If you’re hoping it will give you direction on what to do next in life. There are way less expensive ways to delay deciding on a career path. Consider taking an exploratory class or certification before applying and committing to another degree.

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Now that you’ve graduated college and have a little - or maybe a lot - of work experience, you likely have an idea of your career trajectory. Perhaps there are supervisors or other leaders who you aspire to be like or your plans are to become a subject matter expert and work solo.

Whether you plan to be a specialized individual contributor or hope to lead an organization one day, it’s possible that graduate school and an advanced degree will open doors to help you get there.

Questions to Consider:

• Do the people whose careers I aspire to have advanced degrees? (check LinkedIn)

• What types of degrees do they have? (ex. more general like an MBA or more specialized like Master of Business Analytics)

• When in their career did they get those degrees? How many years of work experience did they have after undergrad before starting school again?

As someone who unintentionally took 2 “gap” years between a bachelor’s degree and starting a master’s program, I am a BIG fan of having at least 1-2 years of work experience before starting another degree.

Why?

For people who graduate college at age 22-23, the first years post-graduation are pivotal in developing your sense of self and identity outside of being a student. (Let’s be completely honest here, scientifically the human brain is still developing until age 25).

In your early 20s, you start to figure out potential career paths that interest you, and benefit from talking to friends and coworkers about theirs.

If you know EXACTLY what you want to do - and maybe have known for years - and a graduate degree is part of that career goal, then go ahead and pursue it as soon as it fits into the rest of your life. That includes right after college.

If you’re on the fence about what you want to do with your career long-term, you might hold for another year or two before starting graduate school - plus potentially pausing your current career and taking on debt - until you have a clearer idea of your intended path long-term.

Worried about whether you can be a student again?

A little encouragement: Yes, you will still have it in you to be a student, regardless of how many years it’s been since you last took a graded class. Even if it takes a few weeks or months to adjust, you won’t be the only one. You’ll be great - I promise.

2. Evaluate Your Personal Life

✅ It’s the right time for graduate school: If you have the emotional, mental and physical energy to commit to completing a degree in addition to your personal relationships. Also if it makes sense financially.

❌ It’s NOT the right time for graduate school: There are any personal or financial strains that will be exacerbated by limited finances or time for the important relationships in your life.

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Going back to school for another degree right now may fit into your *career* timeline, however, you are a whole human outside of work.

What do you have going on in life right now? Do you feel stable? (Or as stable as you can in our current state of affairs, let’s be real here). Examine your personal relationships and your finances before jumping into graduate school.

Family and Relationships

Questions to Consider:

• How will my relationships with friends, family and/or a partner be affected when I have less time to spend with them?

• Do I want to complete a degree before having children, make a significant move or make another major life decision?

• Are there any current or foreseeable challenges that will be more complicated if I go back to school next year? (ex. health situations for yourself or others close to you)

When you’re back in school, most of your current free time will be dedicated to reading, research, studying and writing. If your life is fairly relaxed right now, adding in school work will be an adjustment but probably not ruin the flow of your relationships.

If you’re in a committed relationship - especially if this could be “the one” - have an honest conversation before starting your application about how limited free time could affect everyone involved. This is especially necessary for those whose love language is quality time (Forbes). 

Story #1: I started a master’s program with a budding mid-distance relationship (60 miles away). As someone whose love language is quality time, this meant I had to maximize my weekdays so I could solely focus on my person on the weekends. The experience upended my definition of a committed relationship - for the better - and we ended up getting married. Three cheers for true love and open communication!

If you’re close with family, also consider how less free time will affect your relationship with them. If you live within driving distance of extended family and are expected to be available for every birthday and holiday, will your family be ok if you have to miss any events due to school? Do you have any ailing family members who you would rather spend more time with than doing school work?

Story #2: My grandfather had dementia during my master’s program and ended up passing right before graduation. Family members calmed my guilt for not being able to drive the 2.5 hours home more often by saying he would want me to stay focused on school and graduating. I’m not saying I wish I delayed graduate school, but there were definitely tear-filled evenings working on papers when I would’ve rather been at home while he still recognized me.

In short, reflect with the questions above before applying to graduate school. 

If your current life situation can handle multiple pulls for your attention, energy and time, then now might be a great time to apply.

Financial Stability

Questions to Consider:

• How much is this degree? (Check out the US Department of Education College Scorecard)

• Can I handle the student loan debt?

• How many years will it take to pay off with the income I expect after graduation? 

• Will this degree help me earn more over the length of my career?

• Can I get financial assistance for this degree?

• If I go to school full time and quit working, how will I pay for my needs while in school?

Think about the current state of your finances. Are you able to pay your bills on time? If you have undergraduate student loan debt, is it currently manageable to pay each month on top of your necessities?

The graduate degree you’re considering might also be a door to a much better-paying job after graduation, in which case having a tighter budget in the short term could be well worth the benefits for your career and earning potential. (Yes, your cat will eventually love you again after switching to the generic brand of food) 🐾

One BIG question to keep in mind: Do I have what it takes to COMPLETE this degree? Only commit to taking the time and student loans to pursue this path if you plan to get that diploma and reap the benefits of your investment.

Need help funding your degree? Check out this post on 3 Ways to Have Your Job Pay for Graduate School.

3. Research Job Market Trends

✅ It’s the right time for graduate school: If there is demand for someone with your experience and intended degree.

It *might* be the right time for graduate school: If there is demand for your experience, your intended degree AND because of the potentially looming recession (see below).

❌ It’s NOT the right time for graduate school: If you’ll be going into the job market with only a hope and a prayer that it will get you a job and you’re only lukewarm about your intended degree topic anyways.

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Before jumping back into school mode, do a little research on the industry or job function you plan to go into post-graduation. 

Keep in mind that many job functions are transferrable to different industries - Disney and the Mayo Clinic need accountants just as much as The Big 4 accounting firms. Tech companies need human resources as much as computer programmers. Universities hire nurses and psychologists. You get the idea.

Questions to Consider:

• Is there a growing market for the degree you’re considering where there are more jobs than qualified people? ( ⬅️ this is a good sign!) 

• Is your intended degree in a niche field that’s competitive to get a job? Example: the job market is tight for PhDs hoping to get a tenure track faculty job, especially in humanities and social sciences. 

• Are the skills you’ll develop in your degree program broad or transferrable enough to prepare you for work in more than one industry?

Resource to check out: The US Bureau for Labor Statistics projects the growth of different career fields. If you need a TL;DR version, Google “job trends in # years” and add more details related to your interests to see if you’re pursuing a growing job function or industry.

In reality, any advanced degree should provide you with the opportunity to develop KEY skills for any workplace like written and oral communication, critical thinking and research (outside of Wikipedia). Getting another degree also shows your persistence and commitment to completion. 

That said, the degree title on your resume speaks to your skills even before an interview; if you have broad career aspirations, you might look at a more general versus specialized degree. 

Even if there is an abundance of people with your intended degree, if that industry or career trajectory lights up every cell of your being and you need the degree to get there, go for it. 🌟

The world is filled with people in careers and with education who never really wanted to go down those paths - and it shows. Sheer excitement for your future - paired with the right education - will get you where you want to go. 

Going Back to School in a Recession

One of the best times to go back to school, historically speaking, is during a recession.

Why?

Like anything in life, graduate school has an opportunity cost. In terms of employment, going back to school full-time (and leaving your job) includes the “cost” of being unavailable for promotions or other employment opportunities.

However, in a recession where there are hiring and wage freezes happening anyways, your opportunity cost is much lower because any job advancement could be limited by the economy anyway.

Story #3: I graduated from undergrad in 2008 (you see where this is going). Reflecting back on my career trajectory, I weathered the worst of the recession by serving in AmeriCorps until 2010, then went into my first grad program from 2010-2012. By the time I graduated with a master’s, I had more job prospects in my industry - higher education - because of having the advanced degree AND because the economy was doing much better at that point.

Looking at your current experience and considering your career goals, if another degree will get you one step closer, right now may be a perfect time to go back to school while the economy works itself out.

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