Is the Cost of Master’s Degree Worth the Risk?

The Business of Schools

And it’s not simply students who are facing the economic crunch. When asked to weigh in on student debt, Taylor says: “Education is big business and, like other big businesses, it is in big trouble. What people outside the education bubble don’t realize and people inside won’t admit is that many colleges and universities are in the same position that major banks and financial institutions are: their assets are plummeting, their liabilities (debts) are growing, most of their costs are fixed and rising, and their income (return on investments, support from government and private donations, etc.) is falling.”

What this means is that colleges and universities must find new sources of income, and invariably that can be found in an increased enrollment of students. These schools want more students to pursue a master’s or doctorate degree because it helps schools financially.

Benefits of Further Education

Despite all the financial drawbacks, it is important to remember the benefits of going to graduate school.

According to the Canadian Association for Graduate Studies, many schools are currently focusing their curriculums around the placement of students in the workforce. Programs are tailored to ensure employment or have been created as a direct response to the demands of specific industries.

Statistics Canada found that master’s graduates earned over $10,000 more than their bachelor’s degree counterparts for all fields of studies.

The employment website The Labour Market, says a master’s degree also helps students stay relevant. It “promotes critical thinking while utilizing resources and research exercises to provide students with the most current information in their field of study.”

The bottom line is that students have to think ahead. Education is an investment, but it is not always about the money, Beth Flye, director of admissions for the University of North Carolina, told Fox Business last year.

“Weighing the pros and cons of your situation can help you make vital decisions on when and how you will pursue your education as well as what your ultimate goals are going to be by getting this degree,” she said.

“Think about and determine where you are in life, what you want to accomplish and what your career endeavors are to make sure that going back to school is the right decision for you.”

Megan Gartrell is a freelance writer/editor living in Victoria, B.C. whose passions include poetry, fiction, music and dance.