The views and opinions expressed in the Graduate and International Ambassador Blog are those of the authors and do not necessarily reflect the official policy or position of the University of Arkansas.
By Paxton Dodd
All too often there is debate about the impact of undergraduate degrees – whether a bachelor’s degree is even required to succeed in the world.
The dialogue surrounding graduate degrees is no different. As the number of people attending university and attaining graduate degrees increases, it is important to understand some of the benefits of possessing a degree of this stature.
What do the Numbers Say?
The U.S. Bureau of Labor Statistics assesses over 800 occupations and projects a 7% average growth for all occupations. However, according to the 2018 BLS Career Outlook report, master’s-level occupations are slated to grow at a rate of 17% by 2026, while doctoral-and professional-level occupations are slated to grow around 13%. The six career fields from which much of this job growth will occur are:
- Community and social service
- Legal, education and library
- Medical, dental and nursing
- Other healthcare (i.e. physical therapists, pharmacists, occupational therapists, etc.)
- Postsecondary teaching
- Science, technology, engineering, and math (STEM) and social science
Only about 13.1 % of Americans have earned a master’s degree or higher. This is a relatively small portion of the population, especially compared to the nearly 50% of Americans who hold bachelor’s degrees.
Being able to distinguish yourself in the job market has always crucial to forward advancement, but holding a graduate degree is increasingly becoming a requirement to stay ahead of the curve.
So, Why Should you Consider Graduate School?
The answer to this question really depends on your goals and needs.
If you are looking to improve your career prospects, then having an advanced degree may bolster future employment opportunities and help you earn higher wages. U.S. Bureau of Labor Statistics data shows that those with higher levels of education experience lower unemployment rates and higher earnings than the rest of the population.
If you are a bright mind with a curious intellect and strong work ethic, then graduate school will also give you a chance to participate in cutting edge research and field studies. Many important technologies that we rely on today were developed by graduate students while completing their graduate programs.
Beyond the formal classroom education, students have the opportunity to continually engage with mentors and peers. This learning environment can push students to heights they never dreamed of before graduate school.
How to Afford a Graduate Degree
It can be scary to think of the cost of a graduate degree, especially in today’s varying political and economic climate. However, there are a few methods to greatly soften the financial impact of a graduate degree.
At virtually any accredited institution, students will find a number of grants, research assistant, and teaching positions are available. At the University of Arkansas, approximately 1 in 4 graduate students hold graduate assistant positions (which include research and teaching assistants), that pay for 100% of tuition and fees plus a monthly living stipend. This type of experience not only allows for a lack of financial burden, but also can give students enriching and resume building experience going forward.
Fellowships, such as the Benjamin Franklin Lever Tuition fellowship, are another option. These funding sources are available to various populations and often provide partial or even full tuition coverage.
Armin Mortazavi working with his mentor, Roger Koeppe in the Magnetic resonance lab.
Earning a graduate degree can provide you with tremendous value, depending on your goals. If you are trying to develop greater career marketability or push the boundaries of both your own abilities and those of your field, then a graduate degree may be the perfect solution.
A certain level of prestige and pedigree comes with a graduate degree as well; it is something you carry with you through any challenge in the professional world. Once you have passed through the trials and completed your degree, you know that you can face any challenge.
There certainly can be downsides – the costs to your time and finances may be high, and your program will hold you to a certain degree of excellence that not everyone can meet. However, there are also plethora of upsides to receiving a graduate degree, all of which should be considered carefully.
As an individual looking into graduate school myself, you can bet I will be attending!
