How to Decide if You Should Go to Grad School in Your 20s
Written by: Cora Gold
Graduate school can be a challenging yet rewarding experience that opens new doors and opportunities for personal and professional growth. However, it requires careful planning, preparation, and self-reflection. Navigate this process successfully by asking yourself these questions before applying.
Pros and Cons of Grad School
The decision to attend graduate school is a personal one that depends on various factors, including your career goals, financial situation, and personal preferences. Consider these pros and cons of going to grad school.
Pros of Going to Grad School
A higher degree has many benefits, including earning more money and advancing your career.
Increased earning potential: Studies have shown that graduate students earn more money than those with undergraduate degrees. According to the Bureau of Labor Statistics, workers with a master's degree earned a median weekly salary of $1,661 in 2022, compared to $1,432 for those with a bachelor's degree.
Specialized knowledge and skills: Graduate school provides the opportunity to develop specialized knowledge and skills in a specific field, which can enhance your career prospects and earning potential.
Career advancement: Many fields, such as law, medicine, and business, require graduate degrees for advanced positions or leadership roles. It can open up new career opportunities and help you advance in your chosen profession.
Networking opportunities: Graduate school allows connecting with classmates, professors, and alumni with similar interests and career goals. This network can be valuable for future job opportunities, collaborations and references
Personal fulfillment: Pursuing a graduate degree can be a personally fulfilling experience that allows you to delve deeper into topics that interest you. It can also provide a sense of achievement and satisfaction.
Cons of Going to Grad School
Graduate school has its downsides, including cost, stress, and time commitment.
Cost: Graduate school can be expensive, especially if you factor in living expenses, tuition fees, and lost income due to reduced work hours or unemployment during study periods. Scholarships, grants and student loans may be available but not cover the entire cost.
Time commitment: Graduate school typically takes several years to complete, requiring a significant time commitment that may impact other areas of your life, such as work, family, and social activities.
Opportunity cost: The opportunity cost of attending graduate school means putting other plans or endeavors on hold, potentially missing out on experiences, networking opportunities, or career advancements.
Limited flexibility: Once you start a graduate program, you may have limited flexibility to change direction or pivot to another field, as you'll have invested significant time and resources into your studies.
Pressure and stress: Graduate school can be demanding, with high expectations for academic performance, research, and thesis completion. This pressure can lead to stress, burnout, and mental health concerns.
Potential for overqualification: Depending on your field and career goals, a graduate degree may not be necessary or may even be seen as overqualification, potentially limiting your job prospects.
Loss of momentum: Taking time off from the workforce to pursue a graduate degree may disrupt your career momentum, making it challenging to regain traction upon returning to the job market.
Limited opportunities for entrepreneurship: Graduate school may delay or distract from entrepreneurial ambitions, as the focus shifts to academic studies rather than developing business ideas or building a startup.
Why Do You Want to Pursue a Graduate Degree?
It's important to understand your motivations for pursuing a graduate degree. Are you looking to gain advanced knowledge in your field? Do you want to switch careers or industries? Are you hoping to increase your earning potential? Do you simply enjoy learning and want to continue your education? Being honest with yourself about your reasons will help you choose the right program and make the most of your experience.
Can You Afford Grad School?
Grad school is a fairly large investment, and financial aid options vary depending on the institution and program. Research funding sources, scholarships, grants, loans and other financial assistance available to students. Be realistic about how much you can afford and create a budget accordingly. Remember, managing debt wisely is key to long-term success.
Will Grad School Fit Your Lifestyle and Priorities?
Graduate school typically involves a significant time commitment, including coursework, research, internships and extracurricular activities. It's essential to consider whether you're ready to dedicate years to it.
Ensure that pursuing a graduate degree won't interfere with your existing commitments, such as family, friends, hobbies, or volunteer work. You will need to set boundaries and stick to a schedule to balance everything at once.
Also, consider whether the flexibility and schedule offered by the program align with your needs and preferences.
Do You Have a Strong Support System?
A solid network of supporters who believe in your dreams and provide guidance, encouragement and practical advice can significantly enhance your chances of success in graduate school. According to one study, over 60% of students met the criteria for one mental health condition during the 2021-2022 school year. Many students struggle to maintain their mental health, so having a support system can make a major difference.
You must seek mentors in your chosen field, connect with like-minded peers, and maintain open communication with family members to keep them informed and involved in your journey.
Which Program Aligns Best With Your Goals and Interests?
Countless graduate programs are available across various disciplines, so choosing one that matches your goals and interests is crucial. Consider factors such as the curriculum, faculty expertise, research opportunities and location when selecting a program. Researching the job market and potential employers after graduation is essential to ensure your degree prepares you for your desired career path or progression.
If you plan on working while attending grad school, looking into remote or online learning opportunities to match your pace and time requirements is worthwhile. With the advances in technology and AI in education, you can modify your schedule, have a personalized learning experience, and streamline your workflow.
How Does Grad School Contribute to Your Long-Term Goals?
Graduate school can help you achieve your career goals, but having a clear idea of those objectives is essential. Consider what you want to do after your degree. Do you desire to work in academia, industry, or nonprofit? Are you aiming for a specific field or specialization? A clear vision of your career aspirations will help you determine if graduate school is the best way to get there.
Consider your ultimate career aspirations and assess how a graduate degree contributes to reaching those goals. Whether you aim to become a thought leader in your industry, launch your own business, or secure high-paying jobs, having a graduate degree can provide valuable credentials, connections, and opportunities.
What Are Your Alternatives?
If you're unsure about attending graduate school, consider alternative routes that can still help you achieve your career goals. For example, you could take online courses, attend professional conferences or participate in internships or fellowships. These options may be less expensive and time-consuming than graduate school, yet they are still valuable in advancing your career.
Should You Go to Grad School in Your 20s?
Answering these questions honestly and thoroughly will make you better equipped to navigate the complexities of graduate school applications and increase your chances of success. Remember, the journey to graduate school is just the beginning — it's the foundation upon which you build a fulfilling and successful career.