This is a guest blog by Drew Allen
In today’s competitive job market, the more experience and education you have, the better. However, if you’re an engineer and wondering whether furthering your education is the right choice, there are a few things you need to consider. Below, we’ll review both the cost and benefit of earning your master’s degree in engineering. As with any major decision, it’s always better to weigh the pros and cons. And when it comes to getting your master’s in engineering, you want to know you’re making the right decision because there is a significant amount of time, not to mention costs, invested that are associated with taking on this higher education level.
Pro: More Opportunities
The most obvious benefit of getting your master’s is having more ample opportunity in the field of engineering. However, please remember that just because you have a master’s degree doesn’t automatically mean you’ll be promoted on the spot. What it does help with, however, is to open the door for you to advance in your career by gradually shifting into a more qualified position. For example, a master’s can help you become a chemical engineer, a construction project manager, software developer, or a senior mechanical engineer.
Pro: Higher Salary
With a degree higher than a bachelor’s, you’re also usually able to take on a higher than average salary. While most positions in this field recommend a bachelor’s degree, there are a few that require a master’s or higher. Because the position requires a specific skillset, continuing your education might be a good idea in order to stand out above the candidates in this highly competitive job market.
Con: You Have to Pay More
As with any kind of master’s degree program, you’re going to pay more overall than you would for a bachelor’s due to the fact that it’s a more specialized higher education niche. Depending on the school and type of program, the average cost of a master’s in engineering could round out to around $50,000. Due to the high cost of tuition, you’ll need to find a way to pay to ease the financial burden. The best way to do so, if you’re not able to pay for it outright, is to obtain a student loan. To offset the financial responsibility, you’re much better off going to a private lender rather than a bank. They can offer you lower interest rates, which makes paying for your degree easier.
Con: College Will Last Longer
A Bachelor of Arts program is typically four years, but if you plan on pursuing your master’s, you’re going to be there for an extra two years. And the longer you’re in college, the more you have to pay. However, this isn’t as bad as it sounds. Being in college longer means you have the opportunity to further both your education and career. College has a lot to offer, so you could also learn something new that’s not related to your primary degree. Returning to school is a big decision, but it’s also one that can open the door to a new career.
About the Author Drew Allen
Drew is a financial enthusiast, seasoned blogger, and music and sports fanatic. He enjoys spending time outdoors with his wife and daughter fishing and boating. He is dedicated to his 15+ year career in the banking, mortgage, and personal finance industry.
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To your success,
Anthony Fasano, PE, LEED AP
Engineering Management Institute
Author of Engineer Your Own Success