Is My Master's Degree Worth It?

Online Education Columnist
Conventional wisdom holds that higher education gives a return in both increased earnings and job stability. And data from sources like the U.S. Census Bureau and the Bureau of Labor Statistics (BLS) support that claim.
So if the numbers are clear, why are so many people questioning the value of a master's degree?
At the height of the recession in 2009, The New York Times ran a feature on the value of a master's degree and hundreds of readers wrote in to comment on how their own master's degrees had--or hadn't--paid off. As one commenter wrote, "While I believe my master's education was excellent, it is very sad to see so many of us getting nowhere with it so far."
While the job market has picked up since 2009, the master's degree remains an uncertain investment for many students. A recent study from Georgetown University's Center on Education and the Workforce (CEW) provides new data on just how good of an investment a graduate degree can be. It's no surprise that the results vary significantly by field of study.
Does a master's degree pay off?
The National Center for Education Statistics (NCES) reports that education was the most popular master's degree program in 2007-2008, with 175,880 degrees conferred that year. Indeed, the Georgetown University study found that in most fields in education, somewhere between 40 and 60 percent of education majors go on to graduate school. The average earnings boost for these students was 33 percent.
The second most popular master's degree program, according to the NCES, was business, with 155,637 degrees. Fewer undergraduate business majors went on to graduate school--less than 30 percent in all business fields--but the average earnings boost was 40 percent, the CEW reported.
Biology and life sciences--a major group that includes fields such as biology, environmental science and zoology--had the highest percentage of students go on to graduate school at 54 percent and the highest earnings boost for those students at 101 percent. The physical sciences--including physics, astronomy, and geology--came in second, with a 48 percent graduate school attendance rate and a 70 percent earnings boost.
The least valuable master's degrees were in the arts, with only a 23 percent earnings boost, and communications and journalism, with only a 25 percent increase in earnings.
Online master's degrees: 3 questions to ask before you get started
Of course, earning a master's degree is about far more than just dollars and cents. A master's degree may be an opportunity to take your career in a new direction by adding management training to your nursing degree or getting teaching credentials to complement your science background. It can also be an opportunity to update your resume after time away from the workforce or pursue a passion. Whatever your goals, make sure you can answer these questions before enrolling.

1. Is my master's degree part of a defined career plan? Some master's degrees, such as nursing or information systems management, lead to very specific careers, while others, such as English or economics, provide advanced training that can be applied to a wide range of industries. Depending on your career goals, you may want to pursue a master's degree that fills a specific resume gap, or you may be looking for an opportunity to update your credentials more broadly. Talk to employers, college career counselors and former students from prospective programs to make sure your master's degree training matches your goals.
2. Should I work for a few years first? While work experience can help you define your career goals and focus your master's studies accordingly, it can be hard to give up the perks of a professional life to become a student again. However, some schools--often professional schools like business or health--may require work experience before you can be admitted. If work experience is important but you want to keep your momentum as a student, consider an online master's degree program that allows you to work during the day and take classes at night.
3. Can I afford my master's degree? Master's degree students qualify for many of the same government loans as undergraduate students, but scholarship and grant opportunities may differ. Master's degree students may also be able to get tuition waivers and stipends in exchange for work in their department as teaching or research assistants. Online master's degree programs allow many students to keep working while attending school, helping them balance the costs of a master's degree with an ongoing income. If you opt to pay for your master's degree with loans, personal financial advisor Liz Pulliam Weston recommends students not borrow any more in total than they expect to make their first year out of college. Kiplinger offers a handy calculator to help students assess the impact of loans and lost income compared to potential increase in earnings from a master's degree.

Earning a master's degree is an opportunity to dive deep into a topic that interests you or to develop key skills for your career. A master's degree may not make you rich, but with careful planning, it can be a solid career investment.

Difference between Online Education VS. Traditional Education

 These days, the internet has grown into a veritable wealth of information for college seekers. Everything from applying for financial aid to taking a course can be accomplished online. Now, a student can even obtain online degrees from one of many schools offering online education as a viable alternative to a traditional classroom education. How different are these two methods of teaching, and do either prove better for the student? There's an abundance of information regarding online education, and distance education is becoming increasingly popular for students everywhere.

First and foremost, there are some obvious benefits in obtaining instant degrees. For example, juggling a job, school and a home can be very difficult as far as commuting to the classroom every day. With online education, you eliminate the need to attend classes, and instead access your coursework from an internet website. This presents an obvious benefit to the overworked college student because his commute is basically slashed in half. What's more, many distance education programs allow students to complete the coursework any time during the day, while still adhering to overall deadlines. This allows for flexibility that a traditional classroom setting can ordinarily not provide.
However, is an online education truly comparable to the type of education a student would receive in an actual classroom? Many professionals in the field say yes, and certainly students seeking online degrees can confirm this response. Not only does online learning provide a stimulating environment for students, but it promotes even interaction among every student because everyone has a say in classroom discussions. What's more, online education programs allow each student to learn with the methods that work best for them. Plus, many employers respect online degrees as much as a traditional college degree, so there's really no difference in the amount of education or respect a student will receive when attending an online college.

While traditional colleges will never be eliminated, there's definitely been an increase in the amount of students attending online colleges in recent years. Many people choose to follow the online education route for the diversity of material they can find, or because the teachers are more approachable via the internet than they would be in a classroom setting. Students definitely need discipline and self-motivation to succeed in obtaining online degrees, but there's still the same level of help and support from teachers and students online that there would be in a classroom. What's more, internet college students are learning skills that will be beneficial to them in the workforce and beyond because of the way technology is evolving today.
Life experience online degrees are becoming an increasingly popular way to obtain a college education and many students are turning to online education because of the quality of material, convenience and the level of flexibility inherent in distance education programs. Because there's no distinct differences between an online education and a traditional education, students are assured they are receiving the same kind of education that they would in a brick and mortar setting. There are definite benefits to online degree programs, and students with discipline and motivation can and will succeed greatly in online education programs.

The Flexible Education: Get a Bachelor's Degree Online

The stereotype of correspondence courses and diploma mills is reaching extinction as the Internet gains credibility nearly every day. In fact, many traditional colleges are now offering bachelor's degrees online, lending their legacies of quality education to flexible distance learning programs.

Taking an Online Class

Distance learning appeals to many busy professionals, who may have a full-time job or family commitments that conflict with their desire to earn a bachelor's degree. By taking an online class, the student typically gets to set his or her own schedule, and attend class from a home computer or on-the-road laptop.
Make no mistake, though, earning a bachelor's degree online is not a cakewalk. It requires self-discipline to log on to your online class and commit to distance learning, with no professor of fellow students looking over your shoulder. However, if you are ready to reach your goal of getting a bachelor's degree, then committing to distance learning should be viewed as a fundamental step on your path toward a better life.

Distance Learning To-Do List

Once you decide to pursue your bachelor's degree online, it is imperative that you do your research on the various distance learning programs--not every online class is the same. Here are a few tips on your distance learning to-do list.

• Make sure your online class is offered by an accredited distance learning program, or your diploma might be worthless.
• Ask whether your online classes will beasynchronous or synchronous. If it is asynchronous, you can log on to your online class at any time. If it is synchronous, you may be required to "attend" class on specific days and times.
• Check into financial aid opportunities. Just because you are getting your degree online doesn't mean you don't qualify for financial assistance.

Take these tips and make some power moves toward getting a bachelor's degree online. After all, you don't have to head back to the classroom to move your life to the next level.