I think there are 3 or 4 reasons that people go to college.
- Credential
- Education
- Networking
- Self Fulfillment
1: As far as credential, in a technical field in industry, I have found that a master’s degree is usually seen as the equivalent of a few years of work experience (somewhere between 1-5, with 2-3 being most common). It generally won’t open a door that was completely closed otherwise the way a bachelor’s degree does, but it does give you a bump in perceived seniority and generally associated compensation. In this regard, it’s important to consider the cost of getting the degree. I’d say that on average a master’s degree will get you an additional $10k a year or so. If you were able to work while getting it and didn’t pay much for tuition, that’s a good bump. But if you paid a bunch for tuition or delayed entering the workforce by a couple years (and maybe took loans in the process), the financial picture becomes less clear.
The above may not be true in certain academic or research positions where a Master’s or PHD is simply a base pre-req to get in the door. But that almost certainly doesn’t apply in your field (unless you want to become a professor). There are some companies that make a big deal of only hiring PHDs to some positions, but these are a rare exception.
2: For education, the reality is that many master’s degrees are more specialized. Unless you find a particular field interesting or have an opportunity to work in it right away, the specific knowledge you gain, might not help you that much in your professional life. Of course, it won’t be useless and demonstrates the ability to learn and navigate challenges in an area that is at least adjacent to the field in which you are working. This, I think, gets to the heart of why many employers view it more as additional work experience rather than something that fundamentally changes the types of jobs you are qualified for.
3: Networking value is fairly difficult to predict and will depend on you. Working in the right companies and industries can also create valuable networking opportunities. I don’t think this is enough reason on its own to go to college, but is a benefit to keep in mind when you do go.
4: Not much to say here. If this is why you are going, re-think your life.
So, overall, I’d say that you need to consider the costs of the master’s degree and consider how much of a pay bump it will actually bring you. I got a master’s degree going to night school while working full time in an engineering job. Thanks to a good scholarship and corporate tuition reimbursement, it was basically free. I think I paid a total of a few grand. It was a very rough 1.5 years since I was working full time and going to school full time. But since I paid very little for it and got a good bump in pay after (about $10k as I said), it paid off. If I had been either paying out of pocket or delaying entering the workforce to get the degree, the math would be much less favorable.
It sounds like you can get the degree without paying for it, which means it will probably be a good investment. However, you should also consider how much you could be making if you get a job instead of going to school (or if you can do both at the same time). If you can get a job making $80k, it might take a good while for a master’s degree to make up for 1-2 years of lost wages.
