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While a master’s degree can lead to career advancement and higher earnings potential, it’s essential to do a cost-benefit analysis before enrolling. Factors such as your job, lifestyle, degree, career goals, and interests (personal and professional) will play a role in determining whether or not a master’s degree is worth it for you. If you’re considering an advanced degree as an investment into yourself and your career, here are a few factors to consider.
Consider your career goals
How does the master’s degree you’re considering fit into your career goals? If you’re looking to move into management or switch careers entirely, a master’s degree may be necessary (or expedite the process).
The subject and type of degree is significant, too. Some degrees, such as a master’s in English literature or history, provide students with a deeper academic understanding of a subject, while professional degrees like an MBA or MSW can provide access to a new career level. Both of these can help you advance your career, but the former might be a nice-to-have depending on the situation.
Think about the cost
The cost of a master’s degree can vary widely based on the school, degree type, and program length. When calculating costs, account for living expenses such as rent, food and utilities, and health insurance. Once you understand the full costs, look at your future earning potential after getting the degree and decide whether the program is worth it.
When thinking about the costs, consider how you’ll pay for the degree. Will you continue working full- or part-time? Will you apply for financial aid to get access to grants, scholarships, and student loans? Will your savings cover the costs? Will a parent or significant other help out with funding? Or will you use another source of funding like the cash value of a permanent life insurance policy? You can borrow against the cash value of your whole life insurance or universal life insurance policy for any reason—including to pay for school.
Find out about others’ experiences
Before making any decisions, it may be beneficial to talk to people who have already pursued a master’s degree. Talk to friends, family members, and colleagues who have gone back to school and ask them about their experiences. Find out what they liked and didn’t like about going back to school and see if their experience matches up with what you’re looking for. You can also talk to colleagues and mentors at work to find out if getting a master’s degree is likely to advance your career. They may be able to provide industry-specific insights that can help you make your decision.
Understand the commitments required
If you enroll in a master’s program, you’ll find yourself attending classes (virtual or in-person), working on projects and presentations, researching, reading, and taking exams. If you’ve been out of school for some time, this may be a big mental adjustment. If you are a parent or caregiver, you may find it challenging to balance your academic commitments with your responsibilities at home. This isn’t to say you shouldn’t enroll in master’s program, but you may want to consider childcare arrangements or even enrolling part-time instead of full-time. If you’re not sure you’re ready to dive fully back into academic life, consider signing up for a few classes at a local college or online to see if you’re ready to be a student again.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value will reduce the death benefit and may affect other aspects of the policy.
Source: iQuanti
