Should I go to grad school?

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The decision to go to graduate school is one that many people contemplate at various points in their careers. Whether you're thinking about advancing your expertise, switching career paths, or positioning yourself for future opportunities, pursuing a master's or doctoral degree can be an attractive option. However, it’s a significant commitment of time, money, and energy, so it’s important to carefully weigh the pros and cons.

If you’re exploring how to better position yourself for career growth or personal development, you might find yourself asking: Is grad school the right choice for me?

Why consider graduate school?

There are plenty of reasons why people decide to pursue an advanced degree. For one, it can be a way to gain specialized skills and expertise that set you apart in a competitive job market. Certain fields, such as healthcare and academia, require graduate degrees for career advancement. For others, a graduate degree might be a means to change career paths or enter industries with higher earning potential.

Additionally, the job market is always evolving. Industries like technology, pharma, and finance are growing rapidly, creating demand for professionals with advanced credentials. 

Employment in occupations requiring a master’s degree is projected to grow by nearly 17% by 2026 — the fastest among all education levels. Seventy-three occupations typically require a doctoral or professional degree (Ph.D. or J.D.) among these Lawyers are one of the fastest growing jobs with projected job opportunities increasing each year. 

Before making the leap, though, it’s essential to evaluate whether a graduate degree aligns with your career goals and personal circumstances.

Read More: What is the ROI of a Graduate Degree & How Do You Calculate Yours?

Who should (and shouldn’t) go to grad school 

Graduate school can be a transformative step, but it’s not the right choice for everyone. It’s most beneficial for those whose career aspirations require advanced degrees. For example, professions in education leadership, data analytics, public administration leadership, and environmental policy often mandate graduate-level education.

On the other hand, grad school may not be the best choice if it’s primarily pursued for prestige or as a way to avoid entering the workforce. If the field you’re interested in values work experience over academic credentials—such as many roles in marketing, design, or entrepreneurship—you may achieve your goals more efficiently by gaining hands-on experience or pursuing certifications.

Ask yourself: Does this degree directly align with my career goals, or are there alternative paths to achieve the same outcome? Answering these and the following questions honestly can help clarify whether graduate school is worth your time and money.

Questions to ask yourself before enrolling in a grad program

Before you pony up for a Master’s or PhD, which often comes with a steep price tag, take some time to contemplate how this decision could impact your life. According to recent research, the average total cost of attendance for graduate school is around $42,270 per year.

Ask yourself these questions to help in your decision-making process:

• Do you really need a graduate degree for your career goals? Could further work experience get you to this next level?

• What is the opportunity cost of taking yourself out of work for the grad or master’s program?

• How will you pay for your graduate education? Will you need to take on student loan debt?

• What is the income potential for the degree you’re considering? Is it a significantly higher salary for the investment?

• Do you have a lot of time to dedicate to your studies? Do you need to be a full-time caregiver for children or elderly parents, or do you have other responsibilities that could conflict with your grad school studies?

• Is your program designed to be online or in-person? Full-time or part-time? What’s actually feasible for you?

• What might the economy be like when you graduate?

So, is now the right time for you to go to grad school? Getting real about the answers to these and other questions can help you decide. 

Here’s some more food for thought to help you weigh the pros and cons.

Going to grad school: The pros

Here’s one compelling reason to get an advanced degree: It can help you level up your skills and income potential. If you yearn to gain new know-how and possibly change careers, now may be a great time to consider grad school.

In addition, getting a professional or graduate degree may make you more marketable in your chosen field than an undergraduate degree alone, especially if you work in a competitive career. Businesses often have more applicants than openings, so having advanced credentials can help set you apart from other college graduates.

Of course, no industry is 100% recession-proof, but there are certainly some that are faring better than others. For instance, the technology and medical fields are currently growing. If you’re considering changing careers, research roles, and industries that are slated to expand, or that have historically provided some job security during uncertain times.

Read More: Undergrad vs. grad school student loans: What’s the difference?

Going to grad school: The cons

Grad school has its downsides, too. One big dilemma is the potential financial hardship. Depending on the program, the average graduate degree program can cost $62,550.

The thought of paying for a graduate degree can be overwhelming, even more so during challenging economic times. A general rule of thumb is that your first year’s salary out of grad school should amount to more than the debt you’re taking on, so be mindful of this when you’re running the math. 

Grants and scholarships can help offset the cost; it pays (literally!) to look into your options. Tools such as ScholarshipAmerica.org offer a database of scholarships to search through. 

However, if your field doesn’t require an advanced degree, or if it isn’t likely that you’ll be rewarded with a higher position or additional pay for your time commitment, a full graduate degree program may not be worth the time and expense. There may be better and more affordable options, including professional development courses or certifications.

Finally, if you’re in a caregiving role — meaning you have young children or elderly parents who require your attention — you’ll need to consider that, too. Graduate studies are intense and time-consuming, and taking on homework and lectures on top of your existing family obligations can leave you stressed, exhausted, and overwhelmed. If striking a balance between family and going to school is important to you, online classes might be easier and more convenient than attending in person.

Read More: How Do Graduate Student Loans Work?

Making the right decision for you

Deciding whether to go to graduate school is a deeply personal choice, and there’s no one-size-fits-all answer. By evaluating your career goals, personal finances, and timing, you can make an informed decision that aligns with your aspirations. Whether you’re looking to advance in your field, change career paths, or gain specialized skills, grad school can be a powerful stepping stone—but only if it’s the right fit for you.

If you decide that graduate school is the next step, having a solid plan to finance your education is crucial. That’s where Earnest can help. Earnest offers private student loans¹ designed to fit your unique financial needs. With competitive rates, flexible repayment options, and no fees for origination, prepayment, or late payments, Earnest makes it easier to invest in your future without unnecessary financial stress.

Ready to take the next step? Explore Earnest’s private student loan options today and see how they can help you turn your grad school goals into reality.

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

1 Before applying for private student loans, it’s best to maximize your other sources of financial aid first.  It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities.  2) Next, fill out a FAFSA(R) form to apply for federal student loans.  Federal Direct subsidized and unsubsidized loans, excluding PLUS Loan for Parents and PLUS Loan for Graduate and Professional Students which require a credit check and a credit worthy endorser if the parent or graduate or professional student has adverse credit, do not require a credit check or cosigner, and offer various protections if you're struggling with your payments.  3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2.  For more information, visit the Department of Education website at https://studentaid.gov/.