Masters Degree - worth it or not?

studentphil

Oh yes, you look at fees for Masters in business at a good Uni are £7000 in fees alone and then you are talking at least that again to live on. That is why I plan to do the OU Professional diploma in management rather than a MA/ MSc in Management as it will be about half the cost of a Masters and I can work at the same time. Okay I wont get a Masters from it but hey!

studentphil

Then if you start looking at MBAs fees are 10k min at a good place.
Of course the OP is not looking at MBAs as they have no real sustained business experience.

PabloNeruda

Definitely worth it.
I intend to do a masters in Human Rights.
Possibly another batchelors too, in Astronomy and Planetary Science.

studentphil

I see that a Masters will be well worth it. But I can see myself that a Masters is a huge cost and a year of my life and really you have to consider all the routes.

PabloNeruda

Just to add, I study because I enjoy it, not to get a better job. I walked out of a £60k per annum job to go back into full-time education. Best thing I ever did. Give me knowledge over money any day.

studentphil

PabloNeruda wrote:

Just to add, I study because I enjoy it, not to get a better job. I walked out of a £60k per annum job to go back into full-time education. Best thing I ever did. Give me knowledge over money any day.

What did you used to do?

For most people the reality is that you need money to pay for your courses and money to live on through out your life,so you have to more to a career sometime.

PabloNeruda

studentphil wrote:

What did you used to do?

For most people the reality is that you need money to pay for your courses and money to live on through out your life,so you have to more to a career sometime.

I was a trader in the City of London.
Sure, I had the money, the house, the convertible car etc, but it really isn't everything.
I live from hand to mouth these days, but I'm happier than I've ever been.
I just think that people often miss out on the whole 'essence' of their being when they are too wrapped up in this consumerist society. Haveing stepped out of it, I can see what an load of garbage it actually was, and I have opened my eyes to so much that I really wasn't interested in before, in my materialistic little bubble.

gingerRAT

I'd agree with a lot that's already been said. A masters in finance is certainly one of the most expensive around and will really not give you an edge if you are aiming to get into an investment bank rather than research/academia - not value for money (Martin would not be keen!! :money: )

Employers take academic excellence as given - ie. if you don't have top grades they won't look at the rest of your application. remember for these high paid jobs you really are competing with the best grads - in the UK and abroad. And anyway you can probably impress them more with a first from your undergrad degree. As has already been said they are looking for in depth commercial knowledge usually from work experience, all the usual transferable skills, outstanding achievements and above all something that sets yourself apart from others. In my experience a masters does not do that - after all it is a year in your life where could have done something more outstanding. In fact you may be better working for a bank in london as a temp even (getting paid) and getting an insight into the industry and you never know you might end up being in the right place at the right time.

If you get a 2.2 or even a 2.1 I would say don't sell yourself as 'academic'. If you really are interested in the subject and not just in so far as to get a job then maybe the masters will be of value independent of how it affects your career potential.

The best way into the industry in my experience is networking. So go along to all those events at uni. Make sure you know what you're talking about. Ask about the possibility of going in to see them or even work shadowing to give yourself the best chance of getting an internship. Practise interview techniques and get some great examples of team work, leadership potential etc from voluntary work or setting up a student (finance?) society or your own business. Keep the masters plan as a backup if you don't get a graduate job.

And remember, there is nothing to say you can only do a masters degree straight after your undergrad studies - if you get a good job your employer will probably even sponsor you to do a masters once you've gone through the grad programme and after a few yrs working for them...

good luck!

si1503

Great post! Thanks.

On the basis of that, I think I will certainly have a rethink. I certainly feel the point on the opportunity cost of doing the masters, as in going into the city and getting a years industry experience is a valid one. I am also looking at warrick or manchester, and the £18-20k price tags are pretty off-putting, as I doubt I'd get much (if any) support from home.

I like the student finance society idea as at present I don't think my uni has one of those, but it would just be finding other like-minded students to help me run it. (Any Nottingham based students out there??)

I think you've highlighted another issue, in terms of setting yourself apart, this is something that I would hope to do if I were to do a masters. Do you have any other suggestions on perhaps more practical ways to set yourself apart? Right now I have a few sports acheivements and quite varied range of previous PT jobs, but thats about it, nothing extra-ordinary!

MisterT2

I haven't posted for a long time, but have been looking into this lately myself.

I have an BSc(Hons), but as an IT professional I don't tend to put too much weight on qualifications on the occasions when I have been involved in hiring. I want to know whether someone can do a job or not and that approach necessarily encompasses so much more than paper qualifications. I looked at my degree only as a stepping-stone into the job that I wanted and that was the toughest part. What makes you stand out from anyone else? Why should an employer hire you versus any other applicant? I believe the question you are trying to answer is will it make me more employable and I think that you need to consider the future in your specific profession.

As a mature IT professional technical person, would higher qualifications make any difference to me? My immediate answer is “Not as far as I can see”. I am at the top of a technical “tree” and the only option for advancement is to become a director with people working directly for me. Even so, as most companies restrict the wage increases to 10% or less per annum, this would probably mean that I have to change employers to get a substantial rise.

While my company would heavily subsidise a course, would the qualification benefit me? As I would have to change employers then it would certainly be useful, but ultimately I believe that they would be hiring me for my technical ability. Therefore, improving my technical knowledge further and demonstrating my ability by continuing to write papers would better position me.

So, all I am saying is that you need to figure out whether or not it's worth it to you personally given your chosen career path and future options. I have an HNC in Electrical and Electronic Engineering and the only reason for doing that degree was to get a job in computing.

So, I can’t advise either way, but have tried to give you a slightly different take on it. If you decide to do one, then my only advice is do one sooner rather than later as you forget how to learn. I went back and did a degree as a mature student and the first few months were very difficult for that reason. It’s an interesting debate though.