Article: My Master's Wasn't Worth It

[samclem]

That said, I think it's also unfortunate that we look at a college education today as nothing more than training for a very specific type of job. It's basically become a vocational/trade school on steroids, and in so doing basically put the trade schools at a disadvantage because all the employers expect a college degree now.

In a lot of cases, employers don't care very much what specific knowledge a student gained in getting their BA/BS. They just use a degree as a cheap screening mechanism (it costs them nothing, especially with a glut of graduates). When they hire someone with a degree they figure there's a good chance they'll get:
1) Someone who will stick with a task for 4 years, is responsible enough to complete assignments, study for tests, attend class.
2) Someone with at least moderate reading and writing skills.

These are things that, 30 years ago, were virtually guaranteed by a HS diploma. That's no longer true, so employers are looking at 4 year degrees as the new HS diploma.

 

[golfnut]

I did the old fashioned way - at night while working during the day... and letting my employer pay the tuition.

Of course it meant having no life, and taking more time to get it done... but it was a debt free approach.

Above describes what I did. The Masters in Biz admin. did not lead to any more $$$ but it felt good to attain it after screwing around for 4 years getting my undergrad. It also proved I had some brain cells left at age 39.

 

[martyp]

Universities have always accepted credit for a few non-traditional courses. I tutored a self paced Physics class. There were no lectures. The professor made himself available during office hours. I also completed a "History and Institutions" requirement at UC Berkeley by reading three books and taking a 3hr essay test.

Large lecture hall classes, say 100+ people, had precious little discussion. I think that these large lecture hall courses could easily and more effectively be done on-line and that access to a social networking site for the class, along with the professor, would provide far more interactivity. I have no doubt that a lot of other small classes could be done this way as well.

If you implement alternative teaching formats then you might not get a $10k education but you might be able to shave some time off your degree program or the time you spend on campus and therefore lower costs.

 

[JOHNNIE36]

A very interesting thread to say the least! In our family, I look at us as successsful as my folks were always very proud of their childrens accomplishments. They never pushed any of us to college but let us choose on our own. I was the oldest and lucked out by being chosen for a cooperative engineering school. My folks were very proud of me attaining that BSME degree. My younger sister graduated nursing school and later taught nursing. Younger brother was just a "jock". However, he went to college and graduated with a degree in mechanical engineering, and he will tell you that it was only because his brother was an engineer. He really wanted to coach sports.

Brother got a job in a high school teaching math and coaching sports. My folks were unnerved by this decision. Disappointed in him for not working in the engineering field as per his degree. Over the years he was happy with what he was doing but to settle the folks, went back and got his master in education. He became the athletic director and later the high school principle. Actually, he ended up doing what he always wanted and he did it "his way" and my folks were very proud of him. He always layed it on me and my sister for being the only one in the family with an advanced degree. And he is my hero!

 

[Mulligan]

My masters degree was important to me, as I needed it as a qualification to get the job. Just thankful it was done in the late 90's at Public U for $75 a credit hour.

 

[Lakedog]

Although my employer paid for the Master's (and cross country relocation), it was not of great benefit to my career. The time allowed for completion was very liberal since that was my only job for two years. I was in my late 30s at the time and really enjoyed the experience. I'm sure the relocations (two moves) cost more than the degree.

 

[steelyman]

I agree with W2R regarding getting an assistantship. I seem to remember a similar discussion a while ago. My BS and MS degrees were in very different areas, and when I started graduate school, I was really out of my element. I paid full for everything the first semester, but did well and was offered an assistantship. The students I taught were smarter than me, but I put in a lot of time in the evenings to make sure I knew the stuff I was supposed to teach them, and offered extra "office hours" at a local restaurant to help them through their studies - they appreciated it (and I learned a lot in the process).

I made a lot more money by having that masters (not to mention being able to get a job I never would have gotten otherwise), and benefited from the bachelors.

 

[Sesq]

My wife has the apparently much disparaged Master's in Psychology, and another year on top of that in School Psychology. Worked well for her and she was making a more than livable wage when she was in the workforce. We'll see if she uses it again when the kids are older.

My master's helped me early in my career, and it adds credence to my resume now. Worth it, but I think I would have gotten here without it. Its in tax, so most of the laws I learned then are materially different now.

 

[clifp]

Exactly. I bet requiring the university to hold half the loan portfolio would make them a bit more aware of the future earning potential of the students in their programs. Let student loans be written off like most other debt in the US and I bet enrollments or costs would fall by a quarter.

I completely agree that making the university hold a significant portion of their loan portfolio would have a big impact on costs and would probably have the desired effect of reducing the number of students, borrowing to get degrees of limited commercial value. I'd also like to see facility pay/compensation linked to this also. Maybe put a portion of the loans in their 403B.

I don't agree with letting student loans be discharge via bankruptcy. The temptation for students to run a couple hundred thousand in debt, get of school and then declare bankruptcy is just too strong. On the other hand I think some relief is in order for young 18-21 who didn't fully understand what kind of hole their digging when the borrow for their private school educations. I don't have a lot sympathy for grad students though.

Like several others I got my MBA while working full time. Now I was fortunate to have 3 different employers pick up the tab (except for one quarter when I was between employers.) It took 6 years and it was a second tier business school. Overall I felt I learned a lot more about business being in a well manged business than at school. My best financial education came from reading the Wall St Journal and doing investments.
I certainly don't think my MBA was worth what my employers paid for it.

 

[H2ODude]

MS was worth it for me. Then again, DW supported me through BS as well as MS, in state tuition paid by us, and some federal support because EPA wanted more environmental engineers. The idea of borrowing money for college was absolutely foreign to us back then (early seventies). Of course, I'm forever indentured to her; she'd clean up in a divorce! It worked out well though, helped me acquire better jobs than simple BSCE.

Our approach was always that education was an investment. Yes, we need philosophy majors and English professors. But if I'm purchasing education (hey, it's a purchase, isn't it? an investment?) I want to know what it will bring me. That's why steered DS and DD to engineering as well. I'm baffled at these stories of people neck deep in debt for questionable degrees. It's like, "I have a four year degree, where's my job?" Really? I'm reminded of I believe it was Covey...."Begin with the end in mind."

 

[BLS53]

In a lot of cases, employers don't care very much what specific knowledge a student gained in getting their BA/BS. They just use a degree as a cheap screening mechanism (it costs them nothing, especially with a glut of graduates). When they hire someone with a degree they figure there's a good chance they'll get:
1) Someone who will stick with a task for 4 years, is responsible enough to complete assignments, study for tests, attend class.
2) Someone with at least moderate reading and writing skills.

These are things that, 30 years ago, were virtually guaranteed by a HS diploma. That's no longer true, so employers are looking at 4 year degrees as the new HS diploma.

+1

The way I see it in today's world:

A HS diploma, with skills in a trade, gets you a decent career.

A college degree, with a professional certification, gets you a decent career.

A HS diploma or college degree, with no particular skills or certification, gets you very little in terms of gainful employment.

 

[target2019]

Megacorp payed all but $1500 for my Master of Science degree. Total cost was about 25K. Come to think of it, I received tax credit for the $1500.

For me, in my late 50's, this degree is a differentiator. I was already a writer, and this experience forced me to hone writing and research skills. I have more confidence as a result of the experience.

During the period I was in school, I was working four 10-hour days. Each week I set aside as much time on my 3-day weekend as possible for reading, assignments, and project work.

This wasn't a tier 1 school, and all work was accomplished online, with live lectures and so on.

I'm sure there are students who will see no return on their education, and will struggle to pay off debt. However, my own children will be successful in their careers due to advanced education. Both have manageable student debt, with one having just paid off the loans in half-time. One has advanced certification in networking, and the rewards are quite impressive.