Top 5 Reasons that Masters Degree is a Waste of Money

With the economy signaling a double dip recession, U-3 unemployment above 9%, U-6 unemployment above 20%, and employers downsizing the workforce at a consistent 400,000 workers a week more people are turning to masters degrees as a safe haven.

Here are 5 reasons those seeking masters degrees are flawed.

1. With the recent debate over the United States debt ceiling being resolved with a little talked about end to subsidized student loans for students seeking masters and professional degrees it is estimated that it will add on an additional $2-4,000 in the cost of obtaining a degree.  This does not actually include additional interest payments over the loan term.

2. It was a way to separate yourself from being a downsized candidate.  This thinking has changed as Masters educated workers require more pay.  Companies can keep more lower educated and higher experienced workers on staff cheaper.

3. If you get a Bachelors Degree and run directly into a Masters program because of a lack of suitable work, your job prospects will be lower.  Typically a job that requires a Masters Degree also requires proven work experience.  Now you will have little to no work experience, a high student loan debt load, and an inability to accept a poor paying job.  In essence you will be overqualified.

4. Masters Degree programs are supposed to compliment a Bachelors Degree educated worker that has accumulated professional work experience. The influx of graduate students into the workforce with a masters and no work experience to speak of is making it difficult to use the masters as a gauge for qualification. Universities have been lowering the standards to admit students into Masters programs with requirement as low as having passed your Bachelors program with higher than C averages. A couple of schools are currently in class action lawsuits alleging.

5. Opportunity cost. The amount of time associated with getting a masters degree plus the 6 months to 1 year you will go without having found a job where you can utilize your masters degree. At what cost is 3 years of your life worth if you find out that you will probably land a job that doesn’t require a masters degree but rather would have taken you at a lower position, allowed you to work full time and then after 3 years of experience gave you the same job title. Your not only racking up the debt for going to school but equally losing money that could be made while striving for that degree to begin with.