Considering grad school? If the answer is yes, you’re probably stressed over a laundry list of questions like “is grad school worth it?”, “what program makes sense for me?”, and, of course, “how do I pay for it?” We’re here to help.

Our first tip is…take a deep breath. Unfortunately, there is no one universal answer to if grad school is worth it—there’s a unique answer for every person.

You’ll need to consider a wide variety of factors ranging from your field of interest to finances in order to determine if grad school makes sense for you.

Read on to discover six of the factors you should think about when you’re wondering about grad school.

1) Field of interest

Before you delve deeper into your grad school research, you should have a clear idea of exactly what you’d like to study. If you’re just interested in grad school as a vague next step in your educational and professional development, we’d recommend taking a step back and identifying your field of interest.

When you enroll in a post-graduate program, you’re committing a significant amount of time, money, and energy to learn about a specific subject. Make sure it’s something you’re passionate about!

2) Career goals

Grad school can have a major impact on your career trajectory. Consider your career goals and weigh in whether they either require a post-graduate degree. If you’re interested in working in the psychology field, there are a wide range of jobs for people with B.A.’s, M.A.’s, and Ph.D.’s or Psy.D’s.

For example, becoming a licensed clinical psychologist requires a doctorate degree while a bachelor’s in forensic psychology opens up jobs in victim advocacy or working as a probation officer. For the most part, becoming a licensed or certified psychologist does require a post-graduate degree.

There’s a broad spectrum of psychology professions out there! Just do your research. Keep in mind that your research doesn’t have to be limited to surfing the web. You can schedule informational interviews with people who work in professions you’re interested in. By chatting with these people, you can get a better idea of what their day-to-day looks like and if it’s the right career path for you.

3) Salary

Another common reason people want to attend grad school is to increase their earning potential. Post-graduate degrees often open up a wider range of higher-level positions. Whether that’s working as a licensed psychologist or using an M.A. to apply for management positions, a graduate degree can increase your salary throughout the rest of your life.

Of course, this is definitely something you should dive into. Use online resources like Glassdoor and Salary.com to get a better idea of what kind of salary range you can expect to see in specific jobs and geographic regions. Compare jobs that you could get with an undergraduate degree against jobs that require a postgraduate degree.

4) Employment outlook

While you’re researching salary potential, be sure to study up on your field’s employment outlook. Job outlook is extremely important to consider if a graduate degree is necessary to pursue it. After all, you may not want to spend a significant amount of time and money on a degree that only applies to a job with a decreasing growth rate.

Use the U.S. Department of Labor’s Bureau of Labor Statistics resources to gather some data. You can research a specific job or industry’s median pay, projected number of new jobs, and projected growth rate. If the growth rate is promising, this can help support the decision to attend grad school.

5) Grad school options

If you’re leaning towards going to grad school, it’s time to look into specific programs and schools. Take the time to ensure that these programs fit your interests and offer courses and experience directly relevant to your desired career path.
You should also attend informational sessions, sign up for webinars, and even try to reach out to students currently enrolled in the grad programs you’re looking into. You can get a more in-depth look into courses, professors, workload, internships, and more.

6) Finances

Ah yes, the question that’s probably been weighing on you the most. Does it make financial sense to go to grad school? Again, that’s something only you can decide. If you do want to pursue a career that requires a postgraduate degree, has a high earning potential, and a strong employment outlook for the future, it probably is worth it.

Of course, you should always carefully assess the cost of any program and look into all of the ways you could get financial assistance.
This isn’t limited to scholarships, grants, and financial aid. If you’re looking into part-time programs, you could ask your employer if they have a tuition assistance program.

Alternatively, you could look into online programs. The online graduate program offerings are constantly growing. It’s a more affordable and flexible path that allows you to continue balancing a job and other responsibilities while still following your passion.

The bottom line

The bottom line is that…there is no bottom line. There is no single answer to whether grad school is worth it for you. Grad school can be a wonderful way to expand your knowledge about a discipline you love, grow into management positions, increase your salary, and pursue your dream job.
Make sure you take your time and do your research. Establish a clear intention for what you want your grad degree to provide you with, whether it’s opening up new career opportunities or building a strong network.