The Pros and Cons of Going to Grad School

Is another degree the key to advancing your career?

Back to School? - Half your friends have enrolled in grad school, and now you’re wondering if you should return to the classroom. But is another degree the key to advancing your career? Here, the pros and cons of going back to school. By Kenrya Rankin Naasel  (Photo: Ariel Skelley/Getty Images)

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Back to School? - Half your friends have enrolled in grad school, and now you’re wondering if you should return to the classroom. But is another degree the key to advancing your career? Here, the pros and cons of going back to school. By Kenrya Rankin Naasel  (Photo: Ariel Skelley/Getty Images)

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PRO: It Can Give You Time to Figure Out Your Next Move - Having trouble finding a job in your field, or not sure what you want to specialize in? Going back to school can give you a chance to simultaneously plot, deepen your network and shore up your industry knowledge to put you in a better position to secure your dream gig.  (Photo: Art Vandalay/Getty Images)

Have an Open Mind - Be willing to step outside your comfort zone because setting expectations sometimes lead to major disappointments. Besides you never know, what you thought you didn’t want may actually be the very thing you need! (Photo: Benjamin A. Peterson/Mother Image/mother image/Corbis)

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CON: You Could Fall Into the Career Student Trap - Kanye has been warning about collecting degrees for years; for some, school can become a security blanket that protects them from the harshness of the outside world. What good are those degrees if you never apply your knowledge?  (Photo: 68/Ocean/Corbis)

PRO: It’s a Good Way to Switch Careers - If you’ve been working in, say, public relations for the past three years, but now realize your true calling is social work, getting your masters is the only way to make that transition. But it can help you make shifts that don’t require licensing, too, especially when accompanied by internships. (Photo: Florian Franke/Corbis)

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PRO: It’s a Good Way to Switch Careers - If you’ve been working in, say, public relations for the past three years, but now realize your true calling is social work, getting your masters is the only way to make that transition. But it can help you make shifts that don’t require licensing, too, especially when accompanied by internships. (Photo: Florian Franke/Corbis)

CON: You Could Miss Out on a Valuable Experience - Many employers value hands-on work experience and proven success more than multiple degrees. Continuing school, especially if you go directly from undergrad, rather than working in your field first, can make you an expensive entry-level worker if you haven’t actually worked. (Photo: Ariel Skelley/Getty Images)

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CON: You Could Miss Out on a Valuable Experience - Many employers value hands-on work experience and proven success more than multiple degrees. Continuing school, especially if you go directly from undergrad, rather than working in your field first, can make you an expensive entry-level worker if you haven’t actually worked. (Photo: Ariel Skelley/Getty Images)

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PRO: You Will Deepen Your Knowledge - Besides the satisfaction that comes from learning and thriving, you’ll also gain a deeper, theory-based understanding of the strategies that you use at work. That could make you better at your job and even open new avenues for your career, such as education and research.  (Photo: Simon Jarratt/Corbis)

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PRO: You Will Deepen Your Knowledge - Besides the satisfaction that comes from learning and thriving, you’ll also gain a deeper, theory-based understanding of the strategies that you use at work. That could make you better at your job and even open new avenues for your career, such as education and research.  (Photo: Simon Jarratt/Corbis)

CON: Your Job Might Not Care About Your Wisdom - Your employer might not care at all that you just toiled away for three years to earn another degree. You could be forced to look for employment outside your company to get ahead.  (Photo: Sean De Burca/Corbis)

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CON: Your Job Might Not Care About Your Wisdom - Your employer might not care at all that you just toiled away for three years to earn another degree. You could be forced to look for employment outside your company to get ahead.  (Photo: Sean De Burca/Corbis)

Money Matters - They’re at the top of their game and the top of Forbes magazine’s most recent rankings of the 10 highest-earning NBA players. While last year’s lockout and shortened NBA season ate in to players’ paychecks, the following 10 ballers still managed to rake in the dough in terms of total earnings (salary, plus endorsements) this past season.—Britt Middleton (Photo: Mark Scott/Getty Images)

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PRO: It Could Increase Your Earning Potential - Some industries reward higher education with significant salary bumps. Or your degree could open the door to leadership roles for which you weren’t previously qualified.  (Photo: Mark Scott/Getty Images)

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CON: It’s Expensive - Undergrad might have run your (or your parents’) pockets, but it has nothing on grad school. And grants and scholarships are far less plentiful at that level. While you might score a raise or fancy new title, you’ll need to do the math to see if $75,000 in loans is worth a $5,000 salary increase.  (Photo: fstop123/GettyImages)