Paying for a graduate education

[EconDiva]

I can't believe I've been out of school for 10 years now...worked about 4 years in marketing research and the last 6 have been in clinical research.

When I first posted here a few months back I listed my current budget and a few goals. I'm proud to say that I have reached one of my goals which was to increase my annual income by 10% by June of this year. I got a new job/moved to a new city and got about 20% more.

But now I'm ready to make a career change; I want to switch back to marketing. Not marketing research again, but perhaps in advertising as an account planner. So I figure a graduate education would be best. The problem is the cost. I work for a major university and I would like to attend grad school here part time while I continue to work. Each grad class is like $5k, and my employer will pay $10k a year in tuition, so anything above that would be coming out of pocket.

I'm having a hard time deciding if it's worth it to divert funds I'd be using to pay off debt and save to graduate school instead. Even though I'm barely 3 months into my current role, I'm considering totally changing my resume and applying for marketing jobs now instead of waiting until I get a graduate degree; I have this idea that perhaps I can actually earn the income I want now instead of having to wait until I get a Masters.

[asmom]

I can't believe I've been out of school for 10 years now...worked about 4 years in marketing research and the last 6 have been in clinical research.

When I first posted here a few months back I listed my current budget and a few goals. I'm proud to say that I have reached one of my goals which was to increase my annual income by 10% by June of this year. I got a new job/moved to a new city and got about 20% more.

But now I'm ready to make a career change; I want to switch back to marketing. Not marketing research again, but perhaps in advertising as an account planner. So I figure a graduate education would be best. The problem is the cost. I work for a major university and I would like to attend grad school here part time while I continue to work. Each grad class is like $5k, and my employer will pay $10k a year in tuition, so anything above that would be coming out of pocket.

I'm having a hard time deciding if it's worth it to divert funds I'd be using to pay off debt and save to graduate school instead. Even though I'm barely 3 months into my current role, I'm considering totally changing my resume and applying for marketing jobs now instead of waiting until I get a graduate degree; I have this idea that perhaps I can actually earn the income I want now instead of having to wait until I get a Masters.

If you are thinking of moving from a research/academic setting to the private sector, you are virtually guaranteed a raise. When I made that switch 4 years ago, I got an immediate 30% pay increase and I now make 80% more than I did 4 years ago.

I would definitely do that first and focus on debt reduction before I went back to grad school. If you have difficulty getting the job/pay you want without the degree, then go for it but you might find it's unnecessary.

[EconDiva]

If you are thinking of moving from a research/academic setting to the private sector, you are virtually guaranteed a raise. When I made that switch 4 years ago, I got an immediate 30% pay increase and I now make 80% more than I did 4 years ago.

I would definitely do that first and focus on debt reduction before I went back to grad school. If you have difficulty getting the job/pay you want without the degree, then go for it but you might find it's unnecessary.

I was kinda thinking that too, only thing is that I've been out of the marketing field for a while so that may mean I have to start at a lower paying position than I would want initially. I'm not sure.

Another option would be to go ahead and complete a Certificate in Advertising right now through the School of Continuing Studies in the meantime while I'm looking. I could have that financed through my employer at no cost because the tuition for that is much lower, and I was thinking that'll be something I can put on my resume/touch on during potential interviews. Drawback is, if I got into and decided to go to grad school next fall, the money that could be used for that next year would have already been used for the certificate.....

Overall, I am very uncomfortable with the thought of continuing to carry the student loan debt that I have, so I agree with you I should focus on getting rid of that first. As much as I really really prefer to go back to grad school NOW (I'm already 33) I guess I'm just not in the place financially to do so. Before I came to work for my current employer, I misunderstood their tuition benefit plan and thought I'd be getting more money than they are offering, which was a major motivator for me coming here.

[snafu]

What academic qualifications are you seeing in the desired position advertisements? Have you seen a 'head-hunter' and talked to someone in a similar position to discuss credentials?

Is the primary reason you are considering a graduate degree due to the university environment where courses are at hand? Grad school emphasis is quite different than undergrad. You will be expected to advance your analytical skills, evaluate readings, and make judgements as opposed to attending lectures. You enhance your oral and written abilities. I wonder if you could 'challenge' a course or 'sit-in' and do the reading to see how that lines up with your goal?

It would be important to do a lot of research before committing so much time, effort and money/debt to make sure it's the basic requirement for the position you will seek. Marketing is so fluid what is examined in a fall semester can be obsolete by spring.

[scubatim84]

What academic qualifications are you seeing in the desired position advertisements? Have you seen a 'head-hunter' and talked to someone in a similar position to discuss credentials?

I would recommend doing this before looking at a graduate program. Graduate education is even more overpriced than undergraduate, and if it's unnecessary to get that better job, it's just wasted money.

[EconDiva]

What academic qualifications are you seeing in the desired position advertisements? Have you seen a 'head-hunter' and talked to someone in a similar position to discuss credentials?

Actually, most of the positions I've looked at emphasize experience over education. So my former experience in marketing research may play a bigger role than I thought initially. I have not seen a head hunter but I did go to an info session for a Masters in Integrated Marketing Communication degree last week.

Is the primary reason you are considering a graduate degree due to the university environment where courses are at hand? Grad school emphasis is quite different than undergrad. You will be expected to advance your analytical skills, evaluate readings, and make judgements as opposed to attending lectures. You enhance your oral and written abilities. I wonder if you could 'challenge' a course or 'sit-in' and do the reading to see how that lines up with your goal?

The primary reason(s) I'm considering grad schools are (1) to give me a better chance of switching industries since it's been 6 years or so since I've worked in marketing, (2) to get a better/formal education/foundation for working in the type of role I plan on being in (account planning) and (3) to show that I'm serious about working in the field and to increase my chances for getting a higher salary. I am going to sit in on a few of the courses in the Masters in Integrated Marketing Communications degree program soon...

It would be important to do a lot of research before committing so much time, effort and money/debt to make sure it's the basic requirement for the position you will seek. Marketing is so fluid what is examined in a fall semester can be obsolete by spring.

Yes, I agree; it's going to be interesting to see if I end up deciding the extra money/time would not even be worth it in the end....I'm trying to gain as much insight from people in the industry now as possible.

[EconDiva]

BUMPing......