Question – Is it worth studying for a Masters?

Wondering whether you should look into getting a Masters degree? Our career coach offers up some advice to help you make the big decision.

Question: How do I decide whether it’s worth studying for a Masters or not? Will it improve my chances of getting a better paid job? (Carmen, London)

I think there are broadly three reasons why young people choose to study Masters degrees: employability, personal interest, and putting off a career decision.

Is it for your own, personal interests?

Let’s take the easiest one first. If you have the opportunity and can afford it, and you love the idea of further study and deepening your knowledge in your chosen subject area, then go for it. It’ll be an enriching experience.

There are some very big ‘ifs’ in that last sentence, though, so think it through carefully.

Are you putting off a life decision?

I’ll address the second easiest one next: putting off a career decision. I think in most cases, this is a bad idea, especially if we are talking about doing a Masters straight after your undergraduate degree.

Many employers value work experience and qualifications more than further study for people in the early years of their career. And if you go straight into Masters after your first degree, employers will suspect you didn’t know what you wanted to do, or couldn’t face giving up student life. In addition, by entering the workplace, you’ll learn more about yourself and be better placed to make more informed career decisions later on.

Is it to improve your employability?

That leaves us with the big one: employability. Will a Masters improve your chances of getting a better paid job? The raw data tell us – yes. The median salary for UK first degree graduates, 5 years after graduation, is just under £30,000. For Masters, it’s just under £40,000¹.

However, this data needs to be considered carefully. Firstly, averages hide a wide range of outcomes, and you’ll find salaries vary wildly between different employment sectors and different subjects studied. There is of course a huge difference between vocational programs (such as an MBA or Masters in Management) and more academic ones (for example, in the Humanities).

In the UK, you can interrogate this data online to help you develop a more nuanced view, something that I highly recommend if you are thinking of doing a Masters.

Secondly, remember that Masters students are typically older than undergraduates, and would be earning more at this stage in their career anyway.