It takes money to make money and for students, undergraduate degrees can empty out their wallets but master’s degrees can break their banks.Despite the expenses of higher education, more students than ever have started master’s programs this fall because of the “tremendous salary boost” and “better job offers,” according to a Sept. 14 New York Times article.
Nationally, full-time master’s programs applications have risen 20 percent in the past three years, according to The Graduate Management Admissions Council Application Trends of 2007.
Master’s programs at TCU, such as the two-year full-time MBA program, which costs $59,040, have had an increase in applications, said the director of MBA admissions at the School of Business.
“We directly benefit from the increased applications because we are able to continue to select the most qualified for our program,” director Peggy Conway said.
Although schools are benefiting from the increased enrollment, Conway said, students will gain immediate increase in their post-MBA salaries because of economic trends.
“Students will continue to see a positive return of investment on what they spent on their MBAs,” Conway said. “But the larger impact may be the long-term financial gain because of broader job opportunities.”
A study conducted by the Graduate Management Admission Council said there is a 52 percent salary increase pre-MBA to post-MBA when examining the value added by graduate education.
First year accounting graduate student Mark Becker said in order for him to take the certified public accountant exam to become a CPA he has to get his master’s degree.
“After earning my master’s I will be able to take the CPA exam which will allow me better opportunities to start at a higher level as opposed to working my way up,” Becker said.
The director of MBA admission at the SMU Cox School of Business, Patti Cudney, said regardless of the financial benefits, a master’s degree in any subject is valuable for internships and jobs.
“Students are highly sought after by recruiters for post-MBA jobs,” Cudney said. “The student’s degree is packed with supplementary activities that open up an infinite number of possibilities.”
Conway agreed.
“I don’t think perspective students should assume that the main reason to get a master’s is to make more money,” Conway said. “The MBA is most useful for individuals who are seeking careers in which strategic, managerial business skills are needed.”
However, TCU graduate program coordinator Anita Unger said if students are working toward a Master’s of Liberal Arts it is strictly for financial advantage because an MLA is a non-career oriented degree.
As for students such as Jonathan Taylor, Financial Management Association president, a masters program is not in his future any time soon.
“With my major, an MBA is not something that is absolutely crucial,” said Taylor, a senior finance and accounting major. “If I were to get my master’s, it would be after working for about five years. Then I would definitely know if an MBA would benefit my career.
