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Whether you’re a recent graduate weighing your next step or a professional thinking about leveling up your career, the choice between taking a job or going to grad school is all about what will move you forward. Here are some strategies you can use to help you decide whether grad school or a full-time job is the right move for you.
Establish Your Career Goals
Before you start weighing your options, ask yourself: Where do I actually want to go? Are you chasing a long-term role in academia, medicine, law, or psychology? If so, grad school is pretty much non-negotiable. On the other hand, if you’re interested in marketing, tech, finance, or project management, experience may carry more weight than another degree.
Think of your education as a stepping stone on your career path, and try to imagine where it might take you. A good tactic is to “reverse-engineer” your desired career by looking up job titles you’d like to have in 5-10 years and taking note of the common backgrounds of people in those roles. Do they have advanced degrees, or a strong portfolio of work?
Compare the Return on Investment (ROI)
There’s no sugarcoating it—grad school can be very expensive. That said, it can often be a great investment depending on your chosen career path. The key here is looking at ROI. In other words, what will you gain in skills, networking opportunities, and earning potential after graduation?
Consider whether the grad programs you’re looking at will significantly boost your salary or job prospects. Along with this, will you be able to receive financial aid or work a part-time job to offset the cost? Lastly, determine how long it will take to break even financially after you’ve completed the program.
With regards to job offers, determine whether an offer will be as lucrative as it looks. If it’s in a stagnant industry or there is little room for growth, you might consider grad school instead. At the end of the day, it really comes down to your lifestyle and career goals. That said, you wouldn’t want to start out with a ton of unnecessary debt or a dead-end job.
Consider Timing and Momentum
Sometimes, it’s not about “either/or,” but rather “first/then.” In other words, accepting a job offer doesn’t mean grad school is off the table forever. In fact, working first can help you gain further clarity on your career goals or discover what kind of grad program (if any) is right for you. Working will also give you financial stability before you take on the debt associated with grad programs.
On the other side of things, going straight to grad school can help you maintain academic momentum, especially if you’re already in that mode and pursuing a highly specialized field. Consider asking a friend or network connection about their experiences—did they go to grad school first, or did they jump straight into the workforce? Did they have regrets either way, or did they feel like they made the right decision?
Mental Preparedness
After graduation it can be easy to keep pressing on, whether it’s straight to grad school or accepting a job offer, but overextending yourself will only lead to burnout. Ask yourself if you’re genuinely ready to dive into another 2-3 years of studying, reading, and writing papers.
Likewise, are you excited to enter the workforce, or do you feel like you’re settling for a job just because it’s there? There’s really no “wrong” answer when it comes to any of this, but tuning into your mental readiness can prevent you from making a hasty move that could drag you down in the near future.
Consider Intangible Factors
Concerns about debt and money are obvious factors when it comes to deciding between grad school and a job; however, there are things that money cannot measure.
For example, attending grad school might give you the chance to study under a professor you really admire. In addition to this, you’ll gain access to an alumni network which can be a huge advantage for your career.
A job also has its own set of advantages. For starters, you’ll develop key skills through on-the-job training. Employers are increasingly seeking candidates with strong soft skills in communication, adaptability, and time management, just to name a few. Some jobs also offer professional development and mentorship programs, which are excellent during the early years of your career.
No Decision is Final
Let’s say you got a great job offer but also got accepted to a grad program. In this situation, you could ask if the grad program allows deferral so you can buy yourself some time. Similarly, if you got accepted to grad school but you’re unsure about it, try working for a year and reapplying later on with more experience.
If you got a job but you also want more education, you could look into online or part-time grad programs. Your employer might even help pay for it or offer some form of tuition assistance. The point is, even big decisions aren’t completely final, and there’s always a way to pivot if you’re clever about it.
What this all boils down to is there’s no reason to stress about making the “perfect” choice, because to put it simply, there isn’t one. What you can do is make a smart, intentional, honest choice that aligns with your vision for the future.
Rob Porter is an editor at Vault.
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