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Old 04-17-2006, 12:28 AM   #1
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Default Did a Master'* Degree really increase your pay?

Okay...so I hear it... but would like to know how many people actually have a Master'* degree and if so, did it really double your income...??

I'll have my Bachelors in Bus.Administration w/a 2nd Major in Management completed at the end of this year...if I sign up before finishing, I'll only need 10 classes to get a Masters... that'* an extra year and 1/2 of college. I've been working fulltime, raising kids, and going to college fulltime for three years now...needless to say, I'm sick of the routine. But...but....I'm wondering if it would be a huge mistake to not continue on right now...

Any thoughts or suggestions?
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Old 04-17-2006, 12:30 AM   #2
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My wife'* teaching salary will go up 30% when her masters is complete next fall.
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Old 04-17-2006, 12:33 AM   #3
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I'd have to say it depends on the field you work in. If you are in an IT field a masters won't gain you very much as an IT proffessional (non-management). This field moves and changes so fast a masters would be old news learning in just a few years. In a field such as teaching (as listed above), it will most likely last with you your entire carreer paying you dividends. What are your employment goals?
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Old 04-17-2006, 12:50 AM   #4
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Quote:
Originally Posted by SSEi95
What are your employment goals?
...to retire... lol... Seriously though, I've been a customer service rep for a manufacturer for over six years. From what I see, the managers have more time off, no one misses them when they are gone, and they drive the company cars. Seems like a good life to me. I need to double my current income at a minimum. Either that or marry someone again....which is why I've opted for college!
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Old 04-17-2006, 01:32 AM   #5
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I say to get as much education as you can now that you are on a roll.
You are still young enough.
It will be harder to go back to later and it'* always a plus on the resume.
As long as you have future employment prospects that will pay back the money it will cost you to earn that Masters.
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Old 04-17-2006, 01:50 AM   #6
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I would absoloutley yes, i have a female friend who has had to teach in a Brooklyn school to get her Masters, because she cant get a job upstate without it. She hate being down there an fears for her life at times but like I said she doesnt have much choice being a working single mom who cant find work up here with just the Bachelors degree.
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Old 04-17-2006, 06:30 AM   #7
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I would say continue on with your education, but if your tired of the routine, maybe take a year off and return? Some people I know at work have done that. Just a thought.
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Old 04-17-2006, 08:24 AM   #8
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It does help pay rate and prospective employers decide on you.

Having done mine at night like you are, instead of the booze cruise many call college...I too had thoughts many times about this magical piece of paper that mysteriously would make me know how to do a job better.

The largest pay rate increase you can do is moving to another company. Second I would give to an other division of the same company.

It'* worth it...keep on plugging.
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Old 04-17-2006, 09:20 AM   #9
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I also have had to do my college during nights, due to stupidity when I was young and had the opportunity. A rough way to go, but worth it. As far as the Masters goes, I also feel that continuing now might be the best idea, since it has always been harder for me to get back into it when I had to stop for one reason or another.

I also agree with Boost (sheesh, I hate that, lol) that changing companies is often the quickest way to a pay increase. Plus you gather more varied experiences, making you potentially more valuable as a manager.
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Old 04-17-2006, 10:52 AM   #10
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I went on for my MBA immediately after my Undergrad. It did not get me any more money while at my last employer, but I do feel that it significantly helped with job security. I've since moved on from that company. I did not get a huge salary increase to come work where I am now. However, I was hired over other applicants because of the MBA.

Don't discount the intangible value of the MBA.

Will I ever use it? Likely not since it'* in HR and I work in IT. But, the diploma looks great on the wall, and even better on a resume.

My wife is working on her Masters in Special Education. She will get a 35% pay increase in the fall, and will progressively go up from there.

It all depends on the field you are in. In a union environment, you're more likely to get the pay increase (teaching) vs. the traditional workforce.

I say keep on chugging and get the Masters. You won't regret it.
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