Enrolling in any post-graduate program is an undertaking that shouldn’t be taken lightly. The financial strains of graduate school may not translate as well as we though to your resume.
For example, the one-to-one cost of higher education is easy to account for.
Unfortunately, we often forget about the opportunity costs associated with attending graduate school. If you are decide to completely leave the full-time workforce, the money you earn towards retirement will be lost. If you are attending a PhD program, the time spent away from full-time work can be a significant financial strain. Once you return to the workforce, you will need to replace that money that you lost out on in employer-contributions to your retirement account. Do not forget to include the compound interest you would have earned as well.
Consider the reasons why you are attending graduate school before taking the final plunge. I decided to attend graduate school because I liked teaching and research, but I didn’t enjoy research on animals nor did I find teaching in middle school and high school satisfying.
Consider these facts when considering whether or not attending graduate school is a sufficient trade-off to the boost you receive in your resume or CV.
If you are considering enrollment, but unsure consider a mentor to assist you in helping you make the right decision based on your current issues and future needs.