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If you’re considering postgraduate study, you are probably wondering “is a master’s degree worth it” and that’s a fair question. Taking more courses is a time-consuming and costly endeavour, so you want to be sure of the benefit to you. Thankfully, there are a wide range of perks that come with a master’s degree. Let’s explore a few!
What is the Advantage of Having a Master's Degree?
The main advantage of having a master’s degree is the doors it opens for you. Not many people in the UK actually earn one, so with a master’s in hand, you’re part of a very small pool of super-qualified candidates. However, there are a number of other benefits from specialised knowledge to soft skill development that we’ll explore further.
Increased earning potential
Not only do postgraduate degree holders earn more than first-degree grads, but they are more employable. Here’s why: There are fewer of them. FindAMasters estimates that “42% of the UK's population aged between 21 and 64 [have] a degree, [but only] 6.2% of this age category have a master’s degree.” So, when you apply for roles that require a master’s degree, you’re competing with fewer other applicants than you would with lesser-skilled roles. That gives you a greater chance of landing the amazing job you want.
Next, you’ll have specific, expert training in your field. Let’s say you’re an accountant but you want to be a CFO in the future. An MSc in Accountancy and Financial Management could give you a background in performance management, ethics, social responsibility and strategic management accounting; all skills you need for the C-suite and a large reason why most CFO roles require a master’s degree.
Increased professional network
Also, let’s not forget about all the people you’ll make connections with. You’ll meet peers in your field, professors with expertise and work history locally and forge partnerships with businesses who might become future employers. And, they’ll have some inkling about your approach and passion because every interaction will be scholastically grounded. You’ll be standing out and putting your best foot forward when you’re fired up and engaged in your studies.
Evolved soft skills
Lastly, you’ll learn a host of soft skills or develop further the ones you already have. Some common skills to hone while getting your master's are research skills, timekeeping, project management, teamwork and leadership. You’ll also need to practise emotional intelligence, memory skills, budgeting and more during your tenure. These are all valuable in the wider workplace and highly transferable no matter where you go after completing your degree.
What Does a Master’s Degree Cost?
Now, as we weigh the benefits, we need to talk about the investment. In addition to time, you’ll spend between £13-15k on your master’s degree. However, the expected return on investment on your studies in future earnings is £5.5k per year more than first-degree holders. And that’s every year! So, your studies are likely to pay for themselves in just the first couple of years after graduation.
If you’re ready to pull the trigger on your postgraduate degree, why not talk to us about it? Bolton is famous for delivering #UniAsItShouldBe and offers a supportive learning environment with small class sizes and fabulous teaching. Email us at email@example.com or call +44 1204 903142 to speak to a member of the team. We can’t wait to help you begin this next chapter!