Masters Degree vs PhD
I’m starting to think that a master’s degree may be actually more valuable in total lifetime earnings than a PhD. This may surprise you but let me explain my reasoning. With a Master’s degree you can be out of school and back focused on work in two years — I know some people that have done in one year. With a PhD you’re looking at 6 to 8 years of study — sometimes even more. Being out of the job market for 6 to 8 years means you are missed out on a significant amount of practical hands-on experience. Unless you plan to go into academia this experience is very valuable. It’s probably valuable if you do plan on going into academia. The master’s degree much you differentiate yourself from people with the traditional bachelor’s degree while minimizing the amount of time it takes to get to that point. This means you can start working sooner which means the payback occurs more rapidly. Also considering how quickly the job market changes, you could start a PhD program for an area only to find your skills in low demand when you finally do graduate.
