Are postgraduate degrees worth the time, cost, and emotional energy they demand?
For years, the narrative has been the same: study more, earn more and you will be fine. But here are some things that you have to double-check before pursuing this next step of education:
- tuition fee rises
- cost-of-living in the area
- restricted work hours on a student visa
- job market difficulties in the UK
These factors raise doubts and, if they loom large enough in your life, make it seem not worth the risk. When considering a Master’s degree, many young people feel a pressure to having ‘everything figured out’ (I certainly do) by a certain age or age-bracket.
As a current postgraduate student at Richmond, I have spent the past few months navigating this very question: “Is it worth it? Am I going to achieve my dreams after this?” After finishing my undergraduate degree, I chose to continue studying because I did not find what I was looking for after studying Law. Law is percieved as a ‘safe’ career and at 18, I did not think much about it – but at 24 now, I have much more knowledge about what I want. I see how a Master’s can expand my career options and strengthen my global business knowledege.
But I also entered my programme in an era of uncertainty that surrounds the job market and postgraduate education today. Young people and especially students are more conscious of debt, more strategic about their career paths, and more aware of the realities of the job market. However, we also have to take into account that postgraduate studies offer more than salary and career, but personal growth, intellectual challenge, and the chance to change your career path, like I have. One of the biggest motivations for pursuing a Master’s degree is the promise of better career opportunities, or in my case, being able to be part of a different field from my undergraduate. For many postgraduates – including me – it is a strategic step toward entering a specialised field in a competitive industry.
Wanting to hear more opinions on this issue, I spoke with other students and it struck me how varied the motivations are, yet all of them connect to the idea of possibility. Umang, a fellow MSc student, told me: “It helped me to have a clear definition of what leadership and effort looks like in real life, rather than just learning from others on paper. I also applied to ‘level up’ in my education.”MBA student Mouna added their degree has “opened better opportunities for business in the USA.”
To me, Umang and Mouna, a postgraduate degree does not guarantee a dream job, but can bring you closer to it. In other words, it is not a magic key but a tool and its value depends on how you use it.
On the other hand, outside of academics, personal growth has been one of the most rewarding aspects. I have learned to balance academic work with part-time jobs at the university, adapt to a new city, a new language and new cultures, to find my place in diverse London. Importantly, the extracurricular work you put in – networking, internships, inside and outside class experiences – will reward you for the effort. For me, all of these things have changed me, and will continue to change me as I keep studying and living in London.
Finally, let’s talk about one of the most important things for most students to finally decide whether to go for it. This is the question everyone whispers to themselves: “Is the investment worth it?”. Some students may feel confident about their investment (and it is a big one, and worth deliberated consideration), but others are more cautious. From my own perspective, the cost is significant, but there are a lot of scholarships (I was awarded one with Richmond) and even some companies finance their employees’ postgraduate degrees. This is a clear sign of how the market values education, that this is something worth investing in.
Everyone has a different path and background, but to me, a postgraduate education is always worth it no matter your age or the subject, because education is a tool that will help you grow in different areas of your life, as I have in academics, business tools, and extracurriculars like my jobs and networking. This is why I would always say “yes” to the question “is it worth it?”
Thinking about postgraduate study? Explore your options at Richmond.
