Guide to Graduate School: Is It Worth It and How to Apply
Decide if graduate school is right for you. Learn about ROI by degree type, the application process, funding options, and career impact of advanced degrees.
Is Graduate School Worth It
The answer depends entirely on your field and goals. For some careers, an advanced degree is required: medicine (MD), law (JD), clinical psychology (PhD/PsyD), and many academic positions (PhD). For others, it is strongly advantageous: MBA for senior management, master's in engineering or data science for technical advancement, MPA/MPP for public policy. For many fields, however, a graduate degree provides minimal salary boost over experience — especially in tech, design, sales, and entrepreneurship. Calculate the ROI: total cost (tuition plus lost wages during school) versus the salary premium over your career. A $100,000 MBA that leads to a $30,000 annual salary increase pays for itself in about 4 years. A $60,000 master's in a field with a $5,000 premium takes 12 years to break even.
Types of Graduate Programs
Master's degrees (1 to 2 years) include MA, MS, MBA, MFA, MPH, and dozens of specialized variations. They provide advanced knowledge and professional credentials. Professional doctorates (3 to 4 years) include MD, JD, PharmD, and DPT — these are required for professional licensure. Research doctorates (PhD, 4 to 7 years) train scholars to conduct original research and are the standard credential for university professors. Certificate programs (3 to 12 months) offer focused skill development without a full degree. Consider your goal: if you want to practice a profession, you need the appropriate professional degree. If you want to advance in business, an MBA or professional master's is appropriate. If you want to research or teach at a university, a PhD is the standard path.
The Application Process
Graduate applications typically require: transcripts (showing your undergraduate GPA), standardized test scores (GRE, GMAT, LSAT, MCAT — though many programs are now test-optional), a personal statement or statement of purpose (your motivations, research interests, and career goals), letters of recommendation (2 to 3 from professors or professional mentors who know your work well), a resume or CV, and sometimes a writing sample or portfolio. Start preparing 12 to 18 months before your intended start date. Research programs carefully — for PhD programs especially, finding a faculty advisor whose research aligns with your interests is more important than the university's overall ranking. Contact potential advisors before applying.
Recommended Resources
Sponsored · We may earn a commission at no cost to you
Funding Your Graduate Education
Funding options vary dramatically by program type. PhD programs in STEM and many humanities are typically fully funded — the university covers tuition and provides a stipend of $20,000 to $35,000 per year in exchange for teaching or research work. Never pay for a PhD in a funded field. Professional programs (MBA, law, medicine) are almost always self-funded through loans, scholarships, and savings. Master's programs vary — some offer partial funding through assistantships or fellowships. Apply for external fellowships (NSF Graduate Research Fellowship, Ford Foundation, Fulbright) which are prestigious and generous. Employer tuition reimbursement programs cover $5,000 to $15,000 per year for many working professionals. Military benefits (GI Bill) cover substantial graduate education costs.
Related Free Tools
Related Articles
Frequently Asked Questions
Should I go to graduate school right after college?
It depends on the program. For PhD programs, going directly can be advantageous while academic skills are sharp. For MBA programs, 2 to 5 years of work experience is strongly preferred (average age of MBA students is 27 to 28). For medical and law school, both direct-entry and gap-year applicants are common. Work experience gives you professional context that enriches your graduate studies and makes you a stronger applicant. If you are unsure about your goals, working first can provide clarity.
How do I choose between graduate programs?
Consider: program reputation in your specific field (not overall university ranking), faculty research alignment with your interests, funding package (especially for PhD), career placement data (where do graduates end up?), location and lifestyle fit, program culture and student support, and cohort size. Visit campuses and talk to current students and recent alumni. For professional programs, employment statistics within 6 to 12 months of graduation are the most revealing metric.
Can I work while in graduate school?
It depends on the program. Many part-time and evening master's programs are designed for working professionals. Full-time MBA programs generally discourage outside employment but include summer internships. PhD programs consume 50 to 70 hours per week between coursework, research, and teaching — outside employment is usually impractical and sometimes prohibited by funding agreements. Medical and law school are full-time commitments with limited time for outside work. Online graduate programs offer the most flexibility for working students.