Is a master’s degree worth it?

Posted on by Diane Richardson

Students working at computers in a modern study space with wooden panelling and indoor plants.

Diane Richardson has worked in Careers at Lancaster University for 19 years and is currently Acting Head. She leads the collection and reporting of graduate destination data and manages a range of initiatives that strengthen student engagement and employability

A one-year master’s programme is a popular choice, however, whether it’s worth it, depends very much on your goals, financial considerations, and career aspirations. While postgraduate study can open doors, it’s not always the right path for everyone. Before investing time and money in further study, we will look at some of the points you might want to consider before making the decision.

First of all, let’s consider the advantages

Career Advancement

A master’s degree can enhance your employability and qualify you for roles that require advanced expertise. In fields like data science, engineering, and psychology, postgraduate qualifications can be essential for progression.

Specialisation and Expertise

If you choose to study the same subject area as your undergraduate degree, you may be able to deepen your knowledge in a specific field. If you’re considering a career in academia, postgraduate study can also be an important step toward a PhD.

New Knowledge

You may have loved studying your first degree but now feel that you want a change of direction and a master’s degree can help with that. It’s an opportunity to develop new knowledge and expertise that can support you in your future career.

Networking Opportunities

Graduate study often provides access to professional networks, alumni connections, and industry partnerships that can prove valuable for career growth.

More Time for Career Planning

You may have reconsidered your future career path after starting your undergraduate studies, or you might not have started exploring it yet. Pursuing a master’s degree can give you additional time to clarify your direction, while strengthening your skills and knowledge.

Potential Salary Increase

In many sectors, a master’s degree correlates with higher earning potential. However, this varies widely by industry and region so make sure you do your research.

The Drawbacks

Financial Cost

Tuition fees and living expenses can be substantial. While scholarships and loans help - and Lancaster does offer a discount on fees for students who have previously studied here - the return on investment isn’t guaranteed, especially in fields where postgraduate qualifications don’t significantly boost salaries.

Opportunity Cost

Time spent studying might mean less time available for gaining work experience. However, some postgraduate courses include placement or internship options, which can provide a way to build experience alongside your studies. This could be the best of both worlds.

Duplication of Content

If you are thinking about pursuing PG study in the same, or similar, subject area as your undergraduate studies, check the course content carefully. You may find that there is a considerable overlap between the syllabus of your first degree and the master’s course you’re considering.

Uncertain return on investment.

A master’s degree doesn’t automatically lead to better job prospects and the benefits may be marginal. Bear in mind it’s not that common for employers to request that applicants hold a master’s degree. If you choose to pursue a graduate scheme position after you complete your master’s, you will probably find yourself in the same pool of applicants as those who have recently completed their undergraduate studies.

If you’ve considered all of these factors and decided that you do want to pursue PG study, the next thing to consider is whether to stay at your current university or move to a new institution.

  • Staying offers continuity, familiarity with faculty and campus, and loyalty discounts on fees.
  • Moving can broaden your academic perspective, expose you to new networks, and strengthen your CV by showing adaptability.

Ultimately, choose based on programme quality, course content, reputation in your field, and career goal, rather than convenience.

For many people, a master’s degree can be a valuable next step, but it’s worth taking the time to understand your options and make an informed decision. Book an appointment with one of our Advisers to help you think through your options. We can support you with the application process too. The Careers Team is here for you whether you have a clear career plan, or are still thinking through your options.

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The opinions expressed by our bloggers and those providing comments are personal, and may not necessarily reflect the opinions of Lancaster University. Responsibility for the accuracy of any of the information contained within blog posts belongs to the blogger.

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