Online Masters Degree Education: Is An Online Masters Worth It?

Is an Online Masters Degree Worth It?

Going back to school is a popular option in a tough economy; even full-time workers are looking to build their skillset and make themselves more attractive to future employers. Masters degrees, especially, never seem to go out of style since an Masters typically prepares workers for more advanced, leadership roles in business or government. But is an Online Masters worth it? Are the benefits of an Masters degree worth the investment, particularly when you could be working full-time instead of going back to school?

If numbers are any indication, the answer is definitely "yes". A recent survey of accounting/financial workers of varying skill and seniority levels found that CFOs without a degree had an average salary of only $38,920, those with a Bachelors Degree earned $88,836, and Masters earned an average of $104,284. Even in a down economy, it's clear that the return on investment for an Masters degree is well worth it.

Things to Consider

However, it's not quite as cut and dry as the numbers indicate. First of all, nearly any advanced degree will earn you more money over the long haul -- Masters certainly aren't unique in that regard. So the question then becomes whether an Masters is the degree you really need. Maybe it would be more appropriate for you to earn a CPA or attain a financial planning certification. Don't let money alone shape your decisions -- first and foremost, look at the skills you want to develop and the career goals you've set.

Another thing to note is that the salary figures quoted above are fairly flexible and can vary widely based on a number of factors. The type of work, for example, makes a big difference in the salary you can expect; consulting jobs typically pay more than finance/accounting jobs. Your previous work experience is equally important. If you've just received your Masters degree and search for an investment banking job -- after years in a marketing firm -- your starting salary will probably be a much less than someone who has more relevant experience in investment banking.

The Advantage of Distance Learning

One of the greatest benefits of taking classes online is that it is far easier to juggle a full-time job with online studies than it is to juggle work and an on-campus degree program. With the flexibility to review materials and conduct course business on your own time -- instead of obligatory class meetings -- means that online students can pursue their degree program without giving up their full-time work (and income). It's a difficult balancing act, but many online programs are designed for this type of student and offer shorter courses and accelerated programs to accommodate students with full-time jobs.

Of course, a Masters degree won't guarantee you a great job and salary, but the odds are good that your earnings will increase after earning your degree -- making the cost (in time and money) of that extra schooling worthwhile.

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