Today's undergraduate students receiving degrees in science, technology, engineering and mathematics (STEM) fields have numerous opportunities and a multitude of decisions to make regarding the development of a successful career. After completing four to five years of undergraduate studies, the prospect of continuing school may not be as appealing as employment; then Why Graduate School?
In answering the question, "Why Graduate School?" first it is important to be aware of the changing nature of the 21st century world of work which is characterized by globalization and knowledge based economies. To be successful in today's workplace individuals will need to possess the skills and competencies that are taught and nurtured in STEM graduate programs. Second, for the United States to remain at the pinnacle of competitiveness and innovation there is a critical need for a talented workforce that is able to (1) incorporate available information, (2) create new knowledge, and (3) implement innovation. In addition, there are unique changes occurring in employment trends worldwide, particularly in STEM fields that will be increasing three times faster than other occupations. These increases are reflective of (1) the large number of workers nearing retirement, (2) worldwide competition for talented workers, and (3) the decline of students majoring in STEM.
Often when the topic of graduate school is discussed, two questions dominate: (1) Can the case for an advanced degree be made on the basis of employment needs and (2) Will the time and effort pay off in terms of lifetime earnings? Had the first question, regarding workforce demands, been asked 20 or more years ago the answer may have been quite different than the answer today. Prior to 1988 new hire needs were about 85 percent baccalaureate degrees and 15 percent advanced degrees. Since 2000 there has been a shift to favor advanced degrees holders. Thus, in today's work place approximately 60 percent of new hires are bachelor degree holders and 40 percent advanced degree holders.
In response to the second question regarding lifetime earnings and an advanced degree, lifetime earnings must be reviewed over one's total work life. When considered over the total work-life, there is a significant earnings advantage for advanced degree holders. Summary data for average lifetime earnings, based on differences in education level (U.S. Census - Current Population Surveys, March 1998, 1999 and 200), shows the following:
Work-Life Earnings Estimates for Full-Time Employees (in $ Millions)
- Doctoral degree..........................$3.4
- Master's degrees...............$2.5
- Bachelor's degrees....$2.1
If examined on a monthly basis (across all employment sectors), the average is a $2,000 difference between doctorate and master's degree holders and a $1,000 difference between the master's and bachelor degree holders. (http://www.earnmydegree.com/online-education/learning/center-value.html)
Beyond issues of hiring needs and lifetime earning potential, advanced degrees provide other advantages such as:
- Opportunity to realize full potential.
- Wider employment opportunities and options.
- Visibility as it distinguishes individuals.
- Validation of academic abilities.
- Options for making career changes.
- Opportunity to study with experts in the field.
Given facts cited above, regarding both the benefits and rewards of an advanced degree, the case can be made that graduate education is not only important to one's career life, but also to one's personal and financial life as well. Therefore, the issue is no longer should one consider pursuing an advanced degree, but rather how to place the goal of obtaining an advanced degree in one's career and life plans.
Those who fail to plan, plan to fail!"- (Anonymous author).
As you make graduate education a part of your plans, be cognizant of the fact that career and life goals are interrelated; success in one is dependent upon success in the other. Success meaning:
"The achievement of something desired or attempted. The accomplishment of goals and objectives necessary to achieve a particular task, realize a particular dream or to satisfy a particular need or want."- (Howard G. Adams, Ph.D., 2008)
Success in completing a graduate degree in STEM begins with an interest in knowing more. The undergraduate degree involves an introduction to a breadth of subjects and an overview of the required basic information in STEM. The master's degree in STEM usually takes one to two years to complete. It provides you with an in-depth understanding of a particular subject while the Doctorate of Philosophy earns an individual acknowledgement from others that they are experts in their subject areas.
With the desire to know more and having made graduate school a career and life goal, the process of identifying and selecting a graduate program begins. Similar to a job search, gathering information and evaluating its importance to one's personal circumstance is critical. As you initiate the process of identifying a suitable program, investigate at least five schools by securing information about their program offerings, admissions, financial aid, housing, facilities, faculty and other information that will impact your decisions. As part of the information gathering process, talk to faculty, graduate school staff, graduate students, and use library and internet resources.
Be aware that there is a clear difference in policies, procedures, and protocol between undergraduate and graduate programs as well as between institutions. Keep this in mind by paying particular attentions to details such as:
- Admission requirements
- Deadlines
- Degree requirements
- Faculty research interests
- Financial aid available
An easy method of charting and evaluating the pros and cons of each program of interest can be as simple as SWOT - Strength, Weaknesses, Opportunities, and Threats. No matter what method one uses to gather and analyze that information, the key step is synthesizing the information into one's personal career and life plan. After reviewing success factors versus the risk factors and weighing positive versus negative factors the ultimate question is, "Which graduate program is right for me?"
Graduate school is where preparation for today's career-minded professionals begins. As you start your quest into the future be reminded that leaders in academia, government, industry, and non-profit organizations are drawn from the pool of advanced degree holders. Thus, placing an advanced degree in your career and life plan is not just a good idea, but an imperative. The question now to ponder is "Will I be prepared?"
References
Adams, Howard G., Career Management 101: A primer for career and life goal planning. H. G. Adams & Associates, Inc. Norfolk, VA 2008
Adams, Howard G., Successful Negotiating the Graduate School Process: A Guide for Minority Students, Second Edition. The National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc., 1997.
Bolles, Richard N., What Color is Your Parachute? A practical manual for job-hunter and career changers. Ten Speed Press, Berkeley, CA 2005.
Council of Graduate Schools. 2007. "Graduate Education: The backbone of American competitiveness and innovation." Washington, D.C. Retrieved: October 3, 2008. http://209.85.173.104/search?q=cache:x9ps4IkS3d8J:www.doleta.gov/Youth-services/pdf/STEM
Meisinger, S. (2006) HR Magazine. "Talent management in a knowledge-based economy. "
National Science Foundation Alliance for Graduate Education and the Professoriate. Retrieved October 6, 2008. http://www.nsf.gov/pubs/2004/nsf04575/nsf04575.htm
National Science Board. 2002. "Science and engineering indicators-2002." Arlington, VA: National Science. Retrieved October 6, 2008. http://www.earnmydegree.com/online-education/learning/center-value.html
