Deciding on an Advanced Degree

Consider What You Hope to Accomplish

First and foremost, what do you hope to achieve by obtaining an advanced degree?
Is there a particular job you hope to have one day?
In what time frame, realistically, do you see yourself obtaining that role? 

Career counselors or life coaches can be a nice asset when you are trying to figure out what to do with your life. Many universities staff these positions in-house, or you may decide to deal with someone else directly.

Consider Your Specialty

• How much practical experience do you have?
  If you have been working for awhile in the industry, you will get so much more out of the program. You will also have a better understanding of what specialty you will be happy in.
  
• How committed do you want to be to a given specialty?
  If you spend a couple of years and many thousands of dollars on a program, you become somewhat married to that area of the field. Although you are by no means required to stay in that field, it becomes psychologically difficult to separate yourself from it after the fact!
  
• What programs are available in your specialty?
  Consider your long term goal here. As an example, are you hoping to be a Manager one day? Or a Senior Software Architect? The answer will determine if you should look for an MBA program or a MSCS program. Always keep your long term goal in mind when making this very important decision.

Consider the Finances

• Who will be paying for the degree? And at what price?
  Employers will often pay for at least a portion of an employee’s advanced degree. Expect to sign something stating that if you leave or are fired for cause within a certain amount of time, you will be responsible for reimbursing the company.
  If you plan to finance it yourself, check into federal student aid, a portion of which may be tax deductible when you repay it. Make sure you discuss financing options with the campus Financial Aid office.
  
• Will you continue working during your studies? 
  If so, you will need to find a program that caters to working professionals by offering evening classes and assistance on weekends. If you are not working during this time, make sure you have a sound plan in place to fund your education and living expenses.

Consider Locations of Potential Programs

Geography is also an important consideration. Are there programs close by? Are you willing or able to relocate? Working a full day and commuting to and from a graduate program can be exhausting. If a commute would be in order, see if there are busses or trains that would be convenient – it is a much better use of your time. Also, see if distance learning is an option in your field. There are many universities that now offer at least some of the required classes online or via video conference.

Take A Reality Check

• How motivated are you?
  Be honest. Is this something you really want to do? And why? Because you love the field you are in, or because you think you should? What is your motivation for completing an advanced degree? Financially, it will take a few years of work before you will see any concrete returns on this investment.
  
• How supportive are others in your life?
  If you have a spouse, how do they feel about your time and energy being focused elsewhere for a couple of years? Do you have small children? Or do you still live at home or with roommates? How do you handle stress? If your family, or those in your immediate surroundings, are not supportive of this endeavor, it will put enormous stress on you. Make sure you communicate expectations and that any family members, room mates, and loved ones are supportive of what you will be doing before hand.
  
• Have you talked with other students?
  The best reality check is to talk with current students that are just finishing their advanced degrees. Ask them how they managed personal, professional and school responsibilities. Ask what issues came up that they had not anticipated. How did they deal with them? How helpful did they find their university resources to be? Or did they find outside resources helpful?