From massive student loan debt to a largely competitive landscape, there are a number of reasons why people don’t pursue grad school today. However, before crossing it off your list completely, it’s important to learn more about it.
Related: How Entrepreneurs Can Balance School and Business
In 2001, a reported 473,502 Master’s degrees were awarded. That number increased a whopping 60 percent by 2015, with 758,708 people awarded Master’s degrees. What are most of these people studying? The top graduate programs as of fall 2016 were social and behavioral sciences, engineering and biological and agricultural sciences. And today, more and more of these graduate students are women, with many of those individuals the firsts in their families to go. In fact, approximately 63 percent of first-time graduates are women.
Related: Top 25 Best Grad Programs for Entrepreneurs in 2018
Of course, there are many cases as to why someone would or wouldn’t pursue grad school. The average debt for a person getting their MBA is $42,000. Sound like a lot? For aspiring doctors or medical experts, the average debt is $161,772.
Depending on what you want to do in the long run will help determine if a graduate’s degree is necessary. On the bright side, people with graduate degrees typically have higher salaries, more access to job opportunities and professional connections.
Related: It’s Never Too Late to Get Your Graduate Degree
So if you want to go back to school and get another degree, don’t be discouraged by financial or social pressures. There are a number of fellowships, scholarships and other financial options to help you get there. And if you’re feeling trapped on time, you can also explore online schooling options.
To learn more, check out NowSourcing’s infographic below.