Is a Master's worth the cost?
Is a Master's worth the cost?
(OP)
I have a B.S. in Biomedical Eng. that left me with $20k in loans. BME is not a standard engineering discipline (i.e. mechanical, electrical, civil, etc.) We were never pushed to take the FE. I'm not even sure if BMEs go for their PE. I've been out of school almost three years and tested the water in a few different master's programs. I found one I like, and started a program for an M.E. in Systems engineering. This will set me back another $25k. My wife is taking on another $20k for her master's. Meanwhile we're trying to save for a house and the 'b' word is popping up more and more. $65k in loans is hard to swallow. I'm wondering if a master's in systems engineering worth the cost?
Any thoughts?
Any thoughts?





RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
Chris
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RE: Is a Master's worth the cost?
Some people do well with masters, others don't need it. Obviously, others have had different experiences, but for me, it wasn't needed, and it wouldn't have made any difference in my current position. One could argue that a masters would have sent me down a totally different path, for better, or worse...
TTFN
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RE: Is a Master's worth the cost?
Payback will come, just might not be quick enough to cover loans and get a house.
<<A good friend will bail you out of jail, but a true friend
will be sitting beside you saying " Damn that was fun!" - Unknown>>
RE: Is a Master's worth the cost?
Get a job with an employer that has tuition reimbursement. If you're still in Milwaukee, you have three great schools to choose from.
This is an awesome time to be a first-time homebuyer if you don't need special programs. I'd make that my first priority. Get in while houses and moretgages are cheap.
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
In my (limited) experience with BME degrees I think they suit you more to be a project manager than an engineer. I would look at a master's if it did one of two things: 1) enabled you to get the job you really want, or 2) was a prerequisite to moving up the career chain at your job. Money is somewhat secondary as it's typically not a huge boost unless you switch careers (MBA).
-b
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
Good Luck
RE: Is a Master's worth the cost?
My employer set it up this way though so that if I decided to take courses and didn't want to pay anything, it was a steady 3 credits per semester and would take around 6 years. With the one-year payback of service, that would mean I'd be here for a minimum of 7 years, 8 figuring I had to be here for 1 before qualifynig for the program. I guess at that point they think you're settled and less likely to leave.
I chose to pay out of pocket to avoid the long term obligation. You might feel differently. The only thing I will tell you is that I can't imagine doing school, work, and a baby at the same time. School and work time pretty much consumed me for the past 3+ years. And I lost count of how many people with families started their master's program but dropped out after a year due to time committments.
RE: Is a Master's worth the cost?
So basically it's up to the person...
To be fair, I should also say that I've been looking for a new job lately and have noticed a quite a few positions that say a master's would be looked at as a benefit... as ctopher pointed out.
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
It doesn't appear you've worked that much so I'd suspect that getting some experience would have a better pay-back, literally.
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Syl.
www.aercoustics.com
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
RE: Is a Master's worth the cost?
Perhaps you should separate this into two questions: timing and degree.
As for timing, it does sound like you have a lot going on right now. That said, it doesn't get any easier to add degrees later on -- though it is possible a future employer will provide even more financial support.
As for the degree itself, I'd recommend it. I was in a somewhat similar situation as yourself a while back, and ended up choosing to go another $15k into debt to finish my MS. Financially, it's clear that it will pay out in most industries. Additionally, it will open future professional doors. Take a look at the CVs of your bosses and their bosses -- in most engineering firms, you'll find that the vast majority of them have at least an master's in some field, whether that be an MBA or an MS or something else. It lends a certain element of instant credibility, especially if your degree comes from a reputable institution.
Good luck!
BC