What is the benefit of doing a masters degree/phd?

[mk2kh]

Has it helped u in finding jobs?
Are you getting paid higher than peers etc?
Was it worth the time money effort?

[paulinkansas]

I'm 6 hours short of my MBA. Graduate school taught me how to think differently and solve problems in a different way than undergrad. Self employed with an official day job hustle that supplements my self employed hustle.

[LtGoose]

My job paid for me to go back and get a Masters. Can't even apply for my position without one so yes, it does come with more $$$. In my case a 20k/year increase

[isingmodel]

MSc in Physics, definitely helped me tons in getting the job I'm in, but that's because it's a highly specialised field quite strongly tied to my area of education (fluid dynamics related).

Before that I spent a year in IB (which I hated). I definitely think it helped there too, Physics/Maths bros are fairly sought after in finance.

All depends on whether the fields you are going for are likely to be impressed by your specific Masters.

[Zjunky]

As with any answer to a complex situation, it depends.

From my experience, getting my advanced degree got me on course for a job that pays about about 4x times what I was making before. But that was my wage rate 25 years ago. At this point it's probably only double with inflation. Also factor in that the job I had before had cr@ppy pay and long hours. I learned a lot that I can use beyond just work. Drawbacks were considerable though. I got my advanced degree in the late nineties and I still owe almost 30 grand in student loans, paying to the tune of almost $600/m. And the field I'm in is really saturated. So while I am paid okay, twenty + years later I'm still temping in jobs without health insurance, without vacation, and no 401K match.

You need to look long and hard at what an advanced degree would do for you. What doors will it open? What doors will it close? What is the opportunity cost, in both money AND time. Mine has actually made finding work considerably harder. But the pay and conditions are much better than what I had before. But I really do miss paid health insurance and the company car.

On the other hand, my brother (an EE) was lucky enough to have his employer pay for his Masters in Finance. He's sitting pretty. It all depends on your situation.

Good luck.

[tobistrength]

Helps you learn a skill better. More opportunities for more job promotions and more money. If you don't have the times or funds or desire to actually learn and if you are not a school person don't waste your time doing it

[SolidPaul]

PhD here at top school. For engineering it actually can lead to significantly higher income even after the 5 5 years (break even). Some posters in this thread mentioned you'll have debt which isn't correct. As a PhD student you're typically fully funded and get paid a decent stipend for rent and such. You don't necessarily do a PhD for money though, typically you have to be very interested in researching one topic.

[paulinkansas]

As a PhD student you're typically fully funded and get paid a decent stipend for rent and such.

Same thing for your masters if you score well enough on the graduate entrance exam. I did pretty good on the GMAT and got an assistanceship. Tuition and fees were waived, I got $600 a month. I had to grade papers, administer tests, and do research. This was in 1988. My monthly rent was $225. A can of tuna was 25 cents. A keg of beer was $47.50.