Is Master's Degree worth it?

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🧑‍🎓 Is Master’s Degree worth it?

Thinking about getting a Master’s degree in Canada?

You might want to do some math first. A new study from the US shows that for many, the payoff isn’t as big as you might expect.

In Canada, about 10% of people pursue graduate degrees, hoping those extra years (and the extra student debt) will lead to bigger paycheques. It is particularly common among newcomers, as a way to gain a Canadian credential.

But here’s the kicker: a U.S. study found that master’s grads only earn an average of $50,000 more over their entire lifetime. Even worse? Nearly 40% see no financial gain—or actually lose money in the long run. That is given that an average master’s degree in Canada costs between $7,000 - $20,000 per year*.

*It is worth noting that Master's degrees in fields like the Arts and Humanities often yield lower financial returns compared to degrees in business or STEM (Science, Technology, Engineering, and Mathematics) fields.

Credential Inflation and the Job Market

The phenomenon of "credential inflation" is becoming increasingly prevalent. This refers to the rising educational requirements for jobs that previously did not necessitate such qualifications. As more individuals attain higher degrees, the value of these credentials diminishes, leading to an oversupply of qualified candidates for a limited number of positions. This trend can result in underemployment, where individuals work in roles that do not fully utilize their skills and education.

Here’s what to consider before pursuing a Master's Degree.

• For Newcomers:

  • In many cases, newcomers choose to opt in for a Master’s Degree to get a local credential - but the credential alone doesn’t cut it, but it can still be incredibly helpful. Here’s what to consider:

    • University prestige: the higher the reputation, the more opportunities you will have to network with high profile classmates and professors. Treating your Master’s like a networking opportunity is key

    • Cultural immersion: getting a degree from a Canadian school will help you practice professional English and understand how the local business environment works. This may save your years of cultural adaption otherwise.

• Here’s what else to think about:

  • Does getting a Master’s degree really help you get a job or get a promotion?

    • More traditional roles like large organizations in finance, public sector and consulting firms may appreciate a Master’s degree more than a startup or a SM.

    • Pay special attention at the job description of your desired role, if Master’s routinely shows up - it’s a must.

  • Is there evidence for your industry/role that a Master’s degree yields a higher pay?

    • Research your role and salary bands for professionals with and without a Master’s degree to have an adequate understanding whether or not it helps make people more.

  • Is there specific technical knowledge you’re missing?

    • Consider whether certifications or shorter-term programs might offer similar benefits at a lower cost.

If you’re an international student or considering studying Master’s in Canada you may qualify for a reasonable funding - you can check your eligibility and browse suitable programs here.

🤫 Feeling frustrated your LinkedIn invites get ignored?

Feeling frustrated no one responds to your LinkedIn connections or wants to meet for an informational interview/chat?

Here are a couple of ideas on how to gracefully nudge your contact (only if connecting with that contact is really important to you):

• Offer to meet them for a workout / jog / walk

• If they are a hiring manager, introduce them to a talent that may be a good fit for them

• Share an industry article with them that presents a novel point of view or news

• Share feedback on their company’s website (design, messaging, functionality)

• Share a personal story how their company has personally impacted your life

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🧑‍🦱 How you can turn criticism into career growth.

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