Ever-increasing tuition fees has necessitated students to look for courses and decide on schools that guarantee rewarding jobs and ensure a stable future along with a good return on Investment.
Whether your decision to pursue a master will prove to be a boarding pass to Charlie’s Chocolate Factory or will lead you up the garden path, is largely dependent on the return on investment of your decision.
Higher education these days is nothing short of a long-standing investment and must be based on the basis on security and perks it ensures. Return on investment is a fiscal calculation that reflects the degree to which the returns outstrips cost involved. Return on investment is built on Human capital theory which believes in great value of higher education in enhancing the productivity of an individual by organized acquirement of knowledge and skillset.
If your higher education guarantees long-term paybacks, lucrative job prospects and a glowing future then it is an investment worth making. While stakes are high and cost involved are phenomenal, and you must clearly consider all aspects before taking a final call. A realistic understanding of the applicability of the degree earned, its apparent worth and the probability of getting a job are a few factors to be considered before enrolling in a foreign university.
To what extent the degree received will add value to the investment involved should be decided by taking the below-mentioned points into consideration.
Programs that payoff: ROI is heavily dependent on the discipline that you decide to choose for your Masters. A degree in CS or EE is going to get you a fatter cheque and well-paid jobs in comparison to a humble degree in liberal arts.
Upcoming careers: The probability of landing up in money-spinning careers will increase with programs in upcoming fields which have abundant impending opportunities and are constantly generating promising jobs.
Payscale data: Provides a vivid picture of thirty year median pay data for close to 500 universities that a typical graduate from this universities/school will potentially earn. While it gives a reasonably good insight into the expected salaries, it does not take into the consideration the cost involved in earning Masters.
Cost of attending a program: In order to ascertain the real worth of a degree, one must also take into account the cost of attending a particular university and accordingly seal one’s decision. For example, if one is investing $ 60,000 on his master’s program and expected salary after graduation is $30,000, he might want to look at the option of paying $80,000 and getting a starting package of $ 50,000.While taking the total cost into consideration involved, one must also take into account the living and miscellaneous expenses. Less tuition and higher living expenses can be balanced out by higher tuition and less living expenses and therefore the decision must take into consideration the total cost for the program.