Benjamin Franklin famously said: “An investment in knowledge pays the best interest.”
The correlation between a good education and career advancement is no secret. And now there’s more evidence backing the advantages of an advanced degree.
According to the recently released Monster Salary Index, higher education, especially a master’s degree, provides a significant wage advantage in India. “On average, employees holding a bachelor’s degree earn Rs 173.7 less per hour (45.4%) than employees with master’s degree. Employees with secondary education earn even less, exactly Rs 262.8 less per hour (69.2%),” the report specifies.
In previous years 2014 and 2015, the difference between secondary education and master’s degree employee was around 61%.
Being a continuous learner, be it by acquiring certifications, earning diplomas, degrees or an executive education, adds immense value to you and your career.
We list down 5 ways an advanced degree can help push forward your career:
- It gives your resume a significant edge
The global job marketplace is increasingly competitive, and an advanced degree can make you stand out amid the sea of job applicants. Plenty of positions are available for those without advanced degrees, but employers tend to welcome the technical, transferable and vocational skills gained through higher education.
- It improves your chances of career advancement
All employed individuals stand a good chance of career advancement if they work hard, are consistent and show results. However, umpteen times, those who hold advanced degrees tend to get offered newer responsibilities – and consequently promotions – before others on the team.
- It helps you grow your professional network
Grad and post-grad schools emphasis connecting with people professionally. The courses expose you to a network of people who are successful in their fields. Some faculty members also have industry experience along with teaching credentials. Internships, part and parcel of most advanced courses, offer the chance to tap into an extensive network.
- It can lead the way to new job opportunities
Expanding and specialising your knowledge helps you develop expertise and is the perfect way to open up new job opportunities. So a master’s degree in math could lead you to banking, finance or a teaching career while a master’s degree in architecture could help you focus on town planning, landscape design or construction design. A master’s degree gives you versatility in your professional life, makes you more marketable and increases the possibility of a career change.
- It can translate into greater earning potential
Money isn’t everything, but it is a major factor in career and personal decisions. Earning an advanced degree may up your earning potential significantly, especially in certain sectors. You are more likely to achieve a higher rate of pay and a better position as you are seen as a low-risk, high-yield employee. Employers are much more likely to offer you a higher position when you start, translating into an increased salary from the beginning.
Other payoffs of an advanced degree program include a sense of accomplishment, and increased respect and credibility among colleagues and employers.
Clearly, an advanced degree is a very good idea – for you, your career and your bank account. Even if you can’t afford to take a break or wait to head into the workforce, there’s a way out. Studying while working full-time is a possibility; all you need is commitment.
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