Continued Education and Specialization

• Once you have achieved an undergraduate degree, you can further your pursuit of knowledge by going on to a master's program. By selecting a graduate degree program based on your needs and expectations, you will expand your pool of knowledge and gain more credibility in your field. In many fields, graduate degrees also give you the opportunity to teach and instruct others in your field.
  
  

Greater Earnings and Advancement Potential

• Statistically, those who hold master's degrees earn more over their lifetimes than those who have only earned a bachelor's degree. According to "In Context," a publication of Indiana University's Kelley School of Business, from 2002 to 2007, women in education earned $964,000 over their lifetime with a bachelor's degree and $1,245,000 with a master's. In business, the lifetime earnings of a woman with a master's degree exceeded that of a woman with a bachelor's by $498,000. For men, similar differences exist, with a lifetime difference of $112,000 in education and $504,000 in business.
  
  

Financial Costs

• The earning potential of a master's degree is often offset by the cost of attaining it. The high cost of obtaining a master's degree can significantly lower your quality of life during school, when you must dedicate much of your money to tuition and other costs, and that lack of quality of life can follow you after graduation. In difficult economies, recent graduates may find it difficult to obtain work in their respective fields regardless of their education levels. Many students take on additional debt to pay for their graduate degrees, and this habit can leave them burdened with greater repayment expenses after graduation.
  
  

Becoming Overqualified

• Work may also be difficult for you to find simply because of your master's degree. Many graduates report being turned down for work on the basis that their graduate degrees leave them overqualified. Those who cannot find work at their experience level in their field may seek an entry-level position or unskilled work to earn a living while they pursue higher quality employment, but employers will often refuse to consider them for lower positions on the basis that they will be unchallenged and dissatisfied with their earning potential. In some cases, highly-qualified applicants will actually omit qualifications from their resumes to avoid appearing overqualified.