3 Essential Questions To Answer Before Getting Another Degree

It goes without saying that college attendance is at a historical high in America. The result of more people pursuing tertiary education is that college degrees have now become commonplace. 

In a bid to distinguish themselves, a good number of people are turning towards second degrees, whether it's a master's degree or a second college degree in a different field.

Before you decide to go for a second degree however, there are a few questions to answer:

1. Why are you getting this degree? 

Although it may seem like a run-of-the-mill question, it's quite essential.

The most common reason for getting a second degree, especially a higher one, is to increase your earning power. If you're planning on getting a degree in a different field however, you would also have the opportunity to change your career path.

The truth is, while these are all noble reasons, you may not need to get a second degree to do any of these. All you may need are a few short courses and professional certifications to achieve your goal. 

Unless you're a career academician, there are very few career paths in which not having a second degree can be an impediment. Of course, you might just want one for keeps and that's a good enough reason, too!

2. What are the financial implications of the degree? 

Getting any degree will cost a fair amount of money. You need to be able to weigh how paying for the degree will affect you in the long and short term. If you're obtaining the degree to get a pay raise, you have to be sure that over time, the gains from your pay raise will be enough to cover your degree costs. 

If you don't have the means to pay upfront for the degree, you may have to take a student loan. This may be a little more complicated for those who already have student loan debt from their first degree. If you're in that situation, you may need to refinance both loans to allow for better management. You can also read up on some useful advice on refinancing loans here.

3. What's the time cost? 

Apart from money, every degree will require you to sacrifice your time. The question you should be asking yourself is how much time the degree will take, and if you're willing to pay the price.

Whether you'll be running a full-time program or not, you should also be aware of its impact on your earning potential. You may not be able to work at all or may have to reduce your working hours to keep up with academic demands. Depending on whether you have enough cash saved up to see you through or not, you may need to consider postponing your degree until you have enough saved up. 

Closing Thoughts

Learning is a part of growing and should always be a priority. Getting a second degree however, is a decision that must be approached with caution. The questions highlighted in this article shouldn't discourage you from getting the degree but should instead, inform your decision.