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Two Degrees or Not Two Degrees?

That is the question. Going back for post-graduate studies is a tricky decision - especially after you've spent a few years in the workforce earning some decent money. Will you have to leave your full-time job? Will returning to school pan out financially? What about student loan debt you may have already accrued from your first degree? There are many pros and cons associated with going back to school. Here are a few:

On the Rise

The number of students getting master's degrees has almost doubled since 1980, according to The New York Times. And since 1970, the rate of growth is 150% - more than twice the rate of bachelor's and doctorate programs. According to the National Center for Education Statistics, the biggest growth disciplines from 1981 to 2005 are education (124%) and business (114%). These two are followed by science (92%) and engineering and social science (both at 81%).

The Cost

The price of an advanced degree will likely be the first thing that grabs your attention. Private schools may require degree seekers to shell out $50,000 per year. Public universities cost less, but are likely to run into the tens of thousands of dollars. But these upfront payouts and loans have to be taken in a larger context. The gamble is that your post-graduate degree job will be lucrative enough to improve your day-to-day cash flow and pay back those loans that you have already accumulated. According to the US Bureau of the Census, the 2005 median annual income for master's degree holders was $52,390. That's $9,000 more than workers with just bachelor's degrees.

The Payback

Let's take a look at two advanced degrees from the top two growth categories - business and education.

The MBA

According to a 2007 Graduate Management Admission Council survey, companies will increase their hiring of MBAs by 18% in the coming year. The survey also sees employers likely to pay up to 84% more to recruit MBAs, so the odds are good that this graduate degree will pay for itself rather quickly.

The MBA has clout in the working world, and now many schools are adapting their degree programs to mesh more seamlessly with the hectic pace of the business world. Many business schools have legitimate online degree programs, and there are other distance-learning or night-school options that won't force you to forego your income or job title to earn an MBA. With the road to an MBA getting easier and easier to travel, employers may soon classify this degree as a need-to-have rather than a nice-to-have.

Master's and PhD

A Master of Arts (MA) in education is the path for teachers all along the educational spectrum. Elementary teachers with an MA (required in most instances) typically make about $45,000 per year. In fact, whether you aspire to teach at the elementary, middle school, or high school level, your salary will fall in the $44,000 to $48,000 range with an MA. Moving up the food chain, the median salary for an elementary school principal with an MA is $70,760.

What about a PhD? At the university level, the median salary for professors with less than one year of experience is $49,047. That figure can climb steadily to more than $90,000 per year for professors with more than 20 years on the job. And in fact, depending on what subject your PhD is in, you can make even more (or less). Median salary for a PhD in economics is $97,036. But for a PhD in education, it's $58,444.

The Bottom Line

There's no one litmus test that will help you decide whether to go back for an advanced degree. But it is worth keeping in mind that more and more of your fellow employees and job seekers have some education beyond their bachelor's degrees.

"We are really conscious of the fact that master's degrees are becoming the coin of the realm," says Gary Reichard, executive vice chancellor and chief academic officer of the California State University system.

Indeed, the question of, "to go or not to go," will force you to weigh a wide range of personal and professional values. Our advice? Do the soul searching and arm yourself with as many facts as possible