Weighing Your Options: Pursuing a Graduate Degree or Trying to Find Entry Level Jobs

One certainty about the hard-hitting recession and subsequent rising unemployment felt across the nation the past few years: Getting a college degree doesn't guarantee students are going to find employment when they graduate. Jobs for recent college graduates are difficult to find due to extremely tough competition from proven veterans in their fields who have lost their jobs and also are on the job hunt.

With the job market as difficult as ever--nationwide unemployment stood at 9.6 percent in October of 2010, the Bureau of Labor Statistics reports--students must ask themselves: Should I look for work, or should I stay in school and further my education? Both schools of thought have merit.

Staying in School or Pursuing a Graduate Degree

Clearly, the question depends on the individual. For some college students, earning a college degree is a great accomplishment, and they are ready to move their lives forward and enter the workforce regardless of unemployment levels and challenges associated with finding a job. The journey from elementary school to middle and high school and college is a long one. Most college students approaching graduation have been studying for a minimum of 16 years if they completed 12 years of public education and then earned a four-year degree. Some students are just fine with obtaining a bachelor's degree--it's an education level of which they can be proud, and they simply are finished sitting in classrooms and racking up student loans to support their education.

Moving on from college and joining the workforce also allows recent college graduates to finally begin earning money and more importantly, building and polishing skills that are not learned in classrooms. Many college programs teach students what they need to know to succeed in a given field, but nothing substitutes real-world experience. Work helps build on the natural talents and abilities awakened by college programs and good professors. It hones skills and helps good employees make the transition from entry level jobs to more trusted and lucrative positions.

However, another school of thought says stay in school and earn a graduate degree in your field. Students who are contemplating earning master's or doctoral degrees quite possible are looking at the long-term picture. Higher education can provide:

• better career options
• increased earning potential over the course of a lifetime
• better promotion opportunities
• lower personal unemployment

A 2009 survey published by the Bureau of Labor Statistics shows earnings potential for college graduates and demonstrates the boost in weekly pay that holders of masters and professional degrees enjoy. For the year 2009, average weekly earnings by education level were:

• High school degree - $626
• Associate's degree - $761
• Bachelor's degree - $1,025
• Master's degree - $1,257
• Doctoral degree - $1,532

Clearly, students who made the commitment to stay in school enjoyed significantly higher wages, and over the course of lifetime those wages can mean more vacations, a nicer house, newer vehicles, and all the other monetary rewards associated with higher wages.

Staying in school means postponing earnings while studying. It means more sacrifice, perhaps more student loans, and certainly more classroom time. Some people simply enjoy college, and the choice is an easy one. Others chafe at the pace of college semesters and are eager to be done with the whole school thing. Wrapping up an education allows students to free themselves geographically, too, since college can tie people to one location due to credits that do not transfer elsewhere.

Perhaps the best thing to do is take a hard look at your future. Where do you want your career and your finances to be in five years? In 10? Can you get there with a just bachelor's degree? It is a personal decision, but it could prove to be one of the most important you ever make.