Top 3 Questions - Planning for Graduate School

To more effectively understand and narrow your choices, use these questions:

#1 - How many years does it take to complete the desired program? There are a variety of options to choose from these days. Many schools are offering programs (MBA and otherwise) that include course work taken during the summer. Other options include fast-tracked, condensed programs where semesters are shaved off of the typical completion timeline so students can get out and begin to earn a living. If a J.D or MBA is being considered, look into the 42 schools that offer joint degree programs that are billed as rigorous but are geared toward the student who wants a quicker launch into the workforce.

#2 - What will the cost be for each program being considered? As undergraduate students select prospective colleges and plan for the 4-year cost, it is wise to consider any post graduate cost at the same time. In a recent Wall Street journal article it was reported that the typical debt of an MBA graduate is $42,000 versus $161,772 for medical school and $140,616 for law school. The article goes on to say that graduates of other masters programs generally incur more debt than MBAs. When doing research on prospective programs, the Dept. of Education posts average debt dollars for graduate school programs, but understand that these numbers include students who earn degrees while they work and therefore do not borrow as much money.  The average debt estimates also include a wide range of schools not in the highly selective category which affects the initial overall total cost. That having been said, the total dollars for all of the years of education, and any estimated debt incurred over those years, needs to be determined well in advance of making commitments to attend a school.

#3 - How important is the graduate school name or program notoriety to me?  Elite schools have highly recognizable names but they often come with a hefty price tag. A recent Gallup poll revealed that the majority of U.S. business leaders say the amount of knowledge a candidate has in a field, as well as applied skills, are more important factors to making a hire than where the candidate attended school or what their college major was.  Choose the grad school that enables you to take the next steps in broadening you education and skills so that you can pursue your passions.