What is a Master's Degree Worth?

[vinc456]

Saw this on another forum and thought it was worth sharing. (the comment, not the article)

What is a Master's Degree Worth? (http://roomfordebate.blogs.nytimes.com/2009/06/30/what-is-a-masters-degree-worth/)
A response (http://news.ycombinator.com/item?id=682396)

[Godfuader]

Good stuff there. I'm staring down at my GMAT books and articles like these add perspective.

[Achmat]

if one is taking a 4 year business degree when would be a good time to take the GMAT?

3rd and 4th year i would presume, but is 2nd year too early?


Also, how often can you take it?

[cressida_pimpin]

Originally posted by Achmat
if one is taking a 4 year business degree when would be a good time to take the GMAT?

3rd and 4th year i would presume, but is 2nd year too early?


Also, how often can you take it?

The GMAT score is only valid for five years. You can take the test once per month.

Take the GMAT after you finish your degree and get a couple years of work experience. Second year is waaaay too early. It's not the LSAT buddy

[Achmat]

Originally posted by cressida_pimpin


The GMAT score is only valid for five years. You can take the test once per month.

Take the GMAT after you finish your degree and get a couple years of work experience. Second year is waaaay too early. It's not the LSAT buddy

admittedly, i am not very knowledgeable about the GMAT. I was hoping to get my degree then get my masters right after.
is that a bad idea?

[PepsiCola]

Do you guys think a Masters in Economics is worth it, if your end goal is not to pursue PhD or academia...?

[Ebon]

If you want a job in economics its pretty much required.

Can't say for sure since im not a econ major but all the major ive known that have graduated had to go for a masters(if not a phd) or went and did something unrelated.

Im guessing its because internships/training in economics is pretty rare(more difficult to get research positions than in science/engg too)

[cressida_pimpin]

Originally posted by Achmat


admittedly, i am not very knowledgeable about the GMAT. I was hoping to get my degree then get my masters right after.
is that a bad idea?

It's better to get work experience, BUT if you don't think you would ever go back to school once you start working, then do it right after.

The following programs DO NOT require work experience and many of them are AACSB accredited and all are accredited universities.

-Dalhousie - corporate residency MBA
-McMaster - MBA Co-op
-Wilfred Laurier - MBA Co-op (waterloo campus)
-Carleton - MBA Co-op
-Windsor - Integrated MBA
-Brock - MBA
-University of Saskatchewan - MBA

If you want to see what you would score on the GMAT, go to http://www.mba.com and do the online practice tests. They're a very good representation of the real deal. The score I received on the website was identical to my actual score.

I'm starting my MBA at UofC in September with only a little work experience.

[Criticull]

Originally posted by PepsiCola
Do you guys think a Masters in Economics is worth it, if your end goal is not to pursue PhD or academia...?

I think Econ master's is totally worth it. I didn't know much of anything after my undergrad compared to after my master's. It all kind of came together when looking at it from a different perspective in grad school, and getting drilled with it to the point of self-destruction. :nut: The undergrad was not enough for me to really understand econ. Others may have different experiences.

Also, since there are a million and one econ and finance B.A. and B.Coms, getting the master's is an effective way to separate yourself from that group when looking for your first real job.

[Criticull]

I just read the response, and I need to add that it sounds pretty paranoid and myopic, what this person is saying. Three things:

You don't need to have a good GPA to get a job. It helps, but is not mandatory. If you come across as smart and accomplished in an interview, you might get the job. Some employers don't ask for transcripts. I don't think any of mine did. They don't care. They can test your ability in the interview and on the job.

Students, I don't believe, are all in the same way just buying a GPA. People go to school to get smarter and learn to do something that requires formal education.

We are not competing with everybody in the world. Look at Calgary. You are competing with many people, but the labour market is not fluid as you describe it to be. A guy's wife works in T.O. and his kids go to school there. Will he entertain job offers here? Maybe....maybe not. True markets are segmented and imperfect. People will never be matched perfectly and that fact is accepted.

I agree the U.S. savings rate has to increase. Consumption has to decrease. Does this necessitate a depression? No. Regardless of economic fundamentals, the author here is skipping steps and is being anecdotal and emotional. I honestly believe that this person is being a little extreme in their views.

[Vanish3d]

^ MOST companies know that your GPA does not fully reflect your intelligence. If your average is lets say 90% does not mean you know 90% of the material. Also, if you have a 50% ave does not mean you only know 50% of what you studied. Just means you knew 50% of the material presented on the exams.

As long as you did OK, then u'll be fine gettin a job without having high GPA.

I finished with an engineering degree and have yet to have one company ask me for my marks. :dunno:

as for a masters, i think its merely a gateway to getting a PhD. IMO, its useless if you are not getting your phd. Then again, this is for engineering industry, not sure about biz

[Ebon]

Its true you don't need a great GPA for a job. Its mostly for getting a chance at the interview based on how I've seen employers use it. Many firms have 1000s of applicants apply and need a way to narrow the choices.

I know for a fact that Ernst&Young uses it in a weighed average system for choosing who gets an interview and it accounts for a pretty large proportion that isn't up to interpretation. All the firms i've talked with seem to do it this way except investment banks.

Also, keep in mind that usually hiring someone who turns out to be unable to do the job well is extremely costly and taking long shots on hires is an easy way to hemorrhage money. So choosing the right person is important and they will use all information available to filter out people.
For example, Pricewaterhouse flies 20-30 PROSPECTIVE INTERNS to Ontario for a leadership event, Ernst&Young flies 3000+ interns from around the world to Orlando for a week long conference each year.

[AG_Styles]

As what Ebon said, GPA is a way for companies to filter out applicants. No if's, no buts, it is how it is. Not saying it's a great method but thats how they're using it as.

A masters depends entirely on what your goal in life is for your career. I've heard too many people saying it's useless, and that you can already make tons of money with a bachelors. But the thing is that I'm personally not in it for the money. I'm in it for the education as I would like to literally become a master of my major and soley focus on it. I love what i'm studying now and it's basically what my current occupation is all about. Money can be made in any business if the individual just shows hardwork, dedication, and does a good job in whatever it is he/she does.

[Criticull]

Originally posted by Ebon
Its true you don't need a great GPA for a job. Its mostly for getting a chance at the interview based on how I've seen employers use it. Many firms have 1000s of applicants apply and need a way to narrow the choices.

I know for a fact that Ernst&Young uses it in a weighed average system for choosing who gets an interview and it accounts for a pretty large proportion that isn't up to interpretation. All the firms i've talked with seem to do it this way except investment banks.

Also, keep in mind that usually hiring someone who turns out to be unable to do the job well is extremely costly and taking long shots on hires is an easy way to hemorrhage money. So choosing the right person is important and they will use all information available to filter out people.
For example, Pricewaterhouse flies 20-30 PROSPECTIVE INTERNS to Ontario for a leadership event, Ernst&Young flies 3000+ interns from around the world to Orlando for a week long conference each year.

Some employers ask for GPAs, some don't. If you have a master's in some fields you can start higher. Doing a master's degree can also help you gauge how resilient you are under pressure.