EDUCATION: At what cost?

by Dayana Mustak

When I graduated, I left university with a heavy sense that I had more to do there -- that I wanted to go back. I was always a nerdy child, but after my undergraduate years, I became truly enamoured with not just studying, but education. It has been two years now, since I left the ivory tower and scurried into the “real world.” Some people never look back, but many of us do from time to time. The question is whether we can afford it.

And that’s really a two-pronged question:

Can we pay for it? And is it worth the time investment?

I get all kinds of advice. Some people tell me to get work experience first before going off to get a masters. Some people tell me that getting a masters will be expensive (shocker!) and that it is more valuable to spend my time getting work experience. In fact, I know a couple of people who have gone so far as to suggest that taking the time off to pursue a masters degree might hurt me, the way taking time off to have children or go backpacking around the world might. On the other hand, in some cases a master’s degree is good for career progression.

I suppose I have to think of this as an investment. Like buying a house, for example. But all investments have a return, so how do I calculate what that would be for a graduate degree? With a bachelor’s for example, the evidence is quite clear. According to a Bank Negara report, the real minimum monthly basic salary for inexperienced workers was just over RM 950 if they only had SPM certification, but nearly RM 2000 with a basic degree. That makes a crucial difference: it takes you from an unlivable, to a livable wage. For those with a masters degree, the additional degree takes you to about RM 2700. While that is a little bit more than a degree holders’, it’s hard to say whether it sufficiently offsets the hefty price tag of a graduate degree.

To complicate matters further, it’s not even certain whether a higher qualification would help you earn a higher salary.

It depends a lot on the industry you’re in. Some studies show that a masters degree benefits aspiring engineers more than budding journalists, for example. There is also data to suggest that those who put in the time for an MBA, for example, will come out less debt-laden than MA holders.

Still, so far, I’ve only considered the cases in which millennials are taking on higher degrees for a tangible reward -- better jobs, better pay. But in speaking with some of my friends, the reality is that many of us want a master’s degree … just for the sake of it. It’s either because we’re curious and want to learn more for self development, or because we want to take a sensible break from working for a couple of years.

I am one of these people. And for this group of us, a simple salary comparison is somewhat irrelevant. If I could choose to study anything, I might study memoir-writing or spend a couple of years doing a cross cultural analysis of pop culture. A friend of mine who is a reporter says she would study Arabic. My banker friend dreams of a masters in education. Just because.

It’s not a means to an end. And as such, we would have to think of it as more of a luxury. In that way, it is kind of like having children or backpacking around the world. It might help you grow and learn more about yourself as a person, but there’s a chance it doesn’t directly benefit your career.

Either way, the one thing I’ve learned from talking to people about this is there’s no clear answer. And whenever there are uncertainties, the best thing to do is to prepare. It’s likely that I am going to spend a bit more time just coasting in this weird realm of indecision.  But I’ve also learned that there are some steps I can take in the meantime.

Continue talking to people

There are a lot of people out there who have some variation of a career I might someday want to have. I really enjoy asking them how they got there, juxtaposing that with what is realistic and enjoyable for me.

Save money

This one’s a little tougher because if I wasn’t saving for a masters-level education, perhaps I would buy a car, or travel a little bit more. So it adds some uncertainty about how to divvy up my savings. But a graduate degree will inevitably cost me, which means, unless I land a scholarship, I need to draw from some pile of savings.

Not slack on experience

It’s true that there is a bit of a tradeoff between studying and getting work experience. But until I make that decision, I need to be doing something. I don’t lose out in any way by getting some experience. It will eventually make me a better candidate and I would be earning an income.

At the end of the day, I just have to make sure that when and if I do eventually decide I can afford to do a masters program,

future me is not limited by my present day choices.

check out RUMIT’s full video on HIGHER EDUCATION!

Azraei Muhamad, writer for Write and Brave and a financial planner at Great Eastern Takaful, explains the rewards and sacrifices that may come with pursuing a higher education as a young professional.

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