The BEST Masters Degrees!

Summary

This video explores the pros and cons of obtaining a master’s degree, highlighting various fields like academia, science, and healthcare. The speaker discusses the financial implications, such as high debt-to-income ratios, and emphasizes the importance of considering career prospects before pursuing advanced education. Degrees like MBA, occupational therapy, and data science are examined for their value, demand, and growth potential. The video concludes with physician assistants and nurse practitioners being top recommendations due to favorable job growth and income potential, advising viewers to make informed educational investments.

Takeaways

• 🎓 Master's degrees are typically more expensive than bachelor's degrees, with costs sometimes exceeding $50,000 per year.
• 💸 Graduate-level degrees often result in high debt-to-income ratios, making it important to carefully consider the financial return.
• 📚 College professors with a master's degree can find opportunities in smaller or community colleges, but the competition is tough, and the debt-to-income ratio can be around 1.8:1.
• 🔬 Science degrees, like biology or chemistry, often require further education (such as a PhD) to find well-paying jobs, making the master's degree less valuable by itself.
• 🛠 STEM degrees (Technology, Engineering, and Mathematics) tend to have higher respect and better job prospects, even if they don't directly lead to jobs in their specific field.
• 👨‍⚕️ Occupational therapists have a challenging 3.2:1 debt-to-income ratio, but job satisfaction is high, and demand for the role is growing rapidly.
• 🗣 Speech-language pathologists face a 2.7:1 debt-to-income ratio, but the field is growing quickly, with a high job satisfaction rate, especially due to the rewarding nature of the work.
• 📊 Data science, as a relatively new field, often requires a master's degree, and offers strong job growth and high salaries, particularly for roles like computer and information research scientists.
• 👩‍⚕️ Physician assistants (PAs) and nurse practitioners are among the best career choices in healthcare, offering good salaries, high job demand, and lower debt-to-income ratios compared to other graduate-level degrees.
• 💡 The overall message is that while many master's degrees can lead to high debt, some degrees, particularly in healthcare and STEM, offer strong job prospects and may be worth the investment if chosen wisely.

Q & A

What is the main focus of the video?

The video focuses on master's level degrees, their costs, and whether they are a good investment from a personal finance perspective.

How does the cost of a master's degree compare to a bachelor's degree?

Master's degrees are generally much more expensive than bachelor's degrees, with some schools charging over $50,000 a year for graduate programs.

What is meant by 'debt-to-income ratio' in the video?

Debt-to-income ratio refers to the amount of debt a person takes on relative to their expected income after obtaining a degree. For example, a 1.8 debt-to-income ratio means for every $100,000 of income, the person would have $180,000 in debt.

Why is academia sometimes compared to a 'pyramid scheme' in the video?

Academia is compared to a pyramid scheme because many people aspire to become professors, but only a few reach high-paying tenured positions. Most people struggle in lower-level academic jobs, creating a competitive environment with limited high-level opportunities.

Why does the speaker suggest caution with STEM degrees, specifically in science?

The speaker suggests caution with science degrees because they often require advanced study, such as a master's or PhD, to find good job opportunities. Many people with just a bachelor's or even a master's degree struggle to find employment in science fields.

What are the potential downsides of becoming an occupational therapist, according to the video?

Occupational therapists face a high debt-to-income ratio of 3.2 to 1, which makes repaying student loans difficult unless they make significantly more money.

Why is it important to attend an accredited and affordable school for graduate studies?

Attending an accredited and affordable school ensures that the degree will be recognized and allows students to minimize their student loan debt. The speaker emphasizes that the cost of the school does not necessarily equate to better job prospects.

What makes becoming a nurse practitioner or physician assistant a good career choice?

Both nurse practitioners and physician assistants have relatively low debt-to-income ratios, high salaries (around $112,000 to $115,000), and strong job growth rates. They offer flexible hours and lower stress compared to medical doctors.

What does the speaker mean by 'playing the game of loans on veteran difficulty' when referring to graduate degrees?

The speaker uses this phrase to highlight how expensive and financially challenging it is to pursue a graduate degree, comparing it to playing a video game on a difficult setting where the challenges are greater.

Why is leadership and management highly valued in the job market, according to the video?

Leadership and management are highly valued because these roles involve responsibility and decision-making. Positions requiring these skills often pay significantly more than non-managerial roles, making degrees like MBAs attractive for career advancement.