Is An Online Master’s Degree Worth The Money?

During the 2008 financial crisis, many Americans went back to school to earn master’s degrees and ride out the recession. But this path is less clear for prospective students today.
While the coronavirus pandemic has not dramatically changed what it costs to earn a degree — it has dramatically changed what it means to be a student due to remote learning.

CNBC Make It spoke with master’s students (both who have had their classes moved online and who have intentionally chosen an online program), professors, economists and experts about how to answer the question on many people’s minds: is an online master’s degree worth the cost?

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[shana]

I did my master’s online. It taught me that I can teach myself.

[randominternetuser]

I graduated with a master's degree in STEM a couple of years ago.

Salary before master's degree: $20k a year
The total cost of an online master's degree (2 years): $30k
Salary now: $80k a year.

Lesson learned: Get a master's degree in something marketable from the best school you can afford.

[JadeTrading]

I mean I learned more on YouTube than from the University.

[lancebrooks]

It depends on the type of major you're doing. For me, I worked and did an online degree in data analytics. I also obtained 3 industry certifications near the end of my master's program. 5 months after graduating, I got a job and increased my salary by 70%. I suggest get the most affordable master's degree you can and supplement it with industry recognized certifications. I only have 36K total in loans and am on track to pay it back within 2-3 years.

[AboutAysha]

It seems like a Master's degree is the new Bachelor's degree. I wonder if the things will ever revert back to less "formal" education as people focus on technical training and learning from the wealth of free resources we have available to us nowadays.

[abcdefgh-rqgq]

Online master's degrees are great if you are working and gaining experience at the same time. The covid forced online degree where you attend full time at home is not a great idea.

[toomuchem]

Im tryna figure out why Taurence is paying $80k/yr for a degree in conflict resolution.

[learningtho]

It's interesting to see how people generally say degrees are worthless these days, and then when you go through the job search engine you see employer's posting "Tertiary qualification in..." or "A Degree in ...". BUT you will ALSO see "At least 2 years experience in..." and the list goes on.
MAKE SURE YOU HAVE EXPERIENCE, but oh wait, YOU CAN'T GET EXPERIENCE BECAUSE EMPLOYERS DON'T HIRE PEOPLE WITH NO EXPERIENCE.

[oco]

Honestly spending a 100K for a graduate degree in conflict resolution is not worth it. Get a certificate in data analytics while you are there. That kind of debt is crippling and you won't have the salary to pay it off

[esonon]

Please don't get a masters just to get a masters. You'll be just as qualified as you were before the program with more debt.

[MK-itwk]

Colleges are getting the wake-up call they needed. Adapt to the times or get left behind.

[hotmama]

Why are the cost for an online degree the same as someone who attends the university? If you getting your degree at home you're not using the college's resources, (room and board) you're using your own electricity, gas and wifi. I know a lot of people with degree that are not working in their chosen fields.

[jotjotzzz]

Now is NOT a good time to get in debt. Save your money.

[RodClarkson]

I earned both my MBA and doctorate online. Both have helped me exponentially in my career. In addition, My knowledge grew tremendously.

[gfisch]

Im in a completely online masters program for cyber security. Its a quarter of the price as the in person classes and right now it’s totally worth it. Same degree, same content, but online and asynchronous.

[gabrielgarcia]

I’m currently in a master’s program, and it does not cost at all what the video suggests. It is around $6k annually. The tuition plus fees per semester is about $2.7k, rounding it up to $3k we have a liberal estimate of $6k annually, still ~$3k lower than the estimate the video provided ($8.9k). This program is only a 2 year program, so in the end it will cost about $10.8k.

I do not live on campus and because of the pandemic my work and school are both online.

I do not wish to dox myself, however the school I attend is a California State University (public school) and I am not even using any financial aid or scholarships. I am very lucky to have both my work and school be online, however I do not believe to be the only one who has this arrangement.

With that said it really can be affordable, most employers will pay for your post graduate education (provided that you will continue to work for them for some set amount of time) in some sort of tuition reimbursement. This would mean you would have to upfront the initial cost, and if your grades are decent enough then they will reimburse you.

Not to mention as well, but any scholastic expenses can be written off on your tax forms, and increase your tax return, money that can go back to your education (or anywhere else really).

The caveat is that work and school can be incredibly exhausting, even if they are both online. Your grades will have to be higher as C’s are failing, so you must maintain at least a B- in all your classes, which is easier said than done. However, I truly believe the return on investment is the right decision if you think that this will advance your career.

For myself, my BSc was in chemical engineering, and I am earning a MSc in mechanical engineering. With this degree, the required time of experience most employers expect decreases significantly, meaning that the barrier of entry to most jobs is much lower. Furthermore, as the video stated, the rate of pay increases significantly. With a BSc and 3 years of work experience, I am currently making $35/hour or $72.8k annually. With a MSc in engineering, one can expect earnings to be around $100k on the low end to even $200k depending on the job/experience.

Ultimately, I would encourage anyone to pursue higher education but only on two conditions: 1. You are able to afford this without requiring (potentially additional) student loans 2. You have actual evidence that this will increase your net earnings and provide a good return on investment. If you do not fulfil either of these requirements, then I suggest reconsidering this pursuit.

[kamilahdouglas]

I already have a bachelor's degree from an in-state public university, but I'm learning to code in a free online certificate course. I can't wait to start applying to jobs and getting a high salary.

[DSNCB]

when your company and military pay for it 😂

[yaoz]

Degrees are worth it for select majors. Georgia Tech's online master's for CS or Analytics is only $10k total.

[TheOrangeJuiceFreak]

What money ? Laughing in European 🥶😂 I Pay 200 a semester in a top German university for my M.Sc in business administration. Maybe fix your college system, rather than bankrupting students. A recession shouldn’t decide your future.