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BiggerPockets Money Podcast

293: Why 40% of Master's Degrees Aren’t Worth It (and Which Are) w/Preston Cooper

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 18 April 2022

⏱️ 76 minutes

🧾️ Download transcript

Summary

A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price? You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI. You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision!  In This Episode We Cover Why different schools can have dramatically different degree ROIs The best (and worst) master’s degrees to pursue  How degree combinations can help you make more money in a related career  When is the right time to pursue a graduate degree (after college or after working)? The common misconception about MBAs and why most graduate business degrees aren’t worth the cost The future cost of college tuition as admission rates drop and inflation continues to rise  And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets  Hear Our Previous Interview with Preston on Episode 251 Check Out Preston’s Grad Degree and Bachelor Degree Study: More FREOPP Higher Education Resources  FREOPP Is A Master’s Degree Worth The Pay Raise? Connect with Dave on BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-293 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pockets Money Podcast,

0:02.0

show number 293,

0:04.0

where we talk to Preston Cooper

0:05.6

from the Foundation for Research on Equal Opportunity

0:08.4

about the ROI of your graduate degree.

0:11.6

From a purely financial perspective,

0:13.7

pursuing the degree earlier is going to be better,

0:16.7

but that doesn't necessarily mean

0:18.1

that you absolutely should pursue the degree earlier,

0:20.4

because it's important also to take some time

0:22.8

in your career to figure out,

0:24.2

well, what is it that I really want to do?

0:26.3

And if you get the MBA at 23,

0:28.8

and then you decide at 25,

0:31.0

you know, I really hate business.

0:32.4

I really don't like doing this.

0:33.7

That's not a great situation for you to be in.

0:36.8

So while I would say that, you know,

0:39.3

from a very narrow financial perspective,

0:41.2

yes, it is going to be better to get that degree earlier,

0:43.8

you, that doesn't mean you should always pursue it earlier,

0:46.1

because it is important to be sure

...

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