Is it worth it to go back to school to get a masters degree right now?

I graduated in 2017 with a bachelors in Health Informatics. It hasn’t really helped me much and I am now 30 years old only making 22 an hour. I was not able to find something in Health informatics that I like. I’m in accounts receivable and job itself, I like it but I don’t love it.

I want to stay in the healthcare field, I was looking at going back to my college and doing a Dual MBA/ MHA. Online. I’m just worried about taking out more student loans and then trying to find another job again…

But I do want to make more money… and I do want a masters degree. The end goal is more money. Because I can’t stay at 22 dollars an hour the rest of my life.

Is it worth it or not?

Some personal background:

It’s really annoying to keep hearing my whole family talk about that I need to get a masters degree. They all have higher ed, everyone in my immediate family . Had masters degrees. JDS, or PHDS. (South Asian) so I feel like I’m in the minority and I’m def looked down upon because I don’t have a masters degree. I know that a masters degree is not a ticket in itself to earn more money directly.

Jobadvisor:

It's understandable that you're feeling pressure from your family and that you're looking for ways to advance your career and increase your income. Let's break down the factors you should consider when deciding whether to pursue a dual MBA/MHA:

Factors to Consider:

• Potential Return on Investment (ROI):
  • A dual MBA/MHA can open doors to higher-level management and administrative positions in healthcare. These positions typically offer significantly higher salaries than entry-level roles.   
  • Research the average salaries for MBA/MHA graduates in your desired geographic area and industry. Consider the cost of the program and the potential increase in earnings to determine the ROI.
  • Look at job postings for the type of roles you would want, and see what the salary ranges are.
• Career Goals:
  • You mentioned wanting to stay in the healthcare field. An MBA/MHA can provide the business and administrative skills needed for leadership roles in hospitals, clinics, insurance companies, and other healthcare organizations.   
  • Consider whether the specific skills and knowledge gained from the program align with your long-term career aspirations.
  • Think about the specific jobs you would want to do with the masters degree.
• Financial Implications:
  • Student loans can be a significant burden. Carefully assess the cost of the program and your ability to repay the loans.   
  • Explore financial aid options, scholarships, and employer tuition reimbursement programs.
  • Consider the opportunity cost of not working full-time while pursuing your degree.
  • Online programs can allow you to work while you are studying, lessening the financial burden.   
• Time Commitment:
  • A dual MBA/MHA program is a significant time commitment. Evaluate whether you have the time and energy to dedicate to your studies while maintaining your current job and personal life.
  • Online programs offer more flexability.
• Job Market Demand:
  • The healthcare industry is constantly evolving, and there is a growing demand for qualified professionals with business and administrative expertise.   
  • Research the current and projected job market for MBA/MHA graduates in your area.
  • Healthcare administration is generally a stable career path.
• Personal Fulfillment:
  • While financial gain is important, consider whether pursuing a master's degree will bring you personal satisfaction and a sense of accomplishment.
  • Think about whether you are genuinely interested in the subject matter and the potential career paths.
  • The feeling of accomplishment and the removal of the pressure from your family, is also a valid personal fulfillment.

Addressing Your Specific Concerns:

• Student Loans:
  • It's valid to be concerned about taking on more debt. Create a realistic budget and repayment plan before enrolling in the program.
  • Explore income-driven repayment plans for federal student loans, which can help manage your monthly payments.
• Job Market:
  • Networking is crucial. Attend industry events, connect with professionals on LinkedIn, and utilize your university's career services to increase your job prospects.
  • Consider internships or part-time work in your desired field to gain practical experience and build your resume.
• Family Pressure:
  • While it's important to consider your family's opinions, ultimately, the decision is yours. Focus on your own goals and aspirations.
  • Explain to your family the financial concerns that you have, and the steps you are taking to mitigate that risk.
• $22 an Hour:
  • A masters degree in a field that you enjoy, and that has higher paying positions, will most likely get you above the 22 dollar an hour mark.

Recommendation:

• Research thoroughly: Investigate specific programs, job market trends, and salary expectations.
• Network: Talk to professionals in the healthcare administration field to gain insights into the industry and potential career paths.
• Create a financial plan: Develop a budget and repayment strategy to manage student loan debt.
• Consider online options: Online programs offer flexibility and can allow you to work while studying.   
• Reflect on your motivations: Ensure that pursuing a master's degree aligns with your personal and professional goals.

Ultimately, the decision of whether to pursue a master's degree is a personal one. Weigh the potential benefits and risks carefully before making a decision.