I am looking into starting a masters program with a goal of majorly increasing my earning potential.

17 Comments

1. BeaBoss979975July 9,2023 at 7:56PM UTC

   Run the numbers. What will it cost financially? How much more will you then earn? How long will you hopefully continue to work? Are you planning to stay with your present company?

   My guess is that it won't be worth the cost. Especially if you need to get student loans. If your company will pay for the classes, though, go for it!

2. Joan Williams, Senior Talent Acquisition SpecialistJuly 9,2023 at 11:22PM UTC

   From many years of recruiting experience, I find that an MBA or Masters doesn't really increase compensation.

   We have a salary band for the position. Not a salary band for folks with a Masters and one for those who don't have one.

   Some companies may throw in a bit more for an advanced degree but I've never worked for one.

   The only way I can really see it helping earning power is if you're applying for positions that require an MBA or a Masters - and they come with a higher salary band. But there's no guarantee of that.

   YOU SAID: "I have been managing IT engineers for many years, but because I have not been an engineer, my technical leadership does not seem to get recognized."

   If you've been managing IT engineers for many years, isn't that your technical leadership being recognized?

   If you want to go for an MBA or Masters for yourself, that's one thing, but I wouldn't count on it increasing your earning potential. I don't know that I would consider going deeply in debt to accomplish this.

   Maybe it's different in IT, but I've never really cared what my boss's education background was - I care about how good they are at their job.

3. AnonymousJuly 11,2023 at 10:39PM UTC

   OP, I am IT Project manager with similar credentials and Joan is absolutely correct. I would look toward certificate/ certification if you have any specific gaps but you are more than suited for higher compensation without an MBA.

4. bethJuly 9,2023 at 11:37PM UTC

   If you feel like your lack of technical experience is what is holding you back, it seems like some kind of technology degree would be the answer. It would be great to check with your company leadership to see if that would be helpful first -- it's a lot of work! good luck!

5. AnonymousJuly 10,2023 at 2:19PM UTC

   This probably won't help unless you're planning on applying for a better job after you get the degree, or if your current management has said that you could apply for a promotion if you had a higher level degree.

6. AnonymousJuly 10,2023 at 5:44PM UTC

   If you are aiming for more cash and the want is solely about that you need to find a company that is larger that has a dual ladder for compensation and wants non-technical strong business leaders managing the tech staff. That will get you far more than going back for a degree which may not help much.

7. GirlBossanova934974July 11,2023 at 12:46PM UTC

   I worked in IT for several years. I still work in the technical side of Marketing. I have an MBA and a Masters in Engineering. So I have a little experience in this matter. The 2 Masters are from a leading Big Ten school. I would recommend you not undertake this endeavor. These degrees are much more expensive than when I completed them back 25 years ago. Either degree, you are probably looking at $50K-$100K in cost. And since you are in your late 50s, I don't see how this investment will ever return a positive financial return over your remaining career. You are going to end up with a big dent in your savings or a bunch of loans. Then you will make maybe $10-$15K per year more in pay. Payback period is maybe 10 years? Doesn't make any financial sense. I would say you are better looking for an outside source of income or looking for another company if you want more pay and a better role.

8. Deborah HernandezJuly 11,2023 at 1:13PM UTC

   This article caught my eye and I read it. Here is my experience. I completed an MA in Higher Ed (Student Affairs) during the pandemic. I did very well and loved it. I thought it would elevate me in my career as an Adjunct. I thought now that I have the degree, I am qualified for many of the job openings at the University I have served in since the late 90's. I love teaching and many full-time roles seek teaching experience. I have ample experience working with students as an internship guide and also career counselor. I am a highly accomplished textile designer and work with artisans. I write curriculum and serve on committees, and I thought this all would make a difference. It has not. Well, it has not yet. The jobs post and they look great and I am qualified and my resume slips into an abyss. I had only two 1st time interviews for roles I am qualified for. I feel I need to branch out into other institutions and seek roles that way because at my university nobody is seeing me as valued, capable and familiar with the terrain as well as devoted to the community. What I would advise is: be sure there are several roles you can apply for to advance.....at your current place of employment and elsewhere and then if you are motivated go for it. Education is never a bad thing, but it is an expense. The other option is to speak to your supervisors to see if there are any programs that can help you advance and pay your way or partially pay your way. Good Luck to you.

9. AnonymousJuly 11,2023 at 1:51PM UTC

   If you are not being recognized a degree is not the answer. You’re better off looking for a new job. I wouldn’t bother with the masters, especially if you have to go into debt for it. Certifications would make more sense.

10. Coach Nancie Kay ShumanJuly 11,2023 at 2:50PM UTC

    So I have a different perspective, as I am in the same age range and I am completing another Masters in order to elevate my visability and pay range.

    Do you want to go back to school? Does an MBA make sense to you or would you get the same "calling card" with a certificate from someplace such as Harvard or Stanford? (Check out Coursera. They have many offerings.) Have you ad a heart to heart with someone you trust regarding what is missing on your resume and how to potentially fill it is? Dos this need to be filled in with an additional degree or does it actually already exist in your wheel house, but you aren't showcasing it because you didn't know?

    And is it possibly time to pivot into a related job, one which uses the skills and knowledge you already possess? What might that be or look like?

    These are simply the thoughts and ideas which run through my head when I read your post. But I am an Executive Life Coach, and that is how I manage things.

    Good luck!

11. AnonymousJuly 11,2023 at 3:27PM UTC

    In your late 50s, absolutely not. This is a waste! If you want more $ you need to find a new job not waste money on a new degree.

    From a late 30s who got a masters to "increase earning potential and promotional ability" in my late 20s and is now making half of what my salary was in tech just 6m ago (I'm making about what I was 5 years ago because after layoffs I have had a hard time finding a job that pays anything - also balancing full-time WFH + full-time moming because that half was childcare funds) and yet I'm still paying off that so called "increase earning potential" degree. Advanced degrees are a crock unless A) your job is going to pay for it and B) you know that it will guarantee you what you're looking for (as is the case with teachers, etc who need advanced degrees or further credentials to advance.

12. AnonymousJuly 12,2023 at 5:32AM UTC

    I agree with you. Your company might provide an executive MBA education opportunity and in that case, it is worth taking it up at this age.

13. Sharon SteinbachJuly 11,2023 at 3:58PM UTC

    Not sure if this answers your question, but food for thought. It relates to my husband's job search a couple years ago (after a company mass layoff). He's in your age group and has a non-advanced technical engineering degree. He went ahead and received several tech-related certifications, which boosted his resume (keywords that recruiters and employers look for) and his qualifications beyond the roles he was previously performing. It didn't take long for him to secure a new position.

    Based on this, my suggestion is to gain new skills through certification opportunities while you're still employed, and look at other, higher-paying opportunities that require those new skills.

14. AnonymousJuly 12,2023 at 1:59PM UTC

    You need to look at the jobs that interest you and check what is required. If you know somebody that has one of those jobs, check the masters degree that they have. You can always call a university and talk to an admissions counselor for masters degrees and ask the question. Do your research before you commit. Many people make a mistake in this area. Good luck!

15. KathyJuly 12,2023 at 4:14PM UTC

    What do you mean when you say your technical leadership is not 'recognized'? Do you want to be promoted or are you looking for a different role?

    In my experience, being a woman in a technical field hurts rather than helps ones chances at being 'recognized' or rewarded.

16. Erica MitchellJuly 12,2023 at 5:26PM UTC

    When I decided to go back to school, I first researched roles and learned what degree is required. That's my suggestion to you. A degree can open many doors.

17. Christy R.July 12,2023 at 6:12PM UTC

    This is a great question and I suggest looking at it from a different perspective.

    What does "technical leadership does not seem to get recognized" mean? Are you unable to answer the more technical questions people ask, or are you having difficulty developing a technical roadmap?

    A question to ask yourself is what leadership position do you want to strive for? Technical (Functional) or Strategic?

    In any leadership position you'll encounter individuals that won't recognize leaders if they haven't "done the job", This is more in line with what a supervisor might fulfill.

    It's an interesting conundrum. I manage several people who manage several applications. I could never be the "expert" in everything. I manage the people side and roadmap while taking all input from my team to build the roadmap. Within my company in the IT space, we've noticed something interesting. Functional managers, or those who have "done the job" and have the expertise tend to focus on the work and get bogged down in the weeds of things. Other managers are people leaders focusing on strategic roadmaps and guiding their teams toward business objectives.

    A different management position opened up in our IT department and I spoke to my manager about applying. The role that opened up was a very functional leadership role, while my current role is strategic. I did not want to get down into the weeds again and I want my next position to be a Director level.

    As far as going back to school - that is only a question you can answer. I always support and recommend additional education - it looks good on the resume. Where do you want to be in 5 years? Are your goals aligned with an advanced degree? What knowledge do you feel your missing? Maybe certifications would be a better option?

    Additional information: My goals aligned with my obtaining an MBA in IT management. After I graduated i received a pay increase of 20%. Plus it was a huge personal accomplishment.