by Randall S. Hansen, Ph.D.

Deciding to seek one or more graduate degrees is a major commitment of time and money; a decision not to take lightly. You will face several years of intense work and research -- a much more demanding course load than in your undergraduate program. Before deciding your next step, you should take the time to honestly answer these five questions.

Why are you considering a graduate degree?
Career Goal: You need to have a clear understanding of what you want to do with your career -- and how earning a graduate degree will help you reach that goal. If you have any doubt at all about your professional goals, consider putting off graduate school and, instead, spend some time working on some self-assessment and career planning. If you go to graduate school without a clear goal, you will probably end up wasting both time and money.

While certain careers definitely require an advanced degree -- doctors and lawyers, for example -- many other careers offer plenty of job opportunities for job-seekers with just an undergraduate degree. In fact, in some situations having an advanced degree can actually hurt you in a job search if you also have little or no job experience.

Compensation: Most studies show that people with advanced degrees earn more on average than people with bachelor's degrees. According to the U.S. Census Bureau, in 1998 the average worker with a bachelor's degree earned $40,478, while a worker with a master's degree earned $51,183, and a worker with a doctorate earned $77,445.

Staying Marketable: While a graduate degree is not required for many "entry-level" jobs, you may need to earn an advanced degree to keep your training and skills current -- and make you more marketable for career advancement.

Career Change: A graduate degree can often make sense for a job-seeker who is looking to make a career change, In this case, you would be earning the graduate degree in the field you plan to enter.

When should you consider obtaining a graduate degree?
One of the questions most often debated is when is the best time to consider a graduate degree. Is it better to attend graduate school right after you complete your bachelor's degree, or is it better to wait a few years and gain some work/life experience first. As mentioned above, certainly do not consider going immediately to graduate school as a default move -- or to avoid getting a job.

The reasons for going straight to graduate school after earning your bachelor's degree:

• you are accustomed to being a student -- and have momentum;
  
• your study skills are sharp;
  
• you have few obligations;
  
• some occupations require an advanced degree even for "entry-level" positions.

The reasons for working for a few years before going to graduate school:

• you can better know your career goals by working in the field for a few years;
  
• some graduate programs require work experience;
  
• you bring a broader world view to your studies;
  
• you have a more mature outlook on school and work;
  
• many employers will pay some or all of your graduate school expenses;
  
• you can gain solid financial footing;
  
• you can improve your chances for acceptance to graduate programs -- especially if you were not the best student in your undergraduate program.

What is the best graduate degree for you?
There are two traditional categories of graduate degrees -- master's and doctoral -- although there are also numerous hybrid combined-degree and certificate programs at many universities.

Master's: Master's degree programs are growing and evolving, with degrees offered in just about all fields. Master's degrees can be professional or academic. Professional degrees, such as a Master of Business Administration (MBA), are designed for employment or advancement within a given field. Academic degrees, such as a Master of Science, are designed for intellectual growth and (sometimes) a prerequisite for doctoral work within a given field. Master's degrees may take one to three years to complete.

Doctorate: Doctoral degrees, the highest possible earned academic degree, can also be professional or academic. Professional doctoral degrees, such as the Doctor of Medicine (MD) and the Juris Doctor (JD), stress the practical application of knowledge and skills. Academic doctoral degrees, the Doctor of Philosophy (Ph.D.), focus on advancing knowledge through original research in a given academic field. Doctorates may take three to six years to complete.

Can you afford graduate school?
Just as with your undergraduate college, it is crucial to look at the costs of the various graduate programs that interest you and determine what mix of financial aid will make attending the programs feasible. It's best to study the literature each school sends you and then talk with a financial aid adviser at those schools that interest you. Besides some of the same types of financial aid offered at the undergraduate level, most graduate programs also offer fellowships (for teaching or research assistance). And if you're currently employed, don't forget to see if your employer has an tuition reimbursement program.

Other Resources Related to Graduate School:
Gradschools.com. An online directory of 18,000 graduate and post-graduate programs worldwide including descriptions, contact information, and institutional advertising. Also includes chapters from The Grad School Handbook.

Graduate Education. An entire section devoted to articles about graduate programs, trends in graduate education, and rankings of the best graduate programs. From U.S. News Online's .edu.

EssayEdge. With more than 100 free sample college and graduate school application essays and pages and pages of essay writing tips, this site is the Net's largest resource for admissions essay consulting and editing.

Should I Go to Graduate School? From Oregon Graduate Institute's Department of Computer Science and Engineering. While this tutorial has somewhat of a science perspective, it raises many useful questions common to any graduate program.

Dr. Randall Hansen is a tenured, associate professor of marketing in the School of Business Administration at Stetson University in DeLand, Florida. He is a published career expert -- and has been for the last ten years. He is co-author, with Katharine Hansen, of Dynamic Cover Letters. And he has been an employer and consultant dealing with hiring and firing decisions for the past fifteen years. He can be reached at randall@quintcareers.com.