Asked on 05 Aug 2020
Hi all, I’ve been working for 1.5 years and I’ll start my part time masters in finance in a local uni next year when I turn 24 while holding a FT job. Coming from a private undergrad Uni, this degree seems q attractive.
After graduating around 2023 I plan to switch jobs, preferably in a ministry/stat board. I would like to ask if a masters degree would help to increase my salary in the public sector or overall career. Would appreciate your feedback, esp if you have a masters too. Thank you :))
Most of my friends work in a ministry (I have friends working in Stat boards too but not that close to ask about salary, even a rough gauge). What I gathered though was masters DID NOT help to increase salary but my friends still went ahead to expand their knowledge, broaden their perspectives and hoped that their masters experience could value add to their work experience.
Those who went further to obtain PhD saw an increase in salary.
I think ultimately you need to find what interests you and be able to sustain that interest to survive well in the working world.
All the best! :)
It is my plan that after a quantitative masters degree, i would be able to switch my career into finance and get more salary. If you're talking about the same company/job that im working at now, they don't care if i got a masters lol
It does help to increase your salary but.... not by a lot :)
But the benefits are you acquire more knowledge :)
If you are planning to work in ministry or stay board, do consider researching for these organisations’ scholarships! Scholars tend to have a career roadmap planned for them, hence they climb the ladder quite quickly too.
People would usually go for Masters to network with peers and professors, instead of hoping for a salary rise. Just my two cents!
For sure it will but as a rule of thumb, I always go into postgraduate studies for the purpose of broadening my knowledge pool in an area of my interest rather than solely for the $$$.
Seen too many unemployed undergrads going into Masters or PhDs thinking "Once I've got this title under my belt, I'll be sure to land a high paying job!" which is rarely the case. They'll slog through the extra 2/4 years and coming out with the same mentality.
But if you got that sorted out, then for sure go for it! Postgraduate studies (especially in research) is intrinsically rewarding in of itself.
The original basis for University or Higher learning, was to spread and expand the knowledge for the individuals in their respective fields. Fast forward to today, a university degree or diploma is required for most employment opportunities in white collar jobs.
I have come across many individuals through my years, often with varying degrees of education. Having the knowledge, gives you a headstart in terms of the knowledge required for your position, but more often than not, experience is still widely valued in today's economy.
If you are intending to work in Public service, do note that for certain positions they only accept honor graduates, which is tied to your undergraduate degree. Having a masters degree does not guarantee you a better chance of employment. I have also seen cases where having more qualifications can be a detriment to an early entry position.
Hope i was able to shed some insight!
Most of the time, having a Masters degree will help to increase your salary!