"The highest earners, are the highest learners" - Thompson, 2012.
There are many reasons for attending a graduate school. Many graduate schools provide students with more hands-on experience in their field through research. Other students go to graduate school because it is a requirement to work in their profession, and some people are seeking a career change. No matter the reason, attending a graduate school is an excellent way to enhance education, be more competitive in the job market, and make more money.
Take a look at this chart provided by Yahoo (2012) showing the increase in income according to highest degree earned.
The tenth percentile of individuals who did not graduate high school earns approximately $300 per week. Those who graduated high school, and those who attended some college, earn approximately $380 and $450 per week, respectively. The tenth percentile of individuals who earned a Bachelor's degree earn just above $500 per week, and those with advanced degrees earn approximately $700 per week.
The 50th percentile of non-high school graduates earn around $450 per week, while high school graduates in the same percentile earn roughly $650 per week. In the same percentile, those who attended some college earn approximately $700 weekly, those with Bachelor's degrees earn $1050 weekly, and advanced degree recipients earn $1400 weekly.
The top 10% of earners who did not graduate high school earn roughly $800 weekly, high school graduates earn $1250 weekly, those who attended some college earn $1500 weekly, those with Bachelor's degrees earn $2250 weekly, and advanced degree recipients earn approximately $2800 weekly.
Education and Wages: The More You Learn, the More You Earn - Yahoo! Finance
Selecting a Graduate Program
The process of picking a graduate program can be overwhelming. PhDs.org is a website that has compiled information from the National Science Foundation, the National Research Council, and the National Center for Education Statistics in order to assist with the process. The website allows students to search for a variety of graduate schools that offer a Master's degree and/or a PhD. It provides the cost of attending the school, i.e. student fees, tuition, living on campus, as well as financial information for part-time students.
The site also supplies information about the quality of each graduate program, information about the job market and advice on how to succeed in grad school. PhDs.org also provides current job listings as well as information about job availability in each field.