Is a Master's worth the cost? 1

[RunSomewhere]

I have a B.S. in Biomedical Eng. that left me with $20k in loans. BME is not a standard engineering discipline (i.e. mechanical, electrical, civil, etc.) We were never pushed to take the FE. I'm not even sure if BMEs go for their PE. I've been out of school almost three years and tested the water in a few different master's programs. I found one I like, and started a program for an M.E. in Systems engineering. This will set me back another $25k. My wife is taking on another $20k for her master's. Meanwhile we're trying to save for a house and the 'b' word is popping up more and more. $65k in loans is hard to swallow. I'm wondering if a master's in systems engineering worth the cost?

Any thoughts?

 

[Overvoltage]

Unless you're being pressured to do it by your employer (in which case why would you need loans they should be paying for at least part of it), or you just have this terrible feeling you're going to regret it forever by not doing it, I wouldn't. It sounds like you have a lot on your plate, and you can get yourself too specialized if you aren't careful...

 

[ctopher]

IMO, jobs are easier to find in engineering if you have your masters.

Chris
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[IRstuff]

Possibly, but mileage may vary...

Some people do well with masters, others don't need it. Obviously, others have had different experiences, but for me, it wasn't needed, and it wouldn't have made any difference in my current position. One could argue that a masters would have sent me down a totally different path, for better, or worse...

TTFN

FAQ731-376

 

[Unotec]

Knowledge can't hurt, on the contrary... but I hate debt and you seem to have enough stuff on your plate right now. I mean, student loand, mortgage and baby on the talks... I'd let my wife go for it while I work and once she's done and I've raised some capital, consider doing it or maybe have the employer pay for it.
Payback will come, just might not be quick enough to cover loans and get a house.

<<A good friend will bail you out of jail, but a true friend
will be sitting beside you saying ” Damn that was fun!” - Unknown>>

 

[TheTick]

Three years later, and you still can't tell if you need a PE or not? What have you been doing with your time. I would gather you have not been working.

Get a job with an employer that has tuition reimbursement. If you're still in Milwaukee, you have three great schools to choose from.

This is an awesome time to be a first-time homebuyer if you don't need special programs. I'd make that my first priority. Get in while houses and moretgages are cheap.

 

[RunSomewhere]

My undergrad was at Maruqette, but I'm not in Milwaukee anymore, I'm in Cleveland. I have been working the last three years, at a pharmaceutical company. My employer has reimbursement, but it's limited ($5250/year) and I would still come out owing $20k. I think I'll heed the advice and focus on a house.

 

[Ron]

Yes

 

[bvanhiel]

A PE is not necessary in medical/pharma. You'll probably have difficulty finding PE's to sign off on your experience if you do decide to take the test.

In my (limited) experience with BME degrees I think they suit you more to be a project manager than an engineer. I would look at a master's if it did one of two things: 1) enabled you to get the job you really want, or 2) was a prerequisite to moving up the career chain at your job. Money is somewhat secondary as it's typically not a huge boost unless you switch careers (MBA).

-b

 

[Gymmeh]

I would at lest get your FE... you never know where life will take you.

 

[DRC1]

Don't know anything about Bio. I was civil. I started mine about 3 years after I was out. However, if you are interested, talk to the head of the department. The nice thing about engineering is there are sponsered positons out there. A little more work, a little more time, little or no cost. Does not hurt to talk. By the way, they will love the fact you have some practical experence.

Good Luck

 

[tripleZ]

$5250 per year reimbursement? It's not bad. My employer has the same. I spent a little out of pocket to get the MBA done in 3.5 years. Poor timing on my part with the recession and all as I'm more likely to see a pay cut than a wage hike.

My employer set it up this way though so that if I decided to take courses and didn't want to pay anything, it was a steady 3 credits per semester and would take around 6 years. With the one-year payback of service, that would mean I'd be here for a minimum of 7 years, 8 figuring I had to be here for 1 before qualifynig for the program. I guess at that point they think you're settled and less likely to leave.

I chose to pay out of pocket to avoid the long term obligation. You might feel differently. The only thing I will tell you is that I can't imagine doing school, work, and a baby at the same time. School and work time pretty much consumed me for the past 3+ years. And I lost count of how many people with families started their master's program but dropped out after a year due to time committments.

 

[macmet]

I'm not sure about bio, but I was once thinking of getting a master's but decided to work for a bit first. I no longer want a master's in eng and am glad I made the decision I did. Where I work now there are a few engineers and we all make more or less the same. One of the engineers has a master's and although we started in the same position she has gone one way and I've gone the other. I much prefer the way I've gone with my career but at the same time she might feel the same. Her job is devoted to one small aspect of our industry well I work in a broader area and have a much more hand's on position. IMO the skills I'm developing would allow me to work in different areas of the industry while she will be focussed on that one particular area and will have less room for movement.

So basically it's up to the person...

To be fair, I should also say that I've been looking for a new job lately and have noticed a quite a few positions that say a master's would be looked at as a benefit... as ctopher pointed out.

 

[skearse]

My general feeling, as macmet says, is that more & more employers are a least looking at "Graduate degree preferred." Personally, I am just starting my last semester in a hybrid MBA/ME type program from U. of Wisconsin. My personal career goals are to continue in Technical Management, so this program suits what I want to do when I grow up. ;-) BUT, my employer is also footing the bill, and that's a tremendous help (anything over the $5,250 is taxed, but still covered). I cahnged employers after I started the program, and when it came time to make a decision which job offer to accept, it came down to tuition assistance. Plain and simple.

 

[SylvestreW]

To your general question as to whether a masters was worth the cost - I'd say yes - but only because my employer (at the time) paid for it. It has definitely gotten me further in my career, but of course, who's to say I couldn't have gotten as far without it? Thing is, I had 4 yrs of experience under my belt before doing the masters, and since I did it part-time, I didn't end up with any lost job-time.

It doesn't appear you've worked that much so I'd suspect that getting some experience would have a better pay-back, literally.


-
Syl.

http://www.aercoustics.com

 

[FSS]

Tuition reimbursement and one class at a time allows you to still have a life and function without losing your mind (or your wallet).

 

[TheBlacksmith]

My old manager doesn't have a masters and he is now a director (one step below VP), in fact we have several managers and directors that do not have masters or PE (we build ships). Most of the Masters and PEs seem to go engineering track and alot of the rest go management track.

 

[benjaminc]

Mu,

Perhaps you should separate this into two questions: timing and degree.

As for timing, it does sound like you have a lot going on right now. That said, it doesn't get any easier to add degrees later on -- though it is possible a future employer will provide even more financial support.

As for the degree itself, I'd recommend it. I was in a somewhat similar situation as yourself a while back, and ended up choosing to go another $15k into debt to finish my MS. Financially, it's clear that it will pay out in most industries. Additionally, it will open future professional doors. Take a look at the CVs of your bosses and their bosses -- in most engineering firms, you'll find that the vast majority of them have at least an master's in some field, whether that be an MBA or an MS or something else. It lends a certain element of instant credibility, especially if your degree comes from a reputable institution.

Good luck!
BC