Looking to advance or switch your career? Teach? Earn more money? If your answer is yes to all the above, then the important question is whether you want to spend plenty of money in getting a master’s degree or spend a lot less time and money and get a graduate certificate.
While one may not be necessarily better than the other, it depends on your career aspirations, life goals and financial situation. Pursuing education costs time and money and for several professionals, evaluating the opportunity cost vis-à-vis the rate of return can help to determine whether to pursue a master’s vs graduate degree.
Graduate Certificate
Also referred to as a professional certificate, a graduate certificate is awarded when you complete an educational program in a particular field and it offers professionals an option to develop the required skills for a specific profession. A graduate certificate can be got much faster than a degree.
Master’s Degree
On the other hand, a master’s degree is a graduate degree which is proof that you have achieved a particular level of mastery in a certain area/field of study.
So, if you are deciding between the two options, then it is a good idea to understand the differences between a master’s vs graduate degree to understand the benefits of both and decide which may be the best path for you.
What Is the Difference between Master’s vs Graduate Degree?
A master’s degree is a 1- to 2-year full-time study in a specific field after your bachelor’s degree that is provided by a recognized and accredited institution. The 3 most common types of master’s degrees are:
- MA or Master of Arts
- MS or Master of Science
- MBA or Master of Business Administration
A graduate certificate, on the other hand, also known as a diploma, is a short program in a specific subject and teaches you very specific skills. Typically, a graduate certificate consists of 3 to 7 courses which must be completed within a year or less. Graduate certificate programs are usually offered as an opportunity for you to complete interdisciplinary work or it allows you to understand a master’s program, helping you to decide whether you want to pursue a full master’s degree or not.
Also, a graduate certificate shows your current or prospective employer that you have the necessary preparation in a particular subject, although you may not hold a degree in the subject. To join a graduate certificate program, you must already have a bachelor’s degree or for some colleges relevant work experience is sufficient.
Time for Completion
While a master’s degree usually takes around 1-2 years to complete, a graduate certificate takes only half that time. Most graduate certificate courses need around 12-15 credit hours and commonly graduate certificates have 2 core courses that enable students to complete additional 10-13 credit hours via elective courses. Graduate certificates offer a restricted list of elective courses compared to a master’s program.
Advantages of Pursuing a Graduate Certificate
Typically, professionals decide to get a graduate certificate in order to build skills in their own industry or gain skills to move to a new industry. For instance, a healthcare professional can pursue a certificate course in healthcare management in order to develop new skills and gain more knowledge in the field. However, the certificate course in healthcare management may also be pursued by a new business owner in order to scale up his/her business.
The main reasons why professionals choose between a master’s vs graduate degree comes down to the time and cost.
- Usually, graduate certificate programs take a shorter amount of time to complete. Depending on the type of industry and the certification you are seeking, the program may take anywhere between 4-8 specific graduate level courses.
- When you consider the cost, a graduate certificate program may be much less expensive compared to a master’s degree, which can be a great thing, especially if you have several financial commitments.
- Graduate certificate programs may help in advancements in certain fields like internet marketing, paralegal studies, etc.
While a graduate certificate program may provide more opportunities in your specific field, then is a significant difference in the employment rates in a master’s and graduate degree. As per the BLS (US Bureau of Labor and Statistics), in 2016, around 37% of the jobs were in occupations that required some kind of master’s education for entry, while just 6% of jobs required a graduate certificate.
Advantages of Pursuing a Master’s Degree
It seems that getting a master’s degree can put you in a more advantageous position to follow more career opportunities.
Though you need an undergraduate degree to apply for both a graduate certificate or a master’s degree, it seems that a master’s degree may carry more weight.
Here are some of the advantages of getting a master’s degree:
- According to the BLS, people with master’s degree can earn around 20% higher salaries compared to graduate certificate holders.
- Some fields and higher positions require or even prefer if you have a master’s degree. For example, medical and health service managers, financial managers, etc.
- These days, there are many ways even for busy professionals to get a master’s degree. You can get an MBA in your chosen field of finance, marketing, etc. in less than a year.
Wrap-Up
So, before you actually decide to pursue a graduate certificate or commit your time to a master’s degree, it is a good idea to be clear about your end goal. If you are happy with your career and want to remain with it and are only looking for improvements in terms of your salary or responsibilities, then maybe a graduate certificate is what you require. However, if you feel that you’re missing out in your career or you want to take on new challenges, then a master’s degree is the way to go.
It is a good idea to evaluate both the options and weigh the pros and cons of each and decide whether the advantages outweigh the costs and then make a final decision on the program that fits best with your long-term career goals.