In a post titled Why an MBA Is a Waste of Time and Money, a young and vibrant looking writer by the name of Penelope Trunk suggests that an advanced degree is no longer necesary once you hit a certain age. She writes:
“Don’t go if you are older than 28. You are too far along in your career to leverage the degree enough to increase your earning power enough to make up for the sticker cost of the degree.”
Guess what? I agree with her! I’m not sure how she came up with the age of 28 but I do believe the work experience of those of us over 40 outweighs classroom theory. I’ll carry it one step further and say getting an advanced degree will make you “overqualified” and, in some cases, make it even harder to find the job matching your “overqualifications.”
Twenty or thirty years ago, a Bachelor’s, Masters or Ph.D degree was your ticket for getting the best jobs and achieving some sense of financial security. But with an ever-changing job market, having more “book knowledge” may just cost you more time and money.
According to Dr. Randall S. Hansen, “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.” Having a family may add even more pressue.
It’s certainly not a bad idea, however, to take a class or two to continue to expand your knowledge in a particular field (like technology).
What do you think? Is it really necessary to have an advanced degree ifyou’re over 40?
I agree that life experience makes up for formal education. However, for some jobs, the MBA is a requirement for promotion. So I guess it depends on what you do.
I guess this is just another example of why the cliche “youth is wasted on the young” is so true. I think we covet an education and look forward to expanding employment leverage with continued education and higher degrees, when we reach the age where, the financial cost will outweigh the benefits. (Oh what I wished I had done when I was younger!)