Should You Get A Postgraduate Degree For Your Job?

We are often told that education is the key to a successful life. This holds true even if you have already graduated from school or have been in the workforce for many years.

After all, lifelong learning not only benefits you personally but can be the key to furthering your professional goals. The Ministry of Education recorded that as many as 17% of all students in public universities were enrolled in postgraduate studies (both masters and doctorate courses).

So, the question is, should you?

Should you go back to school as an adult?

There are many reasons to continue your study long after you have graduated. However, what benefits you stand to gain depend on your life goals.

You could be looking to climb the corporate ladder, or looking for a change of career, or you could even be looking for the necessary skills to further expand your business.

Ask yourself, what do you want?

• Higher salary. Your new qualifications can give you more room to negotiate for a higher salary. If your current employer is unable to meet your demands, these qualifications also give you the opportunity to look for another that will.
• Higher employment prospects. Additional skills and certification can open new doors for you.
• Career progression. You might be looking to advance your career into a managerial role, or even have dreams of making it all the way to CEO one day. Having further education may be able to give you a leg up on achieving that dream.
• Change of career. Not everyone stays in the same industry all their lives. You may find that your current job is not where you see yourself in the future. Postgraduate studies help open doors that could lead you to a more rewarding career.

What kind of postgraduate degree do you need?

The answer to this question sounds simple: Whichever will help you achieve your goals. However, in practice, this is a little more complicated.

A Master’s degree in Business Administration (MBA) may be the most obvious stepping stone to improving one’s career regardless of the field or employment level. After all, every organisation needs people with management skills to keep going.

However, more specialised postgraduate studies may be beneficial for your particular career. This is not saying that an MBA would be worthless to you, but rather you should weigh whether you would benefit from a more specialised master’s degree instead.

One last thing to note is that the importance of an MBA to management roles is rapidly changing especially in a post-pandemic world. With the shift towards increasing automation and moving work online and offshore, there may be a reduced emphasis on having an MBA in the modern workforce. Instead, employers may prefer individuals with working experience over those with paper qualifications only.

How do you afford postgraduate studies?

Most people looking to advance their careers choose to pay for postgraduate studies on their own. Many save up for it over time until they can afford the tuition fees. Those who do so can claim up to RM7,000 in personal income tax relief, which makes funding postgraduate studies a bit easier. This is applicable to some tertiary level courses, or any master or doctorate degree.

However, many working adults may simply have too many financial commitments to be able to save up enough money to afford the fees. Or they have been retrenched and are looking for a change of career. In either case, these are some solutions you can check out.

• Scholarships
  If you qualify, there are scholarships available for postgraduate studies. Many may be more suitable for fresh graduates to further their studies before joining the workforce (or need the extra qualifications to get the job in the first place). However, there are also certain scholarships specifically targeted at working adults, so there is nothing stopping you from seeking them out and applying for one.
  
  All you need to do is search for postgraduate scholarships.
• PTPTN
  Student loans are not just for undergraduates. PTPTN also offers loans for those looking to do their Master’s degrees and PhDs. These are low-interest loans which are suitable for those on limited budgets but are still looking to advance their careers.
  
  However, it should be noted that PTPTN loans for postgraduate studies only apply to local public institutions.
• EPF
  The Employees Provident Fund (EPF), also known as Kumpulan Wang Simpanan Pekerja (KWSP), allows members to withdraw funds from their Account 2 to pay for education expenses. EPF funds can be used to pay the tuition fees for a wider range of institutions than PTPTN, including for going overseas.
  
  The funds can be used at approved local institutions of higher education if you are choosing to study locally, and for full-time programmes for those studying overseas,

Some people may also turn to personal loans to fund their education. This is not always recommended but is certainly a worthwhile investment in yourself. However, you should only consider this if you can afford the monthly payments. For example, the tuition fees for an MBA can cost up to RM40,000 at a private university.

Otherwise, your career advancement will end up leaving you in more debt than when you started.

How to invest in yourself to reach your goals?

Investing in postgraduate education for yourself is always a worthwhile goal.

However, making the effort to expand your knowledge and skill should not put you in financial stress so it is important to make a plan, as well as find out how and when you can afford to get another degree without going into debt.