Should I quit and get my masters? Would you? UPDATED

Ok, so I have been awarded a full scholarship (Masters) for the university in my state. The requirement for the scholarship is that I have to quit my current job, BUT I would receive a 2k a month stipend while in school (3 semesters) plus all school expenses paid. After graduation the job placement would be for a government organization at or higher than my current salary.

Info:

-I work Info Assurance for the DOD
-I make twice the amount of the stipend
-I have a wife and kids, but we would survive in the meantime

Would you give up a full time job for a paid master’s degreein information assurance with a stipend?
Why or why not? Thanks in advance!

EDIT: ***UPDATED***

-The degree will be in Information Assurance (Brick and Mortar) from the business academy
-My ultimate goal is to work in management security role
-My current pay is around the $65k non-management for DOD (I will have to forfeit that)
-I have no upward mobility where I am in the section of DOD
-The job will not be a guarantee, but the scholarship isfrom DOD and they have not had any student not placed after graduation
-The deans and professors will assist students in networkingfor jobs; also there are 3 required gov job fairs for this scholarship specifically arranged for this scholarship
-My wife has agreed to pick up the financial burden while I am in school. She works for my mother and has a very flexible schedule. My family is supportive if I decide to do it
-I am in the military reserves (Air Force Cyber Security position) so I will continue to gain experience while attending school
-I will get health insurance from the scholarship, my wifeand kids will be covered under hers
-The masters will be 3 semesters (summer included)
-Most students (~80%) are being placed in Washington after graduation, the rest all around the US
-The degree will be in specifically forensics, networksecurity or auditing
-I cannot attain my masters while working in the same amount of time as the scholarship can. Also, most people I talk to say a masters from a brick and mortar school is the way to go. I would only be able to do it online if I work and attempt a masters

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Comments

Cpl.Klinger

Can you meet all of your financial obligations with the stipend? More importantly, is your family on board with the process? Is your wife working, or willing to work at least while in school? How sure are you of the job placement for the program, is it guaranteed? I think we need to know more before we can give advice for sure. If the job placement is guaranteed, you can survive on the stipend AND your family is behind you, I might lean toward saying go for it.

TechGuru80

First of all...lol at a guaranteed position with the government. Also maybe it is guaranteed per funding, which may take 1-2 years to get after you finish.

If it would be a financial stretch it might not be worth it. $24k per year with a family is not a lot so hopefully your spouse could make up for the extra.

Do you want to end up in management? If not, it wouldn't really be worth it. Graduate degrees are to get you into management, where just certifications will get you a technical or grunt job in most cases.

Polynomial

Um, yes?

snunez889

I personally would, you are being paid to go to school. It all comes down to your personal goals and if the masters will help you achieve those goals.

Zartanasaurus

So you're losing out on 18K of salary to get a free master's degree and the promise of a job at your current salary. Yeah they said your current salary or larger, but why should the BASE be what you're making now? Find a master's degree program that's cheaper than 18K and get a job making more than you do now without being obligated to anyone.

ptilsen

Stipend + tuition vs after-tax salary. Which is higher? That would be a starting point. If it's cheaper to pay your way through with work, it probably makes more sense to do so, although there's something to be said about getting it done with more quickly.

I would do it regardless, personally, but that's me. I don't think it would make sense for most people in this field. The work experience and lost wages are really, really valuable.

SteveFT

I'm assuming 3 semesters would be September - December of the following year, or ~16 months.

Pros:

MS in ?????, what is the monetary value?
Potential to move into management and/or higher pay grade

Opportunity Cost

$32,000 in pre-tax salary ($2k a month more than stipend)
Will you be covered for health insurance, etc?
Do you have 401k matching, or other benefits to include here?
18 months of experience at your current job. This is probably more valuable to someone who is entry level, but do you foresee any growth or opportunities to move into a higher position without the MS?

I wanted to include networking into the Pros section, but realistically you can do that either way. You also might be able to work on interesting projects as a graduate student that you might not be able to in your current position, or on your own free time.

Like others have said, the third option might be to do it part-time. This could be the best option (financially) if you have access to tuition reimbursement. If all else fails, go with what you want to do. We can break it down by cost, but if you really have a desire to go to this University for a specific reason, then maybe it is worth it to you.

5502george

SteveFT wrote: »

I'm assuming 3 semesters would be September - December of the following year, or ~16 months.Pros:
MS in ?????, what is the monetary value?

Potential to move into management and/or higher pay grade

Opportunity Cost
$32,000 in pre-tax salary ($2k a month more than stipend)

Will you be covered for health insurance, etc?

Do you have 401k matching, or other benefits to include here?

18 months of experience at your current job. This is probably more valuable to someone who is entry level, but do you foresee any growth or opportunities to move into a higher position without the MS?

I wanted to include networking into the Pros section, but realistically you can do that either way. You also might be able to work on interesting projects as a graduate student that you might not be able to in your current position, or on your own free time.Like others have said, the third option might be to do it part-time. This could be the best option (financially) if you have access to tuition reimbursement. If all else fails, go with what you want to do. We can break it down by cost, but if you really have a desire to go to this University for a specific reason, then maybe it is worth it to you.

I would have health insurance and I will keep my 401 from my current DOD position

5502george

God this is a tough decision, thanks for all of the responses. I updated the post really to give me a better picture of the situation, also for any other input based on more specific info.

Danielm7

With the updates I'd go for that in a second. Almost a sure thing for a job upgrade, a career upgrade, a masters degree while being paid to go to school and insurance AND you can swing it financially. I don't see the downside minus a year of a little less extra money.

Zartanasaurus

So you're gonna complete the 3 semesters in a calendar year, which means you're be giving up ~$41K of your salary in that time. I think you can get a Master's much cheaper than that, but I don't know if you can get it as fast. Possibly at WGU you can. Online, B&M doesn't matter. Plenty of accredited online Information Assurance programs out there. I didn't realize those DoD scholarships came with the restriction of quitting your current job. Maybe this is a different program? With those numbers, saying no and going to school on your own time seems like a better option to me. If the Master's Degree is what will give you the upward mobility then just get that without forgoing $40K of your salary.

5502george

Zartanasaurus wrote: »

So you're gonna complete the 3 semesters in a calendar year, which means you're be giving up ~$41K of your salary in that time. I think you can get a Master's much cheaper than that, but I don't know if you can get it as fast. Possibly at WGU you can. Online, B&M doesn't matter. Plenty of accredited online Information Assurance programs out there. I didn't realize those DoD scholarships came with the restriction of quitting your current job. Maybe this is a different program? With those numbers, saying no and going to school on your own time seems like a better option to me. If the Master's Degree is what will give you the upward mobility then just get that without forgoing $40K of your salary.

There is another scholarship to attain masters while working, but it would be very slow progress. I do know that the B&M master’s program is stellar and students that graduate are actually getting pertinent education in their specialty.

The reason I say that is because I have an undergrad I attained online/in-house and I learned nothing but how to get a quick degree. I am definitely not implying WGU is that at all, just my experience in online programs.

I understand your rationalization of the money value loss, but I feel that you are not factoring in potential gain from say a GS-11 ($65k which I am now) to say a GS-12/13 ($80K+) But not guaranteed.

Also if I am going to factor in opportunity cost, I would have to factor in the fact that if I work and go for my masters I would be stretched mentally and physically.

LarryDaMan

Zartanasaurus wrote: »

If the Master's Degree is what will give you the upward mobility then just get that without forgoing $40K of your salary.

THIS.

Are you at a point in your career when a Master's degree is really what you need to move up? I would guess not. But if so, you can work and get a Master's degree and work towards a better job. Why choose and sacrifice anything?

I have a lot of experience within the government sector and until you get the highest levels (Executive/Director..etc), no one will much care where your degree is from.

philz1982

No, I wouldn't quit, I would apply to a place like DSU where I believe the whole masters is 9k. Its all about opportunity cost. Your opportunity cost of 97.5k lost versus a 9k degree (DSU) and a 36k stipend at (2k per month 18 moths), the math doesn't work out. Keep the experience of working, get your degree through a student loan and then apply to work at another company. While your doing the degree get your CISSP, CCNA, and maybe even CEH if you go the DSU route you can take their specialization in Ethical hacking.

All in all degree plus certs will cost around 15k (books, certs, and school).

The opportunity cost of experience lost, and salary lost is to high IMHO. Also you will have to explain your 1.5 year experience gap if the "followup job" falls through.

Also, you can make significant gains in salary shifting to the private sector if you so choose. Experience in IA, plus the above certs will land you a 6 figure job if you hunt for it.

-Phil

ptilsen

Honestly, I would do it if I were you. That doesn't make it the right choice, but for me, the ability to take some time away from work to focus on just school would be amazing. I've spent the entirety of my young adult life and late adolescence working and either going to school or studying for certs simultaneously. Maybe your motivations are different, but I bet they're not too different. Even if it's ultimately a modest financial loss, if taking a few semesters off work to go to full-time grad school really appeals to you and you think it will make you happier, that's something to really think about.

More objectively, finishing faster at a B&M will potentially be of net positive benefit to your career, but that's hard to say for sure. While I did propose the initial cost comparison, the long-term value is what should really be considered. What will whatever you do instead of school do for your long-term earning potential compared to what this master's degree will do? There's really no good way to predict whether continuing to work while getting a master's online will yield a better or worse long-term outcome, in my opinion. I don't think you'll find data that really supports one conclusion or the other. The immediate financial loss from going with the scholarship isn't insignificant in the short run, but if the degree helps you in the long run, that won't matter.

What school is the master's from, by the way? I would say the institution matters more than the format, to be honest, at least in terms of reputation. While some employers will scoff at online degrees, I would say more will highly regard a known, reputable school even if the degree is online. I haven't seen any serious data on this, though, so that's just my opinion based on my experience.

philz1982

ptilsen wrote: »

Honestly, I would do it if I were you. That doesn't make it the right choice, but for me, the ability to take some time away from work to focus on just school would be amazing. I've spent the entirety of my young adult life and late adolescence working and either going to school or studying for certs simultaneously. Maybe your motivations are different, but I bet they're not too different. Even if it's ultimately a modest financial loss, if taking a few semesters off work to go to full-time grad school really appeals to you and you think it will make you happier, that's something to really think about.

More objectively, finishing faster at a B&M will potentially be of net positive benefit to your career, but that's hard to say for sure. While I did propose the initial cost comparison, the long-term value is what should really be considered. What will whatever you do instead of school do for your long-term earning potential compared to what this master's degree will do? There's really no good way to predict whether continuing to work while getting a master's online will yield a better or worse long-term outcome, in my opinion. I don't think you'll find data that really supports one conclusion or the other. The immediate financial loss from going with the scholarship isn't insignificant in the short run, but if the degree helps you in the long run, that won't matter.

What school is the master's from, by the way? I would say the institution matters more than the format, to be honest, at least in terms of reputation. While some employers will scoff at online degrees, I would say more will highly regard a known, reputable school even if the degree is online. I haven't seen any serious data on this, though, so that's just my opinion based on my experience.

I guess it really depends on the OP's personality and goals to your point above. For me personally, I couldn't take 18 months off, it doesn't match my goals and I personally learn better through self-study/online.

However, the OP's goals may not align with my goals. Personally, I know of several folks who had taken time off for school and they regret it but then I know of several who don't. It's a wash essentially, if the OP hopes to stay in the Govt sector and this path works great. If the OP is looking for total cashflow and potential monetary growth, then IMHO, the opportunity cost of 80k or so is to high, and the opportunity for total compensation is higher in the private sector.

Good points above, and I think we can agree that it depends on the personality, goal, and risk aversion of the OP.

BTW, ptilsen asked a great question about the school. That has a large factor on this decision, if the school is MIT or CM then the opportunity cost shifts vs if it is a satellite school for a state university.

-Phil

Zartanasaurus

5502george wrote: »

I understand your rationalization of the money value loss, but I feel that you are not factoring in potential gain from say a GS-11 ($65k which I am now) to say a GS-12/13 ($80K+) But not guaranteed.

If getting the Master's Degree gives you that gain whether or not you take the scholarship, there's no point in factoring it in unless you can't complete your Master's in a similar time without the program. Why is the other scholarship slower than this one?

Now, if your wife makes a ton of money and the loss of salary for a year won't be a big deal, then I can see shifting the other way. Money problems will lead to mental and physical stress too.

Danielm7

philz1982 wrote: »

I guess it really depends on the OP's personality and goals to your point above. For me personally, I couldn't take 18 months off, it doesn't match my goals and I personally learn better through self-study/online.

However, the OP's goals may not align with my goals. Personally, I know of several folks who had taken time off for school and they regret it but then I know of several who don't. It's a wash essentially, if the OP hopes to stay in the Govt sector and this path works great. If the OP is looking for total cashflow and potential monetary growth, then IMHO, the opportunity cost of 80k or so is to high, and the opportunity for total compensation is higher in the private sector.

Good points above, and I think we can agree that it depends on the personality, goal, and risk aversion of the OP.

BTW, ptilsen asked a great question about the school. That has a large factor on this decision, if the school is MIT or CM then the opportunity cost shifts vs if it is a satellite school for a state university.

-Phil

For what it's worth, it sounds like a 1 year program since one of the semesters is a summer session so it cuts the opportunity cost down quite a bit. It also sounds like from his learning style that he really appreciates a B&M school more. Factor in 1 full year, the difference between his stipend and his salary, the completely free degree and the insurance they are including with the scholarship plus he'll continue to gain experience through his military position during that 1 year so its not just a year of flat unemployment. Factors like that can influence a decision a lot more than the simple math of income loss. He said he's also capped at his current job as far as promotions.

5502george

LarryDaMan wrote: »

THIS.Are you at a point in your career when a Master's degree is really what you need to move up? I would guess not. But if so, you can work and get a Master's degree and work towards a better job. Why choose and sacrifice anything? I have a lot of experience within the government sector and until you get the highest levels (Executive/Director..etc), no one will much care where your degree is from.

I see your point, I am not to worried about where the degree comes from, more worried of how valuable the information I recieve is.

LarryDaMan

5502george wrote: »

I feel that you are not factoring in potential gain from say a GS-11 ($65k which I am now) to say a GS-12/13 ($80K+

You don't need a Master's degree or this program to be a GS-12 or 13 or 15. I work with them everyday (and I am married to one). You probably know this though. What it really comes down to is what you want and what makes you happy, right? If you're driven to succeed you will succeed no matter which path you choose.

bobloblaw

philz1982 wrote: »

I guess it really depends on the OP's personality and goals to your point above. For me personally, I couldn't take 18 months off, it doesn't match my goals and I personally learn better through self-study/online.

Spot on about the OP. Depends on your personality and goals.

I'm not sacrificing my time. Life is short. I'd rather rein in the $$ for 18 months than spend ~2 years in a vacuum constantly working and studying for my Masters with my free time.

5502george

Wow, very good posts and points made.
The school is a university, not a branch or satellite school. Very good points of opportunity costs loss/gain but I would have to factor in the point that I would be able to dedicate 100% of my efforts into studies, which should have a HUGE impact on my overall knowledge. I feel that if I try and balance the degree and work I will have to sacrifice one or both, so would I really be getting the full benefit from a degree at that point?

Of course we would not be living "ballin" status with my wife working more but we could manage

My gut feeling says to do it, but these "I wouldn’t" responses are very stimulating to my "safe" decision making process! UGHHH I hate life decisions!

5502george

LarryDaMan wrote: »

You don't need a Master's degree or this program to be a GS-12 or 13 or 15. I work with them everyday (and I am married to one). You probably know this though. What it really comes down to is what you want and what makes you happy, right? If you're driven to succeed you will succeed no matter which path you choose.

You are spot on as I work with them as well. I guess my personality is to always be prepared for anything. I just do not want to lose out on an opportunity because I did not take another. I guess my ultimate goal in life is to work for myself in security, I feel that if I specialize my masters in either net sec or forensics I might be able to do that. The gov offers contract preference to vets in most cases (of course it’s pretty unstable at this point) and I would qualify for a vet owned, minority business.

I have gained valuable experience in forensics and vulnerability/pen testing in the government and have identified a few niche businesses that would assist the government tremendously. I know I do not need a masters to do this but the specific studies they offer would solidify my knowledge in these areas of interest.

So my rationalization is that I get free education to get closer to starting my business, I also get a free job at the end of it in my area of masters specialization.

ptilsen

I really think you should do it at this point. It's clearly what you want, especially with your goal of actually getting the most out of the education (much harder, if not impossible while also working, IMO). Honestly, I think the absolute worst case it that it costs you $50-80K in lost earnings after considering the tuition savings and stipend, assuming it adds no long-term earning power over alternatives. In three years, you'll almost certainly be making substantially more money than you do now, regardless of what path you pick. Which will make you happier in the meantime? Having continued to work full-time and go to school part-time, online, slowly, or having finished your education without the competing interest of work. That's just my take. If I could pay my mortgage and utilities off an educational stipend and go tuition free, I'd quit my job in a heartbeat, and frankly I'd be giving up a significantly higher income than you. Money isn't everything.

GoodBishop

5502george wrote: »

Ok, so I have been awarded a full scholarship (Masters) for the university in my state. The requirement for the scholarship is that I have to quit my current job, BUT I would receive a 2k a month stipend while in school (3 semesters) plus all school expenses paid. After graduation the job placement would be for a government organization at or higher than my current salary.

Info:

-I work Info Assurance for the DOD
-I make twice the amount of the stipend
-I have a wife and kids, but we would survive in the meantime

Would you give up a full time job for a paid master’s degreein information assurance with a stipend?
Why or why not? Thanks in advance!

EDIT: ***UPDATED***

-The degree will be in Information Assurance (Brick and Mortar) from the business academy
-My ultimate goal is to work in management security role
-My current pay is around the $65k non-management for DOD (I will have to forfeit that)
-I have no upward mobility where I am in the section of DOD
-The job will not be a guarantee, but the scholarship isfrom DOD and they have not had any student not placed after graduation
-The deans and professors will assist students in networkingfor jobs; also there are 3 required gov job fairs for this scholarship specifically arranged for this scholarship
-My wife has agreed to pick up the financial burden while I am in school. She works for my mother and has a very flexible schedule. My family is supportive if I decide to do it
-I am in the military reserves (Air Force Cyber Security position) so I will continue to gain experience while attending school
-I will get health insurance from the scholarship, my wifeand kids will be covered under hers
-The masters will be 3 semesters (summer included)
-Most students (~80%) are being placed in Washington after graduation, the rest all around the US
-The degree will be in specifically forensics, networksecurity or auditing
-I cannot attain my masters while working in the same amount of time as the scholarship can. Also, most people I talk to say a masters from a brick and mortar school is the way to go. I would only be able to do it online if I work and attempt a masters

Difficult decision. Make sure your family can absorb the financial burden as well as have a emergency fund - but if that is the case, you should do it.

TBickle

I'd say do it if you really love the field AND if you think you can handle the academic load. Have you considered what you would do if something came up and you fell behind on your studies? Would your old job still take you back? What if the program was too challenging for someone that had other major responsibilities? Moreover, what will happen when the stress of less money coming in starts to hit?

5502george

TBickle wrote: »

I'd say do it if you really love the field AND if you think you can handle the academic load. Have you considered what you would do if something came up and you fell behind on your studies? Would your old job still take you back? What if the program was too challenging for someone that had other major responsibilities? Moreover, what will happen when the stress of less money coming in starts to hit?

One thing that is a small stress relief is that her family has agreed to let us live with them if we cannot make it during this. That would give us the option to rent our home out and not have a mortgage. They are fortunately very family oriented.

instant000

You haven't revealed the name of the school.