Wondering if an MBA or that engineering masters is worth it? There's a lot to consider, so check out the Prodigy Finance calculator we've put together which will help you estimate the potential returns of studying for your postgraduate degree.
A masters degree is a chance to boost your career and salary by learning new skills and building a professional network with like-minded, ambitious peers.
But we also know that postgraduate study can be expensive, and taking time out to complete masters degree courses often means giving up a salary for 1-2 years.
What's the best way to look at your return on investment when paying for a postgraduate degree? Try out the Prodigy Finance calculator above to find out if taking some time to do your masters degree will pave the way for improved professional development, or if you should continue in your current career path.
What are some of the non-tangible benefits you can expect from a masters?
This ROI calculator can help you determine the best masters degree for the future, by comparing two scenarios:
This scenario takes your current salary and projects that you'll continue to work for the next 22 years. You won't have any upfront costs, and your salary will increase each year based on the rate you've selected.
In this scenario, we assume you aren't working for 2 years while you study. During that period, income is assumed to be $0, and you'll be paying the cost of attendance. After that however, you'll be earning your post-degree income, which will increase each year (at the rate you've selected) for 20 years.
To calculate whether you would make more or less over the full 22-year period, we simply subtract the total salary earnings in Scenario A from those in Scenario B.
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