Problem
What is the least number greater than 1 that has both an integer square root and an integer cube root?
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It's an old story--the economy falters and suddenly everyone around you is going to graduate school.But if you've put any amount of thought into it, you're wondering if the benefits of an advanced degree are worth the time, effort, and (let's face it) expense. While ultimately, going into debt for grad school is a choice nobody else can decide for you, it helps to consider a number of factors, including the career you wish to pursue, your short- and long-term goals, the advanced degree's return on investment, and your current financial resources.
The Career Factor
If you've got a specific career in mind such as law or medicine, an advanced degree is a must, and chances are good you've been planning on this since you decided to pursue that career. In fact, in careers such as these, you can be pretty sure you'll earn enough money to be able to pay back your school loans with relatively little trouble. For other careers, an advanced degree isn't necessary, may actually hinder you from getting an entry-level position, and can put you in unnecessary debt up to your eyeballs. Research your career field and decide whether a graduate degree is truly necessary for success.
Careers that always require an advanced degree:
Careers that usually require an advanced degree:
- Engineer
- Counselor
- Museum Curator
Careers that often do not require an advanced degree:
- Teacher (especially in private or parochial schools)
- Certified Orthotist/Prosthetist
- News Reporter/Correspondent
- Editor
- Desktop Publisher
- Accountant/Auditor
As important as deciding upon your career destination is determining your short- and long-term career goals. Make sure your personal and career goals are your own (not your parents', friends', or partner's) and take stock of what it is you hope to achieve throughout your career. For example, if helping people is high on your list of goals, it may be worth it to go into debt for a career in social work. On the other hand, if making a lot of money is of great importance to you a degree in social work might not be the right investment. Talk to people who are doing what you want to; find out how they achieved their goals, with or without an advanced degree. Then decide whether grad school is necessary.
Financial ConsiderationsUnless you're extremely privileged, you will also need to think carefully about financing your degree. In addition to grants and scholarships (check out Paying for Graduate School Without Going Broke and our scholarship search), many schools offer tuition benefits to employees; consider working full time at the school you want to attend.
"I wanted to get the degree to get more money and be competitive in my field," says Leigh Newman, who received her Masters in International Politics at American University. But since she couldn't afford the cost of the program, she financed it by working full time at the university, where full time employees can take two classes per semester without paying tuition.
If you can handle the additional workload and don't want to leave your current position, check for tuition benefits through your employer. Many will offer remission or repayment of tuition costs. Fellowships are also available at many schools, as well as graduate assistantships.
Will I Come Out Ahead?And if you haven't guessed already, grad school is tough, both academically and financially. "I juggle work and school by dedicating my evenings and weekends to my schoolwork. I don't work late on the nights when I have class," says Nicole Taylor, who is pursing a master's degree in English at Arcadia University. "At times I wish I had more free time, but my goal is to finish in three years, and I keep that in mind when I start to feel overwhelmed."
When it comes to coming out ahead, however, that depends a good deal on the career you've chosen. For example, in 2003, master's degree candidates in civil engineering received starting offers averaging $47,245, and Ph.D. candidates were offered $69,079 as an initial salary (according to the Department of Labor). Librarians at colleges or universities, a job that generally requires a master's in library science, were paid a median salary of $45,600. On the other hand, in 2002, annual earnings of all lawyers averaged $90,290, while the median salary of new graduates entering private practice was $90,000.
It's up to you to weigh the cost of your degree at the school you have chosen and the benefits it may offer, both personal and professional. As for Newman, she's found that her advanced degree has been a definite plus: "I think the degree has made me more attractive to current and potential employers. It was totally worth the near-cardiac arrest I gave myself trying to finish my thesis."
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