"The report found that graduate degrees in medicine, law, and pharmacy generally have the highest return on investment, while degrees in social work and psychology may have a zero to negative return after factoring in the full cost."
"Joseph Altonji, a Yale University economist, stated, 'The message is that we need to provide better information to students' about which programs are worth the time and expense."
"The study calculated how much a degree would lift someone's lifetime earnings, adjusting for potential earnings growth and total costs, including lost earnings during school."
"Earnings for students who earned a medical doctorate nearly tripled, while those obtaining a doctorate in pharmacy saw an increase of more than two-thirds."
Graduate school can enhance career prospects and salaries, but many popular advanced degrees do not justify their costs. Research indicates that degrees in medicine, law, and pharmacy provide the highest return on investment. Conversely, fields like social work and psychology may result in zero to negative returns when considering total expenses. The report emphasizes the need for better information for students regarding the financial implications of their chosen programs, especially in light of rising student loan debt and federal aid regulations.
Read at The Washington Post
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