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Postgraduate Degrees = Better Prospects and Pay. Fact or Myth?
After graduating and securing employment, many individuals find little time to pursue higher education. They get completely caught up in the daily routine of commuting to work and meeting the requirements of their jobs.
Consequently, they simply don’t have the energy or the inclination to further develop their skills.
But professionals, managers, executives, and technicians (PMETs) must realise that it’s important to keep up with the latest developments in their areas of expertise.
The pace of technological change is so rapid in practically every industry that those individuals who do not make a focused effort to stay up-to-date in their area of work, risk being left behind.
Does a postgraduate degree lead to a rise in salary?
There isn’t really a rule-of-thumb that links higher salaries to postgraduate degrees. But it’s definitely a factor that employers favour and would be willing to pay for, especially if you hold a relevant postgrad degree from a reputed university.
Fortunately, Singapore has some of the best universities in the world. Six of the top 50 universities in the world are located here.
While getting a postgraduate degree will not automatically get you a better job, it will increase your level of knowledge and make you a valued employee of the organisation that you work for.
There is another reason that postgraduate degrees are becoming increasingly popular. Those who have become redundant or find that their skillsets don’t match what is needed by organisations, opt for an additional qualification.
Postgraduate degrees are also popular with mid or early-career individuals who want to improve their prospects or who seek to switch over to a different field. Of course, in most cases, the area of study has to be related to existing skills and experience of the individual.
Singapore government initiatives in skills training
Recognising the need for upgrading the knowledge and expertise of PMETs across all job functions, the Singapore government launched the Skills Training for Excellence Program (STEP) under the Ministry of Manpower and the Singapore Workforce Development Agency.
This program offers a range of courses to individuals at all levels. Members of senior management who are CxO/business unit heads can upgrade their skills by participating in specially designed courses and diplomas.
A number of industry scholarships are also available. Mid and junior-level individuals can also benefit from this initiative.
Postgraduate Degrees Serve Other Useful Purposes
In addition to specialised knowledge, there are other advantages to be gained with a postgraduate degree. If you plan to work in academia, it’s imperative to get an additional degree after you graduate.
Individuals who complete postgraduate degrees while holding a job are looked upon favourably by prospective employers. Successfully completing a degree when employed shows that you have the ability to multitask, manage your time and stay organised. These skills are extremely desirable in any occupation.
Of course, the expertise and the knowledge that you gain during the course of your studies will only serve to enhance your capabilities. This will give your employers the confidence that you have the necessary qualification to carry out the job.
Some Postgraduate Degrees Are More Valuable Than Others
An MBA in finance from a top university will definitely be an asset in getting a well-paying job in the banking sector. But a postgrad in social studies will usually not give you the same earning capacity.
While it’s true that some jobs require a specific postgraduate qualification, in most cases an employer would be satisfied with an undergraduate degree. Your experience and other job-specific attributes that you have will be the deciding factor for getting a position and as well as the level of pay.
If you work in a technical field, a postgrad degree in your area of specialisation will be a real asset. It will demonstrate that you have gathered a far greater degree of knowledge than an undergraduate in the same line of work.
But doing a postgrad degree in an unrelated field will not be of much help.
Postgraduate degree holders need to specify the skills and capabilities that they are bringing to the job. A prospective employer needs to be convinced that a postgrad candidate will add value to the organisation in a manner that an undergraduate cannot.
Beyond the Postgrad Degree
While possessing a postgrad degree is definitely an asset in certain fields of work, what is more important, is to have the knowledge and skills that are relevant to the nature of your job.
Ultimately, this is a responsibility that you will have to take up for yourself. A postgrad degree may help, but it is more important to gain the necessary expertise and experience that is relevant to your work.
(By Ravinder Kapur)
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