5.

Determine the Value of a Degree

In the 20th century, a degree was the primary, default marketing tool needed to find work. In what's become a freelance workplace in the 21st century, degrees are still necessary, but are now insufficient. A degree guarantees nothing, but you need to have one to get to the starting line.

I'm often asked by my students and clients whether they should pursue another degree. Usually my answer is yes. The more degrees you have, the more options you have. But we're predisposed to finding easy answers—rules telling us what to do, someone to do the thinking for us. You will have to choose whether a particular degree is worth the time and money you'll invest to earn it. And unfortunately, there may not be a direct correlation between the investment and the results.

When you buy a car, you know exactly what you're getting. You can choose the options you want and know ahead of time what it will feel like to drive it and how it will perform. The results of an education are more indirect. I paid approximately $70,000 for my doctorate. I can't actually measure the return on that investment, however, because it's indirect. Was it worth it? Absolutely. Can I tell you the specific results? Not exactly. I can say that since earning my doctorate, I'm smarter, I have more intellectual rigor, I am paid better for my work, and I've enjoyed teaching and publishing opportunities that I would not have had without it. Have those new opportunities paid back the $70,000? I can't say that because the opportunities were only partially as a result of my becoming Dr. Austin. The relationships I've developed, the experiences I gained, and the accomplishments I've achieved during the many years before I earned my doctorate, how I leveraged them, and my ability to market myself have all contributed—and continue to contribute—to my success.

I can't tell someone who is thinking of getting a law degree—and with it, a debt load of perhaps $100,000—whether it's going to be “worth it.” What I can advise is that before you enroll in a degree program, you should decide if this degree will help you to manifest your passion in the world. In other words, don't get a law degree just because you can make more money if you have one. Don't have it be a default step because you've hit a wall in your career of choice (say, acting) and you've heard and/or read that lawyers make a lot of money, even though you're not particularly interested in the law. Instead, do your research. Talk to people who already work in the field and find out from them whether they think it's worth your time and money.

If you're just graduating college and don't want or are afraid to get into the workforce, don't get a master's degree just because you don't know exactly what you want to do. Instead, get to work. Find some kind of a job and give it a few years. You may find that you didn't need an M.B.A. after all. You might discover that you like working in art restoration, so the degree you need is an M.F.A.