Are postgraduate studies worth it?

Recently it seems like the trendiest trend in higher education is postgraduate studies. Before, the ultimate dream of middle-class parents for their kids is a college education. Now that everybody has a degree, it seems that the only way to stand out is by pursuing even further studies. But having spent a considerable amount of money on an undergraduate course, is it worth the additional costs and effort to obtain a master's degree?

Continuing education - is it for you?

Graduate Careers Australia (GCA) has observed that 94% of postgraduates are employed shortly after the conclusion of their course, and that the unemployment rate amongst postgraduate degree holders is 3%, which is lower than the average 5.3% for the entire workforce.

In addition, certain industries require a minimum of a master's degree to practise eg. teaching. Also, a global survey of employers have revealed a very promising picture on students considering postgraduate studies in business and management - Asia Pacific's strong focus on growth is driving increased hiring of MBA and other postgraduate qualifications holders in the region, with the most in-demand degrees being masters in accounting, finance and/or management.

Research has shown that postgraduates enjoy better employment outcomes, higher salaries and are more likely to be employed in high-level positions. Employers value the personal development which occurs during postgraduate studies, and students get the opportunity to experiment with different ideas and ways of thinking.

However, it would be unwise to expect an immediate payoff upon graduation - it may take a couple of years before the financial benefits kick in. The overall median salary for postgraduates is $75,000 in 2012, an increase from $73,000 in 2011.

There are also predictions that PhDs by coursework will be the next trend in higher education, as students strive to differentiate themselves from the surging number of postgraduates.

Do you think a postgraduate degree is worth it?