JC asked me: Is a Master Degree Necessary For Career Advancement?

A Bachelors degree is necessary for most jobs and career advancement today, especially in technology related fields, but a Masters? The short answer is “sometimes”. Unfortunately, this question is difficult to answer with a direct yes or no.

I see a Masters degree as a “preferred” asset, especially at a management level. The higher up the corporate ladder you go, the more important a Masters degree becomes.
Can you get promoted to management or an executive level position without a Masters – most definitely.
Can you find a new position in a new company as management or executives without a Masters – less likely, but still attainable.
Companies I’ve seen recruiting for upper management and executive positions still “prefer” a Masters degree. Rarely do they “require” one. But, if there are two candidates, everything being equal except one has a masters – the hiring decision maker is more likely to pick the one with the Masters.

I see many people rush out to get a Masters, especially an MBA, thinking that it will increase their salaries, marketability, prestige, etc., without deciding what career path they are taking first. Do you want to rise into upper management or executive level positions? Is your focus business management, finance, engineering management, and people management? An MBA won’t do much good to an R&D Manager wanting to become a VP of R&D. But a Masters in their technical field might.
I know many good people with MBA’s who are now receptionists and office managers. Not really making use of their advanced degree. Why? Some have decided not to climb the corporate ladders, others refuse to relocate to the jobs offering career advancement, and others took advantage of company paid tuition without any real thought as to what they want an advanced degree for.
I see a lot of PhD’s out there as well who can’t get jobs in many companies because they are too qualified. Many hiring decision makers believe if a Ph.D. isn’t relevant to their company, don’t hire them “they should be working in academia” or in a pure R&D environment.

A few ideas I would suggest if you are thinking about earning a Masters;
Do an informal survey of some of the executives of your company.
Ask how important a Masters is to them in determining career advancement in your company.
Ask if their peers in other companies require a Masters for career advancement.
Also look at job postings for upper management and executives in your industry. Are other ‘Like companies” looking for advanced degrees?
If you have relationships with a couple of recruiters in your field (which you should know at least one recruiter in your field in the event of a RIF or a surprise reorganization), get a feel of the landscape from them as well. Recruiters/headhunters will have a good feel for the industry as well as industry trends and future growth.