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Is a master's degree worth it? Financial considerations

As a high earner, the decision to pursue a master’s degree is a significant one. In this 2-part series, we address your concerns. Part 1 covers financing options, including flexible payments, bursaries, and government loans.


Financing your studies, and supercharging your career


Are you a high earner thinking about taking a master’s degree? As a university, we’re the first to extol the many benefits that come with this qualification – but we also recognise that it’s a massive decision to make.


Whether you choose to study online or on-campus, master’s degrees require significant financial investment, time, dedication, and a naturally inquisitive mind. Naturally, sparing all these resources is a challenge when you’ve got an established career, family to look after, and all of life’s other commitments to honour. But it’s far from impossible.


In this 2-part series of posts, we’ll address some of the key considerations for high earners looking at master's degrees. 

How to finance your studies 

This is the most common factor that leaves people hesitant to take the leap. There's no doubt that a master's degree is a significant financial investment in your education.


This is why checking your course and potential acceptance fees is an important first step. As a general guide, online master’s degrees at the University of Hull can cost between £8,000 and £12,000, plus a £250 acceptance fee for confirming your place on the course. 


Most universities offer a range of different payment options that ease the pressure for students. With us, for example, you can split your fees into 6 separate instalments, which are spread throughout the duration of your course. 


If you’re a UK resident, you may be eligible for a Postgraduate Master’s Loan. The application process will vary depending on whether you live in England, Scotland, Wales, or Northern Ireland. 


For further funding options, we would also recommend browsing the Scholarship Search and Prospects websites – but we strongly advise checking whether the support they offer is applicable to distance learning courses too. 


Do you currently work in an industry that is relevant to the degree you’re looking to study? If so, it’s worth looking into whether your workplace would be willing to sponsor your master’s degree. Whether they can fund it in part, in full, or offer financial support via a subsidy scheme, every little helps. It’s in their interest to invest in your future development. 

How to align your master’s degree with your existing career objectives 

While we’re on the topic of degrees that are relevant to your chosen industry, it’s a good idea to think about what sorts of career opportunities you want to unlock as a graduate. Depending on your job goals and the industry you work in, you might need to be on the lookout for specific qualifications or accreditations. 


Are you looking to move into leadership roles in engineering, logistics, or manufacturing, for example? Some of our master’s degrees can fast-track you into getting the accreditation and certificates sought after by employers.


For instance, our Engineering Management MSc is accredited by the Chartered Management Institution (CMI). On top of being awarded your MSc, you also receive a Level 7 qualification that is equivalent to the CMI Certificate in Strategic Management and Leadership Practice.


Likewise, the Logistics and Supply Chain Management MSc is accredited by the Chartered Institute of Transport and Logistics (CILT), the Chartered Institute of Procurement & Supply (CIPS), the Association of MBAs (AMBA), and the Association to Advance Collegiate Schools of Business (AACSB). This means that when you complete your master’s degree, your practical expertise is also backed by numerous national and global quality-benchmarking organisations. 


Instead of hunting for industry-specific certificates and accreditations, you may simply be looking to broaden your career options with transferrable soft and hard skills. In this case, you’ll be surprised by the range of professional avenues that your degree will open up.


For example, an MSc in Artificial Intelligence can be a stepping stone for careers in healthcare, financial technology, and sustainability – but your knowledge of Python AI libraries could also lead you into infrastructure management and lead developer roles. 


With that said, it’s important to remember that investing in your personal development is just as important as your professional development. Want to expand on a hobby you love, dive into a passion unrelated to your career, or satiate your curiosity about a particular discipline? Whether you’re a programmer who loves creative writing or a marketing consultant with a fascination for AI, if you meet the course requirements, go for it! 


Part 2: A focus on time management and wellbeing, coming soon 


We hope that the points we’ve explored above are helpful schools of thought that will encourage you to pursue your goals. There’s still one big topic to address though – how to fit your studies into a busy life. Stay tuned for part 2 of this series — and in the meantime, you can take a look at our online courses:



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