A master's degree

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I've been wondering when it's better to do it immediately after university and when it's better to do it after working.

Has anyone or their DC simply done a master's because they couldn't secure a job after UG. Did the master's help?

PS I hope parents of budding actors know I think this is a fine if difficult career. But you need to be able to support yourself, IMO.

If you are lucky enough that your family can settle money on you with no strings attached you’ve got it made. I don’t like seeing young adults repeatedly going back to their DPs for living expenses when this can be avoided. This is not a clean dynamic

I think he wants to work for an NGO. I'd rather the general economics masters because as you said it doesn't narrow down the employment prospects.

(He could do an economics masters and take the development modules and do this thesis on development)

Facing an uncertain future in a difficult job market with joint Hons. In Economics and German, doing an MSc in Information Technology which catapulted me into a world where organisations were clamouring to employ me for my technical skills.

Ten years later, an MBA changed me for a lowly techie into management.

It entirely depends on where you were and where you want to be.

In his early 20s he's still supported by mum and dad. Doesn't have to worry about bills or providing for a family. Best just to get it done when you're young.

@paddingto If he wants to work for an NGO then his choice makes sense but obviously narrows down broader economics careers but it seems he doesn’t want them. There’s always an mba if it doesn’t work out.

This. UG Economics degree plus MBA is a potent combination. An Economics MSc is rather technical. If you are not motivated it will be dry and dull and you will find it difficult to do well.

I suppose there must be Economics MAs but if OP is thinking about financial careers they are not as useful

Best just to get it done when you're young.

This makes me very sad to think that you consider education, the opening up of one's mind to be a bit like the dentist, something to get over and done with.

It's really not a helpful kindset.

Economics MA sounds good for the Civil Service or simply where a good, analytical degree with writing skills is wanted. Also, possibly for NGOs. Not particularly finance

Yes I am thinking about financial careers.

I support education and think the mind is most receptive to learning during one's youth.

@paddingto Im inclined to agree with you but if you are lucky enough to get your employer to pay, then later in life can be great! Definitely with the MBA. If you self fund later in life it can be a real challenge to your lifestyle and family commitments.

Fair point. Your last sentence is what I'm getting to why I would want to DS to do a master's in his 20s compared to regretting not doing one later in life.

People tend to know whether they want such a career. It is a fairly large step from NGO work. Many will find a financial career dry as dust and wrong for themselves. (I am a STEM academic and many of our best students from BSc to PhD go into finance so I am personally sympathetic to the sector and find the mathematical side interesting. But that is also how I know that many will not)

One can move from the NGO sector into the private sector in bespoke ways. Success will be the best facilitator.

With regard to an MBA, I thought many of the courses prefer you to have several years working first? My sibling has one and said the people on her course who went straight from an undergraduate course struggled with the practical application of the theories because they simply didn't have real-world experience of work necessary to do that.

Obviously that doesn't apply to academic MAs or MScs.

Why are you deciding for your adult son what he should do?

@thing47 They do. So that’s why I said funding it later in life! Hopefully funded by the employer.

I did a masters degree immediately - I knew what I wanted to specialise in and that I needed a postgraduate diploma in order to get the job I wanted. I stayed on an extra 3 months to convert it into a masters at no extra cost.

3 months for a masters! Thats not long.

I've worked in finance and project management. I would definitely not see any benefit to a masters when recruiting, unless it's vocational (law, social work, engineering) it just looks like you couldn't get a job. I think a year's work experience, even if not at graduate level, counts for a lot more. It shows you can get out of bed every day, turn up, be nice to people, be reliable and responsible, solve problems. Even if it's in a relatively low skilled job, it will give you loads more to talk about at interview than a course.

I think @mewkins means 3 months beyond the Dip to convert to an MSc, @TizerorFizz

At least that is how I read it

Ah! I think the Bar Training course now upgrades to masters with an extra 3 months by adding in a professional project. I was originally thinking it was the diploma below degree level.

My DS is a 2nd year Economics student and is also considering as Master's. He wants to do something in a specific part of Economics which is his favoured area. He wants to keep academia as a path open. I am playing no part in these decisions other than to agree to support financially for another year.

(I used to work in Finance and couldn't give a hoot whether a candidate had a master's or not.)

Well that depends. DD2's Masters was a very good one which entailed not just original research but time in a lab using equipment that no university would let an undergraduate loose on. Her personal tutor was a recognised expert in the same field in which DD would like to specialise in with dozens or papers to her name. She also had guest lectures from people so well known in their field that every single person on these boards would recognise their names.

Not a snowball's chance in hell that a year in a junior role straight out of university would have given her 'loads more to talk about'.

Yes exactly!

Diploma means different things to different people!

@thing47 In science MSc opens doors a bit more because employers want that research. A MA in history or similar probably doesn’t. So whether something is worthwhile depends on what employment prospects open up. Or professional ones where a masters is required.