Is getting my Master's really worth the $$? (2 Viewers)

[_rakelt]

Hello everyone,

I'm starting second year into my medsci/business degree soon in 2021... and I've been very interested in getting my masters after I finish this 4 year undergad degree. It's still pretty early, but I'm super keen to get my masters

For the past few years, I've been very invested and interested in the development of pharmaceutical drugs/cosmetics+skincare, as well as research and development.

I recently found this degree at Usyd that's 1 year and mostly online (depending on what units/electives you choose to complete):

https://www.sydney.edu.au/courses/c...aceutical-and-medical-device-development.html
Master of Science in Medicine (Pharmaceutical and Medical Device Development)

I honestly think it's very ideal and similar to my liking, and also super helpful for my future career progression..and I honestly can't wait til i finish undergrad so I can start my masters... however HECS is like $30,000 (masters alone), so including my undergad, its a total of ~$80,000 in HECS lmao. My mother said its not really a big issue because the government gives you alot of time to pay it off.

Thoughts?

 

[DrLee]

Your mother is right. You should always try to aim for a masters, however if money is an issue you should reconsider and/or contact the University about the issue. Good luck _rakeIt.

 

[_rakelt]

Your mother is right. You should always try to aim for a masters, however if money is an issue you should reconsider and/or contact the University about the issue. Good luck _rakeIt.

Thanks for the opinion!! ... if im honest, money isn't an issue for me, but 30k for a 1 year masters is quite alot lol.. I'm still very adamant to do my masters either way. Thank you!

 

[BLIT2014]

I know Universities such as Macquarie University offer scholarships for Master of Research degrees which depending on your grades will pay for the degree plus give you a stipend.
https://www.mq.edu.au/research/phd-and-research-degrees/scholarships

Additionally, some employer's may be willing to pay for your master degree so that may be something also to consider.

 

[_rakelt]

I know Universities such as Macquarie University offer scholarships for Master of Research degrees which depending on your grades will pay for the degree plus give you a stipend.
https://www.mq.edu.au/research/phd-and-research-degrees/scholarships

Additionally, some employer's may be willing to pay for your master degree so that may be something also to consider.

Oh? I didn't know this. I'm not sure if macq have a master degree thats similar, but I'll check it out.
Thanks!

 

[Velocifire]

Thanks for the opinion!! ... if im honest, money isn't an issue for me, but 30k for a 1 year masters is quite alot lol.. I'm still very adamant to do my masters either way. Thank you!

Dw it costs about $40000 for my education at Kings

 

[Kyufruit]

What’s the difference between getting your masters and your bachelor? Besides more years of studying.

 

[_rakelt]

What’s the difference between getting your masters and your bachelor? Besides more years of studying.

My double degree bachelor of med sci + business is more broader

My masters however, is more specific in regards to the development of pharmacuetical drugs and devices, and obviously something that would piqued my interest more seeing my undergrad/bachelor degree is a bit broader and doesn't go in-depth in content

In terms of career, getting my masters would also put me in a greater advantage when starting my first full-time graduate job (annual salary) because the master degree is more expertised. Its only an additional year of study, which I do not mind at all since its a field of study that really appeals to me : )

 

[Velocifire]

Kinda off topic but I remember the hilarious rumour that a punishment at Kings was being made to run around the school twice or three times hahaha (probably false I know)

Can confirm that’s true. And around the Baker Hake, Gowan Brae and Macarthur Waddy boarding houses.

It’s also secret prep because ofc we all are dressed like infantry units.

 

[Velocifire]

Private Boarding School for Boys in Sydney, NSW Australia

Boarding at King's is a unique experience, where boarders enjoy an unparalleled opportunity to develop their independence and form lifelong friendships.

www.kings.edu.au

I would make one of these houses as my current residence, however that would raise fees to a humble $65000

 

[quickoats]

My double degree bachelor of med sci + business is more broader

My masters however, is more specific in regards to the development of pharmacuetical drugs and devices, and obviously something that would piqued my interest more seeing my undergrad/bachelor degree is a bit broader and doesn't go in-depth in content

In terms of career, getting my masters would also put me in a greater advantage when starting my first full-time graduate job (annual salary) because the master degree is more expertised. Its only an additional year of study, which I do not mind at all since its a field of study that really appeals to me : )

If the masters is a bit more research oriented you could get away with doing the same thing in an honours year which would be much cheaper. Idk if UTS has honours - I know MQ pretty much got rid of Hons altogether but their MRes is quite similar.

 

[anon2017]

as well as research and development.

If you want to get into research (possibly/probably development too, but I am less clear about this), you'll want to get a PhD. That's where you'll be able to start doing proper research and then will have doors open up for you. You'll need an honours year to get into a PhD (you could apply for honours at another uni, like USYD, who might be able to provide a research topic at least semi-related to the area you are interested in). Honours is another year of HECS debt, but in Australia the government covers PhD tuition so you wouldn't accumulate more debt for that if you ended up doing it.

Master of Science in Medicine (Pharmaceutical and Medical Device Development)

Have you checked out the admission requirements? Will you be able to meet them? It seems like you'd be doing the embedded pathway - Grad Dip into Masters. Or straight into Masters if you had honours. Just more to think about.

Personally, while I would ideally prefer to keep my HECS debt as low as possible, I am also grateful for the opportunities I have with my education and will make the most of them to achieve whatever aspirations I have. You have plenty of time to repay the debt; repayments only occur when your income is above a threshold and they are calculated based on what you earn.

The Masters seems very relevant to your interests and like it would help you gain specialised knowledge, and I think if you really want to complete it then go for it! The good thing is, you have a few years left to decide for sure. Before you finish your degree, why not try getting some experience in the industry? Volunteering or doing some kind of internship? The universities may have contacts to help you, or some googling may find you opportunities. Additionally, I'd consider getting some research experience if that is possible, in a field related. You're studying med sci so there's lots of opportunities out there for summer research internships (universities usually offer scholarships with these), or you could approach a researcher or lab at your uni and see if they could use an undergrad assistant. You will probably (not definitely though) be unpaid, at least at first, but it is great experience to have, and lets you get some exposure to the research process. It also looks good on your CV, teaches you new skills, and if you do choose to complete an honours year, it could help you secure a supervisor/preferred research area.

This field sounds super interesting and very cool -- all the best with your future

 

[Eagle Mum]

Oh? I didn't know this. I'm not sure if macq have a master degree thats similar, but I'll check it out.
Thanks!

Master degrees by coursework and research are different. There’s a lot of formal teaching in the coursework degree so it’s expensive, whereas doing it by research means you are essentially doing work for free so the costs are cheaper and/or you can get a scholarship to help pay for the costs of the research degree. How they affect job prospects depends entirely on the job(s) the candidate applies for.

 

[_rakelt]

If you want to get into research (possibly/probably development too, but I am less clear about this), you'll want to get a PhD. That's where you'll be able to start doing proper research and then will have doors open up for you. You'll need an honours year to get into a PhD (you could apply for honours at another uni, like USYD, who might be able to provide a research topic at least semi-related to the area you are interested in). Honours is another year of HECS debt, but in Australia the government covers PhD tuition so you wouldn't accumulate more debt for that if you ended up doing it.



Have you checked out the admission requirements? Will you be able to meet them? It seems like you'd be doing the embedded pathway - Grad Dip into Masters. Or straight into Masters if you had honours. Just more to think about.

Personally, while I would ideally prefer to keep my HECS debt as low as possible, I am also grateful for the opportunities I have with my education and will make the most of them to achieve whatever aspirations I have. You have plenty of time to repay the debt; repayments only occur when your income is above a threshold and they are calculated based on what you earn.

The Masters seems very relevant to your interests and like it would help you gain specialised knowledge, and I think if you really want to complete it then go for it! The good thing is, you have a few years left to decide for sure. Before you finish your degree, why not try getting some experience in the industry? Volunteering or doing some kind of internship? The universities may have contacts to help you, or some googling may find you opportunities. Additionally, I'd consider getting some research experience if that is possible, in a field related. You're studying med sci so there's lots of opportunities out there for summer research internships (universities usually offer scholarships with these), or you could approach a researcher or lab at your uni and see if they could use an undergrad assistant. You will probably (not definitely though) be unpaid, at least at first, but it is great experience to have, and lets you get some exposure to the research process. It also looks good on your CV, teaches you new skills, and if you do choose to complete an honours year, it could help you secure a supervisor/preferred research area.

This field sounds super interesting and very cool -- all the best with your future

Thanks for the info!

In terms of admission requirements, I plan to enrol myself under the requirement:

"a pass bachelor degree in a health or science-related discpline plus a minimum of 12 months relevant work experience."

As I am currently undertaking paid work at a pharmacy (pharmacy assistant, dispensing/ marking off scripts) and I have previous unpaid work experience at another. My pharmacy is also upgrading into a larger pharmacy and I hope to receive additional training and maybe compound medication which might be of critical value to me when I undertake my masters (in terms of pre-formulation, formulation etc). Or even some research laboratory experience like you mentioned. Again, its quite early for now but I think it's good to start garnering experience in order to gain entry this way.

If not, I'll consider a graduate certificate (6 months), as honours (1 year) is longer according to Usyd's website.

Thanks for your incredibly valuable insight! I'll make sure to take all your points down as reference for my academic progression