There has been a great deal of attention lately focusing on whether or not it is worthwhile to pursue a master’s degree or other forms of higher education. While the press and loan forgiveness advocates have been very vocal in asserting that most students graduate with too much debt, many educators and economists are saying that this supposed “problem” has been severely overblown. As such, the real question is clear: is it too costly to earn an advanced degree? To properly answer this question, it is a good idea to examine the pros and cons of earning one of these degrees.

According to many experts, earning a bachelor’s degree today is akin to earning a high school diploma 20 years ago. In other words, it is pretty much expected by most employers and you will have a difficult time obtaining a well-paying job unless until you have earned your bachelor’s degree. As such, it only stands to reason that earning a master’s degree will open up even more employment opportunities for you.

Although it may seem logical that earning an M.A. is the key to obtaining a more satisfying and financially rewarding job, this isn’t always the case. As such, it is important to examine your career goals as well as the field in which you are working, as earning an M.A. may not help you earn a promotion or command a greater amount of pay. Although it may be personally rewarding to further your education, the time and money you spend on earning your M.A. may not be worthwhile if it won’t help you achieve your career goals.

This brings us to one of the major cons associated with obtaining an M.A.: debt. While educators and economists may want to deny that it is a problem, the reality is that there are people who are drowning in student loan debt and who have been unable to obtain jobs. Sadly, only 19% of those who graduated in 2009 had job when they graduated and many people who graduated within the last few years have found themselves without jobs thanks to the economic downturn. Obviously, these people have found themselves in a tough spot as they attempt to repay their loans without an income coming in.

This is not to say that going into debt in order to earn a master’s degree is a bad idea. After all, if your master’s degree will open up new employment opportunities for you or will help you receive a pay increase at work, the money you spend toward earning it will certainly be worthwhile. At the same time, you need to consider your individual situation in order to determine if it is the right move for you. Rather than assuming that a master’s degree will be the “cure all” for your career troubles or your financial woes, make sure it is really a good step for you.