Is a postgraduate degree worth it?

Got big visions for your future? Maybe you’re ready to dive deeper into a field that sparks your passion. Maybe you want to upskill to become the most job-ready version of yourself. Or, perhaps you’re just following your heart and studying what you love. If this sounds like you, it might be time to consider a postgraduate degree.

No matter your future goals, there are so many reasons to think about further study. But since study is a significant time and financial commitment, is a postgraduate degree really worth it? With insights from Deakin alum Sid Sharma, we explore what postgraduate study involves and how it can help shape your future.

A postgraduate degree is a level of study above undergraduate. Postgraduate courses include masters degrees, graduate certificates, graduate diplomas and doctoral degrees. But what opportunities does a postgraduate degree really offer? Take Sharma’s story, for example, following a path from business to a Master of Accounting and Finance with Deakin University and beyond.

‘After completing my undergraduate degree in business, I wanted to deepen my knowledge in a specialised area to broaden my career options,’ Sharma says. ‘The masters program furthered my knowledge in accounting and finance, but what I appreciated most was the flexibility to explore broader business electives such as business process management and a consulting internship with the Parliament of Victoria.’

Even though Sharma isn’t working in finance or accounting today, he says that his postgraduate degree has been worth it because it led him to a career he loves.

‘The skills I gained – from critical thinking to data analysis and professional communication – have been highly transferable,’ Sharma says. ‘They’ve supported me in a variety of roles across the university sector and continue to add value in my current position as a Market Insights Consultant.’

Postgraduate degrees usually take between one and a half to two years to complete when studying full time.

If you’ve just spent three years (or more!) studying at an undergraduate level, you might wonder if the extra commitment of a postgraduate degree is worth it.

As Sharma tells us, though, there’s plenty of flexibility to study full time, part time while working or even fast-track your postgrad if you tick the right boxes. In the end, how long a postgraduate degree takes or how you find the time to study is up to you.

‘Many [postgraduate degrees] offer flexible options,’ Sharma says. ‘If you’re working or have other commitments, you can study part time and spread the load over a longer period. Some courses also offer entry and exit points, like grad certificates or grad diplomas, which can be completed in a shorter timeframe and may count towards a full masters later. It really depends on your goals and availability, there’s no one-size-fits-all approach.’

You don't always need a bachelor degree to study a postgraduate degree. In fact, you might not need one at all. 

As Sharma explains, depending on the course, you may be eligible for postgraduate study based on your work experience, even if you haven't followed the traditional university pathway.

‘It’s possible to do a postgraduate degree without a bachelor degree, especially if you have relevant work experience,’ Sharma says. ‘Many courses allow you to apply based on professional experience, especially if you’ve worked in a related field or developed skills that align with the course content.

'You may also be eligible for recognition of prior learning (RPL), which can reduce the number of units you need to complete by giving credit for what you’ve already learned on the job.’

If you’re considering this pathway, here are some professional attributes that can help strengthen your application:

• leadership
• problem solving
• communication skills
• ability to learn and apply new knowledge.

A masters degree is a type of postgraduate qualification; the term ‘postgraduate degree’ is a blanket term for several types of post-undergraduate studies. Here are how the main types of postgraduate courses compare:

• Masters degree: Typically completed in 1.5–2 years of full-time study. Includes masters by coursework and masters by research.
• Graduate certificate: Can usually be completed in around six months. Postgraduate degrees like this can be worth it as a standalone qualification or a stepping stone to a masters degree.
• Graduate diploma: Can be completed in one year and, like a graduate certificate, has plenty of value by itself or as a path to further postgraduate study.

A postgraduate degree can take you deeper into the world of academia, help you upskill for your career or open the door to entirely new opportunities. But as with any big investment, it comes at a cost.

Postgraduate qualifications generally cost anywhere from a few thousand dollars for a graduate certificate to $20,000–$40,000 or more for a masters degree. However, many postgraduate courses offer Commonwealth supported places (CSPs), which partly cover your costs, and the option to defer your repayments through HECS-HELP. In some cases, your employer might even help cover those costs.

With the costs in mind, is a postgraduate degree worth it? As Sharma explains, the value of postgraduate study isn’t just measured in dollars.

‘Is a postgraduate degree worth it? I’d say yes, if you’re clear on your goals,’ says Sharma.

‘For me, it wasn’t just about the qualification – it was about building confidence, growing my skill set and opening new doors. The return on investment might look different for everyone. It could be career progression, a pivot into a new industry or simply deepening expertise in a field you’re passionate about. But if you approach it with purpose, it can absolutely pay off, both professionally and personally.’