{"id":7179,"date":"2018-03-22T14:37:24","date_gmt":"2018-03-22T13:37:24","guid":{"rendered":"https:\/\/blog.wu.ac.at\/?p=7179"},"modified":"2020-02-28T10:52:39","modified_gmt":"2020-02-28T09:52:39","slug":"masters-programs-are-they-worth-it","status":"publish","type":"post","link":"https:\/\/blog.wu.ac.at\/en\/2018\/03\/masters-programs-are-they-worth-it\/","title":{"rendered":"Master\u2019s programs \u2013 Are they worth it?"},"content":{"rendered":"

Thanks to the Bologna reforms, graduates with a bachelor\u2019s degree are generally young, well educated, and prepared to start their career. In spite of this, many companies look for candidates with an additional master\u2019s degree. Students who decide to spend another two years in the classroom, however, usually have to rely on financial support from home for that much longer. At the end of the day, whether a graduate degree will pay off financially or increase your chance of finding a job after graduation is an individual decision. To help you make up your mind, we\u2019ve asked WU master\u2019s students why they decided to go for a graduate degree and what they see as the pros and cons of their programs.
\n<\/em><\/p>\n

\"Martin

Martin Groiss (24) is a student in the MSc program in Economics. Before starting the program, he graduated from the BSc in Business, Economics and Social Sciences at WU, with a major in Economics and Socioeconomics.<\/p><\/div>\n

\u00a0<\/em>What was your main reason for choosing this program, and has it fulfilled your expectations?
\n<\/strong>I decided to enroll in a graduate program because after completing my bachelor\u2019s degree at WU, I didn\u2019t feel like I had finished my education in economics. I think the second phase of the BSc program is good in helping students get oriented and build up a solid knowledge base, but it does only leave two years for further economics-related material and methods, and there are several areas that are touched upon only briefly or not at all. I chose the Economics MSc<\/a> program at WU because I want to specialize in financial policy and because it\u2019s important to me to have enough courses in macroeconomics. From an organizational perspective, I was disappointed by the first semester. It is divided up into two half-semesters and unnecessarily stressful, since the introductory phase of the semester doesn\u2019t start until mid-October.<\/p>\n

\u201cI decided to enroll in a graduate program because after completing my bachelor\u2019s degree at WU, I didn\u2019t feel like I had finished my education in economics.\u201d<\/p><\/blockquote>\n

What are the disadvantages of enrolling in an MSc program?
\n<\/strong>For me personally there are no real disadvantages to being in a master\u2019s program. Of course, you can\u2019t work full time as a student and you have to get by with little or no own income, but that\u2019s a challenge faced by all students at one point or another. You can use the three-month summer break to get practical work experience, or take a short leave for an internship during your studies.<\/p>\n

What kind of professional experience have you already been able to gain, and where do you see yourself after graduation?
\n<\/strong>Until now, I have gotten some work experience during a summer internship at Erste Bank and a six-month internship at the OeNB Oesterreichische Nationalbank in the banking supervision department. This semester, I will also have the opportunity to find out what life as a university tutor is like. After graduation, I would like to work in the central bank sector, dealing with the effects of monetary policy and banking regulations on the economy.<\/p>\n

\n
\"Sarah

Sarah Haubmann (22) is currently taking the master’s program Business Law at WU. She has a bachelor\u2019s degree in Business Law from WU, and specialized in \u201cInsolvency and Restructuring\u201d as well as \u201cChange Management und Management Development.\u201d<\/p><\/div>\n

What was your main reason for choosing this program, and has it fulfilled your expectations?
\n<\/strong>I knew from the start that I wanted to continue with a master\u2019s program after completing my bachelor\u2019s degree, because that\u2019s the only way to become fully qualified for all key legal professions. In the bachelor\u2019s program, the approach to solving a problem was simply to consult the legal codes, which I often found unsatisfactory. In the master\u2019s program, we focus more on the reasoning behind legal regulations and you can develop more of an understanding for why lawmakers decide on specific regulations.<\/p>\n

What are the disadvantages of enrolling in an MSc program?
\n<\/strong>A master\u2019s program is very time-intensive, as attendance is required in most courses. That makes it harder to have a job, but it\u2019s not impossible to work during the program.<\/p>\n

\u201cIn the master\u2019s program, we focus more on the reasoning behind legal regulations!\u201d<\/p><\/blockquote>\n

What kind of professional experience have you already been able to gain?
\n<\/strong>I started working as a junior researcher at the Institute for Austrian and International Tax Law this semester. This job is easy to coordinate with my master\u2019s program and gives me a first insight into what an academic career might be like.<\/p>\n

Have you already made professional or academic plans for the future?
\n<\/strong>I\u2019m currently considering spending a semester at a university abroad. After graduation, I plan to complete my traineeship at court.<\/p>\n

\n
\"During

During his bachelor\u2019s studies, Florian Ott (26) majored in Business Administration with specializations in \u201cFinance\u201d and \u201cEntrepreneurship und Innovation.\u201d He is now a recent graduate of WU\u2019s Strategy Innovation and Management Control master\u2019s program.<\/p><\/div>\n

Why did you choose this master\u2019s program?
\n<\/strong>It\u2019s an English-taught program with selective admission, which helps the program maintain a high level of quality. I also really appreciated the way the courses combined theory and practice, the program\u2019s strong international focus, and the overall combination of strategy, innovation, and entrepreneurship elements. The strong network of SIMCies, supported by the SIMConnect association, was a further motivation for me. It may sound strange, but there really is a SIMC Spirit.<\/p>\n

\u201cThere really is a SIMC Spirit!\u201d<\/p><\/blockquote>\n

What are the disadvantages of enrolling in an MSc program?
\n<\/strong>I considered going straight to work after getting my bachelor\u2019s degree, but at the end of the day, I have never regretted continuing on with the master\u2019s program. It is possible to hold a job while studying, even though it\u2019s officially a full-time program. A lot of people would rather just enjoy student life, though.<\/p>\n

Did you work during your studies, and do you have plans for the future?
\n<\/strong>I always held a job during my studies, so I was able to gain valuable experience in areas like office management, financial control, consulting, and event management. I am very enthusiastic about the idea of being my own boss, and have already started working in this direction. The possibilities for the future are wide open, but they will definitely have something to do with digitalization. I\u2019m still trying to decide if I want to launch my own start up, work for a company, or go into consulting.<\/p>\n

\n
\"In

In addition to the bachelor\u2019s program in Business Law, Vanessa Macho (24) also completed a major in International Business Administration at WU. Now she has enrolled in the Strategy, Innovation and Management Control master’s program.<\/p><\/div>\n

What was your main reason for choosing this program, and has it fulfilled your expectations?<\/strong>
\nFirst and foremost because of the topic itself, but definitely also for the program\u2018s international character. I wanted to study in English and have the opportunity to do a double degree program or go on an exchange semester abroad. I had also heard that the SIMC students were a very close-knit community, which appealed to me. So far, my expectations have definitely been fulfilled, I\u2019m especially surprised at how close we have become as a group.<\/p>\n

\u201cI\u2019m surprised at how close we have become as a group.\u201d<\/p><\/blockquote>\n

What are the disadvantages of enrolling in an MSc program?<\/strong>
\nSince I work in addition to my studies and university life is very time-intensive, especially things like group projects but also volunteering for SIMConnect and Entrepreneurship-Avenue<\/a>, I don\u2019t have much free time for other activities. An all-nighter once in a while is unavoidable.<\/p>\n

Were you able to gain any professional experience during your intensive program?<\/strong>
\nI started working as a ski instructor in Lech when I was 17, and I\u2019ve been doing that ever since. I\u2019ve also had student jobs at SAP and other places. I\u2019ve been working at the innovation consulting firm Wonderwerk for a year now, which gives me the opportunity to put my theoretical knowledge about innovation into practice. We\u2019re a small team at the moment, but that can change fast.<\/p>\n

#masterday<\/a> #masterprogram<\/a> #master<\/a> #msc<\/a> #wirtschaftsrecht<\/a> #volkswirtschaftslehre<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thanks to the Bologna reforms, graduates with a bachelor\u2019s degree are generally young, well educated, and prepared to start their career. In spite of this, many companies look for candidates with an additional master\u2019s degree. 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