Soon, millions of students will walk across a stage at graduation ceremonies and receive their bachelor’s degrees. That feeling can be unlike any other, marking the culmination of years of hard work and schooling that began nearly 20 years earlier.

Though many students look forward to entering the workforce upon receiving their bachelor’s degrees, some ponder if graduate school should be their next step. A 2021 report from the American Council on Education revealed that more than 1.7 million students were enrolled in graduate education in Fall 2020 at institutions that participated in a survey.

A decision regarding graduate school is seldom easy.

Cost is no small consideration, as the ACE survey found that 43% of grad students in Fall 2020 were part-time. Part-time students are typically ineligible for financial aid, which means students will have to pay out-of-pocket or apply for loans to finance their schooling (Note: Lenders may restrict student loans to full-time students.) Paying out of pocket is a significant commitment, as the Education Data Initiative indicates the average cost of a Master’s degree in Business Administration in 2022 was just under $62,000.

The following are some factors students can consider as they try to make this decision.

Professional need: Certain professions require more than a bachelor’s degree to gain employment. For example, a student who aspires to teach at a college or university will likely need more than a bachelor’s degree. Adjunct professors, who are part-time faculty members hired on a contractual basis, typically need a master’s degree (though a bachelor’s degree and professional experience is sufficient for some positions).

When considering grad school, prospective applicants should determine if an advanced degree is a requirement to work in their desired field. If so, the decision is essentially made for them. If not, applicants must decide if the cost and rigorous workload is worth it.

Candidacy: Another consideration is each individual’s candidacy. Students considering grad school should realistically assess their academic performance as an undergrad. Was the performance strong enough to gain entry into a top-tier graduate program? This is an important consideration, as top-tier programs typically have much higher endowments, which means they can more effectively help students offset grad school costs through grants and other types of financial aid.

Earning potential: As noted, some professions require postgraduate degrees. But many do not. However, that does not mean students have little to gain from earning an advanced degree in a field where no such degree is required. For example, a recent analysis from the National Association of Colleges and Employers found that the average starting salary for individuals with a master’s in Finance was 15% higher than the average starting salary for individuals with just a bachelor’s degree.

The same survey found that a master’s in Computer Science translated to a 32% higher starting salary than a bachelor’s. In such instances, a master’s could be well worth the investment.