Would you attend a doctorate program costing $50,000 (on top of $30,000 already spent for a graduate program), only to earn an additional $15,000/annually? Troy and Maryna Welker are a young, newly married couple, both teachers. He makes $45,500 as a special education teacher, and she works part-time, earning $11,975.
This couple is doing everything right, and if they make the changes the advisor suggested to them, I have no doubt that they’re off to a happy future. The thing that stood out to me in this was the fact that attending a doctorate program would only increase his earnings by $15,000. Over the life of his career, the planner estimates that it adds up to $670,000. And it’s not as though his earning power is that high now, it’s $45,500. MBAs typically graduate with $80,000+ job offers, so it’s surprising and disappointing that one of the most important professions has such a low pay grade. I admire his dedication to his profession and hope he has all the success he deserves.