Masters Degree After Undergradate For Pharmaceutical Industry - Pros and Cons
Choosing between pursuing a master's degree or getting a job in the pharmaceutical industry after completing your undergraduate studies is a significant decision. As an ex STEM recruiter, I would always advocate for industry experience (meant I had more candidates to work with) however I want to provide as unbiased opinion based on conversations I have had over the years.
Here are some pros and cons to consider for both options:
Masters Degree:
Pros:
Specialised knowledge: A master's degree provides an opportunity to gain specialised knowledge in a specific area of pharmaceuticals, such as medicinal chemistry, pharmacology, or regulatory affairs. This can make you more competitive for certain roles and increase your expertise in your chosen field. If this is an area of concern for you, I would highly recommend talking to people who have either done the course you are considering or talk to people doing the job that you are interested in and see if they believe that specific masters programme helped them get the job.
Networking opportunities: Graduate programs often offer networking opportunities with faculty, researchers, and industry professionals. Building connections with experts in the field can open doors to internships, research collaborations, and job opportunities. I talked about this quite a bit in this article here if you want to see how to launch your career for after when you graduate.
Research experience: Many master's programs involve research projects, allowing you to gain hands-on experience and contribute to scientific advancements. This experience can be valuable for research-based roles in the industry. This can be useful for RnD projects or can help you get onto a PhD programme. Again, you will want to have a look at requirements for roles that you are interested in and see if having a PhD or Masters is beneficial. In some cases having additional education can be a massive benefit and can skyrocket your career.
Higher earning potential: In some cases, having a master's degree may lead to higher starting salaries or increased earning potential over time. Specialised knowledge and advanced skills can make you more marketable and eligible for higher-paying positions.
Cons:
Time and financial commitment: Pursuing a master's degree requires a significant investment of time and money. It typically takes 1-2 years to complete, during which you may incur tuition fees and other expenses. Consider the financial implications and whether you are willing to invest more time in your education before entering the job market. Couple this with the fact that you may fall behind your industry counterparts, you need to make sure that whatever masters that you end up doing will actually give you the competitive edge over those who did not do one.
Delayed entry into the workforce: Opting for a master's degree means delaying entry into the job market. This delay may result in missed opportunities for gaining industry experience and starting your career earlier. As a previous STEM recruiter, this was always my biggest worry. I would work with someone who has 2 years’ experience with a masters and expect to be on the same salary scale as someone who has 2 years’ experience in industry. Unfortuantely most pharmaceutical companies do not consider academic experience as viable experience (which holds true for most PhDs too) and so someone who has just finished a masters will find themselves on the lower end of the ladder if they are applying for the same roles as somone with just an undergrad.
Limited practical experience: While a master's degree provides theoretical knowledge, it may offer limited hands-on practical experience. Some employers may prioritise candidates with industry experience, which you may need to gain separately through internships or entry-level positions. Similar to my point above, you need to make sure that the masters that you are doing will give you a significant edge over someone who has just completed an undergraduate degree.
Entering the Pharma Industry Directly:
Pros:
Industry experience: Getting a job in the pharmaceutical industry immediately after completing your undergraduate studies allows you to gain practical experience right away. This experience can help you develop a deeper understanding of industry processes, regulations, and dynamics. There is truth in the saying, learning by trial of fire. And this is very much true when you go straight into industry.
Early career progression: Starting your career earlier means you have more time to gain experience, develop your skills, and progress within the industry. You may have opportunities for promotions, salary increases, and skill diversification. As discussed in this article here, you need to be able to plan your career and what direction you want to go in. By going into industry, you will get a flavour for more of what you are interested in and can plan your career accordingly.
Networking and professional connections: Working in the industry exposes you to a network of professionals and potential mentors. Building relationships with colleagues, industry experts, and supervisors can provide valuable guidance, mentorship, and future job opportunities. We very much live in a world where it’s all about your connections and who you know rather than what you know. So I would highly recommend rubbing shoulders with the people who can help you get your career to where you want it to go.
Cons:
Limited specialisation: Without a master's degree, you may have a broader knowledge base but lack specialised expertise in a specific area. This may limit your opportunities for certain advanced or research-focused roles within the industry. You may also find yourself in a position where you need further education to progress in your career. It can be hard to get back into education after being in work for however long.
Higher educational requirements for some roles: Some positions in the pharmaceutical industry, especially research or leadership roles, may require a higher level of education, such as a master's or doctoral degree. Lack of advanced education may restrict your career growth in certain areas. You may find yourself lacking and need to go back and forth to pick up on extra bits and pieces that you missed out on by not doing a masters. This patchwork quilt of education may technically equate to a masters when all the credits are counted up but will not look as impressive on your CV/Resume as having a full masters.
Skills gaps: Without further education, you may need to bridge any skills gaps through continuous learning, certifications, or professional development programs. This can require additional time, effort, and resources. And that can become more difficult as you progress through your career as life and work commitments take a large toll on your available time.
Ultimately, the decision between pursuing a master's degree or getting a job in the pharmaceutical industry depends on your career goals, financial situation, personal preferences, and the specific requirements of the roles you're interested in. Consider your long-term aspirations, evaluate the pros and cons, and choose the path that aligns best with your individual circumstances and ambitions.
