The real answer is more of an economic one than the one you've phrased.
- If you are getting your masters
because the economy is bad and you
want to ride it out, I'd advise
against doing so.
- If you are getting
your masters because you want to
learn more, then go ahead and get
Many folks are having troubles getting their first job out of college. Consequently many are staying in school to get a masters in order to wait out the recession/downturn. I think this is a mistake because far too many folks are doing exactly the same, and they'll end up graduating and competing with folks who lack the student loan burden.
Anecdote: I was having lunch today and at the table next to me, one college senior was chatting with her father (oh hell, I'm older than him) describing her boyfriend having a 4 hour programming test at a recent interview.
My first bachelors degree was in electrical engineering. I had thought about going ahead and completing my masters right away, until I did the math. At that time, the median salary for a masters was less than 10% higher than the median salary for a bachelors. Once you account for the lost earnings of the year or two that it takes to complete the masters, how long does it take you to recover the lost earnings? At that time, the differential would have taken almost 30 years to pay itself back. Sure, my career trajectory would have been completely different. But then my career trajectory would also have been completely different if I had gotten my PE.