Before work from home jobs became popular, pursuing a master’s degree was seen as THE way to better job opportunities and advancing your career.
Having one indicated specialized knowledge in your field, and was thus mandatory for many high-level positions like managerial roles.
That said, with the rise of the gig economy and contract work in today’s job market, is pursuing a master’s degree still worth it?
Let’s find out.
Understanding the Gig Economy for Filipino Young Professionals (Yuppies)
Before delving into the value of postgraduate degrees in today’s gig economy, let’s define the latter first.
The gig economy, also known as the sharing or access economy, relies heavily on part-time and temporary positions filled by independent contractors or freelancers.
These “gigs” range from one-off tasks to longer-term projects and are often facilitated by digital platforms (i.e., Remote Staff and UpWork) that connect workers directly to clients.
Its current growth is driven by advances in mobile technology and cloud-based platforms, making it easier to find on-demand work. Additionally, improvements to the country’s internet connectivity and digital literacy enable more workers to participate.
Another major factor for its popularity is the evolving preferences of modern workers – particularly Gen Z and Millennials.
Many young professionals (yuppies) choose this setup for the flexibility it offers and the need to boost their incomes, as one job isn’t enough to sustain themselves and their families today.
That said, it comes with considerable downsides.
First off, working on-demand means the absence of employer-provided benefits like health insurance, retirement plans, and paid leave.
Furthermore, traditional jobs offer clearer career progression and income stability than contract work.
The Evolving Purpose of a Master’s Degree in Today’s Market
Traditionally, one of the main career benefits of having a master’s degree is that it serves as a gateway to specialized corporate and academic roles.
As a result, your income potential with a master’s degree is often significantly higher vs. a bachelor’s degree alone, reinforcing the education-income paradigm.
Moreover, many graduate schools offer extensive networking opportunities through their graduate programs through alumni networks and events.
However, as freelance opportunities grow, many yuppies believe that a master’s degree isn’t necessary for career advancement.
For one, today’s employers value demonstrable skills over formal credentials when selecting applicants. Their main question now is: “Can you deliver the solution we need?” – regardless of the applicant’s educational background.
Because of this, many yuppies skip taking a master’s in favor of rapid, targeted upskilling through online courses to gain advanced skills in gig work.
To adapt to these gig economy trends, modern postgraduate programs and education are increasingly integrating live case studies, cross-disciplinary projects, and partnerships with industry platforms in their curriculum.
Timing Your Degree: Before or After Your First Job?
While some contract workers don’t pursue higher education anymore, having a master’s degree can still be a big asset in the gig economy.
Having one shows credibility and specialized expertise in your field, helping you stand out and command higher rates from clients.
The question now is, when should you start your postgraduate studies?
Let’s compare pursuing your master’s degree straight out of college vs. doing so after gaining some work experience, and how you can balance work and studies.
Advantages of Pursuing a Master’s Degree Before Working
Here are the benefits you’ll get from getting your master’s degree immediately after graduating from college:
- Accelerated Specialization:
- A full-time program immerses you in advanced theory and research in your field, positioning you for niche consultancy or high-skill project work immediately after graduation.
- Higher Entry Level Salaries:
- Master’s holders can command starting pay that’s 20-30% higher.
- Robust Alumni Networks:
- Intensive on-campus or cohorts at top Philippine universities foster peer, faculty, and recruiter connections that can translate to gig referrals and collaborative projects later on.
- Dedicated Learning Focus:
- Without concurrent job pressures, you can fully engage in capstone projects, internships, or thesis work that build substantive portfolios to attract freelance clients.
Of course, pursuing your master’s first also comes with some downsides, like:
- High Financial Commitment:
- Tuition fees alone can run tens to hundreds of thousands of pesos; add in living expenses and study materials, and the total cost can be quite burdensome.
- Opportunity Cost and Lost Earnings:
- Focusing on post-graduate education means forgoing 1-2 years of salary and self-employment experience, which are crucial for building a portfolio and client base.
- Uncertain Return on Investment (ROI):
- For all its projected benefits, there’s no guarantee that having a master’s will secure high-paying roles or better job prospects.
Benefits of Taking a Master’s While Gaining Work Experience
Next, let’s discuss the benefits of pursuing your master’s while working:
- Immediate Skill Application:
- Concepts learned in class (i.e., advanced analytics or leadership frameworks) can be tested and refined in real projects, reinforcing retention.
- Flexible Learning Formats:
- Hybrid and online programs let you schedule your coursework around your deliverables, minimizing downtimes and maximizing income streams.
- Portfolio Diversification Through Capstone Projects:
- Graduate capstone and thesis work often yield tangible results that can improve your credential signaling in freelance work.
- Employer Funding and Incentives:
- Some companies offer partial or full tuition reimbursement for skills development, drastically reducing your expenses.
That said, balancing work and studies is not without issues:
- Heightened Stress and Burnout Risk:
- Juggling full-time job responsibilities with graduate coursework often leads to chronic stress, fatigue, and burnout.
- Extended Program Duration:
- Part-time master’s programs typically take twice as long to complete, delaying both credential attainment and any career benefits tied to it.
- Divided Focus Undermines Performance:
- Splitting your attention between work and school may dilute your focus and commitment to both.
- Reduced Income:
- To cope with study demands, some yuppies cut back on working hours, causing them to earn less.
Balancing Graduate Studies and a Freelance Career
Struggling to keep up with the demands of your gig work and studies? Here are some tips that can help:
- Structured Time Management:
- Use time management apps to allocate specific blocks for coursework and client work to avoid overlap and maintain a decent performance on both fronts.
- Selective Project Intake:
- Limit your monthly gig load during exam periods or intensive modules so you can meet academic deadlines without compromising client satisfaction.
- Opt for Modular or Asynchronous Formats:
- Enroll in programs offering self-paced modules or weekend intensives, as this flexibility allows you to pause studies briefly when you land a major gig and continue without penalties.
- Set Client Communication Windows:
- Define specific hours for client calls and emails to establish boundaries and protect your midday slots for lectures, study groups, or library research.
- Leverage Off-Peak Periods for Intensive Study “Bootcamps”:
- Block out short “study retreats” during lean seasons (i.e., mid-summer or during national holidays) to tackle readings and to write in concentrated sprints.
- Automate Routine Freelance Administrative Tasks:
- Use invoicing platforms, email autoresponders, and contract templates to minimize time spent on routine tasks so you can have more time for studies.
Real World ROI: Is the Investment in a Master’s Still Worth It?
Pursuing post-graduate studies isn’t cheap.
Depending on the university you’re planning to attend, you’re looking at paying PHP 7,200 up to PHP 27,000 for nine units per semester, excluding additional fees.
With such an investment, you’d expect to land better opportunities and command higher salaries with an MA on your resume, right? In reality, this isn’t always the case, particularly if you’re working gigs.
The growth of the gig economy is challenging the established education-income paradigm, as a strong portfolio and/or client rating can matter more than academic qualifications.
That said, having a master’s still gives you an edge if you’re looking to enter a specific field (i.e., data science or finance). In practice, however, this is more due to the new skills and credentials you gained from the degree, rather than your diploma.
Testimonials: Stories of Freelancers With and Without Master’s Degrees
To highlight this mixed result, here are some real-life stories of freelancers succeeding with and without a master’s degree:
Francesca Angeles’ Story
Francesca Angeles holds a Master’s in Public Administration from Penn State Harrisburg and now freelances as a market research specialist and writer.
She discovered her passion for market research when she was still in graduate school, where she worked as a part-time research assistant.
Ever since, she has worked freelance, where she enjoys the ability to choose which projects she takes on, where she works, and her own rates.
For more information on her story, click here.
Karla Singson’s Story
Karla Singson is an award-winning writer and entrepreneur who first started working in advertising after graduating from college at age 19.
Finding full-time work unfulfilling, she quit her job after only eight months and started her own freelance writing gig.
Although she never pursued a master’s degree, she credits her practical experience, discipline, and networking skills for her success.
For more information about her story, click here.
Practical Alternatives to a Master’s Degree in the Gig Landscape
Don’t have the time nor resources to pursue post-graduate degrees right now but still want to grow your skills?
Here are some alternatives you should consider:
Short Courses and Micro-Credentials With Immediate ROI
One popular upskilling method for many freelancers, instead of pursuing post-graduate studies, is applying to short courses to gain micro-credentials.
As their name suggests, short courses are concise educational programs focusing on specific skills or knowledge areas and designed to be completed in a short time frame.
Micro-credentials, on the other hand, are certifications validating an individual’s proficiency in a particular set of skills. These are often stackable, allowing you to accumulate several over time and collectively demonstrate a broader competency.
These programs are often more affordable and time-efficient than an MA, making them more accessible to more individuals.
Examples include:
- Mapua Malayan Digital College (MMDC):
- MMDC offers online certification programs designed to empower individuals with in-demand skills for the gig economy.
- Courses include: virtual assistance, digital marketing, and data analytics, with fees ranging from PHP 3,000 to PHP 9,000 and an average completion time of two to three months.
- University of the Philippines Open University (UPOU):
- UPOU’s Microcredentials Program offers stackable, career-focused courses designed for flexible completion.
- Additionally, these micro courses are transferable as a credit load towards a degree program.
Building Credibility Through Work Samples and Client Ratings
In the gig economy, having a proven track record has greater weight than just having a master’s on your resume.
The best way to display tangible proof of your skills and reliability still lies in a strong portfolio and positive client testimonials.
Here are some tips to help you build both:
Building a Portfolio:
- Curate Relevant Samples:
- Tailor your portfolio to include works reflecting the services you offer and the industries you target.
- Ensure Accessibility:
- Make it easy for potential clients to view your portfolio by providing links to your work hosted on platforms like Google Drive or your personal website.
- Keep Your Portfolio Updated:
- Regularly refresh your portfolio to include any recent and high-quality work.
Strategies to Enhance Client Ratings:
- Request Testimonials:
- After successfully completing a project, politely ask your client for a testimonial.
- Showcase Testimonials:
- Display client testimonials prominently on your professional profiles, website, or portfolio.
- Maintain High Standards:
- Consistently deliver high-quality work and communicate effectively to encourage positive reviews.
Industry Certifications for Virtual Assistants and Freelancers
Finally, obtaining industry-recognized certifications can also validate your skills and boost your credential signaling in freelance work.
Let’s take a look at some notable certifications you should consider getting:
- Google Digital Marketing and E-Commerce:
- Offered through the Mapuan Malayan Digital College (MMDC), this certification provides extensive training in digital marketing strategies.
- IBM Data Analytics:
- Also available via MMDC, this course equips learners with data analysis skills pertinent to various industries.
- Meta Social Media Marketing:
- This program focuses on leveraging social media platforms for marketing purposes, which is a valuable skill for virtual assistants.
Aligning Your Academic Goals With Career Realities
While taking a master’s degree isn’t as necessary to land a high-paying job than before, it can still be a powerful credential for freelancers in the gig economy, as it provides differentiated expertise, credibility, and connections.
Ultimately, to gain the best ROI, you should first assess your personal risk tolerance, financial readiness, and career goals before deciding when – and if – to pursue your master’s.
That said, if you’re looking for a more long-term work setup, Remote Staff is here to help.
Our jobs list contains plenty of full-time and self-employed work opportunities, ranging from virtual assistant and online transcription jobs to online writing and design ones.
So, what are you waiting for? Sign up here. Good luck!
