Don’t be so quick about being denied for a $17,000 a semester scholarship award. Whether you get it or not, it is the start of a negotiation.
And yes, I understand that most masters degree programs are unfunded and often used to help fund PhD students/programs. But, this masters program is small and has difficulty attracting students so it would be wise to ask to be able to avoid taking out student loans.
Since you want to leave your current employer & current job function, then using a masters degree program to change fields is fine so long as the employment results are reasonably related to your goals.
Starting out at $120,000 in terms of today’s dollars may be a bit high unless your current job function and experience relate to your new position. The key is to proceed with reasonable expectations.
After reading all of your posts, I am convinced that you are ready to move-on from your current job. In addition to the costs that I have suggested that you consider, you should accept that you will need to be proactive regarding future employment. Do not proceed with the belief–whether true or not–that a masters degree from a prestigious school such as Duke will result in a competitive bid for your services. Employers tend to want relevant work experience. I hope that you achieve your financial goals, but be willing to accept below $120,000 for your first post masters degree position so long as it is related to what you want to do as a long term career.
While it is good to proceed with confidence, it can also be wise to proceed with fear regarding employment as this should propel you to be proactive in your job search.
This sounds very promising and the fact they are open with you is great.
What else can we say to reassure you? Doing this program will give you a way to work towards your goals. So please, go through your post again, and make a list of pros and cons. I am sure the advantages will be clear.
Your latest post has valid reasons for changing your direction and starting this program. You seem mature, level headed and realistic. Unless you are born with a silver spoon in your mouth, you can find negatives to almost anything. You have to focus on positives because they will stop you from going crazy with self-doubt.
Once you get beyond grads with no work experience, it gets really hard to come up with apples to apples salary comparisons. Someone earning an MBA who used to be an MD will be very attractive to a biotech firm and probably command a higher salary as a result. But that same person probably won’t get a boost in salary if they go to work for a consumer goods company. But they REALLY wanted to work in marketing for a consumer goods company, they’ve made a leap they could not have otherwise.
You will likely get paid more than a new grad if your employer sees your past experience as relevant. The advice to learn what you can and focus on what excites you will keep you on the right path. There are no guarantees in anything but if you’re doing what is right for you, the detours will never take you far from a road that will be satisfying.
Again
-You want to leave a job you really don’t like;
-Your difficulties with the GRE make it unlikely you will get into an uber-competitive grad program;
-Duke appears to have a T25 engineering grad program and is an incredibly well respected university overall;
-You are accepted into a program at Duke that aligns with your area of interest:
-Duke is affordable with minimal loans(and may give you some money which is a bonus);
-You are young and it is a good time to adjust your career path and move into a field that excites you;
-Even IF you don’t get a fantastic paying job out of grad school you STILL would have changed your career path and will still have plenty of time to work your way into that ideal job.
Let us know what you decide, but I see Duke as a win for you.