<p>A graduate degree in the liberal arts is almost always a losing proposition in terms of whether or not its going to increase your employability. You should never, ever go to graduate school without funding, unless a graduate degree is a prerequisite for a good paying job that you are looking to be in, and the debt service will be relatively low compared to your expected income upon graduation. If you follow both of these rules, then most graduate degrees in the liberal arts (including PhDs) are not worthwhile. The only reason a PhD is not the worst thing that you could do with 5 years, is that they are typically funded which allows you to avoid the debt slavery that would otherwise be incurred.</p>