http://www.newmusicbox.org/articles/graduate-school-a-backward-glance/
As someone who has been out in the workforce before, but is in music grad. school now, I have mixed feelings. How can one necessarily say that being in the workforce is better if you haven't had that experience? Or going for a degree in STEM? I have done both things, and have still chosen music grad. school (I was a double major in music & CS in undergrad). I also notice that in a lot of ways waiting so long and having these other experiences has worked to my detriment, since I do not have the connections or portfolio of those that have immediately continued after undergrad. Admittedly, I didn't major in composition anyways but had a concentration in voice, but it is fairly difficult to keep up a good portfolio while working as a software developer 40-hrs a week.
Also, I took that full-time job on the advice of nearly everyone in my social circle, and frankly, it was possibly the worst decision I ever made. I would never offer that advice to anyone.
First, while it is good to have a fallback plan in theory, a fallback plan that makes one miserable is only good in theory. STEM is a very different environment than being in an arts discipline. While I've seen many people crossover, I find the happy ones were pretty unhappy being musicians or simply a lot more excited about the technological/scientific aspects than the music.
Certainly, if the undergrads are not aware of the academic job market then they should be made aware. However, did they really think majoring in music composition was the way to a secure job position?
Then, they should be disabused of this notion. However....
The idea that one wants to relegate one's life passion into a hobby is something that not everybody finds palatable, no matter the cost. It works out for some people. Frankly, I've found having a dayjob exhausting and depressing. Grad school may be both at times (esp. when the environment is not supportive), but it is much less existentially why-I-am-fucking-alive depressing.
There is a view that the most important thing will boil down to having a secure job with which to support one's family and potential loved ones, and that security is of the utmost importance. Certainly, this should have some importance, but some people put more or less emphasis on it. They may come from a wealthier family and not need to provide as much of their own security or other pursuits may simply matter more (on a sliding scale).
To be honest, my instinct is to say that you should pursue your passion. That might not be music or career. Perhaps your family and loved ones are your true passion, and maybe a more sensible career is better.
However, to give the advice not to go to grad school full-stop (in general! not just music) is equally as foolish as going into grad school without your eyes open to the reality. Getting my master's in music at Dartmouth was possibly the best experience of my life. Regardless of how successful I am in my eventual career goals, I can already tell you it was one of the best decisions I have EVER made to both apply and go. I know this is the case for most (but not all) of graduates of this program.
All graduates programs are not the same, and some can be quite miserable and unsupportive. If you are not a good fit for the program, you will probably be miserable. There are lots of factors, not all of them completely predictable or easily found out. I am saying this as a person who has been in three fairly different programs. (I quit a CS grad school program, and am working on my music doctorate at another institution)
Nevertheless, it is a highly personal decision. And very few people go into the arts without a certain degree of passion, even if it is not enough to withstand the often fairly harsh conditions. So, just seeing this article ("don't go to grad school! even though I loved it! and I don't even know what having a dayjob is like!") felt insulting to me. You're not even speaking for yourself, dude.
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