return on investment MSW vs Caseworker salary

[julesevar]

I'm 51 years old and recently have been working as a caseworker for about 1 year and 1/2. I used to work in state government.  I plan to work until I retire when I can get medicare.  I am interested in going into Social Work to do therapy.  I enjoy my casework job and recently got a substantial raise.  I could apply to several online MSW programs. I have a local state school that is around $35,000 tuition for the whole program. Other programs that look interesting charge upwards of $60,000 or more.  I have done research that the lower end of the spectrum for the MSW and my salary are similar. Now I have a relative clinical social worker that works for the federal government who makes similar to a well paying MBA. Not that I want to get a MBA. I was just wondering if anyone had thoughts if it would be a good return on investment of between $35,000 to $65,000 tuition to go for the MSW? 

Of course I would have to be accepted into any program, but I think that I could.  Micro-economics was not my forte and I know there is a way to figure this out based on a economic graph. 

Another question I have is how much biology is required in MSW programs. I haven't taken a biology class since high school!

Thanks in advance,

Jules Evar  

[MeganK]

Hi Jules,

Unfortunately I'm unable to confirm whether or not you would get your return on investment because I'm in my 3rd semester of an MSW right now but I'm also 51 and looking to change careers. I also want to become a counselor and from all of the research I did prior to applying for an MSW program, I realized the only way I'm able to talk to patients one-on-one is to get an MSW and be licensed as an LCSW.

Regarding the biology question, my MSW program only has Social Work classes in it. The math, science, etc. courses I were all completed when I completed my Bachelor's last year.

 

I hope that helps!

~Megan

[julesevar]

19 hours ago, MeganK said:

Hi Jules,

Unfortunately I'm unable to confirm whether or not you would get your return on investment because I'm in my 3rd semester of an MSW right now but I'm also 51 and looking to change careers. I also want to become a counselor and from all of the research I did prior to applying for an MSW program, I realized the only way I'm able to talk to patients one-on-one is to get an MSW and be licensed as an LCSW.

Regarding the biology question, my MSW program only has Social Work classes in it. The math, science, etc. courses I were all completed when I completed my Bachelor's last year.

 

I hope that helps!

~Megan

Thanks Megan. I am still researching what I want to do. I did not apply yet this cycle and don't want to rush things until I am 100 percent sure of this path.  I appreciate you responding!

Jules

[Dr.EJM]

So my 2 cents, of course without knowing the average rate of out of pocket or local licensing requirements in your area or anything like that. Is if your primary goal is retirement (stop working) when you qualify for Medicare (65 I assume) and you're probably looking at a minimum of 5 years to get fully licensed (2 yrs MSW, 3 yrs supervised as LMSW or equivalent) and applying for next cycle (fall 2024) you're probably going to be around 57 when you can see clients privately. If I'm understanding you correctly, then I would say that most likely a 35k dollar MSW investment to see private clients IS going to be worth it, based on the concept that it will only require you to see a few clients (even with insurance that could be as few as 2 sessions per week, but let us say 3 sessions to account for cancelations, scheduling and holidays etc. to earn 5k+ per year) and you will cover your costs for the MSW with a year to spare. If you would potentially want to continue to see clients, say as an enjoyable thing to do post “retirement”, then I would say it’s completely worth it, and you would be in control of how much or how little work you do, when you take time off, and add additional funds to your retirement as you go. 

I would not recommend getting a 65k MSW if you can get a 35k MSW. I say that as someone who went to NYU and USC. The perks I see as most valuable are based on being in a large supportive network and granting you access to name recognition when applying for a job, teaching, writing a book, etc. for the long-haul. Not things of concern when retiring and enjoying being a therapist on the side. 

Hope this helps your process!

E.

[ariellewilliams]

If you're looking at working for another 10+ years, a $35k MSW seems like it could pay off in the long run, especially if you're planning to work with private clients.