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As you guys may know, I'm working on my Master's degree right now. In my view, if you aren't planning on getting a Ph.D., then getting a Master's is kind of pointless, especially in the arts. But I know a lot of professors who are very comfortable financially - it just depends on where you went to school and where you get hired.
I have a friend finishing his Ph.D. at Harvard and one finishing his at MIT and they are going to be doing fine when they get out. I am very jealous of these guys.
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