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you need to contact some people with the job you want and ask to do an informational interview with them where you talk about their qualifications and what the position requires/prefers. That way you're not guessing.
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In my industry you have to have a bachelors degree from a good school, but anything beyond that is completely unnecessary and your earning/career potential is 100% based on experience. But with teaching I know that's different and getting your masters is very important.. It all depends!
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41 comments