Should I do BSE/MSE Chemical Engineer in 5 years if its free?

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I’d say that this isn’t really the full story simply because a masters gives you far more opportunity for career advancement in ChemE. A BS is almost always the best at the beginning, but in many fields, a graduate degree can give you many more career advancement opportunities.
Not to mention you’ll be much more insulated from unemployment. 1-2 years of economic hard times will more than pay for the loans+opportunity cost of a Masters.</p>