My dad is against an MFA, thinking I've already spent my "conservatory time" in the Ithaca BFA program. What credit he gives it is from Paul Russel's book, saying it communicates an investment on the part of the student (where a BFA is almost always paid for by the parents). My mom things there is a degree between the specialized BFA and the (would be mostly redundant) MA in Theater, that communicates experience and smarts. I have yet to discover such a program. She and my dad think I should get a Master's degree in Shakespeare, because I "get it" and am capable of teaching "it." Paul Russel thinks school is a very expensive guaranteed timeslot in front of agents at your senior showcase.
However, given the economy, people are attempting to go back to school in droves. This makes acceptance into a master's program more difficult, and financial aid all the more scarce. I don't have money for a car with air conditioning, let alone grad school. The good news is that I have no student loans from undergrad. So grad school would put me in the same financial rut in which most of my peers already find themselves. It would still mean I am relying on the fickle tastes of Hollywood (because what theater ever pays enough?) to pay off student loans should I make that investment/bet. This past summer season of movies alone is enough reason to question Hollywood's judgment and reliability.
I guess my point is that if I do my research now, and come across an appealing program, I would be given the opportunity to apply and audition in time for the spring. It seems getting a Masters in something I can study while sitting down has less of a time limit on it. The running gag has always been "the real world is scary, I want to go back to school!", and I can't say that isn't a factor here. I very much doubt that a enrollment in a full time MFA program would even allow for a part time job, which makes logistics of living difficult.
If what I think about an MFA is right, I exit with far improved skills, and a three letter acronym that gets me past most casting director intern screenings. If Paul Russel is right, I get ten minutes in front of a handful of agents in two years. Both of these would be good things.
Its something to think about. This week seems to be chock-full of auditions, and even today I had a director chase me out into the parking lot after my audition to offer me a gig. Maybe I'll be too busy being a full time starlet to attend grad school by the time it rolls around. That would be fine too.