That is the question.
It is a question that every student going into (more) grad school deals with at one point or another. What goes into such a big decision? Speaking from personal experience, I can deftly say that it is a decision that is both unique and all too commonly left until the last possible minute. Speaking from personal experience, I can deftly say that I have still not made my decision. Before going into the logistics of making such a life-affecting choice, I would like to speak about my personal situation.
In my graduate work, Mary Baldwin's Shakespeare & Performance graduate program, the students have the unique opportunity to earn two degrees in three years: when you complete your first two years, you graduate with an Master of Letters degree; after that, you have the option to earn your MFA through a company model, i.e. you and your cohort form a theatre company and do a season of Shakespeare's plays and that of his contemporaries. You (all) select the shows; you hold auditions; you cast the shows; you set up the rehearsal schedule; you promote your shows and your company; you tour the shows to schools; you attend class; you fulfill your designated role as an actor, director, or dramaturg in your company throughout the year. On top of all this, you write a thesis about your process and present it to your peers near the end of the year. In short, you and your cohort exist as a theatrical entity for a year. The MFA year is optional, but encouraged for qualified persons. There is a formal audition process, for which I still auditioned, no question. Along with being a lot less stressful than I'd originally thought, I was able to show everyone (and myself, maybe?) how much I've improved since coming to the program. If nothing else, there's that.
I have (and still am) pondering just how I would fit into my company. I asked myself, "What role do I play? How would doing the MFA - what would getting an MFA - benefit me? How would I work as a member of the company?" When the faculty (the MFA selection committee) asked me that question in the interview, I couldn't think of anything other than "I'll stage manage stuff! I'll do what I can to help! I'll make sure that those rehearsal reports get in on time! I'll direct a show if you want me to, boy howdy! By gum, I'm a Jill of all trades and a master of none." (I didn't actually say "boy howdy" and "by gum", but you get the jist of my thought process.) In all honesty, the interview was the most nerve-wracking part. I wasn't playing a character or putting on a show or singing a part of an aria from Handel's "Xerxes" - I was playing myself.
If I say yes to the MFA year, I know that my role wouldn't be just the one - the actor, the director, or the dramaturg. I'd find a way to do all three, somehow. I'm an okay actor at best. I haven't directed anything yet. I don't know how to be a (good) dramaturg. Give me that pseudo-stage manager track, and I'll do it to my heart's content. At this time though, I wouldn't know what my role would be.
Now I go to the section where I give you, the patient reader, something. As such, this list are some general suggestions regarding your future.
It is important that you talk to as many people about your future plans, however vague they might be, as possible. Be it a family member, a friend, that second-cousin twice removed you friended on Facebook, a trusted faculty member/professor, a peer...any and all outside eyes are valuable.
It is important to know the limitations of your academic future. Be they financial, familial, circumstantial, health-oriented, etc., you should know about them and take them into account. Even if they all seem like something "Future-You" will have to deal with, address them.
It is important to make a pros and cons list of what would happen if you continued your academic career (or not). Seeing all of the possibilities and limitations in front of you - be it digital or on a random piece of scratch paper - helps make the decision seem real.
Now I go back to you, dear reader. Whatever your academic future may hold, I wish you well.