Grad school in Music or good full-time job?

(on a throwaway, USA-based)

After graduating from my undergraduate program with a dual major in music and a business-related field, I was fortunate enough to receive an artist fellowship that would support my musical work for one year. This fellowship will end in June, so I have been applying to graduate programs (mostly MA programs) in my field. With the new Trump funding cuts and the general turmoil in academia — particularly with the funding situation for the arts in the USA — I decided to also apply to some full-time jobs that fit within my secondary field of study.

Context: My ultimate goal is pursue graduate education in the arts — possibly to pursue an academic career.

I was lucky enough to receive both a well-compensated full-time job offer in the 80k range (total compensation) which I was planning on starting this summer, and had in fact accepted. However, just a few days ago, I received a fully funded MA offer that carries a reasonable, but small living stipend for the cost of living in the area—I would be able to pursue this degree at 0 out of pocket cost but with the possibility of debt for living expenses.

If I take this job, I plan to work for 2-3 years to save for (1) retirement and (2) further education and reapply to graduate programs in Music in 3 years tops. I run the risk of not being able to reproduce my admissions results this year, whether due to funding cuts, changes in applicant pool, or other reasons.

If I take the MA offer, I feel I will be limiting myself to pursuing academic work for the foreseeable future, and although I love my art, I don’t know if I want an academic career as a music professor (or if such jobs will frankly exist in ~6 -7years when I will be done with the terminal degree).

I feel so lucky to have these two wonderful options, but now have to make a very tough decision. Does anyone here have any experience with a similar tradeoff, and if so, how did you come down to your final decision?