If people like what you are doing, you're already there. Also, no one cares if you have a degree when deciding if they like your music. For people writing new music: formal music education, for some, curbs their ability to think "out of the box" in terms of unique creation. It's tough to avoid having all that stuff you learn change the way you think about music. Often this is good, but for some, it can actually be limiting. This one is really about music as a career. The music industry is in a state of flux. Music sales are going down as internet streaming goes up. That, plus the difficult economy, make music a difficult business to be in. Are you sure you don't want to learn some other, more marketable skill?
Reasons to attend music school: Because you want to teach music at a level where having a degree is required. That one's pretty straight forward. This doesn't apply to things like teaching piano to kids in your home, more like teaching music in some type of school. You are a classical musician, and not the kind who was already being signed to record deals as a 14-year-old prodigy. A lot of people are in schools like Julliard and Peabody, improving their skills in hopes of the endpoint of auditioning for something (like an orchestra). Note- the endpoint for them isn't the degree, it's the audition. Note: if you are in this group, you may need to figure out ways to supplement your income at some point, and reason #1 (ability to teach) could be helpful.
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