Masters Degrees That Are Worth It – The coronavirus disease (COVID-19) pandemic has caused significant changes in the job market and the economy over the past year. Millions of people have lost their jobs, are seeking new professional roles or are considering going back to school to gain higher qualifications.
About 35% of American adults plan to start an education program in the next year, and those who already have a degree are more likely to enroll, according to a June survey by Strada Education Network.
Masters Degrees That Are Worth It
Considering that graduate programs can cost between $12,000 and $28,000 per year in tuition and fees, it’s important for prospective students to know if earning a master’s degree will pay off. To assess which master’s degrees have the greatest impact on salaries in the year after graduation, we compared the average salaries of bachelor’s and master’s degree holders across 193 fields of study.
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We used the College Scorecard, US College Scorecard, to compare average salaries for bachelor’s and master’s degrees in the same field of study. Used data from a Department of Education source. The College Scorecard collects salary data for more than 5 million college graduates who have received federal financial aid, including student loans. These data points are collected one year after an individual completes the degree program and are based on tax records and wages reported to the IRS.
To ensure a representative sample, we included only degrees with salary information from 10 or more schools for both bachelor’s and master’s programs.
Overall, graduate degrees in medical, scientific, engineering, and business specialties offered the highest returns. A master’s level can be better paid because these degrees are associated with high-demand jobs that require technical knowledge and skills that are difficult to learn and certify without a degree program.
Those with master’s degrees in real estate received the highest raises in their first year on the job. The average salary increased from $50,302 at the bachelor’s level to $91,744 at the master’s level, an increase of $41,422 per year, preventing graduates earning less than $9,000 in their first year after graduating from earning a six-figure salary. . . This finding is especially surprising because you don’t need a degree to work in the real estate industry.
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Systems engineering degrees had the second-highest average salary increase, increasing by $36,358 from $66,077 at the bachelor’s level to $102,435 at the master’s level. The average salary for someone with a master’s degree in science and services in communication disorders was double the average salary for a bachelor’s degree in that field, an increase of $29,854. This category includes programs for speech-language pathology and other communication disorders. The large salary increase appears to be related to industry certification standards set by the Speech-Language-Hearing Association (ASHA), which requires a master’s degree for speech-language pathology certification.
The average salary for a master’s degree in genetics is also twice that of a bachelor’s degree in that field, earning $35,829 more in the first year after graduation. This category includes programs in human and medical genetics, plant genetics, animal genetics, microbial genetics, and genomic sciences.
Average salaries for graduates with master’s degrees in business, engineering, statistics, nursing, computer software, and computer science are much higher than average salaries at the bachelor’s level, and each degree ranks in the top 10 in salary growth for master’s degrees. Ranked in .
Degrees in the arts, communications, and other fields that often lead to freelance work or self-employment have the least financial incentive to attend graduate school.
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Advanced music degrees had the lowest salary increase, with an average salary increase of $2,946 from the bachelor’s level to the master’s level. Fine arts and studio art majors had the second lowest salary increases, with an average salary increase of $3,718 from the bachelor’s level to the master’s level. Both fields have limited paths to well-paying jobs.
A master’s degree in landscape architecture offered little reward for graduates, earning them only an 8% annual salary increase of $3,779 compared to the average salary at the bachelor’s level. Landscape architecture is often a self-employed profession and is skill-based rather than competency-based, which may explain why salary growth is low.
Graduates in these fields are unlikely to benefit financially from obtaining an advanced degree. This is because their careers are often based on projects, skills and experience that can be developed and validated without formal education. Self-employment and freelance work are also more common in these areas, and wages vary based on individual value, quality of work, and product demand.
Master’s degrees in clinical laboratory science, research, and related professions also saw minimum wage increases, with a 12% increase from the bachelor’s level to the master’s level. This degree category includes programs for phlebotomists, hematology technicians, blood bank technologists, dialysis technicians, and clinical laboratory technicians. Most entry-level positions in these fields only require completion of a certificate program or an associate’s degree.
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Average salaries for graduates in food science, architecture, sociology, film, literary studies, and theater also increased minimally from the bachelor’s level to the master’s level.
While the cost and financial benefits of graduate school are important factors for many people, there are other reasons to get a master’s degree, even if your salary doesn’t increase as much. Other factors to consider when considering graduate school include:
Do your career goals require a master’s degree? Some professions, such as social workers and guidance counselors, require a master’s degree for licensure or certification. Other roles require a master’s degree but do not require licensure. Although the economic benefits in these jobs may be limited, students must still obtain a graduate education to work in the field.
Some people pursue a master’s degree in a field different from their bachelor’s degree for personal interest, a career change, or to build a professional skill set. For example, combining a sociology degree with a master’s degree in public administration can prepare you to work in the public sector. While increased pay is unlikely to be the driver, job security and the benefits of working in government may attract potential students.
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Some master’s degree graduates may not be able to earn significantly higher salaries right away, but they may see financial rewards later in their careers. College Scorecard collects graduate salary data one year after completing the program. This does not take into account the salary increase that an advanced degree can lead to down the road.
If you are considering graduate school, understanding how an advanced degree will affect your short-term salary is an important factor in making decisions about your future.
Some master’s degrees can significantly increase your earning potential, while others are less likely to benefit graduates in the near future. This is especially important to consider for those who plan to balance student loan payments and other expenses immediately after completing their program.
Still, students can be financially successful while pursuing their interests. Our ranking list compares tuition costs, average student debt, and average graduate student salaries for specific schools and programs to help you maximize your earning potential and minimize future debt. This is a useful tool. Know yourself better: The Big 5 personality test decides your next steps and reaches your goals faster. Take the 5 minute quiz
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Skip to section Let’s Talk the Numbers: Statistics About Master’s Degrees Will a Master’s Degree Help Your Job Opportunities? 12 Questions to Ask Yourself Before Applying to a Master’s Program Can You Get an Online Degree? Graduate School Options To study at the graduate level or not? Some of us may want to bury our heads in a book all day, or we may want to spend our time learning more about the subjects we love the most. Expanding your knowledge and expertise in your chosen career is never a bad idea. However, attending graduate school is a significant investment of time, money, and energy. The decision is not as simple as finding the program of your dreams. Before committing to a long-term education, you should consider factors such as your career and life goals, as well as the time, cost, and resources required. Even if you love your field and know that studying it will benefit your career, it’s still worth considering. Is it worth getting a master’s degree? Let’s Talk the Numbers: Master’s Degree Statistics Investing time in your education can advance your career. However, if you need to borrow money, you should carefully calculate the time and cost against your potential salary, job opportunities, and student loan payments. Here are some statistics to help you make your decision. How much does it cost to earn a master’s degree? By 2022, tuition for a master’s degree ranges from $30,000 to $120,000, according to research from the Education Data Initiative (EDI). Tuition fees vary depending on the institution, the master’s program, and the student’s residence. The average cost for public universities is $29,150. At private institutions, the average cost is $62,100. However, costs can vary significantly depending on your location.
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