Getting a master’s degree takes time and money so wondering whether a masters might pay off is natural. Many people question whether and when is a masters degree worth it and when it is not.
In some careers like doctors or lawyers you need more than a bachelor’s degree. So, there’s no real decision other than where to go to school.
But, there are other professions where having a master’s degree might give you an edge. You don’t ‘need’ one to land that entry-level job. But with competition high you wonder whether to return to school to stack the deck in your favor.
There are also intangible potential benefits of earning a master’s to think about. Things like studying modern theories, trends and technology. We’ll cover these points and a few more to help you weight the pros and cons.
How to Know Why You’re Getting a Master’s Degree?
A key concern about whether to pursue a master’s degree is whether it has the potential to help achieve goals. Common goals include:
To earn more money
Find a job
Refine skills to step into a promotion
Prepare for emerging opportunities
Gain quality research skills
Work towards a PhD
It may thus be useful to identify why you want to pursue a master’s degree in the first place. Then you can research answers to the following:
Do people in your career field earn more money if they get a master’s degree?
Is a master’s degree required in your career field?
Does a master’s degree impact upward mobility in your career field?
Does earning a master’s degree in your field ready people with marketable skills?
Is a master’s degree a key step towards a PhD in your career field?
There are a few resources to help you get to the bottom of these questions. One is to review job postings to get a sense of what employers seek. Another is to tap into your college alumni network and/or professional associations.
Also, the U.S. Bureau of Labor Statistics has useful data. There, you’ll find information about entry-level education requirements. Plus, insights about hiring trends, job growth and salaries.
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The average tuition and fees for a master’s degree program is $19,792 on average according to NCES. This means some that schools are more expensive while others more affordable.
Earning a master’s degree may come with financial rewards. But it still comes with obvious and hidden costs. For instance, many programs take about two years of full-time study. For recent undergrads, this may delay entering the workforce. Or, if you work part-time, you likely won’t earn as much.
That said, if you have your heart set on grad school, there are ways to reduce costs. Some possible options are to:
Look into scholarships and fellowships. Do so by contacting the financial aid office and sourcing other grantors of aid
Find out whether an online version of your degree is available
Ask if your employer will pay (or help pay) for your master’s degree while you continue to work
Scout for master’s programs with no GRE requirements. If you are returning to school after some time, it is one less hurdle to jump over
Compare online versions of the degree you are seeking. Many students pursue a master’s degree while they work and this is one way to do it
Does Getting a Master’s Increase Salary?
Education still pays off in many cases. One study from BLS looked at average weekly salaries of full-time workers age 25 and over. It found that persons with a master’s degree earn $244 per week more that those with a bachelor’s degree. That amounts to $1,058 per month and $12,688 per year.
Unemployment Rate and Average Earnings by Degree Level
There are also a few career fields where having a master’s degree may lead to advancement (and more pay). These areas include business, finance, STEM, education, health care and others.
One report looked at specific job titles in each of these fields. Then compared average annual salaries of people with a bachelor’s or master’s degree.
It found that those with a master’s degree earned from 14 to 89 % more per year depending on the job. Salaries vary by location, setting and as new data comes in. The table below shows some of these occupations and wage premiums.
13 Career Fields Where a Master’s Degree Pays More
Occupation
% Workers with a Bachelor’s Degree
% Workers with a Master’s Degree
Median Average Wage (Bachelor’s)
Median Average Wage (Master’s)
Wage Premium ($)
Wage Premium (%)
Securities, Commodities and Financial Services Sales Agents
Preparing for New Opportunities with A Master’s Degree
In some career fields, having a master’s degree may prepare you for new opportunities. One example is the field of nursing where changes are brewing. The profession is moving its entry level degree to the Doctor of Nursing Practice.
Many nurses enter the field with a Bachelor of Science in Nursing (BSN) and an RN license. They earn an average of $86,070 per year and are in-demand according to BLS. The need for Registered Nurses is also expected to grow 6% from 2023 to 2033.
But, to prepare for emerging roles and advanced nursing one needs an MSN degree. The Master of Science in Nursing (MSN) is still the entry-point to these careers. Nurse practitioners, nurse midwives, nurse anesthetists for instance. These roles are in very high demand, with an expected job growth of 40% from 2023 to 2033. These roles pay a median annual salary of $129,480 per BLS.
Another opportunity that may come hand-in-hand with a master’s degree is leadership. You might enter a wide range of careers with a bachelor’s degree. But to step into a mid-senior executive role requires the skills set gleaned from grad school.
One example are financial advisors. A master’s degree and certification may bump up chances of advancement. If this is your goal, a wide range of masters in finance programs exist. Many are online which may suit you if you already have a job.
The same goes for IT Managers. Many enter the field with a bachelor’s degree in computer or information science. But employers today seek candidates who also have a grad degree like the MBA or MS in Information Technology.
Are you getting the sense that pay, advancement and opportunity often link together? Make sure to research your chosen career to see if this is so. If you stand to make back in salary the cost of attending grad school, a master’s may be worth thinking about.
Can I Do a PhD Without a Master’s Degree?
Whether you are able to pursue a PhD without a master’s varies by program. Many students in the U.S. do enter a PhD program with a bachelor’s degree.
Others enter with a master’s degree either because it is a criterion for admission. Or they want two degrees. Many schools roll a master’s and PhD together if this is one of your aims.
Having a master’s degree may also help you reduce your PhD course load. Fewer credits may mean spending less on tuition. One example is Walden’s PhD in Criminal Justice program. It waives some classes for those with a Master of Science in Criminal Justice or related degree.
Also, while an undergrad degree is often broad and general, not so with most master’s programs. Usually one studies techniques and theory. Then integrates the two in a final capstone project or thesis. This experience may yield solid set of qualitative and quantitative skills.
A PhD demands these skills plus a solid idea of what you want to research. If you are on the fence, a master’s degree might set you up with a clearer focus. You’ll also have the experience of writing a master’s thesis under your belt.
Here are 5 other careers where you need a PhD to conduct research. But you may be able to enter the field in a more general way with a master’s degree.
Take away? A master’s degree may be a useful step if a PhD and/or independent research is your goal. It is a way to study more in depth and can be a preparation for a specific career.
Earn your degree from a university with a “Whole Human Education” approach that focuses on assisting you in all aspects of your education: academic, emotional, career, financial, and family.
Choose from 75+ programs: Whether you’re starting fresh or seeking advancement, our career-focused programs are designed to help you make an impact in your chosen field.
National University is regionally accredited by the WASC Senior College and University Commission (WSCUC).
In general, occupations that need a master’s degree will grow at an average rate of 17% from 2016 to 2026 according to BLS.gov. High growth fields usually feature more jobs.
In some occupations, you might need a master’s degree to qualify for entry-level jobs. In others, a master’s degree may help you land a promotion but you don’t need one to launch a career.
Below are examples of careers where a master’s degree is an entry point. Occasionally, this means that getting ahead may require a doctorate degree.
If a master’s degree is an entry-point to your chosen field, make sure to research options. There are 3 main formats (blended hybrid, online and on-campus). You’ll also want to double-check any state licensure rules and verify accreditation.
11 Masters Degrees That Are Worth It
Master’s degrees that end up being “worth it” are ones where there is a return on your investment. This may happen when:
Employers in a field prefer to hire candidates with a master’s
A master’s degree is the entry to a career or to a PhD
The field is fast-growing with many jobs for skilled workers
There is a big difference in salaries for master’s prepared workers
Here are eleven popular masters degrees. We’ve paired them with some examples of careers to highlight their potential usefulness.
1. Master of Business Administration (MBA)
Also known as Master of Business Administration, an MBA covers key business skills. Then helps students apply managerial practice to a concentration area. Top executives of large corporations often have one. On the flip side, experience may be an invaluable substitute.
2. Master of Social Work (MSW)
To become a clinical social worker, you need a Master of Social Work. You also need 2 years of post-degree supervised practice. These things ready you to take licensure exams, a rule in most states. Make sure you look for MSW programs accredited by the Council on Social Work Education.
3. Master of Public Administration (MPA)
Like an MBA, a Master of Public Administration is a professional degree. It blends studies in leadership and policy analysis. If you want to manage a nonprofit or pursue a C-suite role in public agencies, it may be useful.
4. Master’s in Human Resources
Some companies prefer to hire HR managers with a Master’s in Human Resources according to BLS.gov. Such programs often cover the finer points of labor relations, and benefits. They may also help you become familiar with new software and employment laws.
5. Master’s in Accounting (MAcc)
A Master’s in Accounting may help bachelor’s prepared accountants prepare for the CPA exam. The requirement in most states is 150 semester hours of college coursework according to BLS. This is 30 hours more than the usual 4-year bachelor’s degree. Most MAcc programs fill this gap.
6. Master’s in Engineering
Engineers who want to gain business skills may pursue a master’s degree. There are two options to the MBA. The Master’s in Engineering Management (MEM or MsEM) or technology management (MSTM). These programs often focus on how to manage complex projects and large teams. Many go back to school while working.
7. Master’s in Physician Assistant
Physician Assistants (PAs) need a master’s degree from an accredited PA program. This is one of the fastest growing careers, with 28% more jobs on the horizon from 2023 to 2033 according to BLS. It’s an option for registered nurses and others with patient care experience. Usually taking 2 years of full-time study, they cover clinical rotations and lots of labs.
8. Master of Healthcare Administration (MHA)
Many medical and health services managers today have a master’s degree. A common path is the Master of Healthcare Administration or MHA. Such programs focus on the business side of the industry. They often include courses in budgeting, staffing, health economics, IT and health care law. Job prospects are great and more so with a grad degree. Jobs for medical and health service managers are expected to grow 29% from 2023 to 2033 according to BLS.
9. Master’s in Cybersecurity
Cyberattacks are on the rise and so is the need for skilled analysts. Estimates show that employment of information security analysts may grow 33% from 2023 to 2033 according to BLS. Especially in computer systems design and related services. If this is your goal there are a wide range of cybersecurity masters programs. These often stack relevant technical skills with leadership training.
Earn your degree from a university with a “Whole Human Education” approach that focuses on assisting you in all aspects of your education: academic, emotional, career, financial, and family.
Choose from 75+ programs: Whether you’re starting fresh or seeking advancement, our career-focused programs are designed to help you make an impact in your chosen field.
National University is regionally accredited by the WASC Senior College and University Commission (WSCUC).
Most statisticians have a master’s degree or PhD. Common paths are mathematics, economics, computer science, or data science. Often, these programs set students up with the technical skills to manage and make sense of big data. Growth in this area is not slowing down – 11% more jobs are forecasted to grow from 2023 to 2033 according to BLS.
11. Master’s in Education
Employment in education-related careers is projected to grow about 868,000 openings each year from 2023 to 2033 according to BLS. You do not always need a master’s to begin a teaching career. But in some states, you’ll need one after you have a teaching certification and a job. Or to earn more (see table). For career switchers there are Master of Arts in Teaching programs. Often, MAT programs pave the way to a first teaching license as long as you have a bachelor’s degree in any field.
What are the Benefits of a Master’s Degree in the Job Market?
The benefits of a master’s degree might include:
Higher pay
More focused knowledge
Skills that meet the needs of today’s workplace
Getting a promotion
Vital research skills that pave the way to a PhD
Open to new ideas, methods, networks
But, every situation is different. As such, it is a good idea to assess some options. Here are a few to think about.
If you are already working, ask your employer what you need to do to get a higher paying position. Career sites often list things like attending conferences related to your job role. Networking and redoing a LinkedIn profile may help too
If you want to refresh a resume and add a credential, look into certificate programs. There are graduate certificates in many areas. They are usually from 12 to 15 credits and take about one year to complete. Plus, many schools allow you to transfer the credits to a master’s program later
Popular Fields for Masters Degrees
Postsecondary schools conferred 880,200 master’s degrees in 2021-2022 according to NCES. The most popular fields were:
Business – 205,800 masters degrees
Education – 205,800 masters degrees
Health professions and related programs – 147,000 masters degrees
Computer and information sciences and support services – 51,300 masters degrees
Public administration and social services – 50,100 masters degrees
Take away? In some fields a master’s degree may help you achieve your goals. In others, the cost of getting a degree may outweigh the benefits.
Finding the perfect solution for you will take a bit of homework. You need to research whether a master’s degree lines up with your industry, goals, and regional job market. Then, search to find the program that may match your lifestyle and career path.
Earn your degree from a university with a “Whole Human Education” approach that focuses on assisting you in all aspects of your education: academic, emotional, career, financial, and family.
Choose from 75+ programs: Whether you’re starting fresh or seeking advancement, our career-focused programs are designed to help you make an impact in your chosen field.
National University is regionally accredited by the WASC Senior College and University Commission (WSCUC).
