If you are considering graduate school, you may wonder if earning your master’s degree can help increase your salary.
While the answer varies depending on your field of study, location, experience, and other factors, in general, the U.S. Bureau of Labor Statistics finds that completing higher levels of education, such as earning a master’s degree, typically results in higher annual earnings from your profession.
“Each level of education you complete may help you develop more skills, give you access to higher paying occupations, and signal that you’re able to follow through on important tasks, such as planning ahead and meeting deadlines, that employers value,” the BLS said.
A master’s degree is a post-graduate degree that generally is earned after the completion of a bachelor’s degree. It typically takes two years to complete, so it’s a solid investment in terms of both time and money.
According to Educations.com, “Master’s degree holders earn 19% more than Bachelor’s graduates” on average. The BLS Education Pays data reported Master’s degree holders having a median annual salary of $95,680. Additionally, Master’s graduates have an unemployment rate of 2.2%, while Bachelor’s graduates have a 2.5% rate.
Public Health, Business Administration Among Most Valuable Master’s Degrees
A 2021 study by CNBC found that a master’s degree can boost a person’s salary by up to 87%. However, the range of income you can expect to get from earning a master’s varies. Research.com noted that “programs tied to healthcare, technology, business, and engineering consistently deliver the strongest salaries.”
While a bachelor’s degree in business administration garners an average salary of $69,117, a master’s in business administration has an average salary of $165,372 according to job boards like ZipRecruiter.
A master’s in public health starts with an average salary of $60,024, compared to $44,017 on average with a bachelor’s degree in the same subject, a 36% increase, according to the CNBC report.
Jonathan Holt, an SDSU Global Campus Academic Program Director who oversees several master’s degree programs, says earning a post-graduate degree can benefit students in many ways.
SDSU Global Campus Academic Program Director Jonathan Holt oversees several master’s degree programs
“A master’s degree – or any post-baccalaureate degree – can have a number of benefits,” Holt says. “For many looking to advance in a particular field, an advanced degree can show employers that you are highly trained and qualified, leading to new opportunities and development. For those looking to change fields, it can connect you with professionals and scholars who can prepare you for a new step.”
Also, the hard work and dedication it takes to earn a master’s degree can benefit degree holders, regardless of the field of study the degree is in, according to Holt.
“Even for those who have a passion for something that isn’t necessarily their ‘field,’ the skills necessary to earn an advanced degree – focus, collaboration, careful study, and the ability to bring together research and practice – are invaluable tools that can be applied in almost any professional setting,” Holt said.
Factor in the Cost of Getting Your Master’s
When looking at how much more you might earn from getting your master’s, be sure to factor in the costs of getting the degree.
According to EducationData.org, the average cost of a master’s degree is $62,820. A master’s in Education typically costs $44,640, while a master’s in arts will run about $71,140 and a graduate degree in science will run about $61,380. You should also consider the cost difference between a public and private university. A master’s from a public university is $51,740 on average, while one from a private institution averages $62,550.
Earning a master’s degree requires a substantial investment of time, money, and effort, but it generally pays off with higher salaries and more opportunities to advance in your career. While post-graduate degrees aren’t for everyone, for those who choose to pursue them, it usually turns out to be a sound investment.
