Top 10 Highest Paying Master’s Degrees You Can Get in 2024

Are you considering returning to school to study a master’s program? A master’s degree is a valuable qualification that will undoubtedly increase your chances of landing a better job with a higher salary. With more and more people getting a master’s, many lucrative roles now demand a graduate degree as a prerequisite. While a bachelor’s degree can make you a professional, a master’s will give you specialized skills and make you an expert.

After some research, I have put together the highest-paying master’s degrees, the best jobs you can secure after graduating, and the median salary for each. Let me give you a quick overview of the highest paying master’s degrees and the potential salaries you can earn after completing the course.

Master’s Degree	Average Salary (per year)
Master of Engineering	$100,000
M.Sc. Nursing	$145,470
Master of Business Administration (MBA)	$59,032
M.Sc. Cybersecurity	$132,962
Master of Finance	$86,636
M.Sc. Computer Science	118,000
M.Sc. Data Analytics	89,000
Master of Economics	$78,357
MA in Political Science	$60,898
M.Sc. in Health Administration	$61,182

Highest Paying Master’s Degrees of 2024

In identifying the highest paying master’s degrees, I discovered that the average salary for degree holders was a key factor. However, I also considered other factors contributing to the decision-making, such as future earning potential, career paths, demand for professionals, and other benefits.

Let’s go through the highest paying master’s degrees of 2024.

1. Master of Engineering

If you’re after one of the highest-paying jobs with a master’s degree — your first stop is engineering. A master’s of engineering degree is a specialized professional qualification that prepares students to use their technological and engineering skills to address real-world issues and find solutions. You can have varied specialties with a master’s in engineering, each leading to lucrative jobs with solid career progression. An engineering master’s degree is one of the best master’s programs you can get to earn an above-average median annual salary during your career.

Best Master of Engineering Programs

Stanford University	Stanford’s Master of Science in Engineering is one of the best, if not the best, master’s of engineering programs in the country. Stanford is currently listed by the US News as the #2 best engineering school.
The University of California Berkley	University of California’s Master of Engineering is designed to help students learn to work in an interdisciplinary team while solving problems and improving their leadership skills. You can choose between the traditional plan or the accelerated track to finish sooner.
Texas A&M University	The Master of Engineering at Texas A&M University is currently the tenth best on the US News list. There are many engineering specializations available to suit your particular interest.

Potential Career Paths

Senior Director of Engineering ($194,592)

Expected growth rate from 2020-2030: 4%, higher than the projected engineering average of 3%.

A senior director of engineering oversees engineering projects and associated activities, usually within a large organization.

Director of Engineering ($153,757)

Expected growth rate from 2020-2030: 4%, higher than average.

A director of engineering oversees engineering projects, hires engineering staff, and prepares engineering budgets for an organization.

Senior Electrical Engineer ($113,932)

Expected growth rate from 2020-2030: 7%.

A senior electrical engineer’s role involves designing and developing electrical equipment and systems and overseeing other electrical engineers.

Senior Mechanical Engineer ($106,088)

Expected growth rate from 2020-2030: 7%.

Senior mechanical engineers research, design, and build mechanical and electro-mechanical systems and equipment.

2. M.Sc. Nursing

A master’s program in nursing is another master’s degree that pays well. It helps registered nurse practitioners build leadership capacity and develop high-level knowledge and skills within the nursing field. This qualification opens up a range of career options.

Best Master of Science in Nursing Programs
Johns Hopkins University	Johns Hopkins University has long been known as a premier institution for education in medicine. Its Masters of Science in Nursing is currently #1 on US News’s 2024 Best Nursing Schools list.
University of Pennsylvania	#4 on US News’s list, the University of Pennsylvania has an excellent faculty-to-student ratio. There are 99 full-time faculty members and 578 enrolled graduate students. This means there is one faculty member for every seven students.
University of North Carolina Chapel Hill	University of North Carolina Chapel Hill is #8 on the US News list. It provides quality education at a somewhat more affordable price. This institution also offers a high-quality Doctor of Nursing Practice program.

Potential Career Paths

Nurse Anesthetist ($162,517)

Expected growth rate from 2020-2030: 38%, much faster than average.

A nurse anesthetist takes care of patients’ anesthesia medication and manages pre- and post-anesthesia procedures.

Nurse Practitioner ($105,999)

Expected growth rate from 2020-2030: 38%, much faster than average.

A nurse practitioner takes care of assessing and treating patients across diverse populations.

Nurse Midwife ($102,937)

Expected growth rate from 2020-2030: 38%, much faster than average.

A nurse midwife’s primary responsibility is handling labor and delivery procedures and administering pre- and post-natal care.

Nurse Administrator ($93,688)    

Expected growth rate from 2020-2030: 32%, much faster than average.

A nurse administrator leads a team of nurses and can act as the unit manager of a nursing department.

Clinical Nurse Leader ($38.35 per hour)

Expected growth rate from 2020-2030: 9%, about average.

Clinical nurse leaders supervise other nurses and take part in delivering patient care.

3. Master of Business Administration (MBA)

An MBA program helps students to become quality professionals by developing and enhancing their management, leadership, organizational skills, and supply chain management. Their critical thinking and analytical ability help them pursue some of the highest-paying jobs on the market.

Best Master of Business Administration Programs
​​ University of Chicago (Booth)	Tied at #1 on US News’s Best Business Schools list, the University of Chicago offers not just one of the best MBAs but some of the best business-related education you can find. Its MBA has many departments providing all sorts of concentrations, allowing you to choose a field you want. MBAs here are not cheap, but they offer a great chance of ROI — 88.70% of full-time University of Chicago (Booth) graduates find employment after finishing their MBAs.
University of Pennsylvania (Wharton)	As the other institution holding the #1 position on the US News list, Wharton provides an excellent MBA with a high employment rate (89%) after graduation. Wharton is a renowned name for MBAs, and education here does not come cheap. However, it has the country’s most extensive network of alumni — something that can indeed be useful in the business world.
Indiana University (Kelley)	Indiana University’s Kelley School of Business is #22 on US News’s list but offers a much more affordable MBA for in-state students. An online MBA is also available at this institution.

Potential Career Paths

Chief Executive Officer (CEO) ($162,991)

Expected growth rate from 2020-2030: 8%, about average.

A chief executive officer is the head of an organization, in charge of its organizational structure, workforce, employees, overall strategies, and communication with the board of directors. This is one of the highest-paying jobs with a master’s degree.

Information Technology (IT) Manager ($164,070)

Expected growth rate from 2020-2030: 11%, faster than average.

An information technology manager is responsible for planning and managing all organizational activities related to computer and information systems.

Regional Sales Manager ($87,264)

Expected growth rate from 2020-2030: 7%, about average.

A regional sales manager oversees all sales and distribution of products or services within a specific region.

Training and Development Manager ($120,000)

Expected growth rate from 2020-2030: 11%, faster than average.

Training and development managers develop or oversee training resources and strategies and conduct training for an organization’s staff.

Business Operations Manager ($84,936)

Expected growth rate from 2020-2030: 8% (for top executives), about average.

Business operations managers coordinate the activities of different departments within an organization to align the company’s strategies with its customers’ interests.

4. M.Sc. Cybersecurity

A master’s in cybersecurity is another of the most profitable master’s degrees. It equips students with knowledge of risk management, ethical hacking, cryptography, digital forensics, and various other topics. If you like computers and want to make a difference, this is the best master’s degree for you! Graduates are highly skilled in cyber security and know how to protect IT systems from malicious actors and other critical risks.

Best Master of Science in Cybersecurity Programs
Georgetown University	Georgetown University offers a fully online (or hybrid) Master’s in Cybersecurity Risk Management. Students are tasked to complete 33 credit hours within two to five years. Ranked 23rd best in the list of national universities, Georgetown is an excellent and prestigious university to earn your degree.
New York University	NYU’s Masters in Cybersecurity requires students to complete 30 credit hours over one year. You can choose between two tracks: Cyber defense or cyber operations. The program is not affordable, but NYU’s Cyber Fellows program can offer 75% scholarships for qualifying students.
Western Governors University	WGU’s Online Master’s in Cybersecurity and Information Assurance is entirely online and self-paced for the ultimate flexibility. Students need 30 credits to graduate. Tuition is a flat rate: $4,555 per six-month term whether you are an in or out-of-state student.

Potential Career Paths

Information Security Manager ($125,059)

Expected growth rate from 2020-2030: 33% for Information Security analysts, much faster than average (likely lower for managers, as there are fewer positions).

An information security manager develops and implements cybersecurity strategies, including data protection and recovery practices.

Cybersecurity Engineer ($101,547)

Expected growth rate from 2020-2030: 33%, much faster than average.

Cybersecurity engineers detect and identify vulnerabilities in information systems and apply their skills to mitigate these risks.

Network Security Engineer ($97,028)

Expected growth rate from 2020-2030: 33%, much faster than average.

Network security engineers identify bugs and threats associated with the IT network of an organization through testing and monitoring. They prevent future risks by deploying solutions.

Cybersecurity Analyst ($80,888)

Expected growth rate from 2020-2030: 33%, much faster than average.

A cyber security analyst studies the IT infrastructure of an organization in-depth, including hardware, software, and networks, and monitors and evaluates threats.

Information Security Analyst ($112,000)

Expected growth rate from 2020-2030: 33%, much faster than average.

Information security analysts protect an organization’s information systems, especially critical information and data, by installing preventive solutions like firewalls and anti-phishing software.

5. Master of Finance

A master of finance program helps mathematician students develop and sharpen their financial management skills. With accounting, research, and communication skills, they are eligible for a range of well-paid roles. An MF is one of the best master’s degrees if you’re interested in financial topics and math.

Best Master of Finance Programs
University of Texas at Austin	The McCombs School of Business at the University of Texas at Austin offers a Master of Science in Finance. A council of leaders in the finance industry designed the program’s rigorous curriculum.
Massachusetts Institute of Technology	MIT isn’t only known for engineering and science-related programs. Its Sloan School offers a Master of Finance program with a rigorous curriculum and a hands-on approach to learning guided by world-class faculty.

Potential Career Paths

Chief Financial Officer (CFO) ($147,415)

Expected growth rate from 2020-2030: 8%, about average.

An organization’s CFO is its financial head and is responsible for its overall financial well-being.

Finance Director ($119,547)

Expected growth rate from 2020-2030: No BLS data

A finance director is responsible for all financial activities within an organization, including training accounting personnel, reporting revenue, and corporate finance matters.

Financial Manager ($139,790)

Expected growth rate from 2020-2030: 16%, much faster than the average.

Financial managers manage financial reports and develop effective strategies to meet an organization’s objectives.

Financial Analyst ($96,220)

Expected growth rate from 2020-2030: 6%, about average.

Financial analysts study the market and recommend strategies to promote organizational success.

Financial Advisor ($65,577)

Expected growth rate from 2020-2030: 5%, slower than average.

Financial advisors advise individuals on how to manage their finances for a better financial future.

6. M.Sc. Computer Science

A master’s in computer science helps students acquire in-depth knowledge of computing systems, architecture, and other topics such as statistics and mathematics. They can then apply this knowledge and skills to solve problems using technology and obtain several well-paid roles.

Best Master of Science in Computer Science Programs
Cornell University	The prestigious Cornell University offers a Master of Science in Computer Science program. It is a four-semester small program, teaching students more profound knowledge and skills through research, advanced coursework, and writing. Cornell requires students to serve as teaching assistants during their education. In exchange, students receive a full tuition waiver and a stipend for living expenses.
University of California Berkeley	UC Berkeley’s Master of Science in Computer Science program requires 24 credits. Students can learn about user interface design (UI design), cryptography, network security, and more.
Purdue University	Purdue University, based in Indiana, offers a Master of Science in Computer Science. Students have two choices — a non-thesis option comprising ten courses of three credits each or a thesis option comprising eight courses of three credits each and a thesis requirement.

Potential Career Paths

Computer Network Architect ($126,051)

Expected growth rate from 2020-2030: 5%, slower than average.

Computer network architects design and develop digital communication network systems, such as WAN (Wide Area Network) and LAN (Local Area Network).

Computer Hardware Engineer ($132,360)

Expected growth rate from 2020-2030: 2%, slower than average.

Computer hardware engineers are involved in designing, developing, testing, and implementing hardware components, such as hard disks, circuit boards, and servers.

Computer Scientist ($136,620)

Expected growth rate from 2020-2030: 23%, much faster than average.

Computer scientists apply their computing knowledge to solve issues and help society work towards a better future by developing helpful software applications.

Software Developer ($124,200)

Expected growth rate from 2020-2030: 25%, much faster than average.

Software developers design, develop, test, and implement software for various applications. They also look for vulnerabilities in developed software and come up with solutions.

Computer Programmer ($97,800)

Expected growth rate from 2020-2030: -11%, decline.

Computer programmers use their coding knowledge to help software applications work efficiently and to improve programs and operating systems.

7. M.Sc. Data Analytics

A master’s in data analytics integrates advanced statistics, analytical skills, management, and computing knowledge to prepare students to handle and analyze large quantities of critical data for better decision-making.

Best Master of Science in Data Analytics Programs
Stanford University	Stanford University offers its MS in Statistics: Data Science. It is a 45-credit program teaching students everything they need to know about data science and analytics. It culminates in a capstone project.
University of Massachusetts Amherst	Rather than a direct data analytics program, UMass Amherst offers a Master’s in Computer Science with a concentration in Data Science. The program requires 30 credits to complete.
New York University	New York University’s Master of Science in Data Science is a highly selective program focusing on teaching students how to develop new methods related to data science. It is a 36-credit program spanning two years. NYU has a limited number of scholarships available for qualifying students.

Potential Career Paths

Analytics Manager ($104,767)

Expected growth rate from 2020-2030: 14%, much higher than average.

An analytics manager works with marketing and product development professionals to recommend the best strategies based on high-quality data.

Data Scientist ($99,694)

Expected growth rate from 2020-2030: 8%, about average.

Data scientists, also known as research scientists, collect and analyze large quantities of data and use their statistical and computing skills to recommend the best solutions for business and developmental challenges.

Data Engineer ($96,082)

Expected growth rate from 2020-2030: 33%, much higher than average.

Data engineers use sophisticated infrastructure to process large quantities of data and convert them into a form that data scientists can easily analyze.

Business Intelligence Analyst ($73,783)

Expected growth rate from 2020-2030: No BLS data.

Business intelligence analysts help organizations with data retrieval and analysis. They work with management and IT departments to facilitate data analysis.

Data Analyst ($66,497)

Expected growth rate from 2020-2030: 22% (market analyst), much higher than average.

Data analysts handle large quantities of data related to marketing, logistics, demographics, and other business aspects. They make data digestible to help organizations and businesses make better decisions for the future.

8. Master of Economics

With a master’s in economics, students gain knowledge of quantitative and qualitative analysis of economic data to suggest solutions to societal, industrial, and business problems.

Best Master of Economics Programs
Yale University	Yale University’s Master of International and Development Economics is a highly selective one-year cohort program. It admits only thirty students per year to ensure close mentoring from the faculty. Students must complete five core courses and two electives.
University of Southern California	USC’s Master of Science in Applied Economics and Econometrics is a 32-credit program that most students can complete in twelve to eighteen months. There are six tracks to choose from, though the program only accepts full-time learners.
University of Florida	The University of Florida’s Master’s in Economics offers its master’s students many of the same programs its doctorate students enroll in. Four specializations are available, though getting accepted to the program is challenging.

Potential Career Paths

Actuary ($113,990)

Expected growth rate from 2020-2030: 23%, much faster than average.

An actuary uses critical thinking and analytical skills to predict risk and interpret events. Their advice helps businesses to make better decisions that can keep them healthy even during challenging times.

Market Research Manager ($87,380)

Expected growth rate from 2020-2030: 13%, much higher than average.

A market research manager helps organizations with their market-related research requirements. They study market conditions, customer preferences, and competitor strategies and make recommendations.

Economist ($113,940)

Expected growth rate from 2020-2030: 6%, faster than average.

Economists collect and analyze production and consumer behavior data to help organizations make crucial economic decisions.

Senior Budget Analyst ($90,908)

Expected growth rate from 2020-2030: 3%, as fast as the average.

Senior budget analysts oversee funds, transactions, and investments and give financial advice to help organizations optimize their financial resources.

Statistician ($99,960)

Expected growth rate from 2020-2030: 30%, much faster than average.

Statisticians use statistical models, theories, and methods to solve real-world issues. They collect and interpret data to help business decisions.

9. MA in Political Science

A master’s in political science gives students deep insight into country and city governments’ political, social, and economic landscape. It prepares them to handle issues affecting society, develop public policy, and participate in decision-making at the highest levels.

Best Master of Arts in Political Science Programs
Duke University	The prestigious Duke University consistently ranks among the top in the country. It offers an MA in Political Science program that requires 30 credits to complete. However, getting in might be tough — it only accepts 10-13 students yearly.
University of Georgia	The University of Georgia offers a 33-credit Master of Arts in Political Science and International Affairs program at its Athens campus. The program was specifically designed for students looking to earn a Ph.D. after graduation. Qualifying students may work in an assistantship position in exchange for full tuition remission and a living stipend.
Texas A&M University	Texas A&M University’s MA in Political Science is a 30 to 36-credit program offering advanced training to a select few. The program is a pathway to the institution’s Ph.D. program.

Potential Career Paths

Economist ($113,940)

Expected growth rate from 2020-2030: 6%, faster than average.

Economists research various economic and social issues at the regional, national, and international levels and suggest solutions to current challenges.

Lobbyist ($88,000)

Expected growth rate from 2020-2030: No BLS data

A lobbyist’s job is to interact with politicians and suggest strategies for organizations around legislation and policy.

Political Campaign Manager ($66,970)

Expected growth rate from 2020-2030: 6% (PR and Fundraising Manager), faster than average.

A political campaign manager designs strategies for political campaigns and manages messaging, communications, and budgets.

Policy Analyst ($63,744)

Expected growth rate from 2020-2030: 9%, faster than average.

A policy analyst evaluates public policies, emphasizing their efficacy, and recommends improvements.

Urban and Regional Planner ($79,540)

Expected growth rate from 2020-2030: 4%, about average.

An urban and regional planner communicates with government officials, discusses strategies, and coordinates with contractors.

10. M.Sc. in Health Administration

With a healthcare management degree, graduates may become healthcare executives in hospitals, health insurance companies, and nursing homes, offering lucrative salaries and professional development.

Best Master of Health Administration Programs

The University of Alabama, Birmingham	This master’s course is ranked the country’s #1 healthcare management graduate program by U.S. News & World Report. It includes a 33-month program with 21 full-time on-campus courses and 9-12 months in an administrative residency.
University of Minnesota	The Master of Healthcare Administration (MHA) course is ranked #2 by the U.S. News & World Report. The course can be completed in 21 months with 60 credits and is not limited to students with healthcare management experience.
Rush University	The Master of Science (MS) in Health Systems Management provides professional management training to develop leaders in health care administration. The course takes 2 years to complete with an average size of 25 students per class.

Potential Career Paths

Health Information Manager ($104,830)

Expected growth rate from 2020-2030: 28%, much faster than average.

Health information managers can work in hospitals, private medical practices, or other health-related organizations. It is a data-driven role that requires efficiency and accuracy when liaising with various departments.

Healthcare Consultant ($85,129)

Expected growth rate from 2020-2030: No BLS data.

Healthcare consultants communicate with clients to pinpoint operational issues and resolutions. They analyze employment figures and revenue, collect financial statements, and determine how healthcare institutions can save money while implementing solutions to streamline operations.

Healthcare Administrator ($77,857)

Expected growth rate from 2020-2030: 32%, much higher than average.

A healthcare administrator manages the daily operations of the facility, such as staffing issues and HR. They mainly work in hospitals, nursing homes, correctional facilities, and primary-care medical practices.

Some Worst Paying Master’s Degrees

Just as there are most valuable master’s degrees that can help you earn six figures, some degrees may simply not be worth it. Many still choose the degrees below, particularly when following their passion.

Here are some of the worst-paying master’s degrees and some jobs you can get with them:

Master’s in Human Services

A master’s degree in human services helps prepare you for working in policy-based programs, social services, public resources, and more. These programs teach you the skills and techniques necessary for jobs such as:

• Social worker (average salary $55,350 per year)
• Social and community service manager (average salary $74,240 per year)

Master’s in Divinity

Those looking to earn their Master’s in Divinity (MDiv) usually aren’t in it for the money but to gain the knowledge and experience necessary to become a pastor, priest, minister, or spiritual leader. Pastors generally earn around $30,000 to $60,000, although salaries depend on the church’s location and the congregation’s financial capacity. Youth pastors and chaplains or ministers earn less.

Master’s in Mental Health Counseling

Mental health counseling often dips into substance abuse and behavioral disorder counseling as well. Master’s degrees and internships are usually required to find jobs in this field. Unfortunately, unless you are a clinical psychologist or psychiatrist, your salary will look closer to $49,710 than six figures. Nevertheless, mental health counseling is a noble field to choose from.

Other Things to Consider When Choosing Your Master’s Degree

Unsurprisingly, one of the biggest things that people consider when choosing their master’s degree is money. Going for a master’s degree is a significant cost, so people naturally look to their potential return on investment (and its timeframe) to see whether more education is worth it. However, money isn’t the only factor in the equation. So, what else should you consider when choosing your master’s degree?

Here are some factors to consider when researching the best master’s degree:

Your “Why”

Besides the money, one of the first things you should ask yourself is why. Why do you want to return to earn a master’s degree? Is it to further your current career path or to change it completely? Are you following your interests and finally entertaining your passions? Or do you want to go back simply for the sake of learning? Whatever it may be, knowing your “why” can help guide your decisions along the way.

Try to resist the temptation to choose a field or program simply because it’s the “best” or because you feel it might look good on your resume — make sure you choose something that suits your goals. Considering your goals and no one else’s can improve your chances of feeling more fulfilled with your career after graduation.

Your Interests and Strengths

It’s tempting to choose one of the best-paying master’s degrees and leave it at that. However, just because a program might lead to high-paying jobs doesn’t mean it’s right for you. Considering your interests and strengths and weighing them against your choice programs is always good.

Will a program help you build upon your strengths and allow you to thrive, or will it cause you more trouble than you might feel worth it? Would you be interested enough in a particular subject to pursue your master’s?

High-paying master’s degrees are great, but what’s even better is something that fits you.

Of course, if you want to pivot into a different field or career, you can — there’s always a way to leverage your current skills and experience into something new.

Cost

The cost of a master’s degree can be quite prohibitive for many seeking higher education. It is also one of many significant considerations when choosing a program and a school. You may want to consider the overall cost of a program (tuition fees, additional fees, living expenses, and opportunity costs) and weigh it against what you’re willing to spend or borrow. Doing your research beforehand can help you make the right decision.

There’s good news — most universities and master’s degree programs offer financial aid. You can also find outside scholarships, employer tuition assistance, and other benefits that can help bring down your program’s cost. Some schools even provide tuition remission and living stipends in exchange for an assistantship requirement.

You may also consider that online degrees are often much more affordable than in-person options. However, online study may not always be applicable, especially in fields that require research or practical experience.

Future Opportunities – Do You Get More or Fewer?

For many, returning to school to earn their master’s degrees means increasing their employment options after graduation. However, depending on your chosen field, your future job options may not increase or decrease. Do your research before committing to a program or area — ensure you do not set yourself up for failure by joining a field with declining growth outlooks.

The United States Bureau of Labor Statistics is often a great place to determine whether a particular occupation or field will grow in the coming years. However, you may also keep up with the news and general industry chatter around a field you want to pursue.

The Program(s)

Most who want to earn their master’s degrees want to get into top master’s programs that can help set them up for success after graduation. So, of course, it only makes sense to look deeper into the actual program(s) before you enroll. A few things to consider:

• Does the learning format fit your preferences? Master’s degrees can be taught in traditional classroom settings where professors lecture. They can also be earned chiefly through research and practical experience. If you’re more of a lecture type, choosing programs that use that learning format predominantly may benefit you, as you’ll likely find the material more accessible.
• What’s the schedule and flexibility like? If you intend to work while completing your master’s degree, you probably want to know how flexible a program is before committing. You can always find a flexible job to accommodate an inflexible program format, but it’s best to find something that suits your needs from the beginning. Flexibility is why many choose to go for online degrees that offer flexibility and asynchronous formats to allow for self-paced learning.
• How long will the program take? A program’s duration is not always a consideration for many, but you may want to know how long it will take before you can start looking to advance your career.

It’s always good to consider how much student support you’ll get. Support can come from student facilities such as a library, IT services, faculty office hours, and more. It will differ from institution to institution, and you won’t always get the same type of support online that you may get from on-campus learning.

Location/Online

Last, you may also want to consider the program’s location. Would you need to relocate to pursue your education? Sometimes, you may find a program of relative quality nearer by that can help save you the cost and hassle of a cross-country move. Local programs can also mean lower tuition costs.

Alternatively, you can consider an online master’s degree, so you don’t need to move!

How Can You Boost Your Salary Potential?

Some top-paying master’s degrees on this list can help significantly boost your income after graduation. However, there are also ways in which you might be able to raise your salary without having to earn a master’s degree at all. Here are a few tips that can help increase your salary potential.

Switch Industries or Pivot Careers

Pivoting your career is one of the best ways to boost your earning potential, especially if you are from an average or lower-paying field. Research what is currently in demand (and has a great future outlook) to see if any fields interest you.

Sometimes, you may already have the experience and skills necessary to pivot into a new industry or role. However, it is also very likely that you will need additional education and experience to transition successfully. In the latter’s case, you can use this information to help you decide which master’s degree to pursue.

Identify Fast-Growing and In-Demand Skills — and Learn Them

You don’t always have to change careers to boost earnings. If you stay updated on industry news, you may sometimes find new and fast-growing niches or skills becoming more in demand within your current field. Learning these new skills can help make you indispensable to your employer or make you more appealing to potential employers who may offer you a higher salary.

The good news is you don’t always have to earn a master’s degree to learn these new skills — sometimes, you only need a short course or program. These days, there are so many online course providers that can help you learn specific skills, especially in the field of tech.

Keep Working on Your Credentials and Portfolio

One pitfall of long-term employment is that some people can get so comfortable they allow themselves to stagnate. Even as you work full-time, do your best to keep adding to your credentials and your portfolio. You can do so by signing up for online courses that provide certificates upon completion (though make sure you select courses that award employer/industry-recognized certificates) or by working on side projects in your own time.

A better portfolio and a credential-filled resume can mean higher offers when you look for work. You can also use your credentials and portfolio to negotiate your salary with your current employer — which brings us to the next point.

Negotiate Your Current Salary

If you feel your current salary is not keeping up with industry standards or feel undervalued at your current employer, consider negotiating your salary. Many succeed in getting significant raises. However, you may want to find another job if you feel severely undervalued.

Network

Not everyone enjoys networking, but there’s no denying how beneficial it can be. Networking can help you make professional and personal relationships that may bring future jobs and insider knowledge to your sector.

Relocate

You might hate to hear this, but relocating can be one of the best ways to boost your salary immediately. Moving to a city with a higher average salary can help you earn more.

Additionally, moving to cities where your chosen field is a prominent industry may benefit you. For example, people working in tech may want to move to San Francisco or Seattle to find the best career prospects.

Beware, however, as higher earning potential doesn’t always mean you can get more disposable income or savings. Select a location carefully because high living costs can reduce whatever salary boost you get.

Frequently Asked Questions

Will I earn more money if I get a master’s degree?

Of course, nothing is guaranteed. If you want a better-paid job or a pay increase in your current role, you’ll still need to demonstrate the right skills, experience, and attitude. However, a master’s degree will be vital in landing a higher salary.

Is there an alternative to a master’s to make more money?

Your first goal in getting a lucrative job is to obtain one of the many high-paying master’s degrees. But that’s not always possible. An undergraduate degree and professional experience will sometimes be sufficient to land a well-paid job. If you’re looking for a pay rise in your current role, there are other ways to build your skills and experience, such as taking on extra responsibilities. However, in most cases, having a master’s is the most convincing argument for your current employer to give you a pay rise or for a new employer to hire you.

If you’re interested in research, consider a PhD or a professional doctorate such as an EdD.

What is the best master’s degree for the future?

The answer to this question is entirely subjective. If money is the only concern, a master’s degree in engineering or an MBA might be the answer. An MBA can provide plenty of flexibility that allows you to work in many industries, making it the better choice.

If you’re more interested in fields more aligned with the future, you can choose cybersecurity or computer science. Alternatively, if you want something more evergreen (which will never go out of demand), you can always go for M.Sc. Nursing.

Of course, even if you know the best master’s degrees 2024 has to offer, nothing beats following your interests and passions — especially since this makes for a more fulfilling career.

What jobs make 100k a year with a master’s degree?

It appears that senior positions in the field of engineering pay six figures on average. However, if engineering is not your thing, you can look at other positions such as C-level executive (chief executive officer or chief financial officer), nurse anesthetist, information security manager, and computer network architect. Again, many of these positions are more senior or higher up on the ladder — but the good news is these positions are exactly what your master’s degree prepares you for.

Which master’s degrees pay the most?

Looking at the list of highest-paid master’s degrees above, we can easily say that engineering is the field with the most high-paying jobs for graduate degrees. However, you most likely have to be in a senior position to earn six figures in engineering.

Regardless, engineering is quite a lucrative field, with the position of Senior Director of Engineering paying nearly $190,000 per year. Honorable mentions include M.Sc. Nursing, MBA, M.Sc. Cybersecurity, Masters of Finance, and M.Sc. Computer Science.

What are the most in-demand master’s degrees?

The master’s degrees for college graduates in highest demand by employers in 2024 include data science, cybersecurity, engineering, nurse anesthesia, and management. This closely correlates with the master’s programs and graduate degrees that are the most popular and highly competitive.

What are the most lucrative master’s degrees?

The most lucrative graduate degrees are those that have the highest earning potential and job growth and balance this against how much you’ll need to pay to earn your degree. Master’s degrees that will likely lead to a high salary without saddling you with high student debt include business, finance, and nursing. Other lucrative options include physician assistants and research assistants.

Which master’s degree is most valuable in the future?

In the following 10 to 20 years, professions predicted to be in the most demand with solid job growth include information systems analyst, software developer, data scientist, nurse practitioner, finance manager, and operation manager.

Most of these jobs are also predicted to deliver high salaries and stable employment options. Therefore, master’s degrees in corresponding fields, such as information technology, software engineering, business, and nursing, could be considered the most valuable in the future.

Key Takeaways

In my opinion, in today’s competitive job market, having a master’s degree is critical, especially if you want to secure a high-level role with a good salary. A master’s degree makes you eligible for well-paid positions that require a graduate degree as a minimum qualification. In other cases, a master’s may not be required, but it will set you apart from other applicants and put you at the top of the list.

In light of this article, I advise you to consider not only the highest paying master’s degrees but also the programs that fit your passions and career ambitions.

To learn more about some of the programs mentioned above and to choose the right graduate degree for you, check out our complete guides to Master’s in Finance, Master’s in Criminal Justice, and Master’s in Education.