If you’re nearing the end of your undergraduate degree or you’re feeling stuck in your career track, you might be wondering, “Is a master’s degree worth it? Should I go to graduate school?”
I’m here to help break down the most important considerations. The final call comes down to three things: how much you’re likely to make, how likely you’ll be to land a job, and how much you’ll pay to earn your degree.
Be Honest: Is a Master’s Degree Worth It?
Like anything in life, people pursue a master’s degree for any number of reasons:
- Enhance career prospects
- Lay the groundwork for a PhD
- Dive deeper into a subject they’re passionate about
- Increase their earning potential
- Gain a sense of accomplishment
- Satisfy their family’s academic expectations
- Expand their network of professionals
- Gain credibility in their chosen field
- Pivot or switch their career path
Whatever your reason(s), a master’s degree offers specialized knowledge and skills that can open doors to new opportunities. It can also provide a sense of personal accomplishment that empowers people to contribute more effectively to their profession.
Depending on the program and career, however, it can also be an expensive, time-consuming task that doesn’t live up to expectations.
The bottom line: Some people will find it extremely valuable while others may not.
How Important Is a Master’s Degree?
The value of a master’s degree is subjective, and it ultimately depends on a person’s career goals and their prospective industry.
For certain career paths, graduate school is a minimum academic requirement as it provides specialized knowledge, skill refinement, and even real-world experience. Some of these careers include:
- nurse practitioner
- physician’s assistant
- occupational therapist
- statistician
- educational administrator
- speech pathologist
- social worker
- certified accountant
The value of a master’s degree is subjective, and it ultimately depends on a person’s career goals and their prospective industry.
For certain career paths, graduate school is a minimum academic requirement as it provides specialized knowledge, skill refinement, and even real-world experience. Some of these careers include
Is a Master’s Degree Worth the Cost?
Is it worth getting a master’s? Well, you need to weigh the pros and cons before taking on serious debt.
You might receive better career prospects, higher earnings, and specialized knowledge. However, graduate degrees aren’t created equally – and some have better returns on investment. It’s great if your industry rewards these types of commitments, but it’s important to remember that some simply won’t.
Since the average cost of a master’s degree is over $60,000 (note: private institutions will likely be higher), you’ll need to weigh your options and do industry-specific research before applying to programs.
How Much Time Will a Master’s Take?
The length of a master’s degree can vary depending on the field, institution, and specific program. However, a full-time student should be able to complete the majority of courses within 2 years (4 semesters), though some adventurous people squeeze it into 1 or 1.5 years.
These numbers are for full-time students. If you need to attend school part-time, this could stretch a 2-year program over 3-4 years. A long-term timeframe is often preferable for people with full-time work schedules or family responsibilities.
How to Speed up Your Master’s Degree
If you’re looking to accelerate your master’s degree, there are several methods to consider:
- Choose an accelerated program
- Enroll in a dual degree program that lets you complete your bachelor’s and master’s programs simultaneously.
- Choose online courses that allow you to complete the program at your own pace.
Should I Get an Online Master’s Program?
The perception of online master’s degrees has shifted more positively in recent years, and millions of people obtain higher education through these channels.
However, many employers won’t prioritize applicants with online master’s degrees if the school only operates online (i.e., without a campus). According to Northeastern University, “92 percent of employers view online degrees from brick-and-mortar schools as favorable, while only 42 percent would consider a candidate with an online degree from a university that operates solely online, despite any accreditation.”
In other words: If you’re applying to an accredited school’s online course, prioritize those that also have physical classrooms. Your degree will be treated more favorably.
What Are the Highest- and Lowest-Paying Master’s Degrees?
If you already have an idea about your future career path, how does it stack up in terms of salary? In 2023, the average master’s earner found the greatest economic success with the following degrees:
Of course, there’s a counter to those high-paying degrees. Here are the degrees that ranked lowest in terms of pay.
Can I Get a Free Master’s?
While rare and difficult to obtain, free master’s degrees are possible. Research the following options:
- Grants, fellowships, and scholarships offered by universities, governmental organizations, and private foundations may entirely cover tuition fees.
- Research and teaching assistantship duties can help offset tuition costs.
- Some employers offer tuition reimbursement programs for employees pursuing a related field.
- Many master’s programs abroad provide low- or no-cost master’s degrees to international students (ensure these lead to a formal degree).
Master’s Degree Program Alternatives
There are several educational options that can save you money while providing real-world experience and/or industry-specific certifications. Employers in many industries prioritize hands-on learning, meaning plenty of networking opportunities without heavy financial burdens.
The following options offer flexibility regarding your career aspirations, financial circumstances, and preferred learning styles.
1. Internships & Apprenticeships
It’s not just trades like plumbing or carpentry that offer specialized training and certification: You can join a software engineering apprenticeship, business internship (with a reputable employer), and much more!
Pro tip: Don’t overlook the importance of mentorship programs, either!
2. Industry-Specific Certifications & Qualifications
Specialized certifications and qualifications are affordable ways to gain an education (without entering a graduate program). I recommend looking into accredited online courses, workshops, seminars, and even boot camps to acquire relevant skills and knowledge.
3. Self-Directed Learning
If your future occupation doesn’t require an advanced degree, there’s a world of information at your fingertips. Read books, listen to podcasts, and even start a blog about a specific topic. Most employers are looking for self-starters! You can pad out your CV while building skills – without seeking financial aid.
Do You Get Paid More If You Have a Master’s Degree?
Yes, those with a Master’s degree have a higher median salary than those with a Bachelor’s degree. And those with a doctoral degree earn more, overall, than those without one.
The average master’s degree salary – in nearly all sectors – exceeds that of lower education levels. According to the Bureau of Labor Statistics (BLS):
A professional with a Master’s in Business Administration (MBA), healthcare, or engineering typically commands a higher salary than a bachelor’s degree holder.
Certain industries also have established salary structures that reward higher education (and those should increase over time with promotions).
Do Master’s Degree Holders Always Earn More?
While the statistics are pretty persuasive, there are plenty of variables that can change a person’s salary:
- Field of study
- Job role
- Specialized knowledge/skills
- Additional certifications
- The company you work for
- Previous experience
- Location
- Job growth & saturation rates
If the job market happens to be saturated – or the role doesn’t require higher education – applicants may not always be able to count on a higher salary. In these kinds of cases, practical experience, certifications, or other qualifications may hold more weight in determining salary levels.
While this isn’t the case for every career, the following have substantially higher earnings with a master’s degree:
- Bachelor of Engineering: $92,000
- Master’s of Engineering: $100,000
- Registered Nurse with Bachelor: $81,220
- Nurse Practitioner with Master’s Degree: $125,900
What Is the Unemployment Rate for Master’s Degree Holders?
According to the Bureau of Labor Statistics, people with master’s degrees (1.9%) have a slightly better unemployment rate than those with bachelor degrees (2.2%).
The Bottom Line
So, is a master’s degree worth it? It depends on which degree you pursue and the amount of debt you may take on to earn it.
In the end, it’s your decision to make. I hope this guide helped. Good luck with your education!
References
- U.S. Bureau of Labor Statistics (BLS). “Registered Nurses.” Retrieved from https://www.bls.gov/ooh/healthcare/registered-nurses.htm. Accessed March 22, 2024.
- U.S. Bureau of Labor Statistics (BLS). “Nurse Anesthetists, Nurse Midwives, and Nurse Practitioners.” Retrieved from https://www.bls.gov/ooh/healthcare/nurse-anesthetists-nurse-midwives-and-nurse-practitioners.htm. Accessed March 22, 2024.
- Society for Human Resource Management (SHRM). “Salary Structures: Creating Competitive, Equitable Pay Levels.” Retrieved from https://www.shrm.org/topics-tools/news/benefits-compensation/salary-structures-creating-competitive-equitable-pay-levels. Accessed March 22, 2024.
- Northeastern University, College of Professional Studies. “Are Online Degrees Respected?” Retrieved from https://bachelors-completion.northeastern.edu/news/are-online-degrees-respected/. Accessed March 22, 2024.
Armed with an English degree and nearly a decade of teaching experience, Tenley brings her unique skillset to GradCafe’s team. Whether she’s writing or editing, her goal is to provide the most accurate information for students seeking higher education.
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