Is Getting a Master’s Degree Worth It? (In-Depth Guide)
The Rising Popularity of Master’s Degrees
Over the last two decades, master’s degrees have become increasingly popular in the United States. The number of master’s degrees conferred rose by over 50% between 2000 to 2019, from over 511,000 to over 817,000 degrees according to the National Center for Education Statistics.
Several factors drive this growth:
- Globalization and technological changes have made the job market more competitive. Candidates pursue master’s degrees to distinguish themselves.
- Employers now often expect or require master’s degrees for leadership, specialist, and advanced roles in fields like business, computer science, and health sciences.
- Undergraduate students choose to stay in school longer to avoid entering an uncertain job market during recessions.
- Master’s programs allow students to specialize in an area of interest from their undergraduate degree. Specialized knowledge and skills increase employability.
Now that master’s degrees are almost considered the new bachelor’s degree in some industries, are they worth getting?
The answer depends on your individual factors like career field, financial situation, interests, and life stage.
Benefits of Earning a Master’s Degree
Master’s programs provide both tangible and intangible benefits.
Here are some of the top reasons why getting a master’s might be worth it:
Increased Earning Potential
One major advantage of a master’s degree is increased salary potential. According to the U.S.
Bureau of Labor Statistics (BLS), workers with a master’s degree earn over $1,500 more per month on average compared to workers with just a bachelor’s degree.
Over a lifetime, this earning differential really adds up.
The Georgetown University Center on Education and the Workforce estimates that the total lifetime earnings increase from a master’s degree ranges from nearly $325,000 to over $1.3 million depending on your field of study.
Fields like business, computer science, engineering, and health sciences tend to have the highest salary boosts from earning a master’s.
Even in lower-paying fields like education and social sciences, master’s degrees still provide an earnings bump.
More Job Opportunities
Beyond higher salaries, getting a master’s degree opens up more job opportunities and increased job stability.
Master’s degrees allow candidates to meet minimum requirements for more advanced roles like data scientist, statistician, psychologist, chemist, or director-level positions.
This enables access to higher-paying, higher-responsibility jobs.
Additionally, the specialization, advanced skills, and expertise gained through a master’s program make candidates more competitive.
This leads to more job prospects.
According to BLS data, workers with master’s degrees have lower unemployment rates compared to every other education level.
Their valuable expertise makes them assets that employers want to hold onto.
Career Advancement & Leadership Skills
A graduate degree also accelerates opportunities for career advancement into high-level leadership roles.
The research, analysis, critical thinking, project management, and other skills developed in master’s programs prepare candidates to take on leadership positions.
These programs also build professional networks and demonstrate dedication to an industry.
Many top executives and leaders at Fortune 500 companies have master’s in business administration (MBA) degrees or other specialized master’s degrees related to their field.
Personal Growth & Interests
Lastly, master’s programs allow students to grow intellectually and pursue their interests.
Graduate students can take advanced coursework and gain deeper insight into subjects they are passionate about.
Through research and thesis projects, they actively expand knowledge in the field.
Getting a master’s degree provides personal enrichment as well as professional development for many students.
Key Factors to Consider
While master’s degrees have clear benefits, they require a major investment of money and time.
To decide if getting a master’s degree is worth it, consider how the costs align with your individual career and financial situation using the following key criteria:
Career Goals & Field
The first major factor is your career goals and field of interest. Compare the expected salary bumps and job prospects from a master’s against the costs.
Aim for high-salary fields like STEM, business, healthcare, and information technology where master’s degrees have major impacts on earning potential.
For example, the median entry-level salary for MBA graduates is $115,000.Also factor in whether opportunities for career advancement in your target roles truly require an advanced degree.
Evaluate job postings to see qualifications. Discuss with people in those positions or mentors in the field.
Costs & Debt
The investment for a master’s includes both actual costs and potential debt. Many graduate students take on student loans.
Full tuition for a master’s at top private universities often exceeds $60,000 total. Public in-state tuition tends to cost $15,000-30,000 or more for the full degree. Books, fees, and living expenses also add to costs.
Compare total costs against expected future salary bumps and your current financial means through savings, scholarships, employer tuition assistance, and support from family.
Avoid excessive debts that will be burdensome to pay off later.
Time Commitment
Most master’s degrees take 1-3 years to complete depending on full-time or part-time study.
This requires a major time commitment that can affect work schedules, family life, and finances.
Consider whether you can balance the courseload with other responsibilities or want to pause employment.
Many employed students complete master’s part-time.
Also factor in potential delays from thesis projects or research.
Have a plan to manage obligations and cash flow during this investment of your time.
Interests & Motivation
Lastly, reflect deeply on your interests and motivations for wanting to get a master’s degree.
Beyond just career or salary goals, you need genuine interest in the field to sustain motivation.
Make sure programs match intellectual curiosities and passions. The learning should feel enriching.
Lack of interest leads many graduate students to later regret their degree choice. Select programs wisely based on what genuinely drives you.
Tips for Deciding If a Master’s Degree Is Worthwhile
If you’re still on the fence after comparing the pros and cons against your situation, here are some final tips for deciding if a master’s degree is worthwhile:
- Talk to graduates from your target programs: Get insights from alumni on program quality, career impacts, whether they found the investment worthwhile, and lessons learned about navigating graduate school.
- Research multiple funding options: Apply for scholarships, employer tuition reimbursement, graduate assistant positions, and other aid to reduce costs so the investment feels more manageable.
- Consider earning potential early in your career: Salaries tend to rise most sharply in the first 5-10 years after finishing education.
Earning a master’s soon after your bachelor’s can maximize financial returns over time. - Do an informal cost/benefit analysis: Add up total expected costs.
Project future earnings both with and without the advanced degree.
Compare the lifetime earnings differential against costs to make the ROI concrete. - Evaluate admission criteria: Apply to a range of programs in terms of competitiveness.
Compare offers of admission/funding to assess if more elite programs are accessible now or later in your career.
Following this criteria can help anyone stuck on the master’s degree decision make the best choice aligned with their career and life.
Reach the highest potential through education.
Frequently Asked Questions
Still have questions about whether getting a master’s degree is right for your situation and goals?
Here are answers to some frequently asked questions:
Is getting a master’s degree worth it financially?
Whether a master’s degree is worth it financially depends on your field of study and career path.
According to the Georgetown University CEW research, graduate degrees lead to over $1 million in additional lifetime earnings in high-paying fields like STEM, business, and healthcare.
But even in lower-paying fields, master’s graduates earn around $250,000-500,000 more over their career.
At what age is a master’s degree most useful?
The ideal timing for getting a master’s degree is soon after finishing your bachelor’s degree while knowledge is still fresh.
Students that earn a master’s degree immediately after their bachelor’s tend to maximize lifetime salary returns.
Delaying graduate school too long can lead to declining motivation and opportunities.
Most graduate students are between 22-30 years old.
Can I get a master’s degree online?
Yes, many accredited colleges and universities now offer online master’s degree programs.
Online master’s programs provide the same high-quality education and career returns as on-campus programs.
Top schools like Stanford, MIT, and Columbia all have online master’s options.
Online programs offer flexibility for working professionals.
Are master’s degrees stressful?
Earning a master’s degree can be stressful at times due to challenging courseloads, thesis projects, research, and balancing other responsibilities.
But master’s programs also provide immense personal and professional growth.
Developing time management skills and supportive communities can help manage stress.
How many years does it take to get a master’s degree?
Full-time students typically complete coursework for a master’s degree in 1-2 years.
Part-time schedules often take 2-3 years. Some accelerated one-year master’s programs are also available.
Master’s programs that require extensive research like MD, JD, or PhD degrees generally take 3+ years.
Conclusion
Deciding if a master’s degree is worth it depends on your career goals, financial situation, interests, and stage of life.
Graduate school requires major investments of money and time, but also leads to higher lifetime earning potential and more job opportunities in many fields.
Use the criteria and advice in this guide to determine if pursuing a master’s aligns with your personal needs and aspirations.
