What Masters Degree is Most Worth It? (In-Depth Guide)
Deciding which masters degree to pursue is an important decision that requires careful consideration of many factors.
With rising tuition costs and the time commitment required, it’s crucial to weigh if a graduate degree is worth the investment or not.
Assessing the Value of a Masters Degree
When considering a masters program, the two key factors to evaluate are future career prospects and return on investment.
Ideal masters degrees open doors to in-demand, lucrative careers that justify the costs of graduate school.
Degrees with high job growth, strong earning potential, and competitive salaries deliver ROI by allowing graduates to quickly pay off student loans.
Additionally, affordable programs that provide funding opportunities better position graduates for success without burdensome debt.
Most Worth It Masters Degrees
Based on earning potential, career outlook, and affordability, the following masters programs deliver excellent value and ROI for today’s students:
1. Computer Science
A masters in computer science tops the list as the most valuable graduate degree.
With high salaries, abundant job opportunities, and flexible career paths, computer science offers fantastic prospects.
The average starting salary for computer science masters graduates is $95,000, with mid-career salaries exceeding $140,000. Entry level salaries already eclipse early earnings for most other degrees.
Additionally, the job growth outlook for computer and IT related fields is 13% from 2020-2030 – much faster than average according to the Bureau of Labor Statistics.
Software developers and computer system analysts are among the fastest growing tech roles.
With technology continuing to expand, a computer science masters qualifies graduates for lucrative in-demand careers. Flexible work arrangements and opportunities at prestigious tech companies provide further appeal.
While costs for computer science masters programs average $30,000, early and mid-career salaries allow graduates to quickly recoup educational investments.
Most Worth It Careers: Software Developer, Computer Systems Analyst, Computer and Information Research Scientist, Data Scientist
2. Engineering
Engineering masters programs also offer outstanding ROI.
While upfront tuition costs tend to be high, generous salaries enable graduates to offset expenses.
Median pay for many engineering occupations exceeds $100,000. Petroleum engineering earns over $132,000 median, while chemical engineers earn $108,000. Even faster growing fields like environmental and biomedical engineering pay $96,000+.
These high salaries, paired with abundant job opportunities, create strong financial prospects.
Job growth for environmental engineers and biomedical engineers is projected to be double the national average over the next decade.
While specializations like petroleum and chemical engineering center on traditional industries, environment and biomedical engineering careers possess sustainability and social impact appeals.
Affordable accelerated engineering masters programs cater to working professionals.
By enrolling in these flexible programs, current engineers can boost salaries without losing income while in school.
Most Worth It Careers: Petroleum Engineer, Chemical Engineer, Environmental Engineer, Biomedical Engineer, Computer Hardware Engineer
The job growth outlook for medical and health services managers is 32% by 2030 – much faster than the national average.
As healthcare systems expand, so does demand.
Salaries also attract candidates to this in-demand field. Healthcare administrators earn a lucrative median income of $104,280. With high earning potential and job stability, a healthcare administration masters delivers value.
Healthcare administration masters programs cost $15,000-$40,000 on average. Reasonable tuition rates and generous aid opportunities make these programs affordable. By qualifying for scholarships, grants, and leadership positions, students can offset expenses.
When considering ROI, healthcare administration compares favorably due to low costs and high salaries. It’s one of the most appealing degrees.
Most Worth It Careers: Healthcare Administrator, Clinical Manager, Hospital CEO, Medical Office Manager
4. Business Administration (MBA)
MBA graduates gain sought after leadership abilities that command high salaries across every industry. Executives with MBAs earn median salaries between $100,000-$150,000.
Additionally, MBA holders enjoy low unemployment rates.
Demonstrated business acumen equips graduates with versatile skills applicable across public, private, and nonprofit sectors.
While MBA costs are steep, with top program tuition averaging over $65,000, generous salaries offset expenses over time.
MBAs from elite business schools in particular unlock access to executive suites and leadership pipelines.
Accelerated MBA programs also provide affordable flexible options for working professionals. By pursuing an MBA while maintaining full-time employment, many offset costs.
Most Worth It Careers: Marketing Manager, Financial Manager, Operations Manager, CEO, Management Consultant
5. Nursing
With an enormous need for healthcare professionals, nursing graduates encounter endless job opportunities and excellent salaries.
Registered nursing jobs are projected to grow 9% from 2020-2030, creating ample openings. As hospitals expand along with patient health needs, nursing shortages persist.
Nurses also earn very competitive median salaries of $75,330. Specializations like nurse anesthesia ($189,190) and nurse midwifery ($108,810) command even higher average incomes.
While nursing masters programs range from $15,000-$40,000, plentiful financial aid helps graduates offset expenses.
Hospitals and care facilities often cover tuition costs in return for multi-year commitments. By securing employer assistance, students avoid burdensome loan debt.
With fantastic job stability, abundant openings, and generous salaries, nursing masters programs deliver ROI.
Nurses possess recession and pandemic-proof careers.
Most Worth It Careers: Nurse Practitioner, Nurse Midwife, Pediatric Nurse, Nurse Anesthetist, Clinical Nurse Specialist
Key Factors Impacting Masters Degree Value
When researching masters programs, focus on degrees delivering the best career prospects and financial return based on:
Job Growth Outlook
Seek degrees aligned to fast growing fields with abundant openings. Graduating into a healthy job market is critical for positive ROI.
Average Starting & Mid-Career Salaries
High earnings potential is key. Prioritize degrees leading to well-compensated careers.
Program Cost & Funding Opportunities
The total investment required and availability of financial aid impacts value. Balance affordability with earnings.
Employer Demand & Prestige
Degrees that impress recruiters and help graduates access selective employers prove worthwhile.
Maximizing Masters Degree ROI
Follow these best practices to ensure your graduate program pays dividends:
Research In-Demand Fields
Identify fast growing industries with talent shortages to reveal promising opportunities.
Target Affordable Programs
Control costs by selecting reputable, reasonably priced schools with generous aid.
Secure Assistantships & Scholarships
Offset expenses through funded programs and external scholarships for graduate students.
Finish Quickly
Accelerate time to completion and minimize extra costs from added semesters.
Network Early On
Build relationships and pursue internships that convert into full-time offers.
Pick Carefully
Weigh factors like culture fit, alumni outcomes, location, and specializations.
Develop Transferable Skills
Cultivate versatile leadership, communication, and critical thinking abilities.
Continue Learning
Lifelong learning raises profiles. Consider certificates, training programs, and groups.
Common Masters Degrees: Are They Worth It?
Frequently Asked Questions
Which masters degree has the highest return on investment?
Computer science and engineering tend to have the highest lifetime ROI. Lucrative salaries offset upfront tuition costs. Graduates earn over $95,000 early on and over $140,000 mid-career.
Is an MBA worth it financially?
Yes, an MBA provides strong financial returns over time. While expensive, median MBA salaries exceed $140,000. Elite MBAs unlock access to executive level roles with salaries up to $200,000+.
What masters degree makes the most money?
Petroleum engineering earns the highest median salary at over $132,000 followed by chemical engineering at $108,000.
However, computer science, healthcare administration, and business possess abundant jobs.
Is a masters in education worth it?
It depends. Median pay for teachers remains around $60,000. However, school leadership roles boost earnings. Counseling and social work pay less but enable important community impact. Evaluate goals, costs, and career outlook when deciding.
What masters degree is most employable?
Healthcare, technology, and business masters programs tend to be most employable and highest paying.
Nursing, computer science, engineering, healthcare administration, and MBAs lead to abundant opportunities.
Key Takeaways
- Carefully weigh career prospects, salaries, affordability, and personal goals when selecting a masters program. Prioritize degrees leading to growing well-paying fields.
- Degrees like computer science, engineering, healthcare administration nursing, and MBAs deliver the best ROI through high earnings potential and strong job growth.
- Control costs by targeting affordable programs with generous aid. Secure scholarships, grants, funded projects, and employer tuition assistance.
- Develop versatile skills and professional networks. Continue learning and skill building throughout your career.
Deciding whether to pursue a masters degree is complex. Evaluate programs based on your career objectives and financial situation.
While certain technology, business, and healthcare degrees provide fantastic ROIs, assess your own tolerance for risk, debt, and investment tradeoffs.
Utilize this guide to make informed data-driven choices.
