Key Takeaway: Earning a master’s degree is a great way to reach your salary and career goals. On average, master’s degree holders earn $12,688 more a year than those with a bachelor’s degree. Depending on your field of study, a master’s degree might be the right path for you. Engineering, healthcare, computer science, and mathematics are all master’s degrees that offer high-paying salaries.
Starting a new job after earning your master’s degree is an exciting milestone, but you might be curious about the potential salary. In today’s job market, a master’s degree can open doors to more opportunities and a higher income.
Why Should I Get a Master’s Degree?
A master’s degree is often linked to higher salaries, lower unemployment rates, and industry growth. In some fields, it’s a crucial next step after your bachelor’s degree, like pursuing medical school. In other cases, a master’s degree can make you more attractive to employers and position you for growth within your career.
Wondering if a master’s degree is the right move for you? Let’s explore some of the highest-paying options.
Highest Paying Master’s Degrees
Your anticipated salary will depend on your field of study. According to a survey from the National Association of Colleges and Employers (NACE), the master’s degree disciplines with the highest average starting salary are engineering, computer science, math and sciences, and business. Here are some of the highest-paying master’s degree salaries by major from the class of 2022:
1. Computer & Information Sciences: $105,894
Requires: Master’s in Computer Science (MCS)
Responsibilities: Develop and implement software, algorithms, and computer systems.
2. Engineering: $98,036
Requires: Master of Science in Engineering (MSE)
Responsibilities: Apply engineering principles to design, develop, and test products or processes
3. Engineering Technologies: $90,607
Requires: Master of Science in Engineering Technology (MSET)
Responsibilities: Design and develop equipment that is powered by electricity or electric current.
4. Aerospace/Aeronautical Engineering: $88,000
Requires: Master of Aerospace Engineering (MAE)
Responsibilities: Design, develop, and test aircraft, spacecraft, satellites, and missiles.
5. Mechanical Engineering: $84,463
Requires: Master of Science in Mechanical Engineering (MSME)
Responsibilities: Design and build mechanical and thermal sensors and devices.
6. Chemical Engineering: $84,438
Requires: Master of Science (MS) in Chemical Engineering
Responsibilities: Develop processes and equipment for manufacturing products and improving the environment.
7. Mathematics & Statistics: $83,444
Requires: Master of Science (MS) in Statistics, MS in Mathematical Sciences, or MSc (Applied & Industrial)
Responsibilities: Develop new mathematical theories, solve real-world problems, analyze data, and create models for fields such as finance or biology.
8. Physics: $81,025
Requires: Master of Science (MS) in physics, Master of Philosophy (MPhil), Master of Physics (MPhys), or Master of Science in Physics (MSci)
Responsibilities: Plan and conduct scientific experiments and studies to test theories and discover properties of matter and energy.
9. Healthcare Administration: $71,112
Requires: Master of Healthcare Administration (MHA)
Responsibilities: Train and communicate with staff, manage finances, coordinate schedules, and connect with clients.
10. Logistics/Supply Chain: $70,950
Requires: The Master of Science in Logistics and Supply Chain Management (MSLSCM)
Responsibilities: Manage the flow of goods and services from production to consumption.
11. Human Resources: $70,314
Requires: Human Resource Management (MSc)
Responsibilities: Manage and support the employees in a company by handling issues, hiring employees, delivering training programs, and creating positive relationships within the business.
12. Economics: $70,033
Requires: The Master of Economics (MEcon or MEc)
Responsibilities: Help companies set prices and decide which new products to offer by providing financial data and analysis.
13. Accounting: $69,232
Requires: Master of Accounting (MAcc or MAc), Master of Professional Accounting (MPAcy, MPA, MPAc or MPAcc), or Master of Science in Accounting (MSA)
Responsibilities: Provide solutions for a company by analyzing financial records to identify areas of risk and opportunity.
14. Marketing: $68,370
Requires: Master of Science in Marketing (MS) or a Master in Business Administration in Marketing (MBA)
Responsibilities: Maximize profits for a company by developing and executing strategies to promote brands, products, and services.
15. Communications: $67,229
Requires: MA (Master of Arts) and MSc (Master of Science)
Responsibilities: Develop skills that are valued in the workplace, including critical thinking, interpersonal communication, and building relationships. Jobs may include public relations, journalism, social media, or copywriting.
16. Psychology: $59,697
Requires: Master of Arts (MA) or Master of Science (MS)
Responsibilities: Observe individuals by identifying behavioral, emotional, and psychological issues.
17. English Language & Literature: $56,733
Requires: Master of Arts in English (MA)
Responsibilities: Teach courses in English language and literature, usually at a college level.
Master’s Degree Salaries Compared to Bachelor’s Degree Salaries
Master’s degree holders typically earn more than those with bachelor’s degrees. According to the Bureau of Labor Statistics, in 2023, the median weekly income for bachelor’s degree holders was $1,493, equating to an annual salary of $77,636. Their unemployment rate was 2.2%.
In comparison, master’s degree holders earned a median weekly income of $1,737, equating to an annual salary of $90,324, with an unemployment rate of 2.0%. It is important to note that these are averages and salaries can vary based on field of study, industry, experience, and location.
What Are the Educational Requirements for a Master’s Degree?
All master’s degrees require you to complete a bachelor’s degree and have a GPA of 3.0 or higher. After that, you can expect to find a wide range of prerequisites that must be completed before starting your master’s program. This might include taking an entrance exam, completing certain courses, or even having field-specific experience.
Regardless of the program you are applying for, you’ll need to gather important documents and complete the application on time. This typically includes official transcripts, an updated resume, a personal statement, and strong letters of recommendation.
Tips for Succeeding With Your Master’s Degree
Earning a master’s degree requires dedication, time management, and effective study habits. Here are some tips to help you succeed:
- Time Management: Create a schedule that works for you! Start by prioritizing school-related tasks and then add in your work and personal life. Use a planner or a digital calendar so you can visualize your schedule.
- Effective Study Habits: Find study techniques that work best for you, whether it’s studying with your peers, using online resources, or meeting with your professor during office hours.
- Build Strong Relationships: Get to know your professors and classmates. They can offer valuable guidance, support, and may even be able to connect you with potential employers.
Is a Master’s Degree Right for You?
Deciding on a master’s degree requires careful consideration of both potential rewards and sacrifices. While they often lead to higher salaries and career advancement, the financial investment in tuition and lost income can be substantial. You should carefully consider your salary and career goals before making this decision. Research different master’s programs to find one that aligns with your aspirations. College Raptor’s College Search tool can help you find the most accurate results based on GPA, majors, location, and test scores.
