Master’s degrees that boost salary – up to 87% more money

Master’s degrees that boost salary – up to 87% more money
  • The National Student Clearinghouse has estimated that the enrollment in undergraduate programs have fallen whereas the enrollment in masters has increased. Even though master’s degree enrollment has boomed, attention has been drawn to the student debt crisis as $1.7 trillion is the country’s student debt total.
  • However, the cost and benefit of a master’s degree can range significantly and degrees such as biology, communication disorders sciences, business administration/management, education administration and supervision, communication and media studies, registered nursing and international relations and national security studies provide the largest return.
  • Also, courses such as human resources management, psychology, English language and literature/ letters, public health, social work, computer science, management information systems, criminal justice and corrections, special education and teaching, statistics, finance and accounting provide the largest return.
  • Master’s in biology creates the biggest differential with graduates approximately earning 86.5% more after their degrees and social work led to a 36.7% increase in earnings. The major benefit of a master’s program is that the workers with advanced degrees are significantly less impacted by the economic fallout.
  • The cost of a master’s degree ranges between $30,000 and $120,000 depending upon the length of the program, major and school. Moreover, high-cost programs that saddle graduates without preparing them for profitable professions with large amounts of student debt have come under scrutiny.
  • Data suggests that the greatest number of degrees are conferred in the fields of business and education. Women make up approximately 39% of MBA candidates and 77% of Masters in Education candidates. Graduate degrees bring a huge increase in earnings for men. However, black women need to earn an additional degree to increase their earnings.
  • African-American women with a graduate degree earn lesser than white men with a college degree. Due to the way the labour market is set up, people of colour, women and especially women of colour need to increase their educational qualifications to compete in the labour market.

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